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Bureaucracy | A bureaucracy typically refers to an organization that is complex with multilayered systems and processes. These systems and procedures are designed to maintain uniformity and control within an organization. A bureaucracy describes the established methods in large organizations or governments. For example, an oil compa... | 1 |
Marginal utility | The change in total usefulness or satisfaction a person derives from consuming one more unit of a product. The benefit gained from consuming one additional unit of a good or service. | 1 |
inside information | Nonpublic knowledge about a cor-poration possessed by corporate officers, major owners, or other individuals with privileged access to information about a firm. | 0 |
ABS CDO | Instrument where tranches are created from the tranches of ABSs. | 0 |
Natural Hedge | A natural hedge is a management strategy that seeks to mitigate risk by investing in assets whose performances are inherently negatively correlated. For instance, a natural hedge against owning financial stocks is to hold bonds, since interest rate changes tend to influence each in opposite fashion, | 1 |
RIBA | INTEREST payable or receivable on a CONTRACT, which is pro- hibited under the rules of ISLAMIC FINANCE. See also GHARAR. | 0 |
Price-to-Book Ratio (P/B Ratio) | Companies use the price-to-book ratio (P/B ratio) to compare a firm's market capitalization to its book value. It's calculated by dividing the company's stock price per share by its book value per share (BVPS). An asset's book value is equal to its carrying value on the balance sheet, and companies calculate it netting... | 1 |
Return on Sales (ROS) | Return on sales (ROS) is a ratio used to evaluate a company's operational efficiency. This measure provides insight into how much profit is being produced per dollar of sales. An increasing ROS indicates that a company is growing more efficiently, while a decreasing ROS could signal impending financial troubles. ROS is... | 1 |
QUANTO | An OPTION that converts gains from an underlying DERIVATIVE into a target CURRENCY at a predetermined FOREIGN EXCHANGE RATE. The quanto allows an INVESTOR to participate in a foreign market/ASSET while protecting it from exchange rate RISK. Also known as GUARANTEED EXCHANGE RATE OPTION, QUANTITY ADJUSTED OPTION. | 0 |
Build-Operate-Transfer Contract | A build-operate-transfer (BOT) contract is a model used to finance large projects, typically infrastructure projects developed through public-private partnerships. | 1 |
HORIZONTAL MERGER | A MERGER between companies from the same industrial sector, sometimes direct competitors. A horizontal merger is often arranged in order to build market share or obtain better product or client cover- age. Also known as HORIZONTAL INTEGRATION. See also CONGLOMERATE MERGER, VERTICAL MERGER. | 0 |
FORWARD SWAP | An OVER-THE-COUNTER SWAP that is contracted on TRADE date t and commences on forward date t + 1, with the INTEREST RATE and final MATURITY parameters established on trade date. Once the forward date is reached a conventional fixed/floating INTEREST RATE SWAP comes into existence. | 0 |
PATH Act | The Protecting Americans from Tax Hikes (PATH) Act of 2015 was created to protect taxpayers and their families against fraud and permanently extend many expiring tax laws. The law affects the timing of certain refunds for tax returns filed each year before Feb. 15. Additionally, the PATH Act retroactively extended the ... | 1 |
Boundary Conditions | Boundary conditions are the maximum and minimum values used to indicate where the price of an option must lie. Boundary conditions are used to estimate what an option may be priced at, but the actual price of the option may be higher or lower than what is set as the boundary condition. | 1 |
FIRM COMMITMENT | (1) A contractual agreement by a BANK to a client to provide a maximum amount of financing under a FACILITY, generally in exchange for a commitment fee. (2) See BOUGHT DEAL. (1) Also known asCOMMITTED FACILITY. | 0 |
Form 2106: Employee Business Expenses | Form 2106: Employee Business Expenses is a tax form distributed by the Internal Revenue Service (IRS) used by employees to deduct ordinary and necessary expenses related to their jobs. Ordinary expenses are generally considered common and accepted in a particular line of business, while necessary expenses are those tha... | 1 |
Graduate Record Examination (GRE) | The graduate record examination (GRE) is a standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics, and vocabulary. The GRE is commonly used by many graduate schools in the U.S. and Canada to determine an applicant's eligibility for the program. | 1 |
PREFERENTIAL DEBT | In the United Kingdom, DEBT that receives preferred repayment status in the event of BANKRUPTCY, accorded to PREFERENTIAL CREDITORS. | 0 |
Premium | The price of an option. | 0 |
COMPETITIVE BID | A BID submitted in an AUCTION MARKET process that is placed in direct competition with other bids, meaning it will only be filled if it ranks at, or near, the highest price/lowest YIELD. See also NON. | 0 |
