Non-refereed Journal Articles

Anlagen: Vorsicht bei Indexfonds

Refereed Journal Articles.

A measure of selection risk (also known as residual risk) of a mutual fund in relation to the market. A positive alpha is the extra return awarded to the investor for . Und nach dem Willen der Banken und Fondsgesellschaften soll es noch einmal deutlich mehr werden. Denn nun, so tönt es allenthalben aus den Bankentürmen, werde das an sich schon simple.

Journal of Empirical Finance 42 , , mehr…. Combination of forecasts for the price of crude oil on the spot market. Corporate sustainability and asset pricing models: Determinants of tracking error in German ETFs — the role of market liquidity. Managerial Finance 42 5 , , mehr… Reinartz, Sebastian J. Review of Financial Studies 29 6 , , mehr…. Does contingent capital induce excessive risk-taking? Journal of Financial Intermediation 24 3 , , mehr… Fischer, Mario: Challenging the payment effect in bank-financed takeovers.

Journal of Asset Management 16 , , mehr… Geiger, G. Does lift of liquid ban raise or compromise the current level of aviation security in the European Union? Journal of Risk Research 18 , , mehr… Geiger, Gebhard: Risk pricing in a non-expected utility framework.

Integrated or Segmented Pricing? Alternative Indexierung am deutschen Aktienmarkt. Corporate Finance 3 , , mehr… Marin, Dalia: Scandinavian Journal of Economics 2 , , mehr… Mayer, K. Modeling Electricity Spot Prices: European Journal of Finance. Family Firm Heterogeneity and Corporate Policy: Evidence from Diversification Decisions.

An International Review 23 3 , , mehr…. European Accounting Review 23 3 , , mehr… Hanauer, Matthias: Evidence on Momentum and Market Dynamics.

International Review of Finance 14 1 , , mehr… Lievenbrück, M. Why do firms not hedge? Corporate Hierarchies and International Trade: The value of financial flexibility and corporate financial policy. Research Policy 43 1 , , mehr…. Capital structure decisions in family firms: Betriebswirtschaftliche Forschung und Praxis 65 5 , , mehr… Kappes, I. Importance of spatial proximity between venture capital investors and investees in Germany. Market Liquidity in the Financial Crisis: The dynamics of voting ownership in lone-founder, family-founder, and heir firms.

Accounting for Non-normality in Liquidity Risk. Journal of Risk 14 3 , , mehr… Geiger, Gebhard: Annals of Operations Research 1 , , mehr… Kaserer, C. Payout Policy, Taxes, and Corporate Insiders: Evidence from the German Tax Reduction Act Globalization and the Empowerment of Talent. Journal of International Economics, 86 2 , , mehr….

Mehr Aktionärsrechte und weniger Interessenskonflikte für eine verbesserte Corporate Governance. The Impact of Liquidity Risk: International Review of Finance 11 3 , , mehr….

Theory and Empirical Evidence. Journal of Financial Transformation 28 , , mehr…. What Drives Private Equity Returns? European Financial Management Journal 15 3 , , mehr…. An axiomatic account of status quo-dependent, non-expected utility: Pragmatic constraints on rational choice under risk.

The accrual anomaly under different accounting standards - lessons learned from the German experiment. Insider ownership and corporate performance: Review of Managerial Science 2 1 , , mehr… Marin, Dalia: Outsourcing and Offshoring to Eastern Europe.

Journal of the European Economic Association. Power in the Multinational Corporation in Industry Equilibrium. Power Inside the Firm and the Market: A General Equilibrium Approach. Journal of the European Economic Association 6 4 , , mehr…. Trends in der Bankenaufsicht als Motor der Überregulierung des Bankensektors - Anmerkungen aus einer politökonomischen Perspektive.

Jahrestagung des Verbandes der Hochschullehrer für Betriebswirtschaft in Kiel , , mehr…. Risk acceptance from non-linear utility theory. Journal of Risk Research 8 3 , , mehr… Kaserer, C. Journal of Financial Transformation 15 3 , , mehr… Kaserer, C. Disorganization and Financial Collapse.

European Economic Review, Approaches to quantitative risk assessment with applications to physical protection of nuclear material. Financial Markets and Portfolio Management 18 1 , , mehr…. Financial Reporting on the Internet by Swiss Companies: Going Private im Wege des Minderheitenauschlusses: Eine empirisch orientierte Bestandsaufnahme. Defizite der Informationsverarbeitung auf Kapitalmärkten - kognitive Beschränkungen oder opportunistische Finanzanalysten.

Journal of the European Economic Association 1 , , mehr…. European Financial Management 8 3 , , mehr… Geiger, Gebhard: On the statistical foundations of non-linear utility theory: The case of status quo-dependent preferences.

