when the register of eligible holders is closed for that dividend period. Antithesis of ex-dividend. Cum rights With rights. Cumulative abnormal return (CAR) Sum of the differences between the expected return on a stock (systematic risk multiplied by the realized market return) and the actual return often used to evaluate the impact of news on a stock price. Cumulative dividend feature A requirement that any missed preferred or preference stockdividends be paid in full before any dividend payment on common shares is made. Cumulative preferred stock Preferred stock whose dividendsaccrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. Cumulative probability distribution A function that shows the probability that the random variable will attain a value less than or equal to each value that the random variable can take on. Cumulative total return The actual performance of a fund over a particular period. Cumulative Translation Adjustment (CTA) account An entry in a translated balance sheet in which gains and/or losses from translation have been accumulated over a period of years. The C.T.A. account is required under the FASB No. 52 rule. Cumulative voting A system of voting for directors of a corporation in which shareholder's total number of votes is equal to the number of shares held times the number of candidates. The Curb Another name for the American Stock Exchange (AMEX). Cure To make good a default. Currency Money. Currency appreciation An increase in the value of one currency relative to another currency. Appreciation occurs when, because of a change in exchange rates, a unit of one currency buys more units of another currency. Currency arbitrage Taking advantage of divergences in exchange rates in different money markets by buying a currency in one market and selling it in another market. Currency basket The value of a portfolio of specific amounts of individual currencies, used as the basis for setting the market value of another currency. It is also referred to as a currency cocktail. Currency Board Entity charged with maintaining the value of a local currency with respect to some other specified currency. Currency call option Contract that gives the holder the right to purchase a specific currency at a specified price (exchange rate) within a specific period of time. Currency Carry Trade A carry trade where you borrow and pay interest in order to buy something else that has higher interest. For currencies, it might be that you borrow in Yen (where the interest rate might be low) and use the proceeds to purchase U.S. dollar long term debt. While the trade might produce a positive return, it is risky in two dimensions. First, U.S. rates could increase diminishing the value of the bond you purchased. Second, the exchange rate could take an unfavorable move effectively increasing your borrowing costs. Related: Carry Trade. Currency depreciation A decline in the value of one currency relative to another currency. Depreciation occurs when, because of a change in exchange rates, a unit of one currency buys fewer units of another currency. Currency devaluation A deliberate downward adjustment in the official