2023年-財(cái)務(wù)縮略語(yǔ)

FinancialGlossary

A

FifthletterofaNasdaqstocksymbolspecifyingClassAshares.

AAII

See:AmericanAssociationofIndividualInvestors

ABO

See:AccumulatedBeneBtObligation

ABS

See:AutomatedBondSystem

ACAT

See:AutomatedCustomerAccountTransfer

ACES

See:AdvanceComputerizedExecutionSystem

ACH

See:AutomatedClearingHouse

ACRS

See:Acceleratedcostrecoverysystem

ACU

See:Asiancurrencyunits

ADB

See:AdjustedDebitBalance

ADR

Actofstatedoctrine

Thisdoctrinesaysthatanationissovereignwithinitsownborders,anditsdomesticactionsmaynotbequestionedinthecourtsofanothernation.

Active

Amarketinwhichthereisfrequenttrading.

Activeaccount

Referstoabrokerageaccountinwhichmanytransactionsoccur.Brokeragefirmsmaylevyafeeifanaccountgeneratesaninadequatelevelofactivity.

Activebondcrowd

ReferstomembersofthebonddepartmentoftheNYSEwhotradethemostbonds.Antithesisofcabinetcrowd.

Activebox

Securitiesthatareheldinsafekeepingandareavailableascollateralforsecuringbrokers'loansorcustomers*marginpositions.

Activeportfoliostrategy

Astrategythatusesavailableinformationandforecastingtechniquestoseekbetterperformancethanabuyandholdportfolio.Related:Passiveportfoliostrategy.

Actualmarket

Usedincontextofgeneralequities.Firmmarket.AntithesisofSubjectmarket.

Actuals

Thephysicalcommoditiesunderlyingafuturescontract.Cashcommodity,physicalasset.

A-D

Advance-Decline,ormeasurementofthenumberofissuestradingabovetheirpreviousclosingpriceslessthenumbertradingbelowtheirpreviousclosingpricesoveraparticularperiod.Asatechnicalmeasureofmarketbreadth,thesteepnessoftheA-Dlineindicateswhetherastrongbullorbearmarketisunderway.

Additionalbondstest

Atestforensuringthatbondissuerscanmeetthedebtservicerequirementsofissuinganynewadditionalbonds.

Additionalhedge

Aprotectionagainstborrowerfalloutriskinthemortgagepipeline.

Adequacyofcoverage

Atestthatmeasurestheextenttowhichthevalueofanassetisprotectedfrompotentiallosseitherthroughinsuranceorhedging.

Adjustablerate

Appliesmainlytoconvertiblesecurities.Referstointerestrateordividendthatisadjustedperiodically,usuallyaccordingtoastandardmarketrateoutsidethecontrolofthebankorsavingsinstitution,suchasthatprevailingonTreasurybondsornotes.Typically,suchissueshaveasetfloororceiling,calledcapsandcollarsthatlimitstheadjustment.

Adjustable-ratemortgage(ARM)

Amortgagethatfeaturespredeterminedadjustmentsoftheloaninterestrateatregularintervalsbasedonanestablishedindex.Theinterestrateisadjustedateachintervaltoarateequivalenttotheindexvalueplusapredeterminedspread,ormargin,overtheindex,usuallysubjecttoper-intervalandtolife-of-loaninterestrateand/orpaymentratecaps.

Adjustable-ratepreferredstock(ARPS)

PubliclytradedissuesthatmaybecollateralizedbymortgagesandMBS

Adjustedbalancemethod

Methodofcalculatingfinancechargesthatusestheaccountbalanceremainingafteradjustingforalltransactionspostedduringthegivenbillingperiodasitsbasis.Related:Averagedailybalancemethod,previousbalancemethod,pastduebalancemethod.

Adjustedbasis

Pricefromwhichtocalculateandderivecapitalgainsorlossesuponsaleofanasset.Accountactionssuchasanystocksplitsthathaveoccurredsincetheinitialpurchasemustbeaccountedfor.

Adjusteddebitbalance(ADB)

Theaccountbalanceforamarginaccountthatiscalculatedbycombiningthebalanceowedtoabrokerwithanyoutstandingbalanceinthespecialmiscellaneousaccount,andanypaperprofitsonshortaccounts.

