坎贝尔河哈维氏超文本财务词汇

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选链接

乙

五的纳斯达克股票，指明问题 描述符信是b类的公司 股份 。

企业对企业

个企业的直接处理互联网战略 ，而不是消费者，即业务（2）业务。

广管局

两个字符的标准 3166国家代码forbosnia和黑塞哥维那。

军火

标准 4217波斯尼亚和herzegovinan可兑换马克货币代码。

班

： 银行预期笔记

英美

： 建筑工地全部风险

降b

两个字符的标准 3166巴巴多斯国家代码。

代码：bbd

标准为4217巴巴多斯美元货币代码。

屋宇署

两个字符的标准 3166孟加拉国的国家代码。

电信发展局

标准 4217为孟加拉塔卡货币的货币代码。

德国工业联合会

参考： 波罗的海干散货指数

是

两个字符的标准 3166为比利时国家代码。

信标

： 波士顿外汇自动传播新秩序，路由网络

熊

： 债券启用年度退休储蓄（熊）

比利时法郎

标准为4217比利时法郎货币代码。

高炉

两个字符的标准 3166布基纳法索国家代码。

bg

两个字符的标准 3166保加利亚国家代码。

列弗

1999年7月标准 4217为保加利亚列弗货币代码。

列弗

前的标准 4217为保加利亚列弗货币代码。

波黑

两个字符的标准 3166巴林国家代码。

六六六

： 银行控股公司 。

有限公司

标准 4217第纳尔的bahrainian货币代码。

毕

两个字符的标准 3166布隆迪的国家代码。

百慕大

： 银行投资合同

仁爱基金会

： 银行保险基金

仁爱基金会

标准为4217布隆迪法郎货币代码。

bips

： 基点。

国际结算银行

： 国际清算银行

北京

两个字符的标准 3166为贝宁国家代码。

骨髓

两个字符的标准 3166百慕大国家代码。

骨密度

标准 4217为百慕大元的货币代码。

英国国民

两个字符的标准 3166文莱达鲁萨兰国的国家代码。

德国联邦情报局

标准 4217文莱达鲁萨兰国美元货币代码。

公报

两个字符的标准 3166玻利维亚国家代码。

巴鲁达

标准为4217玻利维亚玻利维亚诺货币代码。

bot方式

： 建立自己的传输

买

： 基点。

商业登记

两个字符的标准 3166为巴西国家代码。

brl

标准 4217皇马的巴西货币代码。

学士

两个字符的标准 3166巴哈马国家代码。

bsd的

标准为巴哈马4217美元的货币代码。

英国电信

两个字符的标准 3166不丹的国家代码。

溴代三氟獒烷

： 图书市场。

百特

标准 4217为不丹努扎姆货币代码。

bv公司

两个字符的标准 3166布维岛国家代码。

体重

两个字符的标准 3166博茨瓦纳的国家代码。

荞麦蛋白

标准 4217为博茨瓦纳普拉货币代码。

按

两个字符的标准 3166为白俄罗斯国家代码。

byb

标准 4217白俄罗斯卢布的货币代码。

蜂鸣器

两个字符的标准 3166伯利兹国家代码。

苯二氮

标准 4217为伯利兹元的货币代码。

婴儿债券

以低于1000美元面值 的债券 。

后退

一般股票的范围内，退出以前申报利益， 指示 ，或交易 ; 经纪 - 交易商的失败，作为市场庄家在特定的安全 ，希望在一个申办好/的最低数量提供 。

回收费

于延长之缴付的费用，如果买家希望继续选择 。

回个月

期货和期权 交易方面，是指与到期日最远的合约月。 最远的一个月 。

后台管理

纪公司文书操作的支持，但不包括的是股票和其他证券 买卖 。 有书面确认和对行业 的解决 ，记录保存和法规遵从发生在后台。

回到架上

一般股票的情况下，永久取消 ，客户订单 /在股票 的兴趣 。 ： 以粉末 。

补交税款

未按时缴纳拖欠的税金。

备份

（1）当债券 收益率上升和价格下跌，该市场被认为备份。 （2） 投资者谁出一个安全的 掉期缩短到目前的成熟另一个据说是备份。

“备份车”

