Copy of `Oesterreichische Nationalbank - Dictionary`
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Oesterreichische Nationalbank - Dictionary
Category: Economy and Finance
Date & country: 04/10/2008, AU
Words: 3913
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position building(For a fund) locating and buying the securities required to implement the investment policy defined initially. Position building can prove difficult for small-capitalisation stocks, owing to their reduced availability or lack of liquidity....
positive skewA long tail to the right is positive skew....
Postal Service Structure ActThe Postal Service Structure Act (PTSG) should have been adopted in 1994 and was primarily intended to solve the OPTV`s structural problems. A compromise solution was found by creating the OPTV Holding Company opening the way for the establishment of joint ventures from 1995 onwards. The most important issues of the Postal Service Structure Act are...
post-employment benefitsPost-employment benefits (..) include pensions, retiree medical or death benefits, and some other benefits paid upon departure. IAS 19 distinguishes between defined contribution (DC) and defined benefit (DB) post-employment plans....
post-shipment financingFinancing for the period following shipment. Required to ensure sufficient liquidity on part of the seller until the finished products have reached the purchaser and payments become due and received....
potential outputPotential Output - The level of real GDP that can be sustained in the long run, and that is consistent with constant inflation....
powerRefers to an hypothesis test. The power of a test against a specific alternative hypothesis is the chance that the test correctly rejects the null hypothesis when the alternative hypothesis is true....
power of attorneyA Power of Attorney is a legal document whereby one person (the `Donor`, or `Granter` in Scotland) gives another person or persons (the `Attorney`) the power to act on his or her behalf with regard to his or her property and financial affairs....
POZPOZ: (German abbreviation for) Point of Sale Without Payment Guarantee. This is a debit card procedure where cardholders give authorisation to debit their account through their signature at the merchant. A check is run to see whether the card is blocked, yet the acceptor receives no guarantee of payment from the issuing institution....
preauthorized transferPreauthorized transfer is defined to include: any arrangement by the depository institution to pay a third party from the account of a depositor upon written or oral instruction (including an order received through an automatic clearing house (ACH)) or any arrangement by a depository institution to pay a third party at a predetermined time or on a ...
precarityPrecarity is a very recent term used to refer to either intermittent work or, more generally, a confluence of intermittent work and precarious existence. In this latter sense, precarity is a condition of existence without predictability or job security, affecting material or psychological welfare. The term `precarity` emerged in France in the year...
precautionary savingincreased saving as reaction to increase uncertainty of future labor income...
predatory pricingA (deliberate) strategy, usually by a dominant firm, of driving competitors out of the market by setting prices below production costs. If the predator succeeds in driving existing competitors out of the market and in deterring future entry of new firms, he can subsequently raise prices and earn higher profits. Predatory pricing by dominant firms i...
preferential lienPREFERENTIAL LIEN A lien obtained under circumstances which makes it a preferential transfer and subject to being avoided. PREFERENTIAL TRANSFER: Certain transfers or payments made to creditors within 90 days before the bankruptcy is filed may be reversed and recovered by the bankruptcy court. Where the creditor is an insider (relative, shareholde...
preferred sharePreferred stock may be cumulative or noncumulative, participating or nonparticipating. Preferred shareholders are `preferred` to common shareholders in two respects: 1. In the distribution of dividends. If the directors determine that a dividend is to be paid, holders of preferred shares may receive a specific percentage share of the dividend befor...
prefundingthe requirement that funds be available in accounts at the settlement institution before institutions use these accounts to extinguish their settlement obligations....
pre-in countryFour countries which are Member States of the European Union will not be participating in Economic and Monetary Union at its start on 1 January 1999. Denmark and the United Kingdom are exercising their option not to join, Sweden has conditioned its participation to a parliamentary vote, and Greece is not yet judged to meet the convergence criteria ...