Der Indexeffekt am deutschen Kapitalmarkt und seine Ursachen. Strukturelle Defizite aktienkursorientierter Managementvergütung in der Schweiz - Eine ökonomische Betrachtung steuer-, bilanz-und aktienrechtlicher Regelungen. Die Unternehmung - Schweizerische Zeitschrift für betriebswirtschaftliche Forschung und Praxis 56 3 , , mehr…. Die Anwendung von Ereignisstudien bei Ad-hoc-Mitteilungen. Konzernbildung und Ausschluss von Minderheiten im neuen Übernahmerecht: Eine verpasste Chance für einen marktorientierten Minderheitenschutz.

Kursreaktionen anlässlich der Börseneinführung von Tochterunternehmen - Signaling oder verbesserte Unternehmenskontrolle in Konzernen. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung 52 9 , , mehr…. Kredit und Kapital 31 , , mehr…. Die Signaleffekte von Kapitalerhöhungen aus Gesellschaftsmitteln - Eine empirische Untersuchung für den deutschen Kapitalmarkt.

Finanzmarkt und Portfolio Management 11 , , mehr…. Das Underpricing-Phänomen am deutschen Kapitalmarkt und seine Ursachen. Non-refereed Journal Articles Christoph Kaserer: Reformen im Banken- und Finanzsektor - eine internationale Perspektive. Corporate Finance 8 , , mehr… Kaserer, Christoph: Das BHG-Urteil vom 7. Schätzung erwarteter Marktrisikoprämien mittels impliziter Kapitalkosten. Corporate Finance 8 , , mehr…. Absolut report 5 , , mehr…. Risk, return and cash flow characteristics of infrastructure fund investments.

Regulierung und Aufsicht der Banken: Brauchen wir Basel III? Ifo Schnelldienst 63 03 , , mehr…. Private Equity in der Krise? Zeitschrift für das Gesamte Kreditwesen 62 8 , , mehr…. Überlegungen zu einem deutschen Private-Equity-Gesetz: Überarbeitete Regelungen für Fonds. Der Schweizer Treuhänder 9 6 , , mehr… Achleitner, A.

Entrepreneurship-Ausbildung im deutschsprachigen Europa. Mezzaninkapital auf dem Weg zum Standardprodukt. Der Schweizer Treuhänder 9 9 , , mehr…. Finanz-Betrieb 8 1 , , mehr…. Der Finanzbetrieb 7 , , mehr… Kaserer, C. Einfluss der Eigentümerstruktur auf Unternehmensperformance und Kapitalmarktfähigkeit. Cash-flows und Performance von europäischen Private Equity-Fonds.

Beyond IRR once more. Private Equity International 8 8 , , mehr…. Die Entwicklung der Privatbankiers in Deutschland seit dem Zweiten Weltkrieg im Lichte geschäftspolitischer und aufsichtsrechtlicher Tendenzen.

Bankhistorisches Archiv; Zeitschrift zur Bankengeschichte Beiheft 41 , , mehr…. Betriebs-Berater 57 38 , , mehr…. Bankhistorisches Archiv 27 2 , , mehr… Kaserer, C.: Bankhistorisches Archiv 27 2 , , mehr…. Direkte Emissionskosten bei Barkapitalerhöhungen, vereinfachter Bezugsrechtsausschluss und die Rolle der Banken - Eine empirische Perspektive.

Finanz-Betrieb 2 7 , , mehr… Kaserer, Christoph: Der Fall der Herstatt-Bank 25 Jahre danach. Überlegungen zur Rationalität regulierungspolitischer Reaktionen unter besonderer Berücksichtigung der Einlagensicherung.

Vierteljahrschrift für Sozial-und Wirtschaftsgeschichte 86 , , mehr… Kaserer, Christoph: Die deutsche Bankenkrise von - Marktversagen oder Staatsversagen. Bankhistorisches Archiv; Zeitschrift zur Bankengeschichte 26 1 , , mehr…. Offenlegung stiller Reserven - eine internationale Perspektive; Anmerkungen zum Beschluss des Bundesverfassungsgerichtes vom WiSt - Das Wirtschaftsstudium 28 1 , , mehr….

Stripped Bonds - steuerliche Charakteristiken eines neuen Anlageinstrumentes. WiSt - Wirtschaftswissenschaftliches Studium 27 1 , , mehr…. Die Bank - Zeitschrift für Bankpolitik und Praxis 3 , , mehr…. DStR - Deutsches Steuerrecht 33 , , mehr…. Die Bank - Zeitschrift für Bankpolitik und Praxis 10 , , mehr….

Abnorme Rückkehr Der Bestandteil der Rückkehr, der nicht auf systematische Einflüsse zurückzuführen ist marktweitige Einflüsse. Mit anderen Worten, die anormalen Renditen sind die Differenz zwischen der tatsächlichen Rendite und dem, was erwartet wird, dass sie sich aus Marktbewegungen ergeben normale Rendite.