一般股票的背景下，“准备一个非常大的买家。”

回溯

共同基金的范围内，允许fundholders功能上使用的意图 ，以在共同基金投资中的收费降低销售交换信件一个较早的日期，如给予追溯价值从提前购买 。

借壳上市

通过后门 .. 走向公众

支持的

一般股票的背景下，描述意想不到的事件的结果，从而允许在一个折扣或出售时溢价 购买 。

后端佣基金

共同基金的收费投资者出售的费用（ 赎回 ） 的股票 ，常常从4％至6％不等。 些后端佣基金实施全面佣金 ，如果股票 ，可在指定的时间长短，赎回等一年。 委员会的减少，时间越长， 投资者 持有的股份。 式名称为后端负载的队伍递延销售费，或cdsc

返回测试

建运用现有资产选择标准时间段前一个假设的投资组合业绩的历史。

返回到回融资

个公司间贷款通过银行渠道。

返回到后端贷款

贷款 ，其中两个在不同国家的公司 借用对方的一个特定时期的货币和偿还其他的货币在商定的期限 。

备份线路

商业票据发行人 的信贷银行行覆盖成熟指出 ，如果由于某种原因，销售新钞票，以支付到期的票据，是不可能的。

备用信贷额度

一个商业票据的发行银行获得的资金保证，以保护从默认处长投资者 。 发行人支付承诺费的银行。

备份预

预提的投资收入（如利息 ， 股息 ）的条件下，银行和其他企业，如缺少纳税人识别号码（tin）或受到来自美国国税局的方向一定数额。 见：tefra，w - 8表 ，w - 9表 。

升水

的市场条件，其中期货价格较低，比最近交割月份遥远的交货个月。 可能发生在存储产品的成本 ，直至最终交货地从今天的价格减去。 价差相反。

坏银行

府拥有的实体，接管并清算的失败或减少金融机构的 有毒资产留给一个干净的资产负债表他们。 战略的最后使用了储蓄和贷款危机在20世纪80年代该实体被称为信托公司。

坏帐

债务是注销并认为无法收回 。

坏交付

立面的交割 。

错误的标题

产所有权，这并不明显授予权，通常是在房地产方面。

百凯

面市场 图片日本术语，主要适用于国际股票。

救助

阿资本注入提供了一个国家或多个全国性的覆盖范围，在破产 ， 破产 ，或总清算的危险是一个企业 。 政援助能够提供的债券或股票的形式发行，现金捐款，或某些贷款或信用额度的形式，而且往往被更多的政府监督和调控陪同。 个企业，并聘用了数以千计的失败或在其经济影响力的作用可能可以传送到整个经济的冲击波，包括其他行业 。 信用危机，在2007年开始在世界各地建立，导致了大量的政府几乎在所有行业的救助计划在全球各地举办多次失败。 见： 保护人 ，： 管理 。