premium bondA premium bond sells at a current market price that is more than its face value. Bonds sell at a premium when the coupon on the bond is higher than prevailing rates. For example, you might have to pay $1090 for a bond with a 6% coupon if new issues yielding 5.5% are available for $1,000....
premium payPay for working outside `normal` hours, for example in the evenings or at weekends, or for working particular patterns, for example shiftwork or night work. There is no general statutory entitlement to premium pay but collective agreements commonly provide that work undertaken at certain times will attract high rates of pay (for example twice the b...
prepaid carda card on which value is stored, and for which the holder has paid the issuer in advance....
prepaid cardElectronic money products are defined here as stored value or prepaid products in which a record of the funds or value available to the consumer is stored on a device in the consumer`s possession. This definition includes both prepaid cards (sometimes called electronic purses) and prepaid software products that use computer networks such as the int...
prepaid single-purpose cardPrepaid single-purpose card: a memory card where the card issuer and the merchant (card acceptor) are identical. The money units stored are an advance payment for certain goods or services offered by the issuer....
pre-processingThe most accurate method, no doubt, is what is called pre-processing, i.e. decomposing straight bonds into synthetic zero coupon bonds, and measuring the portfolio`s sensitivity (change of the portfolio`s present value upon interest rate movements) by means of realistic yield curves....
prescribed SDR holderA nonparticipant in the SDR Department that has been prescribed by the IMF as a holder of SDRs....
President of the NationalratPresident of the Nationalrat, elected from among the members of the Nationalrat with two vice presidents (Second and Third Presidents of the Nationalrat)....
preventive controlPreventive controls are actions taken to deter undesirable events from occurring....
price gainThe positive difference between the price at which securities were purchased and the price at which they are currently quoted or have been sold....
price indexThe Black-Scholes pricing formula (1973) is suitable for pricing European options on non-dividend-paying stocks and stock indices without dividends (so-called price indices)....
price inertiaEvidence suggests that firms may face more price inertia when experiencing upward price pressures than when experiencing downward price pressures....
price rigidityA tendency for oligopolists to avoid frequent changes of price, perhaps preferring instead non-price forms of competition....
price rigidityThe proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, rigid (also termed inflexible or sticky) prices are a key reason underlying the positive slope of the short-run aggregate su...
price stabilityThe Governing Council has defined price stability as `a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%`....
price stabilitythe maintenance of price stability is the primary objective of the European Central Bank (ECB). The Governing Council has published a quantitative definition of price stability in order to give clear guidance to expectations of future price developments and to be accountable. The Governing Council defines price stability as a year-on-year increase ...
price structurePrice structure: A system that charges different prices for different customers and levels of consumption. (To determine an appropriate price structure, utilities usually ascertain the price elasticity of water demand.)...
price-earnings ratioThe current price of a stock divided by the earnings (profit) per share. Example: A company that earned $1 per share, and its shares are trading at $28, the company has a PE ratio of 28. (trailing PE looks at the stock price compared to the earnings over the past four quarters, while a forward looking PE ratio compares the price of the stock to the...
primary balancegovernment net borrowing or net lending excluding interest payments on consolidated government liabilities....
primary balanceThe overall balance excluding interest payments. Since interest payments represent the cost of past debt, and the `drivers†of future debt that are under policy control of government are other spending and revenue measures exclusive of interest payment, the primary balance is of particular importance as an indicator of the fiscal position of coun...
primary care physicianA physician who provides general medical services or who plays the role of what formerly was known as the family doctor. Usually refers to a general practitioner, family practitioner, general internist or pediatrician, or sometimes an obstetrician/gynecologist....
primary commodities(of a product) consisting of a natural raw material; unmanufactured...
primary factorAn input that exists as a stock providing services that contribute to production. The stock is not used up in production, although it may deteriorate with use, providing a smaller flow of services later. The major primary factors are labor, capital, human capital (or skilled labor), land, and sometimes natural resources....
primary inputSame as primary factor....