Absolute Form der Kaufkraftparität Eine Theorie, dass die Preise von Produkten aus zwei verschiedenen Ländern gleich sein sollten, wenn sie durch eine gemeinsame Währung gemessen werden. Auch das Gesetz eines Preises genannt. Absolute Physical Life Die Nutzungsdauer, nach der sich ein Vermögenswert so weit verschlechtert hat, dass er nicht mehr genutzt werden kann.

Absolute Prioritätsregel im Konkursverfahren, in dem ältere Gläubiger vollständig bezahlt werden müssen, bevor die Gläubiger der Abgeordneten eine Zahlung erhalten. Absorbiert Im Zusammenhang mit allgemeinen Aktien. Wertpapiere werden aufgenommen, solange es entsprechende Aufträge zum Kauf und Verkauf gibt. Der Markt hat den Absorptionspunkt erreicht, wenn eine weitere Assimilation ohne eine Anpassung des Preises unmöglich ist.

Das ist ein Abschreibungsplan für steuerliche Zwecke erlaubt, ist ein solches Beispiel. Beschleunigerakquisitionen Kauf eines Unternehmens sehr früh in seinem Lebenszyklus und in der Regel zu einem günstigen Preis Akzeptanz Vertragsvereinbarung, die angefochten wird, wenn der Bezogene eines Zeitentwurfs den Entwurf akzeptiert, indem er das darauf aufgenommene Wort schreibt. Unterkunft Eine Form von Darlehen, in dem der Kreditnehmer ist nicht verpflichtet, den Kreditgeber zu entschädigen.

Diese Darlehen werden oft von Unterkunftsrechnungen begleitet. Die garantieren, dass ein Dritter den Kreditgeber entschädigt. Sollte der Kreditnehmer nicht in der Lage sein Beunruhigte Finanzinstitute verwenden häufig Anleihekredite. Unterbringungsdarlehen Ein von zwei Parteien unterzeichneter Rechtsvertrag, bei dem einer der Mitunterzeichner eine Kredithaftung für den anderen Mitunterzeichner garantiert.

Unterbringungskredite, die oft als Unterkunftsvermerke oder Rechnungen bezeichnet werden, erlauben dem Garanten, der Kreditwürdigkeit der anderen Partei Kraft hinzuzufügen. Wenn die empfangende Partei ihre Schulden in Verzug setzt. Der Garant ist dann für die Schuld der anderen Partei verantwortlich. Einkommen und Aufwendungen sind vertreten.

Im Rahmen des Investment Banking. Bezieht sich auf den Status der verkauften und besessenen Wertpapiere oder der Beziehung zwischen Parteien eines Underwriting-Syndikats. Im Rahmen von Wertpapieren. Kontostand abzüglich Abbuchungen am Ende eines Berichtszeitraums. Konto in Treuhand Konto verwaltet durch den Kontoinhaber für eine andere Person, genannt der Begünstigte.

Buchhalter Stellungnahme Eine unterzeichnete Erklärung von einem unabhängigen Wirtschaftsprüfer nach Prüfung der Firmenakten und Konten. Die Stellungnahme kann uneingeschränkt oder qualifiziert sein. Bilanzgewinn Ergebnis eines Unternehmens, wie in der Gewinn - und Verlustrechnung ausgewiesen. Rechnungslegungsrisiko Die Veränderung des Wertes eines Fremdwährungsunternehmens aufgrund einer Wechselkursänderung. Rechnungslegung Insolvenz Total Verbindlichkeiten übersteigen die Bilanzsumme.

Eine Firma mit einem negativen Nettovermögen ist insolvent auf den Büchern. Buchhaltungsliquidität Die Leichtigkeit und Schnelligkeit, mit der Vermögenswerte in Bargeld umgewandelt werden können. Kreditoren Verbindlichkeiten gegenüber Lieferanten. Forderungen aus Lieferungen und Leistungen Forderungen aus Lieferungen und Leistungen Eine kurzfristige Finanzierungsmethode, bei der Forderungen aus Sicherheiten für Bareinlagen bestehen. Akkreditierter Investor Bezieht sich auf eine Person, deren Nettovermögen.

Oder ein gemeinsames Nettovermögen mit einem Ehegatten von mehr als 1. Accrual Accounting Convention Ein Rechnungsführungssystem, das versucht, die Erfassung der Erträge zu erzielen, die mit den Aufwendungen für die Erzielung dieser Erträge erwirtschaftet wurden. Abgrenzung Im Rahmen der Rechnungslegung, in der die Aufwendungen und Erträge erfasst werden, wie sie verdient oder angefallen sind, unabhängig davon, ob sie eingegangen oder gezahlt worden sind oder nicht.

Accrual-Anleihe Eine Anleihe, an der Zinsen anfallen, aber nicht an den Anleger während der Periodenabgrenzung gezahlt wird. Der Betrag der aufgelaufenen Zinsen wird dem verbleibenden Grundkapital der Anleihe hinzugefügt und wird bei Fälligkeit gezahlt.