Observation | A unit of raw data. | 1 |
On-Chain Governance | On-chain governance is a system for managing and implementing changes to cryptocurrency blockchains. In this type of governance, rules for instituting changes are encoded into the blockchain protocol. Developers propose changes through code updates and each node votes on whether to accept or reject the proposed change. | 1 |
Credit default swap (CDS) | A type of derivative that allows a buyer to hedge against default of a counterparty. A CDS buyer agrees to pay a counterparty (the seller) a periodic premium in return for insurance against a “credit event” such as a default on a specified, underlying obligation. | 1 |
SENIORITY | The ranking of a company’s LIABILITIES within its overall CAPITAL STRUCTURE. In the event of BANKRUPTCY, the most senior liabil- ities receive recompense before less senior liabilities. | 0 |
Girsanov’s Theorem | Result showing that when we change the measure (e.g., move from real world to risk-neutral world) the expected return of a variable changes but the volatility remains the same. | 0 |
POOLING | (1) The process of combining DEBIT and CREDIT balances in a cor- porate customer’s disparate BANK ACCOUNTS to derive a net balance; interest is credited on a positive balance, and debited on a negative balance. (2) See RISK . (1) Also known as BALANCE CONCENTRATION, NOTIONAL . | 0 |
Guarantor | A guarantor is a financial term describing an individual who promises to pay a borrower's debt in the event that the borrower defaults on their loan obligation. Guarantors pledge their own assets as collateral against the loans. On rare occasions, individuals act as their own guarantors, by pledging their own assets ag... | 1 |
Copula | A way of defining the correlation between variables with known distributions. | 0 |
Corporate Citizenship | Corporate citizenship involves the social responsibility of businesses and the extent to which they meet legal, ethical, and economic responsibilities, as established by shareholders. | 1 |
DOWN AND IN OPTION | A COMPLEX OPTION that creates a stand- ard EUROPEAN OPTION if the price of the UNDERLYING market reference declines through a predefined BARRIER. See also BARRIER OPTION, DOWN AND OUT OPTION, KNOCK-IN OPTION, REVERSE KNOCK-IN OPTION, UP AND IN OPTION, UP AND OUT OPTION. | 0 |
Troy Ounce | A troy ounce is a unit of measure used for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, one troy ounce is equal to 31.1034768 grams, according to the U.K. Royal Mint. One standard ounce, used to weigh other items such as sugar and grain, is slightly less at 28.35 grams... | 1 |
Store of Value | A store of value is an asset, commodity, or currency that maintains its value without depreciating. | 1 |
Intermediate Good | An intermediate good is a product used to produce a final good or finished product—also referred to as a consumer good. Intermediate goods—like salt—can also be finished products, since it is consumed directly by consumers and used by producers to manufacture other food products. | 1 |
Cross Hedging | Hedging an exposure to the price of one asset with a contract on another asset. | 0 |
profitability index | ratio of a project’s npv to the initial investment. | 0 |
asset | A financial claim or piece of property that is a store of value. 42, | 0 |
INVESTMENT PREMIUM | The additional amount an INVESTOR pays over the INVESTMENT VALUE of a CONVERTIBLE BOND to reflect the EQUITY OPTION features of the convertible; the premium is typically expressed as a percentage of investment value:⎠where PCB is the price of the convertible bond and IV is investment value. Also known as BOND PREMIUM. ... | 0 |
Average Daily Rate (ADR) | The average daily rate (ADR) is a metric widely used in the hospitality industry to indicate the average revenue earned for an occupied room on a given day. The average daily rate is one of the key performance indicators (KPI) of the industry. | 1 |
FIXED ANNUITY | An ANNUITY where PREMIUMS received from the INVESTOR grow at a fixed rate (known as the credited rate) specified by the INSURER. The growing amount accrues and is added to the cash value of the annuity, which remains untaxed as long as it remains in its annuitizedform. The most common types of fixed annuities include t... | 0 |
SYMMETRIC PAYOFF | A PAYOFF PROFILE on a DERIVATIVE where the gain or loss is the same for given market price changes; the gain or loss may be linear or nonlinear. A FUTURE and a FORWARD are characterized by symmetric profiles, gaining or losing equally for a range of market prices. See also A, LINEAR PAYOFF, NONLINEAR PAYOFF. | 0 |
Structural Reform Policies | Structural Reform Policies | 1 |
credit boom | A lending spree when financial institutions expand their lending at a rapid pace. | 0 |
PRIVATE BANK | (1) A BANK that specializes in wealth management ser- vices for high NET WORTH clients, including INVESTMENT MANAGEMENT, TRUST and CUSTODY services, FOREIGN EXCHANGE, and so forth. It may be established as a separate unit or division of a large international bank, or as a dedicated, stand-alone entity. (2) A bank that ... | 0 |
