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SENT Generally RB , , an DT agent NN , , or CC broker NN , , acts VVZ as IN intermediary NN between IN buyer NN and CC seller NN , , taking VVG no DT financial JJ risk NN personally RB or CC as IN a DT firm NN , , and CC charging VVG a DT commission NN for IN the DT service NN . SENT The DT broker NN represents VVZ a DT customer NN buyer NN seller NN to TO a DT customer NN seller NN buyer NN and CC does VVZ not RB act VV as IN principal NN for IN the DT firm's JJ own JJ trading NN account NN . SENT Antithesis NN of IN principal NN . SENT See VV . SENT Dealer NN . SENT Agency NP bankA NP form NN of IN organization NN commonly RB used VVN by IN foreign JJ banks NNS to TO enter VV the DT U NP . SENT S NP . SENT market NN . SENT An DT agency NN bank NN cannot NN accept VVP deposits NNS or CC extend VV loans NNS in IN its PP$ own JJ name NN . SENT it PP acts VVZ as IN agent NN for IN the DT parent NN bank NN . SENT It PP is VBZ also RB the DT financial JJ institution NN that WDT issues VVZ ADRs NPS to TO the DT general JJ market NN . SENT Agency NP basisA NP means VVZ of IN compensating VVG the DT broker NN of IN a DT program NN trade NN solely RB on IN the DT basis NN of IN commission NN established VVN through IN bids NNS submitted VVN by IN various JJ brokerage NN firms NNS . SENT Agency NN cost NN viewThe NN argument NN that WDT specifies VVZ that IN the DT various JJ agency NN costs NNS create VVP a DT complex JJ environment NN in IN which WDT total JJ agency NN costs NNS are VBP at IN a DT minimum NN with IN some DT , , but CC less JJR than IN 100 CD , , debt NN financing NN . SENT Agency NN costsThe NNS incremental JJ costs NNS of IN having VHG an DT agent NN make VV decisions NNS for IN a DT principal NN . SENT Agency NN incentive NN arrangementA NN means VVZ of IN compensating VVG the DT broker NN of IN a DT program NN trade NN using VVG benchmark JJ prices NNS for IN issues NNS to TO be VB traded VVN in IN determining VVG commissions NNS or CC fees NNS . SENT Agency NN pass NN throughsMortgage NN pass NN through IN securities NNS whose WP$ principal NN and CC interest NN payments NNS are VBP guaranteed VVN by IN government NN agencies NNS , , such JJ as IN the DT Government NP National NP Mortgage NP Association NP Ginnie NP Mae NP , , Federal NP Home NP Loan NP Mortgage NP Corporation NP Freddie NP Mac NP , , and CC Federal NP National NP Mortgage NP Association NP Fannie NP Mae NP . SENT Agency NN problemConflicts NNS of IN interest NN among IN stockholders NNS , , bondholders NNS , , and CC managers NNS . SENT Agency NN securitiesSecurities NNS issued VVN by IN federally RB related VVN institutions NNS and CC U NP . SENT S NP . SENT government NN sponsored VVD entities NNS . SENT Such JJ agencies NNS were VBD created VVN to TO reduce VV borrowing NN costs NNS for IN certain JJ sectors NNS of IN the DT economy NN , , such JJ as IN agriculture NN . SENT Agency NN theoryThe NN analysis NN of IN principal JJ agent NN relationships NNS , , in IN which WDT one CD person NN , , an DT agent NN , , acts VVZ on IN behalf NN of IN another DT person NN , , a DT principal NN . SENT AgentThe NP decision NN maker NN in IN a DT principal JJ agent NN relationship NN . SENT Aggregate JJ exercise NN priceThe NN exercise NN price NN multiplied VVN by IN the DT number NN of IN shares NNS in IN a DT put NN or CC call NN contract NN . SENT The DT option NN premium NN is VBZ excluded VVN in IN the DT aggregate JJ exercise NN price NN . SENT In IN tje NN case NN of IN options NNS traded VVN on IN debt NN instruments NNS , , the DT aggregate JJ exercise NN price NN is VBZ the DT exercise NN price NN of IN the DT underlying JJ security NN multiplied VVN by IN its PP$ face NN value NN . SENT AggregationProcess NN in IN corporate JJ financial JJ planning NN whereby WRB the DT smaller JJR investment NN proposals NNS of IN each DT of IN the DT firm's JJ operational JJ units NNS are VBP aggregated VVN and CC effectively RB treated VVN as IN a DT whole NN . SENT Aggressive JJ growth NN mutual JJ fundA NN mutual JJ fund NN designed VVN for IN maximum JJ capital NN appreciation NN that WDT places VVZ its PP$ money NN in IN companies NNS with IN high JJ growth NN rates NNS . SENT AggressivelyUsed VVN in IN context NN of IN general JJ equities NNS . SENT For IN a DT customer NN it PP means VVZ working VVG to TO buy VV or CC sell VV one's NNS stock NN , , with IN an DT emphasis NN on IN execution NN over IN price NN . SENT For IN a DT trader NN it PP means VVZ acting VVG in IN a DT way NN that WDT puts VVZ the DT firm's JJ capital NN at IN higher JJR risk NN through IN paying VVG a DT higher JJR price NN , , selling VVG cheaper JJR , , or CC making VVG a DT larger JJR short JJ sale NN or CC purchase NN than IN the DT trader NN would MD under IN normal JJ circumstances NNS . SENT Aging VVG scheduleA NN table NN of IN accounts NNS receivable NN broken VVN down RP into IN age NN categories NNS such JJ as IN 0 CD 30 CD days NNS , , 30 CD 60 CD days NNS , , and CC 60 CD 90 CD days NNS , , which WDT is VBZ used VVN to TO determine VV if IN customer NN payments NNS are VBP keeping VVG close RB to TO schedule VV . SENT Agreement NN among IN underwritersA NN contract NN amoung VVN participating VVG members NNS of IN a DT syndicate NN that WDT defines VVZ the DT members NNS proportionate JJ liability NN , , which WDT is VBZ usually RB limited JJ to TO and CC based VVN on IN the DT participants NNS level NN of IN involvement NN . SENT The DT contract NN outlines VVZ the DT payment NN schedule NN on IN the DT settlement NN date NN . SENT Compare VV . SENT Underwriting NN agreement NN . SENT Ahead RB of IN itselfIn NN context NN of IN general JJ equities NNS , , refers VVZ to TO equities NNS that WDT are VBP overbought VVN or CC oversold VVN on IN a DT fundamental JJ basis NN . SENT Ahead RB of IN youUsed VVN for IN listed JJ equity NN securities NNS . SENT At IN the DT same JJ price NN but CC entered VVD ahead RB of IN your PP$ order NN interest NN , , usually RB referring VVG to TO the DT specialist's JJ book NN . SENT See VV . SENT Behind RB , , matched VVD orders NNS , , priority NN , , stock NN ahead RB . SENT AIMR NP Performance NP Presentation NP Standards NPS Implementation NN CommitteeThe NP Association NP for IN Investment NP Management NP and CC Research NP AIMR NP Performance NP Presentation NP Standards NPS Implementation NN Committee NP is VBZ charged VVN with IN the DT responsibility NN to TO interpret VV , , revise VV , , and CC update VV the DT AIMR NP Performance NP Presentation NP Standards NPS AIMR NP PPS NP TM NP for IN portfolio NN performance NN presentations NNS . SENT Air NP pocket NN stockA NN stock NN whose WP$ price NN drops VVZ precipitously RB , , often RB on IN the DT unexpected JJ news NN of IN poor JJ results NNS . SENT Alien JJ corporationA NN company NN incorporated VVN under IN the DT laws NNS of IN a DT foreign JJ country NN regardless RB of IN where WRB the DT company NN conducts VVZ its PP$ operations NNS . SENT All DT equity NN rateThe NN discount NN rate NN that WDT reflects VVZ only RB the DT business NN risks NNS of IN a DT project NN , , distinct JJ from IN the DT effects NNS of IN financing NN . SENT All DT inRefers NNS to TO an DT issuer's JJ interest NN rate NN after IN accounting NN for IN commissions NNS and CC various