are designated as the recipients of either dividends or stock rights. Also called date of record.Holding companyA corporation that owns enough votingstock in another firm to control management and operations by influencing or electing its Board of Directors.Holding the marketThe illegal practice of maintaining and/or placing a sufficient number of buy orders to create price support for a security or commodity in an amount to of stabilize a downward trend.Holding periodLength of time a security is held.Holding-period returnRate of return on an investment over a given period.Holding-Period Yield (HPY)The annual rate of return actually realized on an investment in a bond.Home asset biasThe tendency of investors to over invest in their own county's assets.Home runLarge capital gain in a stock in a short period of time.Homemade dividendSale of some shares of stock to get cash in an amount similar to that of a cash dividend.Homemade leverageIdea that as long as individuals borrow (or lend) on the same terms as the firm, they can duplicate the effects of corporate leverage on their own. Thus, if levered firms are priced too high, rational investors will simply borrow on personal accounts to buyshares in unlevered firms.Homeowner's equity accountA credit line offered bymortgagelenders allowing a homeowner a second mortgage that uses the equity present in the customer's account as collateral.Homeowner's insurance policyAn insurance policy protecting a homeowner against damage or loss to property.HomogeneityThe degree to which items are similar.HomogeneousExhibiting a high degree of homogeneity.Homogeneous expectations assumptionAn assumption of Markowitzportfolio construction that investors have the same expectations with respect to the inputs that are used to derive efficient portfolios: assetreturns, variances, and covariances.Hong Kong Futures Exchange (HKFE)Established in 1976, the Hong Kong Futures Exchange (H.K.F.E.) operates futures and options markets in index, stock, interest rate, and foreign exchange products.Horizon analysisAn analysis of returns using total return to assess performance over some investment horizon.Horizon matching strategyAn income immunization strategy that cash-matches over the next few years and duration-matches the rest.Horizon returnTotal return over a given horizon.Horizontal acquisitionMerger between two companies producing similar goods or services.Horizontal analysisThe process of dividing each expense item of a given year by the same expense item in the base year. It allows assessment of changes in the relative importance of expense items over time and the behavior of expense items as sales change.Horizontal mergerA merger involving two or more firms in the same industry that are both at the same stage in the production cycle; that is, two or more competitors.Horizontal price movementStock price movement within a narrow price range over an extended period of time which creates the appearance of a relatively straight line on a graph of the stock's price.Horizontal spreadThe simultaneous purchase and sale of two options that differ only in their expiration dates.Hospital revenue bondA bondissued to finance construction of a hospital by a municipal or state agency.Host securityThe security to which a warrant is attached.Hostile takeoverA takeover of a company (usually made by an open tender offer to shareholders) against the wishes of the current management and the Board of Directors by an acquiring company or raider.HotUsed in