Adjustedexerciseprice

TermusedinoptionsonGinnieMae(GovernmentNationalMortgageAssociation)contracts.ThefinalexercisepriceoftheoptionaccountsforthecouponratescarriedonGinnieMaemortgages.Forexample,ifthestandardGNMAmortgagehasan9%yield,thepriceofGNMApoolswith13%mortgagesinthemisalteredsothattheinvestorreceivesthesameyield.

Adjustedgrossincome(AGI)

Grossincomelessallowableadjustments,istheincomeonwhichanindividualistaxedbythefederalgovernment.

Adjustedpresentvalue(APV)

Thenetpresentvalueanalysisofanassetiffinancedsolelybyequity(presentvalueofunleveredcashflows),plusthepresentvalueofanyfinancingdecisions(leveredcashflows).Inotherwords,thevarioustaxshieldsprovidedbythedeductibilityofinterestandthebenefitsofotherinvestmenttaxcreditsarecalculatedseparately.Thisanalysisisoftenusedforhighlyleveragedtransactionssuchasaleveragedbuyout.

Adjustmentbond

Abondissuedinexchangeforoutstandingbondswhenacorporationfacingbankruptcyisrecapitalized.

Administrativepricingrules

IRSrulesusedtoallocateincomeonexportsalestoaforeignsalescorporation.

Advance

Increaseinthemarketpriceofstocks,bonds,commodities,orotherassets.

Advancecommitment

Apromisetosellanassetbeforethesellerhaslineduppurchaseoftheasset.Thissellercanoffsetriskbypurchasingafuturescontracttofixthesalespriceapproximately.

AdvanceComputerizedExecutionSystem(ACES)

ReferstotheAdvanceComputerizedExecutionSystem,runbyNasdaq.ACESautomatestradesbetweenorderentryandmarketmakerfirmsthathaveestablishedtradingrelationshipswitheachother.Securitiesaredesignatedasspecifiedforautomaticexecution.

Advancefundedpensionplan

Apensionplaninwhichfundsaresetasideinadvanceofthedateofretirement.

Advancerefunding

Inthecontextofmunicipalbonds,referstothesaleofnewbonds(therefundingissue)beforethefirstcalldateofoldbonds(theissuetoberefunded).Therefundingissueusuallyspecifiesaratelowerthantheissuetoberefunded,andtheproceedsareinvested,usuallyingovernmentsecurities,untilthehigher-ratebondsbecomecallable.See:Refundingesciowdeposits.

Adverseopinion

Anindependentauditor'sopinionexpressingthatafirm'sfinancialstatementsdonotreflectthecompany'spositionaccurately.Seealso:Qualifiedopinion.

Adverseselection

Referstoasituationinwhichsellershaverelevantinformationthatbuyerslack(orviceversa)aboutsomeaspectofproductquality.

Advisoryletter

Anewsletterofferingfinancialadvicetoitsreaders.

Affiliate

Relationshipbetweentwocompanieswhenonecompanyownssubstantialinterest,butlessthanamajorityofthevotingstockofanothercompany,orwhentwocompaniesarebothsubsidiariesofathirdcompany.See:Subsidiaries,parentcompany.

Affiliatedcorporation

Acorporationthatisanaffiliatetotheparentcompany.

Affiliatedperson

Anindividualwhopossessesenoughinfluenceandcontrolinacorporationastobeabletoaltertheactionsofthecorporation.

Affirmativecovenant

Abondcovenantthatspecifiescertainactionsthefirmmusttake.

Affordabilityindex

Anindexthatmeasuresthefinancialabilityofconsumerstopurchaseahome.

Afteracquiredclause

Acontractualclauseinamortgageagreementstatingthatanyadditionalmortgageablepropertyattainedbytheborrowerafterthemortgageissignedwillberegardedasadditionalsecurityfortheobligationaddressedinthemortgage.

After-hoursdealingortrading

Securitiestradingafterregulartradinghoursonorganizedexchanges.

Aftermarket

See:Secondarymarket.

After-taxbasis

Thecomparisonbasisusedtoanalyzethenetafter-taxreturnsonacorporatetaxablebondandamunicipaltax-freebond.