JJ related JJ expenses NNS . SENT All DT Ordinaries NNS IndexThe NN major JJ index NN of IN Australian JJ stocks NNS comprising VVG 330 CD of IN the DT major JJ companies NNS listed VVN on IN the DT Australian JJ Stock NP Exchange NP . SENT All DT or CC none NN order NN AON NP Used VVD in IN context NN of IN general JJ equities NNS . SENT A DT limited JJ price NN order NN that WDT is VBZ to TO be VB executed VVN in IN its PP$ entirety NN or CC not RB at IN all PDT no DT partial JJ transaction NN , , and CC thus RB is VBZ testing VVG the DT strength NN conviction NN of IN the DT counterparty NN . SENT Unlike IN an DT FOK NP order NN , , an DT AON NP order NN is VBZ not RB to TO be VB treated VVN as IN cancelled VVN if IN not RB executed VVN as RB soon RB as IN it PP is VBZ represented VVN in IN the DT trading NN crowd NN , , but CC instead RB remains VVZ alive JJ until IN executed VVN or CC cancelled VVN . SENT The DT making NN of IN all DT or CC none NN bids NNS or CC offers NNS in IN stocks NNS is VBZ prohibited VVN , , and CC the DT making NN of IN all DT or CC none NN bids NNS or CC offers NNS in IN bonds NNS is VBZ subject JJ to TO the DT restrictions NNS of IN Rule NP 61 CD . SENT AON NP orders NNS are VBP not RB shown VVN on IN the DT specialist's JJ book NN because IN they PP cannot NN be VB traded VVN in IN pieces NNS . SENT Antithesis NN of IN any DT part NN of IN order NN . SENT See VV . SENT FOK NP order NN . SENT All DT in IN costTotal JJ costs NNS , , explicit JJ and CC implicit JJ . SENT All DT or CC none NN underwritingAn NN arrangement NN whereby WRB a DT security NN issue NN is VBZ cancelled VVN if IN the DT underwriter NN is VBZ unable JJ to TO resell VV the DT entire JJ issue NN . SENT Allied NP memberA NN partner NN or CC stockholder NN of IN a DT firm NN that WDT is VBZ a DT member NN of IN the DT NYSE NP , , the DT partner NN or CC stockholder NN is VBZ not RB personally RB a DT member NN of IN the DT NYSE NP . SENT Alligator NN spreadThe NN term NN used VVN to TO describe VV a DT spread NN in IN the DT options NNS market NN that WDT generates VVZ such PDT a DT large JJ commission NN that IN the DT client NN is VBZ unlikely JJ to TO make VV a DT profit NN even RB if IN the DT markets NNS move VVP as IN the DT investor NN anticipated VVD . SENT AllotmentThe NP number NN of IN securities NNS assigned VVN to TO each DT of IN the DT participants NNS in IN an DT underwriting NN syndicate NN . SENT AlphaMeasure NN of IN risk NN adjusted JJ performance NN . SENT An DT alpha NN is VBZ usually RB generated VVN by IN regressing VVG the DT security NN or CC mutual JJ fund's NNS excess JJ return NN on IN the DT S NP P NN 500 CD excess NN return NN . SENT The DT beta NN adjusts VVZ for IN the DT risk NN the DT slope NN coefficient NN . SENT The DT alpha NN is VBZ the DT intercept NN . SENT Example NN . SENT Suppose VV the DT mutual JJ fund NN has VHZ a DT return NN of IN 25 CD , , and CC the DT short JJ term NN interest NN rate NN is VBZ 5 CD excess JJ return NN is VBZ 20 CD . SENT During IN the DT same JJ time NN the DT market NN excess NN return NN is VBZ 9 CD . SENT Suppose VV the DT beta NN of IN the DT mutual JJ fund NN is VBZ 2 CD . SENT 0 CD twice RB as RB risky JJ as IN the DT S NP P NN 500 CD . SENT The DT expected VVN excess JJ return NN given VVN the DT risk NN is VBZ 2 CD x SYM 9 CD 18 CD . SENT The DT actual JJ excess JJ return NN is VBZ 20 CD . SENT Hence RB , , the DT alpha NN is VBZ 2 CD or CC 200 CD basis NN points NNS . SENT Alpha NP is VBZ also RB known VVN as IN the DT Jensen NP Index NP . SENT Related VVN . SENT Risk NN adjusted JJ return NN . SENT Alpha NP equationRegression NN usually RB run VVN over IN 36 CD 60 CD months NNS of IN data NNS . SENT Return VV Treasury NP bill NN alpha NN beta JJ S NP P NN 500 CD Treasury NP bill NN error NN . SENT The DT alpha NN is VBZ the DT intercept NN . SENT Note NN that IN the DT benchmark NN does VVZ not RB necessarily RB have VH to TO be VB the DT S NP P NN 500 CD . SENT A DT mutual JJ fund NN specializing VVG in IN international JJ investment NN might MD be VB benchmarked VVN to TO a DT broader JJR world NN market NN index NN , , such JJ as IN the DT MSCI NP World NP Index NP . SENT Alphabet NN stockCategories NNS of IN common JJ stock NN of IN a DT corporation NN associated VVN with IN a DT particular JJ subsidiary NN resulting VVG from IN acquisitions NNS and CC restructuring NN . SENT The DT various JJ alphabetical JJ categories NNS have VHP different JJ voting NN rights NNS and CC pay VV dividends NNS tied VVN to TO the DT operating VVG performance NN of IN the DT particular JJ divisions NNS . SENT See VV also RB . SENT Tracking VVG stocks NNS . SENT Alternative NP Minimum NP Tax NP AMT NP A DT federal JJ tax NN aimed VVN at IN ensuring VVG that IN wealthy JJ individuals NNS , , estates NNS , , trusts NNS , , and CC corporations NNS pay VVP a DT minimal JJ level NN income NN tax NN . SENT For IN individuals NNS , , the DT AMT NP is VBZ calculated VVN by IN adding VVG adjusted JJ gross JJ income NN to TO tax NN preference NN items NNS . SENT Alternative JJ mortgage NN instrumentsVariations NNS of IN mortgage NN instruments NNS such JJ as IN adjustable JJ rate NN and CC variable JJ rate NN mortgages NNS , , graduated VVD payment NN mortgages NNS , , reverse JJ annuity NN mortgages NNS , , and CC several JJ seldom RB used VVN variations NNS . SENT Alternative NN orderUsed VVD in IN context NN of IN general JJ equities NNS . SENT Order NN giving VVG a DT broker NN a DT choice NN between IN two CD courses NNS of IN action NN , , either CC to TO buy VV or CC sell VV , , never RB both DT . SENT Execution NN of IN one CD course NN automatically RB eliminates VVZ the DT other JJ . SENT An DT example NN is VBZ a DT combination NN buy VV limit NN buy VV stop NN order NN , , where WRB the DT buy NN limit NN is VBZ below IN the DT current JJ market NN and CC the DT buy NN stop NN is VBZ above JJ . SENT If IN the DT order NN is VBZ for IN one CD unit NN of IN trading NN , , when WRB one CD part NN of IN the DT order NN is VBZ executed VVN on IN the DT occurrence NN of IN one CD alternative NN , , the DT order NN on IN the DT other JJ alternative NN is VBZ to TO be VB treated VVN as IN cancelled VVN . SENT If IN the DT order NN is VBZ for IN an DT amount NN of IN more JJR than IN one CD unit NN of IN trading NN , , the DT number NN of IN units NNS executed VVN determines VVZ the DT amount NN of IN the DT alternative JJ order NN to TO be VB treated VVN as IN cancelled VVN . SENT See VV . SENT Either CC or CC order NN . SENT American NP Association NP of IN Individual NP Investors NPS AAII NP A NP not RB for IN profit NN organization NN to TO educate VV individual JJ investors NNS about IN stocks NNS , , bonds NNS , , mutual JJ funds NNS , , and CC other JJ financial JJ instruments NNS . SENT American JJ Depository NN Receipt NN ADR NP Certificates NPS issued VVD by IN a DT U NP . SENT S NP . SENT depository JJ bank NN , , representing VVG foreign JJ shares NNS held VVN by IN the DT bank NN , , usually RB by IN a DT branch NN or CC correspondent NN in IN the DT country NN of IN issue NN . SENT One NP ADR NP may MD represent VV a DT portion NN of IN a DT foreign JJ share NN , , one CD share NN or CC a DT bundle NN of IN shares NNS of IN a DT foreign JJ corporation NN . SENT If IN the DT ADR's NP are VBP sponsored VVN , , the DT corporation NN provides VVZ financial JJ information NN and CC other JJ assistance NN to TO the DT bank NN and CC may MD subsidize VV the DT administration NN of IN the DT ADR NP Unsponsored VVN ADRs NPS do VVP not RB receive VV such JJ assistance NN . SENT ADRs NPS are VBP subject JJ to TO the DT same JJ currency NN , , political JJ , , and CC economic JJ risks NNS as IN the DT underlying JJ foreign JJ share NN . SENT Arbitrage NN keeps VVZ the DT prices NNS of IN ADRs NPS and CC underlying VVG foreign JJ shares NNS , , adjusted VVN for IN the DT SDR NP ordinary JJ ratio NN essentially RB equal JJ . SENT American JJ depository NN shares NNS ADS NP are VBP a DT similar JJ form NN of IN certification NN . SENT American JJ Depository JJ Receipt NN FeesFees NNS associated VVN with IN the DT creating VVG or CC releasing VVG of IN ADRs NPS from IN ordinary JJ shares NNS , , charged VVN by IN the DT commercial JJ banks NNS with IN correspondent NN banks NNS in IN the DT international JJ sites NNS . SENT American JJ Depository NN Receipt NN RatioThe NP number NN of IN ordinary JJ shares NNS into IN which WDT an DT ADR NP can MD be VB converted VVN . SENT American JJ Depository NN Share NN ADS NP Foreign NP stock NN issued VVN in IN the DT U NP . SENT S NP . SENT and CC registered VVN in IN the DT ADR NP system NN . SENT American JJ optionAn JJ option NN that WDT may MD be VB exercised VVN at IN any DT time NN up RB to TO and CC including VVG the DT expiration NN date NN . SENT Related VVN . SENT European JJ optionAmerican JJ sharesSecurities NNS certificates NNS issued VVN in IN the DT U NP . SENT S NP . SENT by IN a DT transfer NN agent NN acting VVG on IN behalf NN of IN the DT foreign JJ issuer NN . SENT The DT certificates NNS represent VVP claims NNS to TO foreign JJ equities NNS . SENT American NP Stock NP Exchange NP AMEX NP Stock NP exchange NN with IN the DT third JJ highest JJS volume NN of IN trading NN in IN the DT U NP . SENT S NP . SENT Located VVN at IN 86 CD Trinity NN Place NN in IN downtown JJ Manhattan NP . SENT The DT bulk NN of IN trading NN on IN AMEX NP consists VVZ of IN index NN options NNS computer NN technology NN index NN , , institutional JJ index NN , , major JJ market NN index NN and CC shares NNS of IN small JJ to TO medium NN sized VVD companies NNS are VBP predominant JJ . SENT Recently RB merged VVN with IN Nasdaq NP See NP . SENT Curb VV . SENT American JJ style NN optionAn JJ option NN contract NN that WDT can MD be VB exercised VVN at IN any DT time NN between IN the DT date NN of IN purchase NN and CC the DT expiration NN date NN . SENT Most JJS exchange NN traded VVD options NNS are VBP American JJ style NN . SENT Amman NP Financial NP Market NP AFM NP Established VVD in IN 1976 CD , , the DT AFM NP is VBZ the DT only JJ stock NN exchange NN in IN Jordan NP . SENT AmortizationThe NP repayment NN of IN a DT loan NN by IN installments NNS . SENT Amortization NN factorThe NP pool NN factor NN implied VVN by IN the DT scheduled VVN amortization NN assuming VVG no DT prepayments NNS . SENT Amortizing VVG interest NN rate NN swapSwap NN in IN which WDT the DT principal JJ or CC notional JJ amount NN rises NNS falls VVZ as IN interest NN rates NNS rise VVP decline NN . SENT Amsterdam NP Exchange NP AEX NP Exchange NP that WDT comprises VVZ the DT AEX NP Effectenbeurs NP , , the DT AEX NP Optiebeurs NP formerly RB the DT European NP Options NPS Exchange NP or CC EOE NP and CC the DT AEX NP Agrarische NP Termijnmarkt NP . SENT AEX NP Data NP Services NPS is VBZ the DT operating VVG company NN responsible JJ for IN the DT dissemination NN of IN data NNS from IN the DT Amsterdam NP Exchange NP via IN its PP$ integrated JJ Mercury NP 2000 CD system NN . SENT AMTELUsed VVN in IN context NN of IN general JJ equities NNS . SENT In IN house NN message NN system NN entered VVN and CC displayed VVN through IN Quotron NP A DT page NN . SENT AnalystEmployee NN of IN a DT brokerage NN or CC fund NN management NN house NN who WP studies VVZ companies NNS and CC makes VVZ buy VV and CC sell VV recommendations NNS on IN stocks NNS of IN these DT companies NNS . SENT Most JJS specialize VVP in IN a DT specific JJ industry NN . SENT And CC interestAn JJ indication NN that IN the DT buyer NN will MD receive VV accrued JJ interest NN in IN addition NN to TO the DT price NN quoted VVN for IN a DT bond NN . SENT AngelAn JJ investment NN grade NN bond NN . SENT Antithesis NN to TO fallen VVN angel NN . SENT In IN the DT context NN of IN venture NN capital NN , , the DT first JJ investor NN . SENT AngelsIndividuals NNS providing VVG venture NN capital NN . SENT Ankle NN biterStock NN issued VVN with IN a DT market NN capitalization NN of IN less JJR than IN 500 CD million CD . SENT Announcement NN dateDate NN on IN which WDT particular JJ news NN concerning VVG a DT given VVN company NN is VBZ announced VVN to TO the DT public NN . SENT Used VVN in IN event NN studies NNS , , which WDT researchers NNS use VVP to TO evaluate VV the DT economic JJ impact NN of IN events NNS of IN interest NN . SENT Annual JJ basisThe NN technique NN in IN statistics NNS of IN taking VVG a DT figure NN covering VVG a DT period NN of IN less JJR than IN one CD year NN and CC extrapolating VVG it PP to TO cover VV a DT full JJ one CD year NN period NN . SENT The DT process NN is VBZ known VVN as IN annualizing VVG . SENT Annual JJ effective JJ yieldSee NN . SENT Annual JJ percentage NN yield NN . SENT Annual JJ exclusionA NN tax NN rule NN allowing VVG the DT deduction NN of IN certain JJ income NN from IN taxation NN . SENT Annual JJ fund NN operating VVG expensesFor NN investment NN companies NNS , , the DT management NN fee NN and CC other JJ expenses NNS , , including VVG the DT expenses NNS for IN maintaining VVG shareholder NN records NNS , , providing VVG shareholders NNS with IN financial JJ statements NNS , , and CC providing VVG custodial JJ and CC accounting NN services NNS . SENT For IN 12 CD b SYM 1 CD funds NNS , , selling NN and CC marketing NN costs NNS are VBP also RB included VVN . SENT Annual JJ percentage NN rate NN APR NN The DT periodic JJ rate NN times NNS the DT number NN of IN periods NNS in IN a DT year NN . SENT For IN example NN , , a DT 5 CD quarterly JJ return NN has VHZ an DT A NP . SENT P NN . SENT R SYM . SENT of IN 20 CD . SENT Annual JJ percentage NN yield NN APY NN The DT effective JJ , , or CC true JJ , , annual JJ rate NN of IN return NN . SENT The DT APY NN is VBZ the DT rate NN actually RB earned VVD or CC paid VVD in IN one CD year NN , , taking VVG into IN account NN the DT effect NN of IN compounding NN . SENT The DT APY NN is VBZ calculated VVN by IN taking VVG one CD plus IN the DT periodic JJ rate NN and CC raising VVG it PP to TO the DT number NN of IN periods NNS in IN a DT year NN . SENT For IN example NN , , a DT 1 CD per IN month NN rate NN has VHZ an DT APY NN of IN 12 CD . SENT 68 CD 1 CD . SENT 01 CD 12 CD 1 CD . SENT Annual JJ rate NN of IN returnThere NN are VBP many JJ ways NNS of IN calculating VVG the DT annual JJ rate NN of IN return NN . SENT If IN the DT rate NN of IN return NN is VBZ calculated VVN on IN a DT monthly JJ basis NN , , we PP sometimes RB multiply VVP this DT by IN 12 CD to TO express VV an DT annual JJ rate NN of IN return NN . SENT This DT is VBZ often RB called VVN the DT annual JJ percentage NN rate NN APR