Regulatory Capture Definition | Regulatory capture is an economic theory that says regulatory agencies may come to be dominated by the industries or interests they are charged with regulating. The result is that an agency, charged with acting in the public interest, instead acts in ways that benefit incumbent firms in the industry it is supposed to b... | 1 |
Fill Or Kill (FOK) | Fill or kill (FOK) is a conditional type of time-in-force order used in securities trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most often used by active traders and is usually for a large quantity of stock. The order must be filled in its e... | 1 |
Retail Sales | Retail sales tracks consumer demand for finished goods by measuring the purchases of durable and non-durable goods over a defined period of time. | 1 |
EOS | EOS is a blockchain-based decentralized operating system that is designed to create, host, and support secure, decentralized autonomous applications (dApps) and smart contracts. In addition, EOS nodes subscribe to a "constitution" that binds them, via the blockchain, to the rules and regulations set forth by the EOS co... | 1 |
Renewable Resources | Renewable Resources | 1 |
Generally Accepted Principles And Practices (GAPP) | The generally accepted principles and practices (GAPP), which are also known as the Santiago principles, are standardized business procedures related to the operation of sovereign wealth funds (SWFs), which have agreed to pursue financial rather than political agendas and maintain a stable global financial system. | 1 |
Quantity supplied | The amount of a good or service that businesses are willing and able to sell at a specific price. | 1 |
Warsaw Stock Exchange (WSE) | The Warsaw Stock Exchange (WSE) is the largest stock exchange in Central and Eastern Europe and one of the most recognized financial institutions in Poland. It runs financial and commodities markets to trade instruments such as company shares, bonds, derivatives, and spot and forward contracts for electricity and natur... | 1 |
INSURED PERIL | A PERIL that is specifically covered by an INSURANCE CONTRACT. | 0 |
BUNCHING | The process of grouping together many small retail trade ORDERS (i.e., ODD LOTS) and combining them into a single large order. Bunching often permits better EXECUTION levels and reduces the admin- istrative expenses associated with processing each small trade individually. BROKERS can only bunch orders if all INVESTORS... | 0 |
Worden Stochastics | The Worden Stochastics indicator represents the percentile rank of the most recent closing price compared to all of the other closing values over a specified lookback period. Traders use the indicator to determine if a particular security is overbought or oversold, to provide trade signals, and spot divergences that co... | 1 |
OPEN DISPLAY | The electronic LIMIT ORDER book of BIDS and OFFERS in a given STOCK as supplied by an ELECTRONIC COMMUNICATIONS NETWORK. Open displays provide full visibility on all orders that are not held back as RESERVE ORDERS or HIDDEN ORDERS. | 0 |
Jumbo Pool | A jumbo pool is a pass-through Ginnie Mae II mortgage-backed security (MBS) that is collateralized by multiple-issuer pools. These pools combine mortgage loans with similar characteristics and are more massive than single-issuer pools. The mortgages contained in jumbo pools are more diverse on a geographical basis than... | 1 |
Delivered-at-Place (DAP) | Delivered-at-place (DAP) is an international trade term used to describe a deal in which a seller agrees to pay all costs and suffer any potential losses of moving goods sold to a specific location. In delivered-at-place agreements, the buyer is responsible for paying import duties and any applicable taxes, including c... | 1 |
Elastic currency | Currency whose supply can be increased or decreased to meet the demands of the economy, and used by a central bank to provide financial stability and achieve economic goals. | 1 |
market order | A buy or sell order to be executed immedi-ately at current market prices. | 0 |
Whistleblower | A whistleblower is anyone who has and reports insider knowledge of illegal activities occurring in an organization. Whistleblowers can be employees, suppliers, contractors, clients, or any individual who becomes aware of illegal business activities. Whistleblowers are protected from retaliation under various programs c... | 1 |
Form ADV | Form ADV is a required submission to the Securities and Exchange Commission (SEC), by a professional investment advisor, which specifies the investment style, assets under management (AUM), and key officers of an advisory firm. Form ADV must be updated annually and made available as public record for companies managing... | 1 |
VIE | See VARIABLE INTEREST ENTITY. | 0 |
EXIMBANK | See EXPORT IMPORT BANK. | 0 |
Internal Revenue Code (IRC) | The Internal Revenue Code (IRC) refers to Title 26 of the U.S. Code, the official "consolidation and codification of the general and permanent laws of the United States," as the Code's preface explains. Commonly referred to as the IRS code or IRS tax code, the laws in Title 26 are enforced by the Internal Revenue Servi... | 1 |
