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Phantom Stock Plan  

2011-07-05 09:34:13|  分类: 外语学习 |  标签: |举报 |字号 订阅

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phantom stock plan

A benefit plan for company employees that gives the employees benefits that would come from holding company stock, without actually giving any stock to these employees. The employees would receive benefits if the stock performed well over a certain amount of time. This is a way for companies to provide a bonus and incentive for employees, without granting them any of the specific benefits that would come from actually being a shareholder. The rules and payout arrangements are similar to that of a deferred compensation plan.

Ass cream, ice cream, sexy beat, daddy issue, squit, mentor, tutor, per diem,

We had a glitch in yesterdays new articles email. So if it is a duplicate please just hit the delete and have a great week :).

Despite Fears, Owning Home Retains Allure, Poll Shows
Owning a house remains central to Americans’ sense of well-being, even as many doubt their home is a good investment in after a punishing recession.

Simple things like gene synthesis ordering is getting more complicated than it should be.

The GSCP was created by and for global buying companies wanting to work collaboratively on improving the sustainability.

I hope all is well. Head-to-head, back-to-back, A surcharge will be applied for work and travel on such days.

you are insane. Foxy, I hope that your week has been nothing short of terrific. On behalf of myself and IPA Canada, I would like to thank you for your continued support!

shelve, lay aside, pigeonhole, laydown, put off, put on the shelf, postpone, abeyance, lay up, lay on the table, boon,

The webinar will take place Tuesday, June 28th at 11:00 a.m. EDT (5:00 p.m. CET) and is scheduled for ninety minutes.

You have the right to remain sugar! Mole: 卧底,痣, moley,  toite like a tiger, accent,

Quid pro quo, squid pro row. (有借有还,再借不难), Is everything in proportion!

 Tripod(),have a kickstand, soil yourself (放屁)there is a power struggle. (权力争斗,失宠). Holly bugger,

It is not a size mate. It is how you use it. Switch side! 投诚!you are so switch on!

"with great power there must come great responsibility" [SPIDER-MAN]

The countdown is on…top notch easy selling products. Please communicate with Yuhong on the liability concern.

Is a resume the holy grail that gets you a job interview? It is scanned, reviewed, analyzed, diced, sliced and sometimes trashed. If you have any concerns about Intertek, please escalate to AstraZeneca by email at…. Thanks as always,

I don't want to be a 'party-pooper'. If I am the only one with a conflict in agenda Thursday, I suggest you just continue. I will catch on later.

We cannot change what’s happened, so let’s concentrate on getting it right next time and onward. accommodating

here in Norway the Sun has come to stay with us for a while and we're enjoying Spring!

Sorry for the email silence over the past couple of weeks. If this doesn’t work then we can find another time. Let’s not forget this is only the first step; final outcome strongly depends on our performance in the first year.

How is your jet lag?  I hope you enjoy the weather in Shanghai. Good gravy.

If this escalates to *** USA or Europe it will create huge problems for us. Thanks for clearing it up. Burned Out? Its pretty clear that we all need to recharge our batteries.

Pay the up front cost, sleuth, nectar, lusciuos, luxury, luxurious, glean and clean,

I think it is a single-seat license, so please log off when you’re done playing so that others can have a turn. If you find it compelling, please let me know and we can consider what a subscription might be. I want to ask your help in fleshing it out with email addresses and roles.

Looking forward, we have had a strong start to the month of June.

The butterfly circus – Nick Vujicic, no arms, no legs, no worries! The president of Life without Limbs ministry. Never give up! The biotech faces an uphill climb.

Fool’s errand – Hilarie said about china.

I need to do something in return for asking for all those changes.

Many drugs are discovered by a combination of fortuity and luck. This serendipity is best exemplified by the discovery of isoniazid. Well-rounded, rational,

A wet blanket, killjoy, blockbuster,

Investors scour biotechs in search of the next big payoff. A lot of bellwether names are getting picked off one by one. is destined to. plenty of angst over possible job cuts. Thomas Okarma will grab a severance package worth upwards of $1.3 million for his years of service as CEO of Geron. Cado, kudo, Given the tough odds that any developer faces, the biotech has gained a reputation as one of the savviest developers in biotech. Hearld, breakthrough, landmark, Of course, synthetic biology has produced more feverish speculation than actual R&D breakthroughs.