NN . SENT The DT annual JJ percentage NN yield NN APY NN , , includes VVZ the DT effect NN of IN compounding NN interest NN . SENT Annual JJ renewable JJ term NN insuranceSee NN . SENT Term NN insurance NN . SENT Annual JJ reportYearly JJ record NN of IN a DT publicly RB held VVN company's NNS financial JJ condition NN . SENT It PP includes VVZ a DT description NN of IN the DT firm's JJ operations NNS , , as RB well RB as IN balance NN sheet NN , , income NN statement NN , , and CC cash NN flow NN statement NN information NN . SENT SEC NP rules NNS require VVP that IN it PP be VB distributed VVN to TO all DT shareholders NNS . SENT A DT more RBR detailed JJ version NN is VBZ called VVN a DT 10 CD K NN . SENT Annualized JJ gainIf NN stock NN X NP appreciates VVZ 1 CD . SENT 5 CD in IN one CD month NN , , the DT annualized JJ gain NN for IN that DT stock NN over IN a DT twelve NN month NN period NN is VBZ 121 CD . SENT 5 CD 18 CD . SENT Compounded VVN over IN the DT 12 CD month NN period NN , , the DT gain NN is VBZ 1 CD . SENT 015 CD 12 JJ 1 CD 19 CD . SENT 6 CD . SENT Annualized JJ holding NN period NN returnThe NN annual JJ rate NN of IN return NN that IN when WRB compounded VVN t NN times NNS generates VVZ the DT same JJ t NN period NN holding NN return NN as IN actually RB occurred VVN from IN period NN 1 CD to TO period NN t NN . SENT AnnualizingSee NP . SENT Annual JJ basis NN . SENT Annual JJ meetingMeeting NN of IN stockholder NN held VVN once IN a DT year NN at IN which WDT the DT managers NNS of IN a DT company NN report NN to TO the DT stockholders NNS on IN the DT year's JJ results NNS . SENT AnnuitantAn NP individual NN who WP receives VVZ benefits NNS from IN an DT annuity NN . SENT AnnuitizeTo RB commence VV a DT series NN of IN payments NNS from IN the DT capital NN that WDT has VHZ accumulated VVN in IN an DT annuity NN . SENT The DT payments NNS may MD be VB a DT fixed JJ amount NN , , for IN a DT fixed JJ period NN of IN time NN , , or CC for IN a DT lifetime NN . SENT AnnuityA NP regular JJ periodic JJ payment NN made VVN by IN an DT insurance NN company NN to TO a DT policyholder NN for IN a DT specified JJ period NN of IN time NN . SENT Annuity NN certainAn JJ annuity NN that WDT pays VVZ a DT specific JJ amount NN on IN a DT monthly JJ basis NN for IN a DT set VVN amount NN of IN time NN . SENT Annuity NN dueAn NN annuity NN with IN n NN payments NNS , , where WRB the DT first JJ payment NN is VBZ made VVN at IN time NN t NN 0 CD , , and CC the DT last JJ payment NN is VBZ made VVN at IN time NN t NN n NN 1 CD . SENT Annuity NN factorPresent NN value NN of IN 1 CD paid VVN for IN each DT of IN t NN periods NNS . SENT Annuity NN in IN arrearsAn NN annuity NN with IN a DT first JJ payment NN one NN full JJ period NN hence RB , , rather RB than IN immediately RB . SENT Annuity NN starting VVG dateThe NN date NN when WRB an DT annuitant NN starts VVZ receiving VVG payments NNS from IN an DT annuity NN . SENT Anticipated JJ holding NN periodThe NN period NN of IN time NN an DT individual NN expects VVZ to TO hold VV an DT asset NN . SENT AnticipationPaying VVG what WP is VBZ owed VVN before IN it PP is VBZ due JJ usually RB to TO save VV interest NN charges NNS . SENT Antidilutive JJ effectResult NN of IN a DT transaction NN that WDT increases VVZ earnings NNS per IN common JJ share NN e NN . SENT g NN . SENT , , by IN decreasing VVG the DT number NN of IN shares NNS outstanding JJ . SENT Antitrust JJ lawsLegislation NN established VVN by IN the DT federal JJ government NN to TO prevent VV the DT formation NN of IN monopolies NNS and CC to TO regulate VV trade NN . SENT Any DT interest NN dateA NN call NN provision NN in IN a DT municipal JJ bond NN indenture NN that WDT establishes VVZ the DT right NN of IN redemption NN for IN the DT issuer NN on IN any DT interest NN payment NN due JJ date NN . SENT Any DT or CC all DT bidOften NN used VVN in IN risk NN arbitrage NN . SENT Takeover NN bid NN in IN which WDT the DT acquirer NN offers VVZ to TO pay VV a DT set VVN price NN for IN all DT outstanding JJ shares NNS of IN the DT target NN company NN , , or CC any DT part NN thereof RB . SENT contrasts VVZ with IN two CD tier NN bid NN . SENT Any DT part NN of IN orderIn NN context NN of IN general JJ equities NNS , , order NN to TO buy VV or CC sell VV a DT quantity NN of IN stock NN in IN pieces NNS if IN necessary JJ . SENT Antithesis NN of IN an DT all DT or CC none NN order NN AON NP . SENT Appraisal NN ratioThe NNS signal VVP to TO noise NN ratio NN of IN an DT analyst's JJ forecasts NNS . SENT The DT ratio NN of IN alpha NN to TO residual JJ standard JJ deviation NN . SENT Appraisal NN rightsA NN right NN of IN shareholders NNS in IN a DT merger NN to TO demand VV the DT payment NN of IN a DT fair JJ price NN for IN their PP$ shares NNS , , as RB determined VVN independently RB . SENT AppreciationIncrease NN in IN the DT value NN of IN an DT asset NN . SENT Appropriation NN requestFormal NN request NN for IN funds NNS for IN capital NN investment NN project NN . SENT Approved VVN listA NP list NN of IN equities NNS and CC other JJ investments NNS that IN a DT financial JJ institution NN or CC mutual JJ fund NN is VBZ approved VVN to TO make VV . SENT See VV . SENT Legal JJ list NN . SENT APSAuction NP Preferred JJ Stock NP . SENT A DT type NN of IN Dutch JJ Auction NN Preferred JJ Stock NP Goldman NP Sachs NP product NN . SENT ArbitrageThe NP simultaneous JJ buying NN and CC selling VVG of IN a DT security NN at IN two CD different JJ prices NNS in IN two CD different JJ markets NNS , , resulting VVG in IN profits NNS without IN risk NN . SENT Perfectly RB efficient JJ markets NNS present VVP no DT arbitrage NN opportunities NNS . SENT Perfectly RB efficient JJ markets NNS seldom RB exist VVP , , but RB , , arbitrage NN opportunities NNS are VBP often RB precluded VVN because IN of IN transactions NNS costs NNS . SENT Arbitrage NN bondsMunicipality NN issued VVD bonds NNS issued VVD intended VVN to TO gain VV an DT interest NN rate NN advantage NN by IN refunding VVG a DT higher JJR rate NN bond NN in IN ahead RB of IN their PP$ call NN date NN . SENT Lower JJR rate NN refunding VVG issue NN proceeds NNS are VBP invested VVN in IN Treasuries NNS until IN the DT first JJ call NN date NN of IN the DT higher JJR rate NN issue NN . SENT Arbitrage NN free JJ option NN pricing NN modelsYield NN curve NN option NN pricing NN models NNS . SENT Arbitrage NN Pricing NN Theory NN APT JJ An DT alternative JJ model NN to TO the DT capital NN asset NN pricing NN model NN developed VVN by IN Stephen NP Ross NP and CC based VVN purely RB on IN arbitrage NN arguments NNS . SENT The DT APT JJ implies VVZ that IN there EX are VBP multiple JJ risk NN factors NNS that WDT need VVP to TO be VB taken VVN into IN account NN when WRB calculating VVG risk NN adjusted JJ performance NN or CC alpha NN . SENT Arbitrage NN Trading NN Program NP ATP NP See NP . SENT Program NN trading NN . SENT ArbitrageurOne NN who WP profits VVZ from IN the DT differences NNS in IN price NN when WRB the DT same JJ , , or CC extremely RB similar JJ , , security NN , , currency NN , , or CC commodity NN is VBZ traded VVN on IN two CD or CC more JJR markets NNS . SENT The DT Arbitrageur NP profits NNS by IN simultaneously RB purchasing VVG and CC selling VVG these DT securities NNS to TO take VV advantage