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Superglossary - Finance
Category: Economy and Finance > Finance
Date & country: 16/12/2013, US
Words: 5424


Agency Incentive Arrangement
A means of compensating the broker of a program trade using benchmark prices for issues to be traded

Agency Pass-Throughs
Mortgage pass-through securities whose principal and interest payments are guaranteed by government

Agency Problem
Conflicts of interest among stockholders, bondholders, and managers.

Agency Securities
Securities issued by federally related institutions and U.S. government-sponsored entities. Such age

Agency Theory
The analysis of principal-agent relationships, in which one person, an agent, acts on behalf of anot

Agent
The decision-maker in a principal-agent relationship.

Aggregate Exercise Price
The exercise price multiplied by the number of shares in a put or call contract. The option premium

Aggregation
Process in corporate financial planning whereby the smaller investment proposals of each of the firm

Aggressive Growth Mutual Fund
A mutual fund designed for maximum capital appreciation that places its money in companies with high

Aggressively
Used in context of general equities. For a customer it means working to buy or sell one's stock, wit

Aging Schedule
A table of accounts receivable broken down into age categories (such as 0-30 days, 30-60 days, and 6

Agreement Among Underwriters
A contract amoung participating members of a syndicate that defines the members' proportionate liabi

Ahead Of Itself
In context of general equities, refers to equities that are overbought or oversold on a fundamental

Ahead Of You
Used for listed equity securities. At the same price but entered ahead of your order/interest, usual

AIBD
Association of International Bond Dealers

Air Pocket Stock
A stock whose price drops precipitously, often on the unexpected news of poor results.

Alien Corporation
A company incorporated under the laws of a foreign country regardless of where the company conducts

All Equity Rate
The discount rate that reflects only the business risks of a project, distinct from the effects of f

All In
Refers to an issuer's interest rate after accounting for commissions and various related expenses.

All Or None Order (AON)
Used in context of general equities. A limited price order that is to be executed in its entirety or

All Ordinaries Index
The major index of Australian stocks comprising 330 of the major companies listed on the Australian

All-In Cost
Total costs, explicit and implicit.

All-Or-None Underwriting
An arrangement whereby a security issue is cancelled if the underwriter is unable to resell the enti

Allied Member
A partner or stockholder of a firm that is a member of the NYSE, the partner or stockholder is not p

Alligator Spread
The term used to describe a spread in the options market that generates such a large commission that

Allotment
The number of securities assigned to each of the participants in an underwriting syndicate.

Alpha
Measure of risk-adjusted performance. An alpha is usually generated by regressing the security or mu

Alpha Equation
Regression usually run over 36-60 months of data

Alphabet Stock
Categories of common stock of a corporation associated with a particular subsidiary resulting from a

Alternative Minimum Tax (AMT)
A federal tax aimed at ensuring that wealthy individuals, estates, trusts, and corporations pay a mi

Alternative Mortgage Instruments
Variations of mortgage instruments such as adjustable-rate and variable-rate mortgages, graduated-pa

Alternative Order
Used in context of general equities. Order giving a broker a choice between two courses of action, e

American Depository Receipt (ADR)
Certificates issued by a U.S. depository bank, representing foreign shares held by the bank, usually

American Depository Receipt Fees
Fees associated with the creating or releasing of ADRs from ordinary shares, charged by the commerci

American Depository Receipt Ratio
The number of ordinary shares into which an ADR can be converted.

American Depository Share (ADS)
Foreign stock issued in the U.S. and registered in the ADR system.

American Option
An option that may be exercised at any time up to and including the expiration date. Related

American Shares
Securities certificates issued in the U.S. by a transfer agent acting on behalf of the foreign issue

American Stock Exchange (AMEX)
Stock exchange with the third highest volume of trading in the U.S. Located at 86 Trinity Place in d

American-Style Option
An option contract that can be exercised at any time between the date of purchase and the expiration

Amman Financial Market (AFM)
Established in 1976, the AFM is the only stock exchange in Jordan.

Amortization
The repayment of a loan by installments.

Amortization
The recognition of part of an intangible asset's cost as an expense during each year of its useful l

Amortization Factor
The pool factor implied by the scheduled amortization assuming no prepayments.

Amortizing Interest Rate Swap
Swap in which the principal or notional amount rises (falls) as interest rates rise (decline).

Amsterdam Exchange (AEX)
Exchange that comprises the AEX-Effectenbeurs, the AEX-Optiebeurs (formerly the European Options Exc

AMTEL
Used in context of general equities. In-house message system entered and displayed through Quotron A

Analyst
Employee of a brokerage or fund management house who studies companies and makes buy-and-sell recomm

And Interest
An indication that the buyer will receive accrued interest in addition to the price quoted for a bon

Angel
An investment-grade bond. Antithesis to fallen angel. In the context of venture capital, the first i

Angels
Individuals providing venture capital.