Stop by, drop in, come by, come over, behavior, stay put, step in, orchestrate, bellwether, peper,

Elan in turn retains control of its pipeline prospects and stays in the driver's seat on its neuroscience work. Can Big Pharma absorb a vibrant biotech R&D culture without eliminating all the creative juices in the mix? That's the question that now faces Sanofi-Aventis CEO Chris Viehbacher as he orchestrates a $20 billion merger with Genzyme. Talented people from Genentech have peppered the whole West Coast with biotech start-ups. The worst case scenario would indicate that Boston also stands to gain a wave of new biotech start-ups, providing a silver lining to the dark cloud hovering around Genzyme.

Sumsung will pour up to $9.85 billion in healthcare by 2020. South Korean technology conglomerate Samsung has inked a $266 million deal with CRO Quintiles to produce biosimilar versions of bestselling cancer and immunological disease drugs like Rituxan, Humira, Enbrel and Remicade.

Pharmaron, a clinical research organization with deep roots and some powerful political connections in China, has rounded up $40 million in venture capital. Pharmaron CEO Dr. Boliang Lou. "Building long-term partnership with CROs has become part of many pharmaceutical and biotech companies' corporate strategy." DCM, Legend Capital and GL Capital Group, which is headed by the ex-CEO of Novartis China, Jeffrey Li, provided the funds. Li is the son of former Politburo standing committee member Li Ruihuan and is considered one of the "children of privilege" in China.

Creating the perfect balance between timely responses to medical record requests, breach prevention and revenue protection is harder than ever. switchover trial and long-term extension trial. Osage University Partners has raised a $100 million venture fund and partnered with a lineup of some of the country's top research universities on its plan to take a stake in startup companies that license in the country's most promising cutting-edge technologies. A top university may have 50 active start-ups on its radar at any given point ranging from newly minted upstarts to later stage companies with ripened development programs. going in early and going in late with about eight syndicated investments each year that could start out around $1 million or $2 million and rise to $3 million to $5 million over time. Regeneron has unleashed a torrent of promising late-stage safety and efficacy data on Arcalyst, teeing up a strong new regulatory filing backing its quest to market the drug against gout.

Not your business, give it to time, you are not my type. Financial backers, braker, bracker, broker, agent, middleman, setback, halt, at this juncture, on the brink, during its heyday, savvy,

Inflammatory, autoimmune indication, Perianal fistula, rheumatoid arthritis, Alzheimer, income, incoming, upcoming, up-and-coming, unleash, delilitate, in prevalence, hamper, fret over, swelling ailment, non-Hodgkin’s lymphoma, mutiple myeloma,

Well financed biotechs are using buyouts to beef up pipelines and jump into new indications--just like pharma. The bigger biotech companies may not have the mountain of cash that pharma is sitting on. But they have enough money to go after targeted acquisitions. Some analysts are leery that a shortage of attractive targets will prevent a sudden spike in M&A activity. The new interest from Big Biotech couldn't come at a better time. The IPO window has been cracked open, but investors have turned a cold shoulder to developers offering a big dose of risk. The feds drive to whip up a bigger, faster supply of flu vaccine to fight pandemics has triggered a pair of new contracts initially totaling $215 million for Novavax and VaxInnate. With a top-to-bottom restructuring of its R&D ops underway, Pfizer has done a little early spring cleaning with its interactive pipeline website. Pfizer's plan to shutter its work at Sandwich, UK, meanwhile, has been stirring a hornet's nest of angry recriminations. They never had a chance to make a pitch to Pfizer to see if there was some way to save the R&D center.

Scantily clad, walks the talk,

Enforceable, compellent, obligatory, mandatory, compulsory,

Please extend all courtesies and cooperation to any Intertek auditor(s) that arrive to conduct these visits.