After-taxprofitmargin

Theratioofnetincometonetsales.

After-taxrealrateofreturn

Theafter-taxrateofreturnminustheinflationrate.

Againstthebox

See:Sellingshortagainstthebox.

Agedfail

Anaccountbetweentwobroker/dealersthatremainsintactafter30daysafterthesettlementdate.Thereceivingfirmmustadjustitscapitalasitcannolongertreatthisaccountasanassets.

Agencies

See:Federalagencysecurities.

Agency

Incontextofgeneralequities,buyingorsellingfortheaccountandriskofacustomer.Generally,anagent,orbroker,actsasintermediarybetweenbuyerandseller,takingnofinancialriskpersonallyorasafirm,andchargingacommissionfortheservice.Thebrokerrepresentsacustomerbuyer/sellertoacustomerseller/buyeranddoesnotactasprincipalforthefirm'sowntradingaccount.Antithesisofprincipal.See:Dealer.

Agencybank

AformoforganizationcommonlyusedbyforeignbankstoentertheU.S.market.Anagencybankcannotacceptdepositsorextendloansinitsownname;itactsasagentfortheparentbank.ItisalsothefinancialinstitutionthatissuesADRstothegeneralmarket.

Agencybasis

Ameansofcompensatingthebrokerofaprogramtradesolelyonthebasisofcommissionestablishedthroughbidssubmittedbyvariousbrokeragefirms.

Agencycostview

Theargumentthatspecifiesthatthevariousagencycostscreateacomplexenvironmentinwhichtotalagencycostsareataminimumwithsome,butlessthan100%,debtfinancing.

Agencycosts

Theincrementalcostsofhavinganagentmakedecisionsforaprincipal.

Agencyincentivearrangement

Ameansofcompensatingthebrokerofaprogramtradeusingbenchmarkpricesforissuestobetradedindeterminingcommissionsorfees.

Agencypass-throughs

Mortgagepass-throughsecuritieswhoseprincipalandinterestpaymentsareguaranteedbygovernmentagencies,suchastheGovernmentNationalMortgageAssociation(GinnieMae),FederalHomeLoanMortgageCo里oration(FreddieMac),andFederalNationalMortgageAssociationfFannieMae).

Agencyproblem

Conflictsofinterestamongstockholders,bondholders,andmanagers.

Agencysecurities

SecuritiesissuedbyfederallyrelatedinstitutionsandU.S.government-sponsoredentities.Suchagencieswerecreatedtoreduceborrowingcostsforcertainsectorsoftheeconomy,suchasagriculture.

Agencytheory

Theanalysisofpriecipal-agentrelationships,inwhichoneperson,anagent,actsonbehalfofanotherperson,aprincipal.

Agent

Thedecision-makerinapriecipal-agentrelationship.

Aggregateexerciseprice

Theexercisepricemultipliedbythenumberofsharesinaputorcallcontract.Theoptionpremiumisexcludedintheaggregateexerciseprice.Intjecaseofoptionstradedondebtinstniments,theaggregateexercisepriceistheexercisepriceoftheunderlyingsecuritymultipliedbyitsfacevalue.

Aggregation

Processincorporatefinancialplanningwherebythesmallerinvestmentproposalsofeachofthefirm'soperationalunitsareaggregatedandeffectivelytreatedasawhole.

Aggressivegrowthmutualfund

Amutualfunddesignedformaximumcapitalappreciationthatplacesitsmoneyincompanieswithhighgrowthrates.

Aggressively

Usedincontextofgeneralequities.Foracustomeritmeansworkingtobuyorsellone'sstock,withanemphasisonexecutionoverprice.Foratraderitmeansactinginawaythatputsthefirm'scapitalathigherriskthroughpayingahigherprice,sellingcheaper,ormakingalargershortsaleorpurchasethanthetraderwouldundernormalcircumstances.

Agingschedule

Atableofaccountsreceivablebrokendownintoagecategories(suchas0-30days,30-60days,and60-90days),whichisusedtodetermineifcustomerpaymentsarekeepingclosetoschedule.