拯救

证券方面，是指销售安全或商品很快，不管价格。 可能出现的投资者不再愿意保持一个股票的进一步损失 。

提到缓解财政困难的个人， 公司或政府实体。

救市债券

决议融资公司（refcorp） 发出甲债券挽救失败的储蓄在80年代末和90年代初和贷款协会 。

贝克计划

美国前财政部长国务卿詹姆斯贝克下，15个主要中等收入债务国国家（贝克15日）将进行面向增长的结构改革，计划将支持由世界银行和商业银行继续贷款增加融资。

国际收支

统计汇编的所有经济交易 ，该国之间和所有其他国家的居民，居民主权国家制定规定的时期内，在时间，通常是历年。

贸易平衡

物净流量（出口减去进口）的两个国家。

平衡的商品和服务

网的交易余额，包括了对利益和外国投资者和投资 ，以及收入和支出，从国际旅游业造成的股息 支付净额 。 称为贸易平衡。

资产负债表

称为财务状况的声明，它是一个公司的 资产 ， 负债总结，和业主的权益 。

资产负债表曝光

： 会计曝光 。

资产负债表身份

=总负债总资产 +'总股东权益 。

平衡预算

其中的预算收入等于支出。 ： 预算 。

平衡基金

家投资公司 ，在股票和债券投资。 为一种平衡的共同基金相同。

平衡互惠基金

是一个基金， 购买 普通股 ， 优先股和债券 。 为一种平衡基金相同。

气球利益

串行债券 问题方面，在对债券的提高息率晚期到期。

气球成熟

何大的主要支付的到期日到期的债券或贷款有或没有偿债基金的要求 。

气球付款

： 子弹。

气球付款

后的（大）支付的偿还所有剩余本金和偏摊销或摊销贷款 利息 。

选票

年度会议的记录谁要选在人的股份 的股东分发的文件。

波罗的海干货指数（bdi的）

个指数 ，跟踪一样的运输水泥，煤炭，铁矿石价格的干散货和粮食的散货船。 于这些商品很多都是原材料进入制成品的生产，往往采取的bdi要成为经济增长和生产指标。 指数维持在伦敦的波罗的海交易所。

班

： 债券预期的说明 。

银行的公司治理机制

事会的组织，以便它主要由银行家和公司内部 。

银行预期说明（班）

州和市政府 发出的债券，以获取最终将用于资助通过的债券发行出售 长期 长期项目的临时融资 。

银行收集浮动

间的时间，当一个经过的检查是存入银行帐户的资金时，可向存款人，在此期间，该银行正在收集从付款人的银行付款。

银行贴现基础

引用的年收益率计算投标和对国库券 提供的基础上，每年360天中使用的一种惯例。

银行汇票

银行阿草案 。

银行控股公司

公司拥有或控制的两个或两个以上的银行和/或其他银行控股公司 的兴趣 。

银行保险基金（仁爱基金会）

对美国联邦存款保险公司（fdic） 的单位提供，不包括储蓄银行的存款保险 。

国际清算银行（bis）的

际银行在瑞士巴塞尔，作为一个专为金融服务合作论坛在几个欧洲央行总部，日本央行，美国联邦储备体系 。 1930年成立，以处理第一次世界大战德国支付赔偿，但现在监测和收集数据的国际银行业务活动的规则和颁布有关国际银行监管 。

银行投资合同（百慕大）

保证在一个投资组合由银行在一个特定的收益率具体时限利息 。

银行线

信贷额度 ，银行授予客户。

银行信用证政策

准允许银行确认通过支持美国出口购买外国银行的信用证 。

钞票

用纸张的钱 ，或由银行发行货币的同义词的术语。 券，实际上是一种承诺支付要求持票人对票据票面表示的数额。 天，只有联邦储备银行有权发行钞票，即联邦储备券在美国。

银行监管

订和颁发的具体规则或规章授权的机构，根据管辖法律，该行为与银行的结构。

银行运行（银行恐慌）

突发现金存款的一个信心，或者担心银行将由租船 机构 ，即很多存户提取现金几乎同时关闭的突然下降，造成提款系列 。 于现金储备银行手头保留，只是其存款的一小部分，在很短的时间内撤出了大量可能耗尽可用现金，并迫使银行关闭，并可能倒闭。

银行信托部

行部门与屋交易，管理信托基金 ，并提供服务，如规划咨询的客户资产。

银行电汇

算机信息系统连接各大银行。 是用来不支付款项，但作为一种机制，告知已发生的一些行动，例如，接收银行，成为该银行的账户付款客户的资金。

银行承兑汇票

的短期 信贷投资非金融企业创建和由银行担保的付款。 承兑汇票的交易的折扣 ，以面对在二级市场的 价值 。 些文书已经成为了货币市场基金流行的投资。 们通常用于国际交易 。