"Even a "moderate" warming of the atmosphere by 2°C stands a strong chance of provoking drought and storm responses that could challenge civilized society": Environmental Scientists report. Whether you agree or not it is amazing how small changes can potentially have such dramatic effects. 

optional payment bond

A type of bond that allows principal or interest payments to be made in foreign currency. At the option of the bondholder, the payments can be made payable in one or more foreign currencies.

domestic rate

The interest rate of a domestic currency expressed in real terms. The domestic rate is used in foreign exchange markets in interest rate parity calculations, and is compared to the inflation-adjusted interest rate of the foreign currency.

caput

A type of exotic option that is composed of a call option placed on a put option. An investor who uses a caput option is purchasing the option to buy a put option. The word is formed from the combination of "call" and "put". also called compound option.

Roth 401(k)

A contribution-based retirement account, which combines features of the traditional Roth IRA and 401(k) plan accounts. The Roth 401(k) contains many benefits for employees, such as being able to contribute post-tax money, but many companies do not yet offer this as a retirement plan option, due to the increased amount of work it takes to maintain this plan. Companies were given the option to begin offering this plan in 2006.

clawback

1. A financial or other benefit that is given, but is later taken back due to unique circumstances. A common example of this is when particular investments are purchased, they provide taxable benefits to the purchaser, but if the investments are sold before they mature, these benefits are required to be returned. 2. A decrease in the stock market that follows just after an increase in the stock market.

put-call parity

The relationship between the price of a call and the price of a put for an option with the same characteristics (strike price, expiration date, underlying). It is used in arbitrage theory. If different portfolios comprised of cals and puts have the same value at expiration, it is implied that they will have the same value leading up to the expiration point. Thus, the values of the portfolios move in lock step. Portfolio price equality is calculated as c + PV(x) = p + s, where c is the market value of the call, PV(x) is the present value of the strike price, p is the market value of the put, and s is the market value of the underlying security. If the two sides of the equation are not equal, arbitrage profit could be gained by investing in the less expensive portfolio. Analysis of the parity relationship assumes that other factors, such as a dividend, are not taken into account.

convertible term insurance

An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes to the health of the insured. The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholders. also called guaranteed renewable or conversion privilege or guaranteed insurability.

conversion privilege

An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes to the health of the insured. The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholders. also called guaranteed renewable or convertible term insurance or guaranteed insurability.

gold bar

A gold ingot fashioned in the shape of a bar that is 99.5%-99.9% pure in gold. In the US, their value is measured in troy ounces, whereas other nations may use grams. 1 troy ounce is equal to 31.1034768 grams. Ingots range in size from 1 troy ounce to 400 troy ounces. Gold bars can be used for trading or investing purposes. However, because they are easier to fabricate, they have to be tested for purity when sold, and thus are often held as long-term investments to hedge against inflation. Central banks often hold these items in large vaults or reserves. In the past, gold bars directly backed the US currency. In more modern times however, they serve as a symbolic backing of the dollar.

education credit

A tax credit available for education expenses, such as a Hope Credit or a Lifetime Learning Credit. Education credits can be applied to many situations including education expenses, deposits in Education Savings Accounts, and withdrawals from IRAs in order to finance education and student interest loan payments.

owner of record

The name of an individual or entity that an issuer carries in its records as the registered holder (not necessarily the beneficial owner) of the issuer's securities. Dividends and other distributions are paid only to owners of record. also called stockholder of record or holder of record or shareholder of record.?

exchange rate

Rate at which one currency may be converted into another. The exchange rate is used when simply converting one currency to another (such as for the purposes of travel to another country), or for engaging in speculation or trading in the foreign exchange market. There are a wide variety of factors which influence the exchange rate, such as interest rates, inflation, and the state of politics and the economy in each country.also called rate of exchange or foreign exchange rate or currency exchange rate.

exchange rate

Rate at which one currency may be converted into another. The exchange rate is used when simply converting one currency to another (such as for the purposes of travel to another country), or for engaging in speculation or trading in the foreign exchange market. There are a wide variety of factors which influence the exchange rate, such as interest rates, inflation, and the state of politics and the economy in each country.also called rate of exchange or foreign exchange rate or currency exchange rate.

wedge

A technical analysis term used to describe a chart on which lines that connect tops and bottoms converge towards each other but are both moving in the same direction. Similar to a triangle, except that in a triangle, the trends move in opposite directions, with the tops decreasing and the bottoms increasing. In a wedge, both lines have the same trend (upward or downward) but have different slopes, leading to the convergence. A falling wedge is generally thought to be a rest during a period of upward movements.

