market position. Event anomalies Occurrences such as earnings surprises or stock splits that seem to present opportunity to generate abnormal returns for those trading on the news. Event driven In the context of hedge funds, a style of management that combines many different types of hedge fund investing such as merger arbitrage, distressed securities and high yield investing, in conjunction with an important "event" that is supposed to unlock firm value (like a merger announcement, earnings announcement, or a regulator decision). Event risk The risk that the ability of an issuer to make interest and principal payments will change because of rare, discontinuous, and very large, unanticipated changes in the market environment such as (1) a natural or industrial accident or some regulatory change or (2) a takeover, or corporate restructuring. Event study A statistical study that examines how the release of information affects prices at a particular time. Events of default Contractually specified events that allow lenders to demand immediate repayment of a debt. Evergreen A contract that rolls over after each agreed (short-term) period until cancelled by one party. Evergreen credit Revolving credit without maturity. Evergreen funding A British term referring to the gradual injection of capital into a new or existing enterprise. Ex Works (EXW) A transaction in which the seller's only responsibility is to make the ordered goods available to the buyer at the seller's premises. The buyer bears the cost and risk in transporting the goods from the seller's premises to destination. Since this includes pre- carriage and export clearance in the seller's country, EXW is not a very practical Incoterm for U.S. exports. Ex-all The sale of a security without the privileges associated with the security such as dividends, voting rights, or warrants. Ex ante return The expected return or anticipation return of an asset or portfolio. Ex ante value The forecasted price or value. Exception A proxy which does not authorize the proxy committee to act on its behalf concerning any other business, adjournments or substitutions. Exceptional Return Residual return plus benchmarktiming return. For a given asset with beta equal to one, if its residual return is 2%, and the benchmarkportfolio exceeds its consensus expected returns by 1%, then the asset's exceptional return is 3%. Excess accumulation The amount of a required minimum distribution that an IRA holder fails to remove from an IRA in a timely manner. Excess accumulations are subject to a 50% IRS penalty tax. Excess contribution The amount by which an IRAcontribution exceeds the allowable limits. If an excess contribution is not properly corrected, a 6% IRS penalty applies. Excess reserves Amount of reserves held by an institution in excess of its reserve requirement and required clearing balance. Also see reserves. Exchange Ratio The number of new shares in an acquiringfirm that are given for each outstanding share of an acquired firm. Exchange Traded Fund Similar to an index mutual fund, these tracking stocks trade continuously. Two popular ETFs are the Standard and Poor's depositary receipt (SPDR) launched in 1993 and the NASDAQ-100 Index Tracking Stock (QQQ) which was launched in