银行延迟

理所需的时间和结算1通过银行系统检查 。

bankmail

一家公司的协议进行了收购 报价和银行，银行将不会资助另一个收购出价。

破产

力支付债务 。 一个公有实体的破产，该公司的 资产的所有权的转让由股东向债券持有人 。

破产法

律管辖的公司，直辖市破产诉讼和个人。 定通过美国联邦破产改革法案1978。

鉴于破产成本

计这个论点的直接和间接破产 成本 抵消从利用其他的好处，使杠杆最佳量小于100％的债务融资。

破产程序

破产法涉及的法律诉讼。 程序可能导致清算或该公司的重组 。

破产风险

风险 ，一个企业将无法履行其偿债 义务 。 被称为违约或破产的风险 。

鉴于破产

期的论点破产成本排除融资与债务完全公司 。

酒吧

语为100万美元。

杠铃策略

固定收入的战略 ，其中的证券的到期的投资组合包括在两个极端集中。

赤脚投资者

个流行的澳大利亚广播节目教导青少年理财知识的重点。

赤脚朝圣者

为简单的投资者谁失去了对股市的一切俚语。 了不被混淆赤脚投资者 。

特价猎人

一般股票， 购买谁是极上的交易价格所要求的选择范围。

逢低购买价格选择

予承租人选择购买以低于公平市场价值的价格的资产时， 租约到期。

晴雨表

济和市场数据，代表着整体趋势 。 道琼斯工业平均指数是一个股市的晴雨表的例子。

巴拉的性能分析（perfan）

巴拉，一伯克利咨询公司开发的一种方法，加利福尼亚州，是常用的应用业绩归因分析评估其基金经理业绩的机构投资者 。

障碍期权

期权合约仍然存在，直到有一个触发点（隔离墙的价格）达到休眠，此时在长或短的选项位置，或在一个选项位置自动行使认购或认沽期权被激活，结果也。一例子是一个上升阶段的呼叫。 设50美元和53美元的价格行使价障碍。 果股票跌破53美元保持，呼叫选项不能行使。 果股价达到53美元的价格障碍，那么持有人已在50美元的股票期权。 些都是外来的选择。

巴隆的信心指数

指数衡量的10个最大的平均 收益率级债券 s到的平均收益率10中间级债券。 间的高额定高档债券和低评级债券收益率的差异建立了一个措施是投资者信心的指示。

以物易物

贸易 /的交换货物或服务不使用货币 。

基地

的技术分析工具。图表模式描绘时期，供应和某些股票的需求是相对平衡，在狭窄的交易范围内造成的。 支持程度和阻力位合并。

基础货币

要适用于国际股票。 货币中收益或经营的国际投资组合损失的测量。

基地利率

关： 基准利率 。

基地的市场价值

一证券组平均市场价格在特定时间。 于索引的目的。

基期

为当一个衡量经济数据的比较用途特定的时期内。

基地概率损失

无法实现预期收益一投资组合的概率。 关： 在险价值 。

基准利率

国相当于美国的最优惠利率 。

巴塞尔协议

间缔结的协定国家的代表于1988年在瑞士开发标准化的风险为基础的银行资本要求不同国家。

基本平衡

国际收支的基本平衡是对经常项目组合和资本账户 的净余额。

基本业务战略

公司打算继续执行其业务计划的主要战略。

内部收益率的基本规则

果接受该项目的回报率高于贴现率 ，拒绝该项目如果它比折扣率低。 是明智的考虑，为评估项目的净现值 。

基础

格的投资者支付的安全加外的任何自费开支 。 是用来确定资本收益或损失 ，因为当股票出售税的目的。 外，对于期货合约 ，之间的现金价格和期货价格分别观察到市场上 。

基点

债券 市场 ，最小的举措引用产量使用是一个基点。 一个在债券的 收益率个百分点，等于100 的基础点。 点，也用于利息率。 5％的利率50个基点，高于4.5％的利率。 时被称为基点，bips，并宣布“bips”

基础价格

格表示的收益 回报 到期或年率 计算 。

基差风险

间的放置，以及对冲起重基础的意外变化。 差风险是多余的衔接。

篮

用于衍生产品。 票组组成，意图也被收购或出售一下子，通常以执行指数套利或对冲程序。

篮信用违约掉期

信用衍生合同，提供了一个回报时，任何多参考实体的默认 。 合同规定了违约之后产生的收益是基于该文书被列为率先违约信用违约掉期 ，第二次对违约cd或更一般的n次，数量到默认的cd。