Glass ceiling = invisible roof,

ceiling

1. The maximum interest rate permitted by state law for a given loan. A ceiling is a common feature of floating rate notes. 2. An upper limit on the exchange rate of a country's currency imposed by some regulatory authorities (the government or regulators will step in and ensure that the exchange rate does not exceed the ceiling). 3. More generally, any limit or maximum.

subscription warrant

A certificate, usually issued along with a bond or preferred stock, entitling the holder to buy a specific amount of securities at a specific price, usually above the current market price at the time of issuance, for an extended period, anywhere from a few years to forever. In the case that the price of the security rises to above that of the subscription warrant's exercise price, then the investor can buy the security at the subscription warrant's exercise price and resell it for a profit. Otherwise, the subscription warrant will simply expire or remain unused. Subscription warrants are listed on options exchanges and trade independently of the security with which it was issued. also called warrant.

algorithmic trading

A form of automated trading in which computers execute trade orders based on a series of parameters, such as time, price and volume. One benefit of algorithmic trading is that it allows a company, such as a hedge fund or mutual fund, to break up an order so that the trade does not influence market price. Because computers automatically initiate the orders it is not necessary to have a person review the information.

stagging

The practice of buying initial public offerings at the offering price and then reselling them once trading has begun, usually for a substantial profit. This is more commonly done by institutional investors than retail investors, because institutional investors get most of the IPO shares at the offering price. Stagging is most profitable in a hot IPO market, when the price of an IPO often rises dramatically above the offering price on the first day. also called flipping.

closed economy

An economy that does not interact with the economy of any other country. A closed economy prohibits imports and exports, and prohibits any other country from participating in their stock market. There have been many examples of closed economies throughout history, but very few closed economies exist today. also called autarky.

Russell 3000

A stock index that tracks the 3000 U.S. stocks with the highest market capitalization. The list is updated yearly, during a process known as reconstitution. There are two sub-indexes which are based on the Russell 3000: the Russell 1000, which follows the 1000 stocks with the largest market capitalization values, and the Russell 2000, which follows the remaining 2000 stocks, those with the smallest values.

Black Thursday

October 24, 1929. The day the famous stock market crash of 1929 began, when the stock market began its plummet. The stock market was very unstable for the subsequent few days. This uncertainty led up to Black Tuesday, October 29, the day which experienced the largest percentage decrease in stock prices and is considered to be the start of the Great Depression.

right of first offer

A contractual right that the seller must first give the rights holder the opportunity to purchase an asset, but does not set requirements for the transaction. The seller agrees to negotiate with the rights holder, and attempt to reach an agreement. If the seller and rights holder cannot reach an agreement, the seller may then negotiate with or sell to any other party. also called right of first negotiation.

conversion parity price

The price that an investor effectively pays for common stock by purchasing a convertible security and then exercising the conversion option. This is equal to the price on the convertible divided by the conversion ratio (the number of shares that the convertible can be converted into). also called market conversion price.

guaranteed insurability

An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes to the health of the insured. The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholders. also called guaranteed renewable or conversion privilege or convertible term insurance.

principal exchange rate linked securities (PERLS)

Dollar-denominated debt, which has a varying principal depending on the current foreign exchange rate between a county and the United States at the time that the security matures. For example, if the security is obtained when the value is high on the dollar, the principal payment due at maturity may be reduced if the value on the dollar has decreased at the time of payment.

principal exchange rate linked securities (PERLS)

Dollar-denominated debt, which has a varying principal depending on the current foreign exchange rate between a county and the United States at the time that the security matures. For example, if the security is obtained when the value is high on the dollar, the principal payment due at maturity may be reduced if the value on the dollar has decreased at the time of payment.

debt management

A unique strategy developed to help a debtor manage their debt. This strategy is usually developed and implemented by an outside company or organization on behalf of the debtor, usually because the debtor is unable to sufficiently manage their debt on their own, due to lack of knowledge or because they are overwhelmed by the amount of debt.