NN of IN pricing NN differentials NNS spreads NNS created VVN by IN market NN conditions NNS . SENT See VV . SENT Risk NN arbitrage NN , , convertible JJ arbitrage NN , , index NN arbitrage NN , , and CC international JJ arbitrage NN . SENT Are VBP you PP open JJ . SENT Used VVN in IN context NN of IN general JJ equities NNS . SENT Can MD a DT new JJ customer NN still RB participate VV on IN opposing VVG side NN of IN the DT trade NN from IN that DT which WDT the DT first JJ customer NN initiated VVN . SENT , , Inquiring VVG as RB to TO whether IN any DT portion NN of IN that DT trade NN is VBZ still RB available JJ See VV . SENT Open JJ . SENT Arithmetic NN average NN mean VVP rate NN of IN returnArithmetic JJ mean JJ return NN . SENT Arithmetic NN mean VVP returnAn JJ average NN of IN the DT subperiod JJ returns NNS , , calculated VVN by IN summing VVG the DT subperiod JJ returns NNS and CC dividing VVG by IN the DT number NN of IN subperiods NNS . SENT Arm's NP length NN priceThe NN price NN at IN which WDT a DT willing JJ buyer NN and CC a DT willing JJ unrelated JJ seller NN would MD freely RB agree VV to TO transact VV . SENT Arms NNS indexAlso NN known VVN as IN a DT trading NN index NN TRIN NP total NN up IN volume NN total NN down IN volume NN . SENT An DT advance NN decline NN market NN indicator NN . SENT Less JJR than IN 1 CD . SENT 0 CD indicates VVZ bearish JJ demand NN , , while IN above IN 1 CD . SENT 0 CD is VBZ bullish JJ . SENT The DT index NN often RB is VBZ smoothed VVN with IN a DT simple JJ moving VVG average NN . SENT Around IN usUsed VVN in IN context NN of IN general JJ equities NNS . SENT See VV . SENT Away RB from IN you PP . SENT ArrearageIn NP the DT context NN of IN investments NNS , , refers VVZ to TO the DT amount NN by IN which WDT interest NN on IN bonds NNS or CC dividends NNS on IN cumulative JJ preferred JJ stock NN is VBZ due JJ and CC unpaid JJ . SENT Articles NNS of IN incorporationLegal JJ document NN establishing VVG a DT corporation NN and CC its PP$ structure NN and CC purpose NN . SENT Artificial JJ currencyA NN currency NN substitute NN , , e NN . SENT g NN . SENT , , special JJ drawing NN rights NNS SDRs NNS . SENT Ascending VVG topsA NN chart NN pattern NN that WDT depicts VVZ that IN each DT peak NN in IN a DT security's JJ price NN over IN a DT period NN of IN time NN is VBZ higher JJR than IN the DT preceding JJ peak NN . SENT Antithesis NN of IN descending VVG tops NNS . SENT Asian NP Currency NP Units NP ACU NP Dollar NN deposits NNS held VVN in IN Singapore NP or CC other JJ Asian JJ centers NNS . SENT Asian JJ optionOption NN based VVN on IN the DT average JJ price NN of IN the DT underlying JJ assets NNS during IN the DT life NN of IN the DT option NN . SENT AskThis NP is VBZ the DT quoted VVN ask VVP , , or CC the DT lowest JJS price NN an DT investor NN will MD accept VV to TO sell VV a DT stock NN . SENT Practically RB speaking VVG , , this DT is VBZ the DT quoted VVN offer NN at IN which WDT an DT investor NN can MD buy VV shares NNS of IN stock NN . SENT also RB called VVN the DT offer NN price NN . SENT Asked VVN priceIn NN context NN of IN general JJ equities NNS , , price NN at IN which WDT a DT security NN or CC commodity NN is VBZ offered VVN for IN sale NN on IN an DT exchange NN or CC in IN the DT OTC NP Market NP . SENT Asked VVN to TO bid VV offerUsed VVN in IN context NN of IN general JJ equities NNS . SENT Usually RB a DT seller NN buyer NN looking VVG to TO aggressively RB sell VV buy NN stock NN , , usually RB asking VVG for IN a DT capital NN commitment NN from IN an DT investment NN bank NN . SENT AspirinAustralian NP Stock NP Price NP Riskless JJ Indexed VVN Notes NNS . SENT Zero CD coupon NN four CD year NN bonds NNS repayable JJ at IN face NN value NN plus CC the DT percentage NN increase NN by IN which WDT the DT Australian JJ stock NN index NN of IN all DT ordinaries NNS common JJ stocks NNS rises VVZ above IN a DT predefined JJ level NN during IN the DT given VVN period NN . SENT AssayMetal JJ purity NN test NN to TO confirm VV that IN the DT metal NN meets VVZ the DT standards NNS for IN trading NN on IN a DT commodities NNS exchange NN commodities NNS exchange NN center NN . SENT Assessed VVN valuationThe NN value NN assigned VVN to TO property NN by IN a DT municipality NN for IN the DT purpose NN of IN tax NN assessment NN . SENT Such PDT an DT assessed VVN valuation NN is VBZ important JJ to TO investors NNS in IN municipal JJ bonds NNS that WDT are VBP backed VVN by IN property NN taxes NNS . SENT AssetAny NN possession NN that WDT has VHZ value NN in IN an DT exchange NN . SENT Asset NN activity NN ratiosRatios NNS that IN measure NN how WRB effectively RB the DT firm NN is VBZ managing VVG its PP$ assets NNS . SENT Asset NN allocation NN decisionThe NN decision NN regarding VVG how WRB an DT institution's NNS funds NNS should MD be VB distributed VVN among IN the DT major JJ classes NNS of IN assets NNS in IN which WDT it PP may MD invest VV . SENT Asset NN allocation NN mutual JJ fundA NN mutual JJ fund NN that WDT rotates VVZ amoung VVN stocks NNS , , bonds NNS , , and CC money NN market NN securities NNS to TO maximize VV return NN on IN investment NN and CC minimize VV risk NN . SENT Asset NP backed VVD securityA NN security NN that WDT is VBZ collateralized VVN by IN loans NNS , , leases NNS , , receivables NNS , , or CC installment JJ contracts NNS on IN personal JJ property NN , , not RB real JJ estate NN . SENT Asset NN based VVN financingMethods NNS of IN financing NN in IN which WDT lenders NNS and CC equity NN investors NNS look VVP principally RB to TO the DT cash NN flow NN from IN a DT particular JJ asset NN or CC set VVN of IN assets NNS for IN a DT return NN on IN , , and CC the DT return NN of IN , , their PP$ financing NN . SENT Asset NN classesCategories NNS of IN assets NNS , , such JJ as IN stocks NNS , , bonds NNS , , real JJ estate NN , , and CC foreign JJ securities NNS . SENT Asset NN coverage NN testA NN bond NN indenture NN restriction NN that WDT permits VVZ additional JJ borrowing NN if IN the DT ratio NN of IN assets NNS to TO debt NN does VVZ not RB fall VV below IN a DT specified JJ minimum NN . SENT Asset NN Depreciation NN Range NP SystemA NP range NN of IN depreciable JJ lives NNS the DT IRS NP allows VVZ for IN particular JJ classes NNS of IN assets NNS . SENT Asset NN equity NN ratioThe NN ratio NN of IN total JJ assets NNS to TO stockholder NN equity NN . SENT Asset NN for IN asset NN swapCreditors NNS exchange VVP the DT debt NN of IN one CD defaulting VVG borrower NN for IN the DT debt NN of IN another DT defaulting VVG borrower NN . SENT Asset NN liability NN managementThe NN task NN of IN managing VVG the DT funds NNS of IN a DT financial JJ institution NN to TO accomplish VV the DT two CD goals NNS of IN a DT financial JJ institution NN . SENT 1 LS to TO earn VV an DT adequate JJ return NN on IN funds NNS invested VVN and CC 2 LS to TO maintain VV a DT comfortable JJ surplus NN of IN assets NNS beyond IN liabilities NNS . SENT Also RB called VVN surplus NN management NN . SENT Asset NN management NN accountAccount NN at IN a DT brokerage NN house NN , , bank NN , , or CC savings NNS institution NN that WDT integrates VVZ banking NN services NNS and CC brokerage NN features NNS . SENT Asset NN playA NN company NN with IN assets NNS that WDT are