Aufgelaufene Diskontzinsen, die sich auf Sparbriefe vom Kaufdatum bis zum Zeitpunkt der Rücknahme oder Endfälligkeit ansammeln. Und die an ihre Inhaber gezahlten halbjährlichen Zinsen sind nicht in den aufgelaufenen Rabatt enthalten.

Aufgelaufene Zinsen Zinsen, die zwischen der jüngsten Zahlung und dem Verkauf einer Anleihe oder einer anderen festverzinslichen Wertpapiere angesammelt haben. Zum Zeitpunkt des Verkaufs zahlt der Käufer dem Verkäufer den Anleihepreis zuzüglich aufgelaufener Zinsen, berechnet durch Multiplikation des Couponbetrags mit dem Bruchteil der Couponperiode, der seit der letzten Zahlung verstrichen ist.

Wenn ein Anleihegläubiger 40 Couponzahlungen pro Anleihe halbjährlich erhält und die Anleihe ein Viertel des Weges in den Couponzeitraum verkauft, zahlt der Käufer dem Verkäufer 10 den latter Anteil der Zinserträge. Aufgelaufene Marktrabatt Der Marktanstieg Wert einer Rabattanleihe, da sie sich der Fälligkeit nähert wenn sie rückzahlbar ist und nicht wegen sinkender Marktzinssätze.

Accumulate Broker Analyst Empfehlung, die etwas andere Dinge je nach Brokeranalytiker bedeuten könnte. Im Allgemeinen bedeutet es, die Anzahl der Aktien eines bestimmten Wertpapiers kurzfristig zu erhöhen.

Aber nicht, um andere Teile des Portfolios zu liquidieren, um eine Sicherheit zu kaufen, die explodieren könnte. Ein Kaufempfehlung, aber kein dringender Kauf. Kumulierte Dividende Eine Dividende, die ihr Fälligkeitsdatum erreicht hat. Aber nicht ausgezahlt wird Siehe: Kumulierte Gewerbesteuer Eine Steuer auf Erträge, die in einer Firma als eine Möglichkeit für die Hauptpersonen gehalten werden, um persönliche Einkommenssteuern zu verschieben.

Kumulierung Im Rahmen der Unternehmensfinanzierung. Bezieht sich auf Gewinne, die der Kapitalbasis des Unternehmens hinzugefügt werden und nicht als Dividenden ausgezahlt werden. Kumulierte Gewinnsteuer Im Rahmen von Investitionen. Abgrenzungen Und Prepaid-Posten auf kurzfristige Verbindlichkeiten.

Erworbene Überschüsse Der Überschuss, der erworben wurde, wenn ein Unternehmen in einer Bündelung von Interessenkombinationen erworben wird, d. Erwerb Eine Firma, die erworben wird. Akquisition Wenn ein Unternehmen eine andere Firma kauft. Im Rahmen von Investitionen. Bezieht sich auf Preis plus Vermittlungsprovisionen.

Oder die Verkaufsgebühr für Liquiditätsfonds. Steuerbemessungsgrundlage Erwerb von Vermögenswerten Eine Fusion oder Konsolidierung, bei der ein Erwerber die verkaufenden Firmen Vermögenswerte kauft. Acquittance Ein schriftliches Dokument, das eine zweite Partei von einer finanziellen oder sonstigen Haftung freisetzt. Auf der ganzen Linie Bewegung oder Trend an der Börse, die alle Aktien in allen Sektoren in die gleiche Richtung zu bewegen verursacht.

Gesetz der Staatslehre Diese Lehre sagt, dass eine Nation in ihren eigenen Grenzen souverän ist und ihre innerstaatlichen Handlungen nicht in den Gerichten einer anderen Nation in Frage gestellt werden können. Aktiv Ein Markt, in dem es häufig Handel gibt. Active Account bezieht sich auf ein Brokerage-Konto, in dem viele Transaktionen auftreten.

Aktive Verpflichtungen sind eine Investition, die das Ende ihrer Amtszeit nicht erreicht hat. Aktive Fondsleitung Ein Investmentansatz, der entweder zwischen Vermögensklassen Asset Allocation , Sektoren Sektorrotation oder zwischen einzelnen Wertpapieren Sicherheitsauswahl absichtlich Geld verschiebt, um überlegene Renditen zu suchen.

Active Management Das Gegenteil von passivem Management. Der passive Manager minimiert einfach den Tracking-Fehler ihres Portfolios und einen bekannten Index z. Das Ziel des aktiven Managements ist es, eine Rendite zu erzielen, die die passive Rendite mit minimalem Risiko übersteigt. Aktive Portfoliostrategie Eine Strategie, die verfügbare Informationen und Prognosetechniken einsetzt, um eine bessere Performance zu erzielen als ein Buy-and-Portfolio.