primary insurerAn insurer that directly assumes liabilities by issuing an insurance policy to the insured....
primary legislationThere are two forms of European Union (EU) legislation: primary legislation embodied in the Treaties and secondary legislation in the form of Regulations, Directives and Decisions which are used to implement the policies set out in the Treaties....
primary marketThe market for new issues....
primary sectorThe primary sector includes: agriculture; forestry; fishing, and mining. The secondary sector includes manufacturing; utilities and construction: The tertiary sector includes: service industries; wholesale and retail trade; transport and storage; communications, and government. http://www.information.vic.gov.au/resources/glossary.htm#s 03.09.02...
primary statisticsYou may find it useful to bear in mind the quite commonly made distinction between primary and summary statistics. Primary statistics are those resulting from actual surveys and questionnaires. Summary statistics are the amalgamation of primary statistics from many different areas into yearbooks and abstracts. When summary statistics are published,...
prime brokerbroker which acts as settlement agent, provides custody for assets, provides financing for leverage, and prepares daily account statements for its clients, who are money managers, hedge funds, market makers, arbitrageurs, specialists and other professional investors....
prime brokeragethe provision by firms (eg large securities houses) of credit, clearing, securities lending and other services to clients (typically hedge funds)....
prime the pumpincrease government expenditure in an effort to stimulate the economy RANDOM...
principalThe face amount of a bond, payable at maturity....
principal paymentP&I: Principal and Interest Payment: A periodic (usually monthly payment that includes the interest charges for the period plus an amount applied to amortization of the principal balance....
principal riskPrincipal risk is the risk run by the clearing house if it delivers a security, but is not able to receive the related payment, or if it makes a payment, but does not receive the security it bought....
principal riskThe credit risk that a party will lose the full value involved in a transaction. In the settlement process, this term is typically associated with exchange-for-value transactions when there is a lag between the final settlement of the various legs of a transaction (i.e. the absence of delivery versus payment). Principal risk that arises from the se...
principal riskthe risk that the seller of a security delivers a security but does not receive payment or that the buyer of a security makes payment but does not receive delivery. In this event, the full principal value of the securities or funds transferred is at risk....
principal-agent problemThe problem that arises in many spheres of economic activity, when one person, the principal, hires an agent to perform tasks on his behalf but cannot ensure that the agent performs them in exactly the way the principal would like. The efforts of the agent are impossible or expensive to monitor and the incentives of the agent differ from those of t...
principle of accrual accountingRecognition in financial accounts of the implications of transactions (or decisions giving rise to transactions) when they occur irrespective of when cash is paid or received....
printer`s wastePrinter`s waste is defective, malformed or misprinted stamps that are normally discarded and burned by the printer, stamps that can only reach the public through carelessness or theft. Sometimes printer`s waste is passed off as an error, freak or oddity, but it is not....
prior redemption clauseA clause in some loans allowing the borrower to pay off the debt prior to its due date without incurring a penalty. This is an advantage for a borrower when interest rates are falling, since he/she can pay off the existing loan and then refinance at a more favorable rate. also called prepayment privilege....
priority claimClaims of some employees, employee benefit plans, domestic support obligations, taxing bodies, and others may be entitled to payment prior to the claims of general unsecured creditors. Bsp: Wages owed to employees for the last pay period prior to filing the bankruptcy petition will probably be priority claims, up to $10,000....
prior-year adjustmentThe definition of prior year adjustments is given by paragraph .08 of statement 1.003. It is reproduced below in an altered format and with emphasis added for clarity. `Prior year adjustments are those material adjustments of net income applicable to prior years arising either from - changes in accounting policies or from - the correction of funda...
prisoner`s dilemmaCooperation is usually analysed in game theory by means of a non-zero-sum game called the `Prisoner`s Dilemma` (Axelrod, 1984). The two players in the game can choose between two moves, either `cooperate` or `defect`. The idea is that each player gains when both cooperate, but if only one of them cooperates, the other one, who defects, will gain mo...