in specie

A Latin phrase which means "in its actual form." It is used to indicate that distribution of an asset will be in its actual form, rather than transferring it into cash or another form. This will usually be done if cash simply isn't available, or if it works out better to distribute the asset itself.

bargain element

The difference between the strike price of a stock option and the market price of the underlying stock when the option is exercised, times the number of shares purchased. The bargain element is not treated as capital gains, but rather as income received from the employer who granted the stock option, and is taxed differently depending on whether the stock option is a non-qualified stock option or an incentive stock option.

public bond

A bond, issued by a U.S. government-sponsored agency. The offerings of these agencies are backed by the U.S. government, but not guaranteed by the government since the agencies are private entities. Such agencies have been set up in order to allow certain groups of people to access low cost financing, especially students and first-time home buyers. Some prominent issuers of agency bonds are Student Loan Marketing Association (Sallie Mae), Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). Agency bonds are usually exempt from state and local taxes, but not federal tax. also called agency bond.

reversal arbitrage

A riskless transaction consisting of the short sale of a security, the purchase of a call, and the writing of a put. If the value of the security increases, the call is exercised to negate the short sale. If the value of the security decreases, the put will be exercised by the holder and the received security will negate the short sale.

earnings estimate

The expected quarterly or annual earnings of a given company, as estimated by an analyst or other market individual or company. Earnings estimates are watched closely by investors because they are an important indication of the company's outlook, but even the professionals have difficulty predicting earnings accurately.

divestment

Refers to the sale of an asset for financial, legal or personal reasons. For corporations, divestment can refer to a company selling off a portion of its assets, such as a subsidiary, to raise capital or to focus the business on a smaller core of goods and services. For investors, divestment can be used as a social tool to protest particular corporate policies, such as a company trading with a country known for child labor abuses. Divestment can also be required of companies by the Federal Trade Commission in order to have a merger approved. A famous example of this is the breakup of Bell System (Ma Bell) into AT&T and the Baby Bells in 1984. opposite of investment.

phantom stock plan

A benefit plan for company employees that gives the employees benefits that would come from holding company stock, without actually giving any stock to these employees. The employees would receive benefits if the stock performed well over a certain amount of time. This is a way for companies to provide a bonus and incentive for employees, without granting them any of the specific benefits that would come from actually being a shareholder. The rules and payout arrangements are similar to that of a deferred compensation plan.

inflation risk

The possibility that the value of assets or income will decrease as inflation shrinks the purchasing power of a currency. Inflation causes money to decrease in value at some rate, and does so whether the money is invested or not.

dot-com

A company whose operations are entirely or primarily internet-based, or more specifically a company whose business model would not be possible if the internet did not exist. Dotcoms often deliver all their services over an internet interface, but products might be delivered through traditional channels as well. Dotcoms are often divided into two categories: those that provide products and services for consumers (B2C) and those that provide products and services to other businesses (B2B).

perfect title

A title that is free of liens and legal questions as to ownership of the property. A requirement for the sale of real estate. In general, a company that specialize in checking title claims for clients (a title company) will be hired to ensure that a title is clear when a sale of real estate is taking place. also called just title or good title or clear title or free and clear.

Economic Recovery Tax Act of 1981

ERTA. A federal law that reduced income tax rates and provided incentives for businesses, including an adjustment to depreciation rates. It was signed by President Ronald Reagan in 1981. The law ultimately increased the federal budget deficit, and prompted some of ERTA to be reversed or reviewed in the Tax Equity and Fiscal Responsibility Act of 1982.

risk margin

A value that takes into account the potential movement of a stock in relation to its option position . A more volatile investment would have a higher risk margin , since the potential for large swings in price is greater than that of a more stable investment. Premium margin and risk margin are the two components comprising the margin requirement

house call

A call from a broker to a customer (called a maintenance margin call ) or from a clearinghouse to a clearing member (called a variation margin call) demanding the deposit of cash or marginable securities to satisfy the Regulation T requirements and the house maintenance requirement for the purchase or short sale of securities or to cover an adverse price movement . federal margin call or Reg. T Call (for NASD requirements) or margin call.

convenience yield

The amount of benefit that is associated with physically owning a particular good, rather than owning a futures contract for that good. When a good is easy to come by, an investor doesn't have need to own the actual good at that time, and can buy or sell as he pleases. When there is a shortage of a particular good, however, it is better to already own the good than to have to purchase it during the shortage because it is likely to be at a higher price due to the demand. The convenience yield is the benefit derived in the second scenario.

holding period return

The return earned from the act of holding an asset over a given period. The return is equal to the income and other gains (such as appreciation) earned from the asset, divided by the original cost of the asset. The holding period return can be calculated for any asset, including a bond, an individual stock, or a complete portfolio.