Aktive Rendite im Vergleich zu einem Benchmark. Wenn ein Portfolios zurückkehrt, 5 und die Rückmeldung der Benchmarks 3 ist, dann ist die aktive Aktie des Portfolios 2. Auch als Tracking-Error bezeichnet. Activist Investor Ein Minderheitsgesellschafter, der die Entscheidungsfindung in einem Unternehmen beeinflussen will, indem er Bedenken aussagt, einen Dialog mit dem Management einnimmt oder andere Aktionäre zur Unterstützung einbringt.

Gehälter, Bonuszahlungen, Verwendung von Gewinnrücklagen usw. Gesetz von Insolvenz Eine Klage eines Schuldners, die eine Grundlage für die Gläubiger sein kann, um einen Konkursantrag gegen den Schuldner einzureichen. Beispiele für solche Handlungen verbergen Vermögenswerte, betrügen Gläubiger, begünstigen einen Gläubiger über einen anderen, oder erlauben in schriftlich eine Bereitschaft, bankrott zu verurteilen.

Schatzwechsel und andere Geldmarktinstrumente aufgelaufen. Berechnet als Ersatzkosten abzüglich Abschreibungen. Tatsächlicher Markt Im Zusammenhang mit allgemeinen Aktien.

A-D Advance-Decline, or measurement of the number of issues trading above their previous closing prices less the number trading below their previous closing prices over a particular period. As a technical measure of market breadth. Ad valorem tax A type of tax calculated based on percentage of gross or stated value. Additional bonds test A test for ensuring that bond issuers can meet the debt service requirements of issuing any new additional bonds.

Additional hedge A protection against fallout risk in the mortgage pipeline. Adequacy of coverage A test that measures the extent to which the value of an asset is protected from potential loss either through insurance or hedging.

Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution.

Typically, such issues have a set floor or ceiling, called caps and collars that limits the adjustment. Adjustable-rate mortgage ARM A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or margin. Adjustable-rate mortgage securities ARMS Mortgage-backed securities where the underlying asset is a pool of Adjustable rate mortgages.

Adjustable-rate preferred stock ARPS Publicly traded issues that may be collateralized by mortgages and MBS Adjusted balance method Method of calculating finance charges that uses the account balance remaining after adjusting for all transactions posted during the given billing period as its basis. Average daily balance method, previous balance method.

Adjusted basis Price from which to calculate and derive capital gains or losses upon sale of an asset. Account actions such as any stock splits that have occurred since the initial purchase must be accounted for. Adjusted debit balance ADB The account balance for a margin account that is calculated by combining the balance owed to a broker with any outstanding balance in the special miscellaneous account, and any paper profits on short accounts.

The final exercise price of the option accounts for the coupon rates carried on Ginnie Mae mortgages. For example, if the standard GNMA mortgage has an 9 yield. Adjusted gross income AGI Gross income less allowable adjustments, which is the income on which an individual is taxed by the federal government.

Adjusted present value APV The net present value analysis of an asset if financed solely by equity present value of unlevered cash flows , plus the present value of any financing decisions levered cash flows.

In other words, the various tax shields provided by the deductibility of interest and the benefits of other investment tax credits are calculated separately. This analysis is often used for highly leveraged transactions such as a leveraged buyout. Adjustment bond A bond issued in exchange for outstanding bonds when a corporation facing bankruptcy is recapitalized. Administrative pricing rules IRS rules used to allocate income on export sales to a foreign sales corporation. Advance Increase in the market price of stocks.

Advance commitment A promise to sell an asset before the seller has lined up purchase of the asset. This seller can offset risk by purchasing a futures contract to fix the sales price approximately.

ACES automates trades between order entry and market maker firms that have established trading relationships with each other. Securities are designated as specified for automatic execution. Advance Decline Ratio Ratio of the number of stocks that advance in value to the number of stocks that decline in value over a given time period.

An increasing advance-decline ratio signals a bullish trend while a decreasing advance-decline ratio signals a bearish trend. Advance funded pension plan A pension plan in which funds are set aside in advance of the date of retirement.

Advance refunding In the context of municipal bonds. The refunding issue usually specifies a rate lower than the issue to be refunded, and the proceeds are invested. Advance tax ruling A written statement sought by a taxpayer from the tax authorities about the tax implications of a transaction. It is often a precondition for closing the transaction because an adverse tax ruling may make the transaction e.

Advancement Money or property given to a person by the deceased before death and intended as an advance against the beneficiarys share in the will. Adverse opinion An independent auditors opinion expressing that a firms financial statements do not reflect the companys position accurately. Adverse selection Refers to a situation in which sellers have relevant information that buyers lack or vice versa about some aspect of product quality.

Advising bank Corresponding bank in the beneficiarys country to which an issuing bank sends a letter of credit. Advisory letter A newsletter offering financial advice to its readers. Affidavit of Loss A sworn statement describing the particulars and circumstances of the loss of securities. This affidavit is required before a Bond of Indemnity can be issued and the securities replaced. Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company.