Ankle Biter
Stock issued with a market capitalization of less than $500 million.

Announcement Date
Date on which particular news concerning a given company is announced to the public. Used in event s

Annual Basis
The technique in statistics of taking a figure covering a period of less than one year and extrapola

Annual Exclusion
A tax rule allowing the deduction of certain income from taxation.

Annual Fund Operating Expenses
For investment companies, the management fee and 'other expenses,' including the expenses for mainta

Annual Meeting
Meeting of stockholder held once a year at which the managers of a company report to the stockholder

Annual Percentage Rate (APR)
The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an A

Annual Percentage Yield (APY)
The effective, or true, annual rate of return. The APY is the rate actually earned or paid in one ye

Annual Price Range
The Annual Price Range is a measure of a stock's average annual price movement to a high and low fro

Annual Rate Of Return
There are many ways of calculating the annual rate of return. If the rate of return is calculated on

Annual Report
Yearly record of a publicly held company's financial condition. It includes a description of the fir

Annualized Gain
If stock X appreciates 1.5% in one month, the annualized gain for that stock over a twelve month per

Annualized Holding-Period Return
The annual rate of return that when compounded t times generates the same t-period holding return as

Annuitant
An individual who receives benefits from an annuity.

Annuitize
To commence a series of payments from the capital that has accumulated in an annuity. The payments m

Annuity
A regular periodic payment made by an insurance company to a policyholder for a specified period of

Annuity Certain
An annuity that pays a specific amount on a monthly basis for a set amount of time.

Annuity Due
An annuity with n payments, where the first payment is made at time t = 0, and the last payment is m

Annuity Factor
Present value of $1 paid for each of t periods.

Annuity In Arrears
An annuity with a first payment one full period hence, rather than immediately.

Annuity Starting Date
The date when an annuitant starts receiving payments from an annuity.

Anticipated Holding Period
The period of time an individual expects to hold an asset.

Anticipation
Paying what is owed before it is due (usually to save interest charges).

Antidilutive Effect
Result of a transaction that increases earnings per common share (e.g., by decreasing the number of

Antitrust Laws
Legislation established by the federal government to prevent the formation of monopolies and to regu

Any-Interest-Date
A call provision in a municipal bond indenture that establishes the right of redemption for the issu

Any-Or-All Bid
Often used in risk arbitrage. Takeover bid in which the acquirer offers to pay a set price for all o

Any-Part-Of Order
In context of general equities, order to buy or sell a quantity of stock in pieces if necessary. Ant

Appraisal Ratio
The signal-to-noise ratio of an analyst's forecasts. The ratio of alpha to residual standard deviati

Appraisal Rights
A right of shareholders in a merger to demand the payment of a fair price for their shares, as deter

Appreciation
Increase in the value of an asset.

Appropriation Request
Formal request for funds for capital investment project.

Approved List
A list of equities and other investments that a financial institution or mutual fund is approved to

APS
Auction Preferred Stock. A type of Dutch Auction Preferred Stock (Goldman Sachs product).

Arbitrage
The simultaneous buying and selling of a security at two different prices in two different markets,

Arbitrage Bonds
Municipality issued bonds issued intended to gain an interest rate advantage by refunding a higher-r

Arbitrage Pricing Theory (APT)
An alternative model to the capital asset pricing model developed by Stephen Ross and based purely o

Arbitrageur
One who profits from the differences in price when the same, or extremely similar, security, currenc

Are You Open
Used in context of general equities. 'Can a new customer still participate on opposing side of the t

Arithmetic Mean Return
An average of the subperiod returns, calculated by summing the subperiod returns and dividing by the

Arms Index
Also known as a trading index (TRIN) (total up volume)/(total down volume). An advance/decline marke

Arms Length Price
The price at which a willing buyer and a willing unrelated seller would freely agree to transact.

Around Us
Used in context of general equities. See

Arrearage
In the context of investments, refers to the amount by which interest on bonds or dividends on cumul

Articles Of Incorporation
Legal document establishing a corporation and its structure and purpose.

Artificial Currency
A currency substitute, e.g., special drawing rights (SDRs).

Ascending Tops
A chart pattern that depicts that each peak in a security's price over a period of time is higher th

Asian Currency Units (ACU)
Dollar deposits held in Singapore or other Asian centers.

Asian Option
Option based on the average price of the underlying assets during the life of the option.