Agreementamongunderwriters

Acontractamoungparticipatingmembersofasyndicatethatdefinesthemembers,proportionateliability,whichisusuallylimitedtoandbasedontheparticipants1levelofinvolvement.Thecontractoutlinesthepaymentscheduleonthesettlementdate.

Compare:Underwritingagreement.

Aheadofitself

Incontextofgeneralequities,referstoequitiesthatareoverboughtoroversoldonafundamentalbasis.

Aheadofyou

Usedforlistedequitysecurities.Atthesamepricebutenteredaheadofyourorder/interest,usuallyreferringtothespecialist'sbook.See:Behind,matchedorders,priority,stockahead.

AIMRPerformancePresentationStandardsImplementationCommittee

TheAssociationforInvestmentManagementandResearch(AIMR)PerformancePresentationStandardsImplementationCommitteeischargedwiththeresponsibilitytointerpret,revise,andupdatetheAIMRPerformancePresentationStandards(AIMR-PPS(TM)forportfolioperformancepresentations.

Airpocketstock

Astockwhosepricedropsprecipitously,oftenontheunexpectednewsofpoorresults.

Aliencorporation

Acompanyincorporatedunderthelawsofaforeigncountryregardlessofwherethecompanyconductsitsoperations.

Allequityrate

Thediscountratethatreflectsonlythebusinessrisksofaproject,distinctfromtheeffectsoffinancing.

Allin

Referstoanissuer'sinterestrateafteraccountingforcommissionsandvariousrelatedexpenses.

AllOrdinariesIndex

ThemajorindexofAustralianstockscomprising330ofthemajorcompanieslistedontheAustralianStockExchange.

Allornoneorder(AON)

Usedincontextofgeneralequities.Alimitedpriceorderthatistobeexecutedinitsentiretyornotatall(nopartialtransaction),andthusistestingthestrength/convictionofthecounterparty.UnlikeanFOKorder,anAONorderisnottobetreatedascancelledifnotexecutedassoonasitisrepresentedinthetradingcrowd,butinsteadremainsaliveuntilexecutedorcancelled.Themakingofnallornonenbidsoroffersinstocksisprohibited,andthemakingofnallornone*'bidsoroffersinbondsissubjecttotherestrictionsofRule61.AONordersarenotshownonthespecialist'sbookbecausetheycannotbetradedinpieces.Antithesisofaay-part-oforder.See:FOKorder.

All-incost

Totalcosts,explicitandimplicit.

All-or-noneunderwriting

Anarrangementwherebyasecurityissueiscancellediftheunderwriterisunabletoreselltheentireissue.

Alliedmember

ApartnerorstockholderofafirmthatisamemberoftheNYSE,thepartnerorstockholderisnotpersonallyamemberoftheNYSE.

Alligatorspread

Thetermusedtodescribeaspreadintheoptionsmarketthatgeneratessuchalargecommissionthattheclientisunlikelytomakeaprofitevenifthemarketsmoveastheinvestoranticipated.

Allotment

Thenumberofsecuritiesassignedtoeachoftheparticipantsinanunderwritingsyndicate.

Alpha

Measureofrisk-adjustedperformance.Analphaisusuallygeneratedbyregressingthesecurityormutualfund'sexcessreturnontheS&P500excessreturn.Thebetaadjustsfortherisk(theslopecoefficient).Thealphaistheintercept.Example:Supposethemutualfundhasareturnof25%,andtheshort-terminterestrateis5%(excessreturnis20%).Duringthesametimethemarketexcessreturnis9%.Supposethebetaofthemutualfundis2.0(twiceasriskyastheS&P500).Theexpectedexcessreturngiventheriskis2x9%=18%.Theactualexcessreturnis20%.Hence,thealphais2%or200basispoints.AlphaisalsoknownastheJensenIndex.Related:Risk-adjustedrntuin.

Alphaequation

Regressionusuallyrunover36-60monthsofdata:Return-Treasurybill=alpha+beta(S&P500-Treasurybill)+error.Thealphaistheintercept.NotethatthebenchmarkdoesnotnecessarilyhavetobetheS&P500.Amutualfundspecializingininternationalinvestmentmightbebenchmarkedtoabroaderworldmarketindex,suchastheMSCIWorldIndex.