VBP not RB believed VVN to TO be VB accurately RB reflected VVN in IN its PP$ stock NN price NN , , making VVG it PP an DT attractive JJ buy NN or CC play NN . SENT Asset NN pricing NN modelA NN model NN for IN determining VVG the DT required VVN or CC expected VVN rate NN of IN return NN on IN an DT asset NN . SENT Related VVN . SENT Capital NP asset NN pricing NN model NN and CC arbitrage NN pricing NN theory NN . SENT Asset NP stripperA NP corporate JJ raider NN company NN A DT that WDT takes VVZ over IN a DT target NN company NN company NN B NN in IN order NN to TO sell VV large JJ assets NNS of IN company NN B NN to TO repay VV debt NN . SENT Company NP A NP calculates VVZ that IN the DT net JJ selling NN of IN the DT assets NNS and CC paying VVG off RP the DT debt NN , , will MD leave VV the DT raider NN with IN assets NNS that WDT are VBP worth JJ more JJR than IN what WP it PP paid VVD for IN company NN B NN . SENT Asset NN substitutionOccurs NNS when WRB a DT firm NN invests VVZ in IN assets NNS that WDT are VBP riskier JJR than IN those DT that IN the DT debtholders NNS expected VVN . SENT Asset NN substitution NN problemArises VVZ when WRB the DT stockholders NNS substitute VV riskier JJR assets NNS for IN the DT firm's NNS existing VVG assets NNS and CC expropriate VV value NN from IN the DT debtholders NNS . SENT Asset NP swapAn NP interest NN rate NN swap NN used VVN to TO alter VV the DT cash NN flow NN characteristics NNS of IN an DT institution's JJ assets NNS in IN order NN to TO provide VV a DT better JJR match NN with IN its PP$ liabilities NNS . SENT Asset NP turnoverThe NP ratio NN of IN net JJ sales NNS to TO total JJ assets NNS . SENT Asset NP valueThe NP net JJ market NN value NN of IN a DT corporation's JJ assets NNS on IN a DT per FW share NN basis NN , , not RB the DT market NN value NN of IN the DT shares NNS . SENT A DT company NN is VBZ undervalued VVN in IN the DT market NN when WRB asset NN value NN exceeds VVZ market NN value NN . SENT AssetsA NP firm's NP productive JJ resources NNS . SENT Assets NNS requirementsA NN common JJ element NN of IN a DT financial JJ plan NN that WDT describes VVZ projected JJ capital NN spending NN and CC the DT proposed VVN uses NNS of IN net JJ working VVG capital NN . SENT AssignmentThe NN receipt NN of IN an DT exercise NN notice NN by IN an DT options NNS writer NN that WDT requires VVZ the DT writer NN to TO sell VV in IN the DT case NN of IN a DT call NN or CC purchase NN in IN the DT case NN of IN a DT put NN the DT underlying JJ security NN at IN the DT specified JJ strike NN price NN . SENT AssimilationThe NP public JJ absorption NN of IN a DT new JJ issue NN of IN stocks NNS once IN the DT stock NN has VHZ been VBN completely RB sold VVN by IN underwriter NN . SENT See VV . SENT Absorbed VVN . SENT Assumed VVN interest NN rateRate NN of IN interest NN used VVN by IN an DT insurance NN company NN to TO calculate VV the DT payout NN on IN an DT annuity NN contract NN . SENT AssumptionBecoming VVG responsible JJ for IN the DT liabilities NNS of IN another DT party NN . SENT ASX NN Derivatives NNS and CC Options NPS Market NP ASXD NP Options NPS market NN trading NN options NNS on IN more JJR than IN 50 CD of IN Australia's NP and CC New NP Zealand's NP leading JJ companies NNS . SENT Asymmetric JJ informationInformation NN that WDT is VBZ known VVN to TO some DT people NNS but CC not RB to TO other JJ people NNS . SENT Asymmetric JJ taxesWhen NN participants NNS in IN a DT transaction NN have VHP different JJ net JJ tax NN rates NNS . SENT Asymmetric JJ volatilityPhenomenon NN that IN volatility NN is VBZ higher JJR in IN down JJ markets NNS than IN in IN up IN markets NNS . SENT AsymmetryA NP lack NN of IN equivalence NN between IN two CD things NNS , , such JJ as IN the DT unequal JJ tax NN treatment NN of IN interest NN expense NN and CC dividend NN payments NNS . SENT At IN for IN Used VVN in IN context NN of IN general JJ equities NNS . SENT Paramount NP terms NNS used VVD to TO differentiate VV an DT offering NN . SENT Stock NN is VBZ offered VVN at IN . SENT stock NN is VBZ bid VVN for IN . SENT In IN an DT offering NN , , the DT trading NN syntax NN followed VVN is VBZ Quantity NN at IN Price NP . SENT in IN a DT bid NN , , the DT syntax NN followed VVN is VBZ Price NN for IN Quantity NN . SENT At IN parA NN price NN equal JJ to TO nominal JJ or CC face NN value NN of IN a DT security NN . SENT See VV . SENT Par NN . SENT At IN riskThe NN exposure NN to TO the DT danger NN of IN economic JJ loss NN . SENT Frequently RB used VVN in IN the DT context NN of IN claiming VVG tax NN deductions NNS . SENT For IN example NN , , a DT person NN can MD claim VV a DT tax NN deduction NN in IN a DT limited JJ partnership NN if IN the DT taxpayer NN can MD show VV it PP is VBZ at IN risk NN of IN never RB realizing VVG a DT profit NN and CC of IN losing VVG its PP$ initial JJ investment NN . SENT See VV . SENT Value NN at IN risk NN . SENT At IN the DT bellIn NP context NN of IN general JJ equities NNS , , at IN the DT opening NN or CC close NN of IN the DT market NN . SENT See VV . SENT MOC NP Order NP . SENT At IN the DT close JJ orderIn NN the DT context NN of IN securities NNS , , an DT all RB or CC none NN market NN order NN that WDT is VBZ to TO be VB executed VVN at IN the DT closing NN price NN of IN the DT security NN on IN the DT exchange NN . SENT If IN the DT execution NN cannot NN be VB made VVN under IN this DT condition NN , , the DT order NN is VBZ to TO be VB treated VVN as IN cancelled VVN . SENT In IN the DT context NN of IN futures NNS and CC options NNS , , refers VVZ to TO a DT contract NN that WDT is VBZ to TO be VB executed VVN on IN some DT exchanges NNS during IN the DT closing NN period NN , , a DT period NN in IN which WDT there EX is VBZ a DT range NN of IN prices NNS . SENT At IN the DT figureIn NN context NN of IN general JJ equities NNS , , at IN the DT whole JJ integer NN price NN excluding VVG the DT fraction NN closest JJS to IN the DT side NN of IN the DT market NN bid NN ask VV being VBG discussed VVN . SENT At IN the DT full JJ . SENT At IN the DT fullUsed JJ in IN context NN of IN general JJ equities NNS . SENT At IN the DT figure NN . SENT At IN the DT marketSee NN . SENT Market NN order NN . SENT At IN the DT moneyAn NN option NN is VBZ at IN the DT money NN if IN the DT strike NN price NN of IN the DT option NN is VBZ equal JJ to TO the DT market NN price NN of IN the DT underlying JJ security NN . SENT For IN example NN , , if IN xyz NN stock NN is VBZ trading VVG at IN 54 CD , , then RB the DT xyz NP 54 CD option NN is VBZ at IN the DT money NN . SENT At IN the DT opening NN orderIn NN context NN of IN general JJ equities NNS , , market NN order NN or CC limited JJ price NN order NN that WDT is VBZ to TO be VB executed VVN at IN the DT opening NN and CC corresponding JJ price NN of IN the DT stock NN or CC not RB at IN all DT , , and CC any DT such JJ order NN or CC portion NN thereof RB not RB so RB executed VVN is VBZ to TO be VB treated VVN as IN cancelled VVN . SENT Attribute NN biasThe NN tendency NN of IN stocks NNS preferred JJ by IN the DT dividend NN discount NN model NN to TO share VV certain JJ equity NN attributes VVZ such JJ as IN low JJ price NN earnings NNS ratios NNS , , high JJ dividend NN yield NN , , high JJ book NN value NN ratio NN , , or CC