Affiliated corporation A corporation that is an affiliate to the parent company. Affiliated person An individual who possesses enough influence and control in a corporation as to be able to alter the actions of the corporation. Affirmative covenant A bond covenant that specifies certain actions the firm must take. Affirmative obligation is the mandate of the specialists to step in and act as either the buyer or the seller when public investor orders exist do not match up naturally.

Also known as positiveobligation. Affordability index An index that measures the financial ability of consumers to purchase a home. After acquired clause A contractual clause in a mortgage agreement stating that any additional mortgageable property attained by the borrower after the mortgage is signed will be regarded as additional security for the obligation addressed in the mortgage. After-hours dealing or trading Securities trading after regular trading hours on organized exchanges.

After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. After-tax profit margin The ratio of net income to net sales. After-tax real rate of return The after-tax rate of return minus the inflation rate.

Against the box See: Selling short against the box. Aged fail An account between two broker dealers that remains intact 30 days after the settlement date. The receiving firm must adjust its capital as it can no longer treat this account as an asset.

Agency In context of general equities, buying or selling for the account and risk of a customer. The broker represents a customer buyerseller to a customer sellerbuyer and does not act as principal for the firms own trading account.

Agency bank A form of organization commonly used by foreign banks to enter the US market. An agency bank cannot accept deposits or extend loans in its own name it acts as agent for the parent bank. It is also the financialinstitution that issues ADRs to the general market. Agency basis A means of compensating the broker of a program trade solely on the basis of commission established through bids submitted by various brokerage firms.

Agency cost view The argument that specifies that the various agency costs create a complex environment in which total agency costs are at a minimum with some, but less than , debt financing.

Agency costs The incremental costs of having an agent make decisions for a principal. Agency incentive arrangement A means of compensating the broker of a program trade using benchmark prices for issues to be traded in determining commissions or fees. Agency pass-throughs Mortgage pass-through securities whose principal and interest payments are guaranteed by government agencies.

Agency problem Conflicts of interest among stockholders. Agency securities Securities issued by federally related institutions and U. Such agencies were created to reduce borrowing costs for certain sectors of the economy, such as agriculture.

Agency theory The analysis of principal-agent relationships. Agent A party appointed to act on behalf of a principal entity or person. In context of project financing. Aggregate exercise price The exercise price multiplied by the number of shares in a put or call contract. The option premium is excluded in the aggregate exercise price. In the case of options traded on debt instruments. Aggregation Process in corporate financial planning whereby the smaller investment proposals of each of the firms operational units are aggregated and effectively treated as a whole.

Aggressive Growth Hedge Fund In the context of hedge funds. Aggressive growth mutual fund A mutual fund designed for maximum capital appreciation that places its money in companies with high growth rates. Aggressively Used in context of general equities. For a customer it means working to buy or sell ones stock. For a trader it means acting in a way that puts the firms capital at higher risk through paying a higher price, selling cheaper, or making a larger short sale or purchase than the trader would under normal circumstances.

Aging schedule A table of accounts receivable broken down into age categories such as days, days, and days , which is used to determine if customer payments are keeping close to schedule. Agreement among underwriters A contract among participating members of a syndicate that defines the members proportionate liability. The contract outlines the payment schedule on the settlement date. Agreement corporation Corporation chartered by a state to engage in international banking: Ahead of itself In context of general equities, refers to equities that are overbought or oversold on a fundamental basis.

Ahead of you Used for listed equity securities. At the same price but entered ahead of your order interest. Behind, matched orders, priority, stock ahead. Air Freight Consolidator An air freight carrier that does not own or operate its own aircraft but ships its cargo with actual equipment operating carriers.

Consolidators issue house air waybills to their customers and receive master air waybills from the actual carriers. Air pocket stock A stock whose price drops precipitously, often on the unexpected news of poor results.

Alien corporation A company incorporated under the laws of a foreign country regardless of where the company conducts its operations. Algo or Algorithmic Trading Refers to computerized trading using proprietary algorithms. There are two types algo trading. Algo execution trading is when an order often a large order is executed via an algo trade.

The algo program is designed to get the best possible price. It may split the order into smaller pieces and execute at different times. The second type of algo trading is not executing a set order but looking for small trading opportunities in the market. It is estimated that 50 percent of stock trading volume in the U. Also known as high-frequency trading. All equity rate The discount rate that reflects only the business risks of a project, distinct from the effects of financing.

All in Refers to an issuers interest rate after accounting for commissions and various related expenses. All-in-rate Rate used in charging customers for accepting bankers acceptances. All Ordinaries Index The major stock price index in Australia. The capitalization weighted index is made up of the largest companies as measured by market capitalization that are listed on the Australian Stock Exchange. The index was developed with a base value of as of All or none order AON Used in context of general equities.

A limited price order that is to be executed in its entirety or not at all no partial transaction , and thus is testing the strengthconviction of the counterparty. Unlike an FOK order. The making of all or none bids or offers in stocks is prohibited, and the making of all or none bids or offers in bonds is subject to the restrictions of Rule AON orders are not shown on the specialists book because they cannot be traded in pieces. Antithesis of any-part-of order.