Alphabetstock

Categoriesofcommonstockofacorporationassociatedwithaparticularsubsidiaryresultingfromacquisitionsandrestructuring.Thevariousalphabeticalcategorieshavedifferentvotingnightsandpaydividendstiedtotheoperatingperformanceoftheparticulardivisions.Seealso:Trackingstocks.

AlternativeMinimumTax(AMT)

Afederaltaxaimedatensuringthatwealthyindividuals,estates,trusts,andcorporationspayaminimallevelincometax.Forindividuals,theAMTiscalculatedbyaddingadjustedgrossincometotaxpreferenceitems.

Alternativemortgageinstruments

Variationsofmortgageinstrumentssuchasadjustable-rateandvariable-ratemortgages,giaduated-paymentmortgages,reverse-annuitymortgages,andseveralseldom-usedvariations.

Alternativeorder

Usedincontextofgeneralequities.Ordergivingabrokerachoicebetweentwocoursesofaction,eithertobuyorsell,neverboth.Executionofonecourseautomaticallyeliminatestheother.Anexampleisacombinationbuylimit/buystoporder,wherethebuylimitisbelowthecurrentmarketandthebuystopisabove.Iftheorderisforoneunitoftrading,whenonepartoftheorderisexecutedontheoccurrenceofonealternative,theorderontheotheralternativeistobetreatedascancelled.Iftheorderisforanamountofmorethanoneunitoftrading,thenumberofunitsexecuteddeterminestheamountofthealternativeordertobetreatedascancelled.See:Either-ororder.

See:AmericanDepositoryReceipt

ADS

See:AmericanDepositoryShare

AEX

See:AmsterdamExchange

AFM

See:AmmanFinancialMarket

AIBD

AssociationofInternationalBondDealers

AON

See:AHornoneorder

AOS

See:AutomatedOrderSystem

AMEX

See:AmericanStockExchange

AMPS

See:AuctionMarketPreferredStock

APR

See:AnnualPercentageRate

APT

See:ArbitragePricingTheory

APT

See:AutomatedPitTrading

AmericanAssociationofIndividualInvestors(AAII)

Anot-for-profitorganizationtoeducateindividualinvestorsaboutstocks,bonds,mutualfunds,andotherfinancialinstruments.

AmericanDepositoryReceipt(ADR)

CertificatesissuedbyaU.S.depositorybank,representingforeignsharesheldbythebank,usuallybyabranchorcorrespondentinthecountryofissue.OneADRmayrepresentaportionofaforeignshare,oneshareorabundleofsharesofaforeigncorporation.IftheADRsarensponsored/thecorporationprovidesfinancialinformationandotherassistancetothebankandmaysubsidizetheadministrationoftheADRnUnsponsored"ADRsdonotreceivesuchassistance.ADRsaresubjecttothesamecurrency,political,andeconomicrisksastheunderlyingforeignshare.ArbitragekeepsthepricesofADRsandunderlyingforeignshares,adjustedfortheSDR/ordinaryratioessentiallyequal.Americandepositoryshares(ADS)areasimilarformofcertification.

AmericanDepositoryReceiptFees

FeesassociatedwiththecreatingorreleasingofADRsfromordinaryshares,chargedbythecommercialbankswithcorrespondentbanksintheinternationalsites.

AmericanDepositoryReceiptRatio

ThenumberofordinarysharesintowhichanADRcanbeconverted.

AmericanDepositoryShare(ADS)

ForeignstockissuedintheU.S.andregisteredintheADRsystem.

Americanoption

Anoptionthatmaybeexercisedatanytimeuptoandincludingtheexpirationdate.Related:Europeanoption

Americanshares

SecuritiescertificatesissuedintheU.S.byatransferagentactingonbehalfoftheforeignissuer.Thecertificatesrepresentclaimstoforeignequities.

AmericanStockExchange(AMEX)

StockexchangewiththethirdhighestvolumeoftradingintheU.S.Locatedat86TrinityPlaceindowntownManhattan.ThebulkoftradingonAMEXconsistsofindexoptions

(computertechnologyindex,institutionalindex,majormarketindex)andsharesofsmalltomedium-sizedcompaniesarepredominant.RecentlymergedwithNasdaqSee:Curb.