privacyDefinitions of privacy vary widely according to context and environment. In many countries, the concept has been fused with data protection, which interprets privacy in terms of management of personal information. Outside this rather strict context, privacy protection is frequently seen as a way of drawing the line at how far society can intrude in...
private bankingThe providing of banking services to very wealthy individuals and families. Many financial services firms require a person or family to have a certain minimum net worth to qualify for private banking services....
private consumptionConsumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. en....
private equityPrivate equity consists of equity investments in the unquoted securities of private and public firms....
private foundationA nongovernmental, nonprofit organization with funds (usually from a single source, such as an individual, family, or corporation) and program managed by its own trustees or directors which was established to maintain or aid social, educational, religious, cultural, or other charitable activities serving the common welfare, primarily through the ma...
private placementPrivate placement is designed to issue securities for only specific securities investors. This type can be adopted when the entire amount of the securities issued can be placed. In most cases, the private placement system takes the form of direct issuance....
Probability Density FunctionThe probability density function of a continuous random variable is a function which can be integrated to obtain the probability that the random variable takes a value in a given interval....
probability distributionThe probability distribution of a random variable specifies the chance that the variable takes a value in any subset of the real numbers. (The subsets have to satisfy some technical conditions that are unimportant for this course.) The probability distribution of a random variable is completely characterized by the cumulative probability distributi...
probability theoryA branch of mathematics concerned with the analysis of random phenomena. The outcome of a random event cannot be determined before it occurs, but it may be any one of several possible outcomes. The actual outcome is considered to be determined by chance. The entire set of possible outcomes of a random event is called the sample space, and each outc...
process costingA system that accumulates all costs for the production of similar items in a given batch, lot or time frame and creates an average unit cost based on the volume or units produced. Costs are tracked only for the entire batch, and not pegged to individual units....
process costingAll businesses conduct processes to produce outputs- be they goods or services. A cost management system designed around a process structure provides the basis for accurate output costing, performance measurement and business process engineering....
processed cheeseProcessed cheese, or American cheese, is cheese that is treated by pasteurization and the addition of preservatives and more moisture for spreadability and ease of melting. If it is called cheese FOOD, as is the case with Velveeta, the product needs to contain only 51% real cheese....
prodcomProdcom is a system for the collection and dissemination of statistics on the production of manufactured goods. The title comes from the French `PRODuction COMmunautaire` (Community Production) for mining, quarrying and manufacturing: sections B and C of the Statistical Classification of Economy Activity in the European Union (NACE 2)....
Producer Price IndexThe Producer Price Index (PPI) is a family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services. PPIs measure price change from the perspective of the seller. This contrasts with other measures, such as the Consumer Price Index (CPI), that measure price change from the purchase...
production indexIt is the objective of the production index to measure changes in the volume of output at close and regular intervals. It provides a measure of the volume trend in value added at factor cost over a given reference period (1). The production index is a theoretical measure that must be approximated by practical measures. Value added at factor cost (2...
productive investmentinvestment in fixed assets and inventories...
productivityGDP per worker in the whole economy...
productivityoutput per man-hour in the nonfarm business sector (in U.S. official statistics)...
productivity paradoxNobel Prize-winning economist Robert Solow has said that we see computers everywhere except in the productivity statistics. That productivity measures do not seem to show any impact from new computer and information technologies has been labeled the `productivity paradox.` Productivity growth has slowed every decade since the 1960s while investment...
professionIn its present-day meaning, the somewhat traditional concept of `the professions` (sometimes also called `liberal professions`) encompasses occupations in the service sector which call for advanced learning or training. They are not businesses or trades (`Gewerbe`). They include, notably, lawyers, accountants, doctors and consultant psychologists, ...