All-in cost Total costs. All-or-none underwriting An arrangement whereby a security issue is cancelled if the underwriter is unable to resell the entire issue. All Risk Insurance Marine cargo insurance which covers most perils except strikes, riots, civil unrest, capture, war, seizure, civil war, piracy, loss of market. Alligator spread The term used to describe a spread in the options market that generates such a large commission that the client is unlikely to make a profit even if the markets move as the investor anticipated.

Allocation-of-income rules US tax provisions that define how income and deductions are to be allocated between domestic source and foreign source income. Allocational efficiency The effectiveness with which a market channels capital toward its most productive uses. Allotment The number of securities assigned to each of the participants in an underwriting syndicate. Allowance for Loan and Lease Losses A contra-account on the balance sheet used for offsetting losses on loan and lease assets.

Alpha Measure of risk - adjusted performance. Some refer to the alpha as the difference between the investment return and the benchmark return. However, this does not properly adjust for risk. More appropriately, an alpha is generated by regressing the security or mutual funds excess return on the benchmark for example SampP excess return.

The beta adjusts for the risk the slope coefficient. The alpha is the intercept. Suppose the mutual fund has a return of 25, and the short-term interest rate is 5 excess return is During the same time the market excess return is 9.

Suppose the beta of the mutual fund is 2. The expected excess return given the risk is 2 x The actual excess return is Hence, the alpha is 2 or basis points.

Alpha is also known as the Jensen Index. The alpha depends on the benchmark used. For example, it may be the intercept in a multifactor model that includes risk factors in addition to the SampP Alpha equation Regression usually run over months of data: Return-Treasury bill alpha beta SampP - Treasury bill error.

Note that the benchmark does not necessarily have to be the SampP A mutual fund specializing in international investment might be benchmarked to a broader world market index.

Alphabet stock Categories of common stock of a corporation associated with a particular subsidiary resulting from acquisitions and restructuring. The various alphabetical categories have different voting rights and pay dividends tied to the operating performance of the particular divisions. Alt-A Short for Alternative-A paper. Alt-A are loans that are considered riskier than prime loans but less risky than subprime loans.

Generally made to individuals with a good credit score but some aspect of the loan e. Also see A paper. Alternative investments Usually refers to investments in hedge funds.

Many hedge funds pursue strategies that are uncommon relative to mutual funds. Examples of alternative investment strategies are: May also refer to the high frequency style of commodity trading advisors who often employ technical and quantitative tools for intraday investments Alternative Minimum Tax AMT A federal tax aimed at ensuring that wealthy individuals, estates, trusts.

For individuals, the AMT is calculated by adding adjusted gross income to tax preference items. Alternative mortgage instruments Variations of mortgage instruments such as adjustable-rate and variable-rate mortgages, graduated-payment mortgages. Alternative order Used in context of general equities.

Order giving a broker a choice between two courses of action, either to buy or sell, never both. Execution of one course automatically eliminates the other. An example is a combination buy limit buy stop order. If the order is for one unit of trading. If the order is for an amount of more than one unit of trading, the number of units executed determines the amount of the alternative order to be treated as cancelled. Sometimes known as One Cancels the Other. Investmentfonds and other financial instruments.

American Depositary Receipt ADR Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreign corporation.

If the ADRs are sponsored , the corporation provides financial information and other assistance to the bank and may subsidize the administration of the ADR. Unsponsored ADRs do not receive such assistance. ADRs are subject to the same currency. Arbitrage keeps the prices of ADRs and underlying foreign shares, adjusted for the SDR ordinary ratio essentially equal. American depository shares ADS are a similar form of certification.

American option An option that may be exercised at any time up to and including the expiration date. European option American shares Securities certificates issued in the US by a transfer agent acting on behalf of the foreign issuer. The certificates represent claims to foreign equities. Located at 86 Trinity Place in downtown Manhattan. The bulk of trading on AMEX consists of index options computer technology index. Recently merged with Nasdaq See: American-style option An option contract that can be exercised at any time between the date of purchase and the expiration date.

Most exchange - traded equity options are American style. Amman Stock Exchange The only agency authorized as a formal market for trading securities in Jordan. Amortization The repayment of a loan by installments. Amortization factor The pool factor implied by the scheduled amortization assuming no prepayments. Amortizing interest rate swap Swap in which the principal or notional amount declines over time. Amount outstanding and in circulation All currency issued by the Bureau of the Mint and intended as a medium of exchange.

Coins sold by the Bureau of the Mint at premium prices are not included uncirculated coin sets sold at face value plus handling charge are included. AEX-Data Services is the operating company responsible for the dissemination of data from the Amsterdam Exchange via its integrated Mercury system. In-house message system entered and displayed through Quotron A page. Analyst Employee of a brokerage or fund management house who studies companies and makes buy - and-sell recommendations on stocks of these companies.