FORM 3 | In the United States, a document filed by a company with the SECURITIES AND EXCHANGE COMMISSION that details the amount of SHARES and OPTIONS held by the company’s officers and its largest shareholders. | 0 |
EXERCISE PRICE | See STRIKE PRICE. | 0 |
EXCHEQUER | (1) In the United Kingdom, an ACCOUNT held by the BANK OF ENGLAND that contains government funds, including REVENUES raised through TAXES. (2) A government department that is responsible for collecting taxes and other REVENUES (3) A treasury account. | 0 |
Environmental Economics | Environmental economics is an area of economics that studies the financial impact of environmental policies. Environmental economists perform studies to determine the theoretical or empirical effects of environmental policies on the economy. This field of economics helps users design appropriate environmental policies ... | 1 |
Land | Four factors of production , Labour, Capital and Entrepreneurship. Together these help in the production of goods and services. | 1 |
Concentration | The tendency of a market to be dominated by a few big FIRMS. A high degree of concentration may be evidence of ANTITRUST problems, if it reflects a lack of COMPETITION. Traditionally, economists examined whether there was too much concentration using the HERFINDAHL-HIRSCHMAN INDEX, which is determined by adding the squ... | 1 |
Harry Markowitz | Harry Markowitz (1927– ) is a Nobel Prize winning economist who devised the modern portfolio theory (MPT). Markowitz introduced MPT to academic circles in his article, "Portfolio Selection," which appeared in The Journal of Finance in 1952. Markowitz's theories emphasized the importance of portfolios, risk, the correla... | 1 |
Net Interest Rate Differential (NIRD) | The net interest rate differential (NIRD), in international currency (forex) markets, is the total difference in the interest rates of two distinct national economies. | 1 |
LIABILITY | A legal OBLIGATION to make a payment or repay a DEBT; a liabil- ity is often used to fund the purchase of a productive ASSET. Common liabil- ities include ACCOUNTS PAYABLE, COMMERCIAL PAPER, DEPOSITS, LOANS, NOTES, BONDS, and certain deferred TAXES and charges and OFF-BALANCE SHEET items. An increase in liabilities res... | 0 |
Loss Development | Loss development is the difference between the final losses recorded by an insurer and what the insurer originally recorded. Loss development seeks to account for the fact that some insurance claims take a long time to settle, and that estimates of the total loss an insurer will experience will adjust as claims are fin... | 1 |
Net Operating Profit After Tax (NOPAT) | Net operating profit after tax (NOPAT) is a financial measure that shows how well a company performed through its core operations, net of taxes. NOPAT is frequently used in economic value added (EVA) calculations and is a more accurate look at operating efficiency for leveraged companies. NOPAT does not include the tax... | 1 |
Venture Philanthropy | Venture philanthropy is the application or redirection of principles of traditional venture capital (VC) financing to achieve philanthropic endeavors. Often, it is exercised in the context of charitable startups, green companies, or B corporations, as the venture capitalists offering funding to these types of firms wil... | 1 |
Special Power of Attorney | A special power of attorney is a legal document that authorizes one person, called an agent or an attorney in fact, to act on behalf of another person, known as the principal, under specific, clearly laid-out circumstances. | 1 |
Annuity equation | FV = (A/i)[(1+i)n - 1], where: | 1 |
INDENTURE | (1) The written terms and conditions of a BOND or NOTE issue, which generally includes details regarding form of SECURITY, INTEREST,CALL/PUT provisions, COVENANTS, EVENTS OF DEFAULT, and PRINCIPAL repayment. The indenture also defines the rights, privileges, and OBLIGATIONS of the ISSUER, INVESTOR, and TRUSTEE related ... | 0 |
Gross National Happiness (GNH) | Gross national happiness (GNH) is a measure of economic and moral progress that the king of the Himalayan country of Bhutan introduced in the 1970s as an alternative to gross domestic product. Rather than focusing strictly on quantitative economic measures, gross national happiness takes into account an evolving mix of... | 1 |
fully subscribed | Describing a security issue for which all of the securities available have been spoken for before the issue date. | 0 |
NET PREMIUM | The total amount of an INSURER’s PREMIUMS less premium ceded for any REINSURANCE cover. Also known as WRITTEN, NET WRITTEN PREMIUM. See also FAIR PREMIUM, GROSS PREMIUM.where CFt is the expected cash flow at time t, r is the discount rate, n is the number of periods, and I0 is the original cost of the investment. Unde... | 0 |
Watered Stock | Watered stock referred to shares of a company that were issued at a much greater value than the value implied by a company's underlying assets, usually as part of a scheme to defraud investors. The last known case of watered stock issuance occurred decades ago, as stock issuance structure and regulations have evolved t... | 1 |
