buy or sell that can be executed without confirmation for some fixed period. Also, a synonym for company. Firm anomalies Tradingstrategies that generate abnormal returns based on firm-specific characteristics. Firm commitment underwriting An underwriting in which an investment bankingfirm commits to buy and sell an entire issue of stock and assumes all financial responsibility for any unsold shares. Firm market In the context of general equities, prices at which a security can actually be bought or sold in decent sizes, as compared to an inside market with very little depth. See: Actual market. Firm order In the context of general equities, (1) order to buy or sell for the proprietary account of the broker-dealerfirm; (2) buy or sell order not conditional upon the customer's confirmation. Firm quote A definite price on a round-lotbid or offer declared by a market maker on a given security and not identified as a nominal quotation (therefore is not negotiable). Firm-specific news News that affects only a specific firm. Market. news by contrast affects many firms. Firm-specific risk See: Diversifiable risk or unsystematic risk Firm's net value of debt Total firm value minus total firm debt. First board The Chicago Board of Trade's established dates for delivery on futurescontracts. First call With collateralized mortgage obligation (CMOs.), the start of the cash flow cycle for the cash flow window. First call date A date stated in an indenture, that is the first date on which the issuer may redeem a bond either partially or completely. First In, First Out (FIFO) An accounting method for valuing the cost of goods sold that uses the cost of the oldest item in inventory first. First market Exchange-tradedsecurities. First mortgage A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default. First notice day The first day, varying by contracts and exchanges, on which notices of intent to deliver actual financialinstruments or physical commodities against futures are authorized. First-pass regression A time seriesregression to estimate the betas of securitiesportfolios. First preferred stock A type of preferred stock that has priority over other preferred issues and common stock when claiming dividends and assets. Fiscal agency agreement An alternative to a bondtrust deed. Unlike the trustee, the fiscal agent acts as a representative of the borrower. Fiscal agency services Services performed by the Federal Reserve Banks for the U.S. government. These include maintaining deposit accounts for the Treasury Department, paying U.S. government checks drawn on the Treasury, and issuing and redeeming savings bonds and other government securities. Fiscal policy Government spending and taxing for the specific purpose of stabilizing the economy. Fiscal year (FY) Accounting period covering 12 consecutive months over which a company determines earnings and profits. The fiscal year serves as a period of reference for the company and does not necessarily correspond to the calendar year. Fiscal year-end The end of a 12-month accounting period. Fisher effect A theory that nominal interest rates in two or more countries should be equal to the required real rate of