Most specialize in a specific industry. And interest An indication that the buyer will receive accrued interest in addition to the price quoted for a bond. Angel An investment-grade bond. Antithesis to fallen angel.

In the context of venture capital. Angels Individuals providing venture capital. Ankle biter Stock issued with a market capitalization of less than million. Announcement date Date on which particular news concerning a given company is announced to the public.

Used in event studies, which researchers use to evaluate the economic impact of events of interest. Annual basis The technique in statistics of taking a figure covering a period of less than one year and extrapolating it to cover a full one year period. The process is known as annualizing.

Annual effective yield See: Annual exclusion A tax rule allowing the deduction of certain income from taxation. Annual fund operating expenses For investment companies. Annual meeting Meeting of stockholders held once a year at which the managers of a company report to the stockholders on the years results. Annual percentage rate APR In the context of credit cards, the periodic rate times the number of periods in a year.

For example, a 1. In the context of consumer lending, the APR takes into account more than the interest rate applied to the principal per period. Under the Truth in Lending Act, it has a specific definition and includes all the costs paid by a non-exempt consumer borrower that are considered a finance charge, including fees paid to third parties by the lender if not properly disclosed and excluded from the finance charge such as credit insurance.

Annual percentage yield APY The effective, or true annual rate of return. The APY is the rate actually earned or paid in one year, taking into account the effect of compounding. The APY is calculated by taking one plus the periodic rate, raising it to the number of periods in a year and then subtracting one.

For example, a 1 per month rate has an APY of Annual rate of return There are many ways of calculating the annual rate of return. If the rate of return is calculated on a monthly basis, we sometimes multiply this by 12 to express an annual rate of return. This is often called the annual percentage rate APR. The annual percentage yield APY includes the effect of compounding interest.

Annual renewable term insurance See: Annual report Yearly record of a publicly held companys financial condition. It includes a description of the firms operations, as well as balance sheet. SEC rules require that it be distributed to all shareholders. A more detailed version is called a K. Annualized gain If stock X appreciates 1. Compounded over the 12 month period, the gain is 1. Annualized holding-period return The annual rate of return that when compounded t times generates the same t - period holding return as actually occurred from period 1 to period t.

Annuitant An individual who receives benefits from an annuity. Annuitize To commence a series of payments from the capital that has accumulated in an annuity. The payments may be a fixed amount, for a fixed period of time, or for a lifetime. Annuity A regular periodic payment made by an insurance company to a policyholder for a specified period of time. Annuity certain An annuity that pays a specific amount on a monthly basis for a set amount of time.

Annuity due An annuity with n payments, where the first payment is made at time t 0, and the last payment is made at time t n - 1. Annuity factor Present value of 1 paid for each of t periods. Annuity in arrears An annuity with a first payment one full period hence, rather than immediately. Annuity starting date The date when an annuitant starts receiving payments from an annuity. Anticipated holding period The period of time an individual expects to hold an asset.

Anticipation Paying what is owed before it is due usually to save interest charges. Antidilutive effect Result of a transaction that increases earnings per common share e. If the system had been up in the previous period, it is more likely that it will be down in the next period and vice versa. Also called pink noise, or 1f noise.

Antigreenmail Greenmail refers to the agreement between a large shareholder and a company in which the shareholder agrees to sell his stock back to the company, usually at a premium, in exchange for the promise not to seek control of the company for a specified period of time. Antigreenmail provisions prevent such arrangements unless the same repurchase offer is made to all shareholders or approved by shareholder vote. There are some states that have antigreenmail laws.

Antitrust laws Legislation established by the federal government to prevent the formation of monopolies and to regulate trade. The Netherlands financial regulator. Any-interest-date A call provision in a municipal bond indenture that establishes the right of redemption for the issuer on any interest payment due date. Any-or-all bid Often used in risk arbitrage. Takeover bid in which the acquirer offers to pay a set price for all outstanding shares of the target company, or any part thereof contrasts with two-tier bid.

Any-part-of order In context of general equities, order to buy or sell a quantity of stock in pieces if necessary. Antithesis of an all-or-none order AON. A paper Another name for prime paper. Applied mathematics The study of the application of mathematical principles to domains outside of mathematics itself. Although the branches of mathematics within this categorization change with time, applied mathematics typically involves the use of differential equations, numerical analysis, and statistics with areas of knowledge such as engineering, biology, physics, computer science, economics.

Appraisal ratio The signal - to-noise ratio of an analysts forecasts. The ratio of alpha to residual standard deviation. Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares.

Appreciation Increase in the value of an asset. Appropriation request Formal request for funds for capital investment project. Approved list A list of equities and other investments that a financial institution or mutual fund is allowed to invest in. Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets.

Perfectly efficient markets present no arbitrage opportunities. Perfectly efficient markets seldom exist, but, arbitrage opportunities are often precluded because of transactions costs.

Ahead of itself In context of general equities, refers to equities that are overbought or oversold on a fundamental basis.

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