COLA

Cost of Living Adjustment. An annual adjustment in wages to offset a change (usually a loss) in purchasing power, as measured by the Consumer Price Index. The Consumer Price Index is used rather than the Producer Price Index because the purpose is to offset inflation as experienced by the consumer, not the producer.

UIT

Unit Investment Trust. An SEC-registered investment company which purchases a fixed, unmanaged portfolio of income-producing securities and then sells shares in the trust to investors. The major difference between a Unit investment Trust and a mutual fund is that a mutual fund is actively managed, while a unit investment trust is not managed at all. Capital gains, interest and dividend payments from the trust are passed on to shareholders at regular periods. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. A unit investment trust is generally considered a low-risk, low-return investment. Some investors prefer UITs to mutual funds because UITs typically incur lower annual operating expenses (since they are not buying and selling shares); however, UITs often have sales charges and entrance/exit fees. also called fixed investment trust or participating trust or unit trust.

business process outsourcing

BPO. The contracting out of a particular business function to an outside company in order to reduce costs. An example of BPO would be a manufacturing company outsourcing its accounting work to an outside accounting firm, or a telecommunications firm using an outside company to handle customer service.

maintenance margin requirement

The required amount of collateral or equity needed to maintain a margin account with an exchange . The minimum must be met at all times, but the particular amount required can vary. In the case of two major U.S. indices , the New York Stock Exchange and Nasdaq , the maintenance margin is 25% of the value of the stocks in the margin account . An investor will face a margin call if unable to maintain this minimum level .

NASDAQ-100

An index which tracks the performance of a select 100 stocks listed on the Nasdaq . Most of these 100 stocks were picked because they are the largest companies on the exchange , based on market capitalization . Because market capitalization changes over time, the list of companies in the NASDAQ-100 change over time as well. This index was introduced in 1985.

dollar drain

A situation in which a country's imports from the U.S. exceed their exports to the U.S., which results in a reduction in their dollar reserves. The idea can also be applied to currencies of other countries.

stock purchase plan

A trust established by a corporate which acts as a tax-qualified, defined contribution plan by making the corporation's employees partial owners. contributions are made by the sponsoring employer, and can grow tax-deferred, just as with an IRA or 401(k) plan. But unlike other retirement plans, the contributions must be invested in the company's stock. The benefits for the company include increased cash flow, tax savings, and increased productivity from highly motivated workers. The main benefit for the employees is the ability to share in the company's success. Due to the tax benefits, the administration of stock purchase plans is regulated, and numerous restrictions apply. also called Employee Stock Ownership Plan (ESOP).

cliquet option

A type of option in which the strike price periodically resets before the final expiration date is reached. When the resetting date is reached, the option will expire worthless if the current price of the security is below the strike price, and the strike price will reset to this lower security price. If the resetting date is reached and the security is trading higher than the strike price, the investor will earn the difference and the strike price will reset to the higher security price. For example, a two-year cliquet stock option that resets annually could have a strike price of $500. If the annual resetting date is reached and the stock is trading at $600, the investor receives a $100 payout and the strike price resets to $600. The name "cliquet" refers to the imaginary clicking sound made when the strike price is reset to a higher level. also called ratchet option.

subscription agreement

An application submitted by an investor wishing to join a limited partnership. The application is reviewed by the partnership's members before being approved to ensure that the investor has proper funding and meets specific requirements. The agreement sets forth the terms under which the investor will be bound if accepted.

biased expectations theory

Belief that forward foreign exchange rates for deliver at some date in the future will be equal to the spot rates for that particular date, as long as there is no risk premium. unbiased predictor. Also called unbiased expectations hypothesis, unbiased predictor.