American-styleoption

Anoptioncontractthatcanbeexercisedatanytimebetweenthedateofpurchaseandtheexpiiationdate.Mostexchange-tradedoptionsareAmericanstyle.

AmmanFinancialMarket(AFM)

Establishedin1976,theAFMistheonlystockexchangeinJordan.

Amortization

Therepaymentofaloanbyinstallments.

Amortizationfactor

Thepoolfactorimpliedbythescheduledamortizationassumingnoprepayments.

Amortizinginterestrateswap

Swhichtheprincipalornotionalamountrises(falls)asinterestratesrise(decline).

AmsterdamExchange(AEX)

ExchangethatcomprisestheAEX-Effectenbeurs,theAEX-Optiebeurs(formerlytheEuropeanOptionsExchangeorEOE)andtheAEX-AgrarischeTermijnmarkt.AEX-DataServicesistheoperatingcompanyresponsibleforthedisseminationofdatafromtheAmsterdamExchangeviaitsintegratedMercury2000system.

AMTEL

Usedincontextofgeneralequities.In-housemessagesystementeredanddisplayedthroughQuotronApage.

Analyst

Employeeofabrokerageorfundmanagementhousewhostudiescompaniesandmakesbuy-and-sellrecommendationsonstocksofthesecompanies.Mostspecializeinaspecificindustry.

Andinterest

Anindicationthatthebuyerwillreceiveaccruedinterestinadditiontothepricequotedforabond.

Angel

Aninvestment-gradebond.AntithesistofallenangnLInthecontextofventurecapital,thefirstinvestor.

Angels

Individualsprovidingventurecapital.

Anklebiter

Stockissuedwithamarketcapitalizationoflessthan$500million.

Announcementdate

Dateonwhichparticularnewsconcerningagivencompanyisannouncedtothepublic.Usedineventstudies,whichresearchersusetoevaluatetheeconomicimpactofeventsofinterest.

Annualbasis

Thetechniqueinstatisticsoftakingafigurecoveringaperiodoflessthanoneyearandextrapolatingittocoverafulloneyearperiod.Theprocessisknownasannualizing.

Annualeffectiveyield

See:Annualpercentageyield.

Annualexclusion

Ataxruleallowingthedeductionofcertainincomefromtaxation.

Annualfundoperatingexpenses

Forinvestmentcompanies,themanagementfeeandnotherexpenses/includingtheexpensesformaintainingshareholderrecords,providingshareholderswithfinancialstatements,andprovidingcustodialandaccountingservices.For12bJfunds,sellingandmarketingcostsarealsoincluded.

Annualpercentagerate(APR)

Theperiodicratetimesthenumberofperiodsinayear.Forexample,a5%quarterlyreturnhasanA.P.R.of20%.

Annualpercentageyield(APY)

Theeffective,ortrue,annualrateofreturn.TheAPYistherateactuallyearnedorpaidinoneyear,takingintoaccounttheeffectofcompounding.TheAPYiscalculatedbytakingoneplustheperiodicrateandraisingittothenumberofperiodsinayear.Forexample,a1%permonthratehasanAPYof12.68%(1.01A12-1).

Annualrateofreturn

Therearemanywaysofcalculatingtheannualrateofreturn.Iftherateofreturniscalculatedonamonthlybasis,wesometimesmultiplythisby12toexpressanannualrateofreturn.Thisisoftencalledtheannualpercentagerate(APR).Theannualpercentageyield(APY),includestheeffectofcompoundinginterest.

Annualrenewableterminsurance

See:Terminsurance.

Annualreport

Yearlyrecordofapubliclyheldcompany'sfinancialcondition.Itincludesadescriptionofthefirm'soperations,aswellasbalancesheet,incomestatement,andcashflowstatementinformation.SECrulesrequirethatitbedistributedtoallshareholders.Amoredetailedversioniscalleda10-K.

Annualizedgain

IfstockXappreciates1.5%inonemonth,theannualizedgainforthatstockoveratwelvemonthperiodis121.5%=18%.Compoundedoverthe12monthperiod,thegainis(1.015)A12-l=19.6%.

Annualizedholding-periodreturn

Theannualrateofreturnthatwhencompoundedttimesgeneratesthesamer-periodholdingreturnasactuallyoccurredfromperiod1toperiodt.