membership NN in IN a DT particular JJ industry NN sector NN . SENT Athens NP Stock NP Exchange NP ASE NP Greece's NP principal JJ stock NN exchange NN . SENT Auction NN Market NN Preferred JJ Stock NP AMPS NNS A DT type NN of IN Dutch JJ Auction NN Preferred JJ Stock NP A NP Merrill NP Lynch NP product NN . SENT Auction NN marketsMarkets NNS in IN which WDT the DT prevailing JJ price NN is VBZ determined VVN through IN the DT free JJ interaction NN of IN prospective JJ buyers NNS and CC sellers NNS , , as RB on IN the DT floor NN of IN the DT stock NN exchange NN . SENT Auction NN rate NN preferred JJ stock NN ARPS NP Floating JJ rate NN preferred JJ stock NN , , whose WP$ dividend NN is VBZ adjusted VVN every DT seven CD weeks NNS through IN a DT Dutch JJ auction NN . SENT AuditAn JJ examination NN of IN a DT company's JJ accounting NN records NNS and CC books NNS conducted VVN by IN an DT outside JJ professional NN in IN order NN to TO determine VV whether IN the DT company NN is VBZ maintaining VVG records NNS according VVG to TO generally RB accepted VVN accounting NN principles NNS . SENT See VV . SENT aAcountant's JJ opinion NN . SENT Audit NN trailResolves NNS the DT validity NN of IN an DT accounting NN entry NN by IN a DT step NN by IN step NN record NN by IN which WDT accounting NN data NNS can MD be VB traced VVN to TO their PP$ source NN . SENT Auditor's NP certificateSee NP . SENT Accountant's NP opinion NN . SENT Auditor's NP reportA NP section NN of IN an DT annual JJ report NN that WDT includes VVZ the DT auditor's JJ opinion NN about IN the DT veracity NN of IN the DT financial JJ statements NNS . SENT Aunt NN MillieAn NP unsophisticated JJ investor NN . SENT Australian NP Stock NP Exchange NP ASX NP Established VVD in IN 1987 CD following VVG the DT amalgamation NN of IN the DT six CD independent JJ stock NN exchanges NNS operating VVG in IN the DT Australian JJ state NN capitals NNS . SENT The DT ASX NP is VBZ the DT tenth JJ largest JJS stock NN exchange NN in IN the DT world NN on IN the DT basis NN of IN domestic JJ capitalization NN . SENT AutexVideo NP communication NN network NN through IN which WDT brokerage NN houses NNS alert VV institutional JJ investors NNS of IN their PP$ desire NN to TO transact VV block NN business NN a DT purchase NN or CC sale NN in IN a DT given VVN security NN . SENT Indications NNS transmit VV small JJ , , medium JJ , , and CC large JJ sizes NNS only RB , , with IN occasional JJ limits NNS mentioned VVD . SENT Supers NNS are VBP messages NNS with IN specific JJ size NN and CC price NN included VVD . SENT Both DT indications NNS and CC supers NNS can MD be VB only RB seen VVN by IN customers NNS institutional JJ subscribers NNS to TO Autex NP . SENT Trade NN recaps NNS , , advertised VVD block NN trades NNS entered VVN by IN the DT dealer NN subscribers NNS , , are VBP also RB displayed VVN , , but CC can MD be VB seen VVN by IN both DT institutions NNS and CC dealers NNS . SENT See VV . SENT Expunge VV , , size NN . SENT AuthenticationIn NP the DT context NN of IN bonds NNS , , refers VVZ to TO the DT validation NN of IN a DT bond NN certificate NN . SENT Authority NP bondA NP bond NN issued VVN by IN a DT government NN agency NN or CC a DT corporation NN created VVD to TO manage VV a DT revenue NN producing VVG public JJ enterprise NN . SENT The DT difference NN between IN an DT authority NN bond NN and CC a DT municipal JJ bond NN is VBZ that IN margin NN protections NNS may MD be VB incorporated VVN in IN the DT authority NN bond NN contract NN as IN well RB as RB in IN the DT legislation NN that WDT enables VVZ the DT authority NN . SENT Authorized JJ sharesNumber NN of IN shares NNS authorized VVN for IN issuance NN by IN a DT firm's JJ corporate JJ charter NN . SENT AutocorrelationThe NN correlation NN of IN a DT variable NN with IN itself PP over IN successive JJ time NN intervals NNS . SENT Sometimes RB called VVN serial JJ correlation NN . SENT Automated JJ bond NN system NN ABS NP The DT computerized JJ system NN that WDT records VVZ bids NNS and CC offers NNS for IN inactively RB traded VVN bonds NNS until IN they PP are VBP cancelled VVN or CC executed VVN on IN the DT NYSE NP . SENT Automated JJ Clearing NP House NP ACH NP A DT collection NN of IN 32 CD regional JJ electronic JJ interbank NN networks NNS used VVN to TO process VV transactions NNS electronically RB with IN a DT guaranteed VVN one CD day NN bank NN collection NN float NN . SENT Automated JJ Customer NN Account NP Transfer NN ACAT NN For IN transfers NNS of IN securities NNS from IN a DT non JJ equity NN trading NN account NN to TO your PP$ equity NN trading NN account NN with IN your PP$ broker NN . SENT Automated JJ Order NP System NP AOS NP Investment NP banks NNS , , computerized JJ order NN entry NN system NN that WDT sends VVZ single JJ order NN entries NNS to TO DOT NP Odd JJ Lot NN or CC to TO investment NN banks NNS , , floor NN brokers NNS on IN the DT exchange NN . SENT See VV . SENT Round NN lot NN , , GTC NP orders NNS . SENT Automated JJ Pit NP Trading NN APT JJ Introduced VVN in IN 1989 CD , , APT JJ is VBZ the DT LIFFE NP screen NN based VVN trading NN system NN that WDT replicates VVZ the DT open JJ outcry NN method NN of IN trading NN on IN screen NN . SENT A DT . SENT P NN . SENT T NN . SENT is VBZ used VVN to TO extend VV the DT trading NN day NN for IN the DT major JJ futures NNS contracts NNS as RB well RB as IN to TO provide VV a DT daytime JJ trading NN environment NN for IN non JJ floor NN trading NN products NNS . SENT Automatic JJ extensionAn JJ automatic JJ extension NN of IN time NN granted VVN to TO a DT taxpayer NN to TO file VV a DT tax NN return NN . SENT Automatic JJ funds NNS transferA NN transfer NN of IN funds NNS from IN one CD account NN or CC investment NN vehicle NN to TO another DT using VVG electronic JJ or CC telecommunications JJ technology NN . SENT Automatic JJ investment NN programA NN program NN in IN which WDT an DT investor NN can MD invest VV or CC withdraw VV funds NNS automatically RB . SENT A DT mutual JJ fund NN , , for IN example NN , , automatically RB withdraw VV a DT pre NP determined VVD specified JJ amount NN from IN the DT investor's JJ bank NN account NN on IN a DT regular JJ basis NN . SENT Automatic JJ reinvestmentSee NN . SENT Constant JJ dollar NN plan NN . SENT Automatic JJ stayThe NN restricting VVG of IN liabilityholders NNS from IN collection NN efforts NNS related VVN to TO collateral NN seizure NN . SENT Automatically RB imposed VVN when WRB a DT firm NN files VVZ for IN bankruptcy NN under IN Chapter NP 11 CD . SENT Automatic JJ withdrawalA NN mutual JJ fund NN that WDT gives VVZ shareholders NNS the DT right NN to TO receive VV a DT fixed JJ payment NN from IN dividends NNS on IN a DT quarterly JJ or CC monthly JJ basis NN . SENT AutoquoteAutoquote JJ indicative JJ prices NNS are VBP generated VVN for IN many JJ of IN the DT financial JJ options NNS contracts NNS traded VVN at IN LIFFE NP using VVG standard JJ mathematical JJ models NNS as IN derived VVN by IN Black NP and CC Scholes NP and CC Cox NP , , Ross NP , , Rubinstein NP . SENT Autoquote NP calculates VVZ prices NNS for IN all DT series NN by IN processing NN variables NNS captured VVN in IN real JJ time NN from IN other JJ systems NNS and CC trading NN members NNS each DT time NN the DT underlying JJ price NN changes