Race to the Bottom | The race to the bottom refers to a competitive situation where a company, state, or nation attempts to undercut the competition's prices by sacrificing quality standards or worker safety (often defying regulation), or reducing labor costs. A race to the bottom can also occur among regions. For example, a jurisdiction m... | 1 |
Exchange-Traded Note (ETN) | Exchange-traded notes (ETNs) are types of unsecured debt securities that track an underlying index of securities and trade on a major exchange like a stock. ETNs are similar to bonds but do not have interest payments. Instead, the prices of ETNs fluctuate like stocks. | 1 |
factor beta | Sensitivity of security returns to the realization of a systematic factor. Also called | 0 |
Nixon Shock | Nixon Shock is a phrase used to describe the aftereffect of a set of economic policies touted by former President Richard Nixon in 1971. | 1 |
3-2-1 Buy-Down Mortgage Definition | A 3-2-1 buy-down mortgage allows a borrower to lower the interest rate over the course of the first three years of the loan through an up-front payment. In general, 3-2-1 buy-down loans are only available on primary and secondary homes, while investment properties are not eligible. The 3-2-1 buydown is also not availab... | 1 |
Old Economy | Old economy is a term used to describe the blue-chip sector that enjoyed substantial growth during the early parts of the last century as industrialization expanded around the world. These sectors do not rely heavily on technology or technological advancement, but use processes that have been around for hundreds of yea... | 1 |
BANCASSURANCE | In Europe, a financial conglomerate that engages in a broad range of financial services, including LOANS, DEPOSITS, INSURANCE, SECURITIES UNDERWRITING, INVESTMENT MANAGEMENT, and TRADING. Bancassurance groups often deal through separately incorporated and regu- lated entities but face no particular restriction on the s... | 0 |
One-Child Policy | The one-child policy was a rule implemented by the Chinese government as a method of controlling the population mandating that the vast majority of couples in the country could only have one child. This was intended to alleviate the social, economic, and environmental problems associated with the country's rapidly grow... | 1 |
Markup | A markup is the difference between an investment's lowest current offering price among broker-dealers and the price charged to the customer for said investment. Markups occur when brokers act as principals, buying and selling securities from their own accounts at their own risk rather than receiving a fee for facilitat... | 1 |
Command economy (elementary) | An economic system where the government owns the resources and decides what goods and services are produced. The government also decides on price. | 1 |
Kanban | Kanban is an inventory control system used in just-in-time (JIT) manufacturing. It was developed by Taiichi Ohno, an industrial engineer at Toyota, and takes its name from the colored cards that track production and order new shipments of parts or materials as they run out. Kanban is the Japanese word for sign, so the ... | 1 |
Unisex Legislation Definition | In the insurance industry, the term “unisex legislation” refers to laws and legal decisions that made it illegal for insurance companies to charge different rates to men and women within certain types of insurance. The term is mainly used in relation to the group insurance policies which companies offer to their employ... | 1 |
MasterCard | Mastercard is the second-largest payments network, ranked behind Visa, in the global payments industry. Other major payments networks include American Express and Discover. Mastercard partners with member financial institutions all over the world to offer Mastercard-branded network payment cards. | 1 |
Estate Planning | Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. | 1 |
Japan ETF | A Japan ETF refers to an exchange-traded fund (ETF) that invests the majority of its assets in Japanese equities trading on local stock exchanges. Like other ETFs, Japan ETFs are diversified investments that have a low initial investment requirement and lower costs. | 1 |
UNEARNED PREMIUM RESERVE | A RESERVE that contains a portion of the advance PREMIUM paid by an INSURED to an INSURER (or a CEDING INSURER to REINSURER) to cover the amount of INSURANCE (or REINSURANCE) that is still in force. Since premiums are normally charged at the inception of a policy but potential LIABILITY exists until the policy terminat... | 0 |
VA Loan | A VA loan is a mortgage loan available through a program established by the United States Department of Veterans Affairs (previously the Veterans Administration). The VA sets the qualifying standards, dictates the terms of the mortgages offered, and guarantees a portion of the loan, but doesn't actually offer the finan... | 1 |
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