stockholder of record

The name of an individual or entity that an issuer carries in its records as the registered holder (not necessarily the beneficial owner) of the issuer's securities. Dividends and other distributions are paid only to shareholders of record. also called shareholder of record or holder of record or owner of record.

front fee

Amount paid for initiating a compound or split-fee option contract. While all option contracts require a fee (the option premium) to be paid up-front to the seller, only compound or split-fee options require another amount (the back fee) for exercising them.

net currency exposure

The potential for foreign exchange risk after netting, a process in which the National Securities Clearing Corporation views each security's purchase and sales orders to match each purchase and sale with its appropriate client and brokerage, the company's particular cash flow.

idle

Situation in which production has shut down or is simply not working, or one in which cash is inactive (not invested). More generally, this term can apply to any asset that is not being put to productive use. Being idle is usually an undesirable situation, since there is an opportunity cost of not earning returns on the idle asset.

demerger

The act of splitting off a part of an existing company to become a new company, which operates completely separate from the original company. Shareholders of the original company are usually given an equivalent stake of ownership in the new company. A demerger is often done to help each of the segments operate more smoothly, as they can now focus on a more specific task. opposite of merger.

franchised monopoly

A government-granted monopoly. The most important reason for the government granting a monopoly is in the case of the product or service being a natural monopoly, i.e. unable to sustain more than one producer. This is usually the case when very large economy of scale is needed to make production efficient (so the marginal cost of producing each additional unit is very low). Thus, given the huge scale of production needed for efficiency, it could be that the entire market demand would be fulfilled by a single efficient producer, making it unfeasible to have a second producer in the market. Thus, the government may decide to simply give a producer a monopoly, so that the producer is convinced of the fact that there is adequate market to achieve efficient scale. A government may also choose to grant monopolies in special conditions such as when they want to encourage a specific kinds of innovation (patents are effectively a government-granted monopoly), give preference to a producer who might also be involved in community development activities etc.

M3

One measure of the money supply that includes M2, plus large time deposits, repos of maturity greater than one day at commercial banks, and institutional money market accounts.

Stipulation, item, term, clause,

recapture

A contract stipulation that permits the seller of an asset to at least partially retrieve asset ownership. For example, the seller of a block of shares could arrange to buy back some shares if he/she wants, or the seller of real estate could gain some of the income generated by the property. The recapture agreement is usually valid only within a specific time period.

down-and-out barrier option

A type of barrier option in which the spot price of the underlying is set above the barrier level, and the price of the underlying must close lower in order for the option to be knocked out or cancelled. It is named "down-and-out" because the right to exercise the option disappears if the price of the underlying is below the barrier.

Participatory democracy,

participatory note

A tool used by foreign investors to invest in Indian securities. Investors purchase the participatory notes from brokerages in India, and these notes give the investors the designated share in the designated security. Investors remain anonymous to market regulators, which is one of the major differences when comparing participatory notes to the American Depositary Receipt.

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constant ratio plan

An investment strategy in which the portfolio's composition by asset class is maintained at a certain level through periodic adjustments. When the balance is upset, it is periodically restored by moving money from overperforming assets to underperforming ones. This system prevents one asset class from dominating the portfolio. This is one way to maintain a desirable asset allocation.

real-time gross settlement system

RTGS. A system that streamlines that settlement of large-value transactions between banks and other financial institutions. Instead of moving physical amounts of cash, the banks transfer funds electronically. When one bank transfers money to another, the funds are immediately credited to the second bank and debited to the first.

unsterilized foreign exchange intervention

A passive approach to the manipulation of foreign exchange rates that can be used to influence the relative value of domestic currency. In contrast to sterilized interventions, where the overall supply of currency is altered, an unsterilized intervention does not affect the money supply in order to influence exchange rates.

J-curve

1. The theory that the Internal Rate of Return of a fund will be low in its early stages, particularly due to costs incurred in starting the fund, but then as the firm becomes more stable and profitable, that its internal rate of return will increase. The shape of this, if graphed over time, would look like a J.