Annualizing

See:Annualbasis.

Annualmeeting

Meetingofstockholderheldonceayearatwhichthemanagersofacompanyreporttothestockholdersontheyear'sresults.

Annuitant

Anindividualwhoreceivesbenefitsfromanannuity.

Annuitize

Tocommenceaseriesofpaymentsfromthecapitalthathasaccumulatedinanannuity.

Thepaymentsmaybeafixedamount,forafixedperiodoftime,orforalifetime.

Annuity

Aregularperiodicpaymentmadebyaninsurancecompanytoapolicyholderforaspecifiedperiodoftime.

Annuitycertain

Anannuitythatpaysaspecificamountonamonthlybasisforasetamountoftime.

Annuitydue

Anannuitywithnpayments,wherethefirstpaymentismadeattime/=0,andthelastpaymentismadeattimet=n-1.

Annuityfactor

Presentvalueof$1paidforeachoftperiods.

Annuityinarrears

Anannuitywithafirstpaymentonefullperiodhence,ratherthanimmediately.

Annuitystartingdate

Thedatewhenanannuitantstartsreceivingpaymentsfromanannuity.

Anticipatedholdingperiod

Theperiodoftimeanindividualexpectstoholdanasset.

Anticipation

Payingwhatisowedbeforeitisdue(usuallytosaveinterestcharges).

Antidilutiveeffect

Resultofatransactionthatincreasesearningspercommonshare(eg,bydecreasingthenumberofsharesoutstanding).

Antitrustlaws

Legislationestablishedbythefederalgovernmenttopreventtheformationofmonopoliesandtoregulatetrade.

Any-interest-date

Acallprovisioninamunicipalbondindenturethatestablishestherightofredemptionfortheissueronanyinterestpaymentduedate.

Any-or-allbid

Oftenusedinriskarbitrage.Takeoverbidinwhichtheacquirerofferstopayasetpriceforalloutstandingsharesofthetargetcompany,oranypartthereof;contrastswithtwo-tierbid.

Any-part-oforder

Incontextofgeneralequities,ordertobuyorsellaquantityofstockinpiecesifnecessary.Antithesisofanall-or-noneorder(AON).

Appraisalratio

Thesignal-to-noiseratioofananalyst'sforecasts.Theratioofalphatoresidualstandarddeviation.

Appraisalrights

Arightofshareholdersinamergertodemandthepaymentofafairpricefortheirshares,asdeterminedindependently.

Appreciation

Increaseinthevalueofanasset.

Appropriationrequest

Formalrequestforfundsforcapitalinvestmentproject.

Approvedlist

Alistofequitiesandotherinvestmentsthatafinancialinstitutionormutualfundisapprovedtomake.See:Legallist.

APS

AuctionPreferredStock.AtypeofDutchAuctionPreferredStock(GoldmanSachsproduct).

Arbitrage

Thesimultaneousbuyingandsellingofasecurityattwodifferentpricesintwodifferentmarkets,resultinginprofitswithoutrisk.Perfectlyefficientmarketspresentnoarbitrageopportunities.Perfectlyefficientmarketsseldomexist,but,arbitrageopportunitiesareoftenprecludedbecauseoftransactionscosts.

Arbitragebonds

Municipalityissuedbondsissuedintendedtogainaninterestrateadvantagebyrefundingahigher-ratebondinaheadoftheircalldate.Lower-raterefundingissueproceedsareinvestedinTreasuriesuntilthefirstcalldateofthehigher-rateissue.

Arbitrage-freeoption-pricingmodels

Yieldcurveoption-pricingmodels.

ArbitragePricingTheory(APT)

AnalternativemodeltothecapitalassetpricingmodeldevelopedbyStephenRossandbasedpurelyonarbitragearguments.TheAPTimpliesthattherearemultipleriskfactorsthatneedtobetakenintoaccountwhencalculatingrisk-adjustedperformanceoralpha.

ArbitrageTradingProgram(ATP)

See:Programtrading.

Arbitrageur

Onewhoprofitsfromthedifferencesinpricewhenthesame,orextremelysimilar,security,currency,orcommodityistradedont