professonalismThe process by which the members of a particular occupation seek to establish a monopoly over its practice. Typically, this is done by limiting entry to those possessing defined qualifications - by claiming that those who lack these qualifications do not possess the requisite expertise. [Tony Bilton et al., Introductory Sociology, 3rd edition. Lond...
proficiencyProficiency means the ability to apply knowledge to situations likely to be encountered and to deal with them without extensive recourse to technical research and assistance....
profit centerA business unit or department which is treated as a distinct entity enabling revenues and expenses to be determined so that profitability can be measured....
pro-forma invoiceAn invoice received before the purchase informing the buyer of the terms of sale. Primarily applicable to foreign purchases as the buyer`s proof of a future purchase to support the buyer`s request to governmental authorities for import permits and foreign exchange....
program tradingA form of securities trading, also known as index arbitrage. Program traders exploit the price discrepancies between indexes of stocks and futures contracts by using sophisticated computer models to hedge positions. Program trading (also called computer-assisted trading) arose with the advent of computer and telecommunication technologies, whereby ...
progressive adjustmentHow is the `progressive†adjustment going to work? The intra-Eurosystem balances of NCBs that are created by the allocation of banknotes will be increased or reduced, as appropriate, by the difference between an NCB`s actual value of banknotes in circulation in the period from 1 July 1999 to 30 June 2001 and its share in the Eurosystem banknotes ...
progressive taxA tax that uses higher rates at higher income levels. The U.S. federal income tax system is based on the progressive tax, with rates starting at 15 percent and rising to 39.6 percent for higher-income taxpayers....
progressive taxThis type of tax takes a larger percentage of income from higher income groups than from low-income groups....
Project DirectorThe manager of a very large project that demands senior level responsibility. The person at the board level in an organization who has the overall responsibility for managing projects. The owner`s representative who provides overall direction to the project manager. [D01403] The manager of a very large project that demands a senior level of respo...
Project ManagerThe person who heads up the project team and is assigned the authority and responsibility for conducting the project and meeting project objectives through project management. [D01464] Person responsible to the client for the project work. [D01459] The individual appointed with responsibility for project management of the project. [D01460] The p...
project sponsorThe owner of the project business case. He/she represents the funder`s interests. [D03755] A person or group concerned with the definition of project objectives in the context of the sponsoring organization. [D01513] A person concerned with defining the project objectives in the context of the sponsoring organization. [D03926] The individual or ...
project sponsorThe project sponsor is the named individual responsible to the project owner for the client`s interest in the project; also known as `the client`s representative`....
projected unit credit methodAn actuarial valuation method that sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation (sometimes known as the accrued benefit method pro-rated on service or as the benefit/years of service method)....
projected unit methodThe Actuarial Liability for active members either as at the valuation date or as at the end of the Control Period is calculated taking into account all types of decrement. In such calculations pensionable pay is projected from the relevant date up to the assumed date of retirement, date of leaving service or date of death as appropriate. This metho...
projectionProspective financial information (forecast and projection): FORECAST: Prospective financial statements that present, to the best of the responsible party`s knowledge and belief, an entity`s expected financial position, results of operations, and changes in financial position. A FINANCIAL FORECAST IS BASED ON THE RESPONSIBLE PARTY`S ASSUMPTIONS REF...
projection errorDifference between the projected number and the actual number....
promissory noteIn it simplest terms, a promissory note is a written promise to repay a loan or debt under specific terms - usually at a stated time, through a specified series of payments, or upon demand. A promissory note will identify the parties, the amount of the obligation, some form of recitation of the consideration for the obligation (that is, what the de...
proof(Polierte Platte in German) Special quality: the coins are struck using polished blanks and polished dies. Special commemorative coins of the Austrian Mint are mainly produced using this special method. Silver commemorative coins are issued in part as proof quality....
proofOriginally a trial strike testing the dies, but now denoting a special collectors` version struck with dies that have been specially polished on flans with a mirror finish. Presses operating at a very slow speed, or multi-striking processes, are also used....