2. The shape of a country's trade balance after it devaluates its currency. The immediate effect of a devaluation is an increase in the trade deficit, though this will shift into an increased international demand for the country's exports due to a lowered exchange rate, as well as a decrease in the demand for more expensive imports. An appreciation in the value of a country's currency can result in an inverted J-curve.

loss given default

LGD. The actual total loss that is experienced by a bank when a debtor defaults on a loan from that bank. The loss given default is not always equal to the total amount of the loan; for example, if the debtor pledged collateral against the loan, the bank could receive these assets, and their total loss would not be greater than the amount of the loan minus the value of the assets.

European Economic and Monetary Union

EMU. A monetary union in Europe which succeeded the European Monetary System. This union began to take effect in 1990, over a series of three steps. The first step abolished individual member exchange rate control, the second step established the European Central Bank, and the third step created the Euro as the common currency.

Dow dividend theory

Investment strategy that advocates buying the ten DJIA stocks with the highest yields. Some investors believe that these stocks are currently undervalued and are worth buying. Typically, investors following this strategy re-adjust portfolios at the beginning of each calendar year, as the fluctuating stock prices change the yields. also called dogs of the dow.

crossing

A situation in which a broker acts as agent on both sides of a given transaction. If the broker has a buy order and an equivalent sell order, he/she can "cross" the orders. This is common in the case of large orders, but is legal only if the broker first offers the securities to the public at a price higher than the bid price.

average strike option

A type of stock option used on Asian exchanges. The strike price in this type of option is based on the average asset price during a certain period of time, defined by a range of dates called the "fixings." This type of option is less volatile than traditional options, which have a predetermined strike price.

European Depositary Receipt

EDR. A negotiable certificate held in the bank of one country representing a specific number of shares of a stock traded on an exchange of another country. American Depositary Receipts make it easier for individuals to invest in foreign companies, due to the widespread availability of price information, lower transaction costs, and timely dividend distributions. also called European Depositary Receipt. also called Global Depositary Receipt (GDR).

fixed investment trust

Same as unit investment trust. An SEC-registered investment company which purchases a fixed, unmanaged portfolio of income-producing securities and then sells shares in the trust to investors. The major difference between a Unit investment Trust and a mutual fund is that a mutual fund is actively managed, while a unit investment trust is not managed at all. Capital gains, interest and dividend payments from the trust are passed on to shareholders at regular periods. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. A unit investment trust is generally considered a low-risk, low-return investment. One downside of a unit investment trust is that given the fixed nature of its portfolio, the trust is susceptible to inflation. also called unit investment trust or participating trust or fixed investment trust.

stretch IRA

An Individual Retirement Account strategy designed to prolong or "stretch" the period of time over which earnings can be tax deferred. This strategy is used when an investor does not need all of the funds from the retirement account, and wishes to create an estate that can extend for generations. Beneficiaries will still need to take the required minimum distributions.

European Exchange Rate Mechanism

ERM. A system created in 1979 as a way to reduce the volatility of the various Eurpoean currencies and to create a stable monetary system. The ERM created fixed margins in which a country's currency could operate. It was the predecessor of the European Economic and Monetary Union.

currency basket

A group of securities whose weighted average is used to determine the value of an obligation or the value of another currency. For instance, a country that does not peg the value of its currency to a single other currency, such as the U.S. dollar, could value its currency to the value of a currency basket comprised of Euros, U.S. dollars, and Japanese Yen.

linear chart

The standard chart type, on which a given distance always represents the same absolute change in price (unlike on a logarithmic chart, where a given distance always represents the same percentage change in price). In other words, the distance from 1 to 10 is the same as the distance from 10 to 100 on a logarithmic chart, but the latter distance is ten times greater on a linear chart.

linear chart

The standard chart type, on which a given distance always represents the same absolute change in price (unlike on a logarithmic chart, where a given distance always represents the same percentage change in price). In other words, the distance from 1 to 10 is the same as the distance from 10 to 100 on a logarithmic chart, but the latter distance is ten times greater on a linear chart.

guaranteed stock

Preferred or common stock of one corporation whose dividends are guaranteed by another corporation. Since the dividends are guaranteed, investors are generally willing to pay a higher amount for the stock than if the stock was not backed up by a guarantee. How valuable the actual guarantee is will depend on the guarantor's financial and credit history. The guaranteed stock arrangement has frequently been used by railroads.

 



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