partnership, corporation, or other form of enterprise that engages in business. Company doctor An executive, usually appointed from outside, brought in to turn a company around and make it profitable. Company-specific risk Related: Unsystematic risk Comparative advantage Theory suggesting that specialization by countries can increase worldwide production. Comparative credit analysis Comparing a firm to others that have a desired target debt rating in order to deduce an appropriate financial ratio target. Comparative statements Financial statements for different periods, that allow the comparison of figures to illustrate trends in a company's performance. Comparison Short for "comparison ticket," a memorandum between two brokers that confirms the details of a transaction to be carried out. Comparison universe A group of money managers of similar investment style used to assess relative performance of a portfolio manager. Compensation trade The form of countertrade in which an incoming investment is repaid from the revenues generated by that investment. Compensating balance An excess balance that is left in a bank to provide indirect compensation for loans extended or services provided. Compensation Arrangement under which the delivery of goods to a party is paid for by buying back a certain amount of the product from the recipient of the goods. Compensatory Financing Facility (CFF) Entity that attempts to reduce the impact of export instability on country economies. Competence Sufficient ability or fitness for one's needs. The necessary abilities to be qualified to achieve a certain goal or complete a project. Competition Intra- or intermarket rivalry between or among businesses trying to obtain a larger piece of the same market share. Competition ahead Often used in risk arbitrage. Situation whereby another OTC market maker has transacted with investment bank at the stated market level before the bid/offer has been made. Competitive bidders One of two categories of bidders on Treasury securities: competitive and noncompetitive. Competitive bidders are usually financial institutions. Competitive bidding A securitiesoffering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. Competitive offering An offering of securities through competitive bidding. Complementary Financing A type of financing in which different lenders agree to fund under similar yet parallel documentation and a pro rata security package. Complete In the context of general equities, to fill an order. Complete capital market A market in which there is a distinctive marketable security for each and every possible outcome. Complete portfolio The entire portfolio, including risky and risk-free assets. Completion In the context of project financing, occurs after a Completion Test, when the project's cash flows become the primary method of repayment. Prior to completion, the primary source of repayment is usually from the sponsors or from the turnkey contractor. Completion bonding Insurance that a construction contract will be completed successfully. Completion risk The risk that a project will not be brought into operation successfully or be able to pass its completion test. Completion test A test of the project's ability to perform as planned and generate the expected cash flows. After the completion test, the project can move from recourse to project financing.