NNS . SENT Autoquotes NNS indicate VVP where WRB a DT series NN may MD trade VV , , given VVN the DT current JJ level NN of IN the DT underlying JJ instrument NN . SENT AutoregressiveUsing NP past JJ data NNS or CC variable NN of IN interest NN to TO predict VV future JJ values NNS of IN the DT same JJ variable NN . SENT Availability NN floatChecks NNS deposited VVN by IN a DT company NN that WDT have VHP not RB yet RB been VBN cleared VVN . SENT Available JJ on IN the DT way NN inIn NN context NN of IN general JJ equities NNS , , stock NN is VBZ available JJ to TO new JJ customer NN as IN trade NN initiated VVN by IN another DT customer NN is VBZ about RB to TO be VB consummated VVN on IN the DT exchange NN floor NN . SENT Usually RB said VVD to TO an DT inquiring VVG salesperson NN . SENT See VV . SENT Open JJ . SENT AverageAn JJ arithmetic NN mean JJ return NN of IN selected JJ stocks NNS intended VVN to TO represent VV the DT behavior NN of IN the DT market NN or CC some DT component NN of IN it PP . SENT One CD good JJ example NN is VBZ the DT widely RB quoted VVN Dow NP Jones NP Industrial NP Average NP , , which WDT adds VVZ the DT current JJ prices NNS of IN the DT 30 CD DJIA NP stocks NNS , , and CC divides VVZ the DT results NNS by IN a DT predetermined VVN number NN , , the DT divisor NN . SENT Average JJ accounting NN returnThe NN average JJ project NN earnings NNS after IN taxes NNS and CC depreciation NN divided VVN by IN the DT average JJ book NN value NN of IN the DT investment NN during IN its PP$ life NN . SENT Average NN across IN day NN measuresAn NN estimation NN of IN price NN that WDT uses VVZ the DT average NN or CC representative NN price NN of IN a DT large JJ number NN of IN trades NNS . SENT Average JJ age NN of IN accounts NNS receivableThe NN weighted VVN average JJ age NN of IN all PDT the DT firm's JJ outstanding JJ invoices NNS . SENT Average JJ collection NN period NN , , or CC days NNS receivablesThe NN ratio NN of IN accounts NNS receivables NNS to TO sales NNS , , or CC the DT total JJ amount NN of IN credit NN extended VVN per IN dollar NN of IN daily JJ sales NNS average JJ AR NP sales NNS 365 CD . SENT Average NP costIn NP the DT context NN of IN investing NN , , refers VVZ to TO the DT average JJ cost NN of IN shares NNS or CC stock NN bought VVN at IN different JJ prices NNS over IN time NN . SENT Average JJ cost NN of IN capitalA NN firm's NNS required VVD payout NN to TO bondholders NNS and CC stockholders NNS expressed VVN as IN a DT percentage NN of IN capital NN contributed VVD to TO the DT firm NN . SENT Average JJ cost NN of IN capital NN is VBZ computed VVN by IN dividing VVG the DT total JJ required JJ cost NN of IN capital NN by IN the DT total JJ amount NN of IN contributed VVN capital NN . SENT Average JJ daily JJ balanceA NN method NN for IN calculating VVG interest NN in IN which WDT the DT balance NN owed VVD each DT day NN by IN a DT customer NN is VBZ divided VVN by IN the DT number NN of IN days NNS . SENT See VV also RB . SENT Adjusted JJ balance NN method NN and CC previous JJ balance NN method NN . SENT Average JJ downA NN strategy NN used VVN by IN investors NNS to TO reduce VV the DT average JJ cost NN of IN shares NNS , , in IN which WDT the DT investor NN purchases VVZ more JJR shares NNS with IN a DT fixed JJ amount NN of IN capital NN as IN the DT price NN of IN the DT shares NNS decrease VVP . SENT The DT investor NN receives VVZ more JJR shares NNS per IN dollar NN and CC decreases VVZ the DT average JJ price NN per IN share NN . SENT Average NP equityA NP customer's NNS average VVP daily JJ balance NN in IN a DT trading NN account NN at IN a DT brokerage NN firm NN . SENT Average NP lifeAlso NP referred VVD to TO as IN the DT weighted JJ average NN life NN WAL NP . SENT The DT average JJ number NN of IN years NNS that IN each DT dollar NN of IN unpaid JJ principal NN due JJ on IN the DT mortgage NN remains VVZ outstanding JJ . SENT Average JJ life NN is VBZ computed VVN as IN the DT weighted JJ average JJ time NN to TO the DT receipt NN of IN all DT future JJ cash NN flows NNS , , using VVG as IN the DT weights NNS the DT dollar NN amounts NNS of IN the DT principal JJ paydowns NNS . SENT Average NP maturityThe NP average JJ time NN to TO maturity NN of IN securities NNS held VVN by IN a DT mutual JJ fund NN . SENT Changes NNS in IN interest NN rates NNS have VHP greater JJR impact NN on IN funds NNS with IN longer JJR average JJ maturity NN . SENT Average JJ rate NN of IN return NN ARR NP The DT ratio NN of IN the DT average JJ cash NN inflow NN to TO the DT amount NN invested VVD . SENT Average JJ tax NN rateTaxes NNS as IN a DT fraction NN of IN income NN . SENT total JJ taxes NNS divided VVN by IN total JJ taxable JJ income NN . SENT Average JJ upA NN strategy NN used VVN by IN investors NNS to TO lower VV the DT overall JJ cost NN of IN shares NNS by IN buying VVG as IN many JJ shares NNS with IN a DT given VVN amount NN of IN capital NN in IN an DT increasing VVG market NN . SENT Buying VVG 1000 CD worth NN of IN shares NNS at IN 30 CD , , 35 CD , , 40 CD , , and CC 45 CD , , for IN instance NN , , will MD make VV the DT average JJ cost NN of IN the DT shares NNS 37 CD . SENT 50 CD . SENT AveragingSee NP . SENT Constant JJ dollar NN plan NN . SENT AwayA NP trade NN , , quote NN , , or CC market NN that WDT does VVZ not RB originate VV with IN the DT dealer NN in IN question NN , , e NN . SENT g NN . SENT , , the DT bid NN is VBZ 98 CD 10 CD away RB from IN me PP . SENT Away RB from IN the DT marketIn NN context NN of IN general JJ equities NNS , , out RB of IN line NN with IN the DT inside JJ market NN at IN this DT time NN , , such JJ as IN when WRB a DT bid NN on IN a DT limit NN order NN is VBZ lower JJR or CC the DT offer NN price NN is VBZ higher JJR than IN the DT current JJ market NN price NN for IN the DT security NN . SENT held VVN by IN the DT specialist NN for IN later JJR execution NN unless IN FOK NP . SENT Antithesis NN of IN in IN line NN . SENT Away RB from IN usUsed VVN in IN context NN of IN general JJ equities NNS , , to TO characterize VV role NN of IN a DT competing VVG broker NN dealer NN . SENT Trading NN away RB from IN us PP signifies VVZ that DT stock NN is VBZ bought VVN and CC or CC sold VVN with IN institutions NNS using VVG other JJ trading NN firms NNS . SENT Away RB from IN youUsed VVN for IN listed JJ equity NN securities NNS . SENT See VV . SENT Outside IN of IN you PP . SENT Axe NP to TO grindUsed JJ in IN context NN of IN general JJ equities NNS . SENT Involvement NN in IN a DT security NN , , whether IN through IN a DT position NN , , order NN , , or CC inquiry NN . SENT Copyright NN 2003 CD Campbell NP R NP . SENT Harvey NP , , Professor NP of IN Finance NP , , Fuqua NP School NP of IN Business NP at IN Duke NP University NP Copyright NP 2005 CD Yahoo NN . SENT Inc NP . SENT All DT rights NNS reserved VVD . SENT Privacy NN Policy NN Terms NNS of IN Service NP Copyright NP IP NP Policy NP Data NP is VBZ provided VVN for IN informational JJ purposes NNS only RB , , and CC is VBZ not RB intended VVN for IN trading NN purposes NNS . SENT Yahoo NN and CC Campbell NP R NP . SENT Harvey NP shall MD not RB be VB liable JJ for IN any DT errors NNS or CC delays NNS in IN the DT content NN , , or CC for IN any DT actions NNS taken VVN in IN reliance NN thereon RB . SENT