篮子期权

对涉及两个以上的货币对一个基本货币汇率在到期 。 子期权的买方购买的权利，而不是义务 ，在收到基地指定的货币汇率，无论是在当前外汇 市场汇率或在汇率预先率。 多种货币的现金流量经常使用篮选择，因为它一般是便宜买就多买货币对货币的选项，每个组成篮篮的选择多国公司 。

篮子交易

关： 计划交易 。

bayseian推理

一种推理方法，使观察者有一个假设先前的信念和信仰是观测数据后更新。

屋宇署形式

个美国证券交易委员会的文件的经纪公司，概述了企业氏财政和人员需要。

企业发展服务统计

请相关组成的检查概率纯随机系统可以有作为所研究的系统相同的比例特性为基础的统计。 ： 关联积分 。

波士顿外汇自动传播新秩序，路由网络（信标）

个系统允许的交易自动执行上的综合市场目前的股票价格为基础在美国证券 交易所的。

熊

个投资者谁认为，一个股票或整个市场就会下降。 市场是股市下跌，长期通常由20％以上。 关： 牛 。

熊光盘

光碟支付持有人的任何属于某一市场指数的一小部分。

熊拥抱

常用于风险套利 。 敌意 ，其中收购企图的收购 提供了比对收购方的股票市值特大保费 ，以作为挤压（拥抱）的成接受 的目标 。

熊市

何的市场， 价格表现出下降的趋势 。 于长时间，一般下降20％或更多。

熊袭击

一般的股票，试图通过为投资者范围内移动的股票价格时机通过出售股份 短期大量。 袋后，投资者之间的这种演习的初始价格和新的，较低的价格差异。 种技术是非法的证券交易委员会的规定，该条规定每短期 销售必须建立在上扬 。

熊反弹

个股市短暂急升，而一级市场的趋势是看跌。

熊蔓延

用于衍生产品。在选择或市场 ，旨在充分发挥在一个安全和商品价格下跌的好处期货策略 。 熊与期权传播创造了一定的购买价格和销售罢工以较低（具有相同到期日）行使价就同一股票看涨期权看涨期权。 熊与看跌期权的蔓延就是一个投资者购买的是具有高投入执行价格和销售低价格的罢工表决。 着期货，投资者销售合同，购买附近下了合同。 有这些战略的目的是利润，在相关资产的价格下跌。

熊陷阱

面临的困境短期卖家当熊市反转的趋势 ，成为看涨 。 资产继续出售的价格进一步下滑预期，然后卖空者被迫支付更高的价格。

不记名债券

对发行人的图书登记债券。 些债券持有实物形式由业主，谁获得通过物理分离的债券证书 券 ，并提供他们的代理人支付 利息 。

无记名形式

述问题的安全形式的未登记在发行 公司的书籍，因此其持有人支付。 见： 不记名债券 ， 息票债券 。

记名股票

安全没有注册对发行公司的书籍，从而支付的股份持有者。未经背书 转让 ，并通过交付 转让 ，从而避免与普通股相关的控制一些。 股息红利的优惠券时，介绍费的日期是或编号。 要适用于国际股票。

看跌

用于描述投资者的态度。 市的投资者认为，某一特定资产，或作为一个整体的市场价值下降。

打的枪

一般股票的情况下，获得了贸易 ，通过快速响应市场发展的有利的价格。

税前贡献

名雇员的薪金部分作出贡献的退休计划之前，联邦收入税的扣除 ，这降低了个人的联邦税收目的的总收入 。

税前利润率

之前的净销售额税净收入的比例。

以邻为壑的邻居

个竞争性贬值的国际贸易政策和增加保护屏障，有一个国家机构获得在其贸易伙伴的费用 。

以邻为壑邻居贬值

贬值 ，旨在贬低一个国家的货币 ，从而增加在其他国家为代价的出口。 贬值还可以降低一个国家的进口。 种贬值往往导致贸易战争。

行为金融学

个重要的子领域的资金。 资金使用行为的pyschology领域的见解，并将其应用于在贸易和其他金融应用个人的行动。

背后

于上市股本证券。 同样的价格，但进入后，你的订单 / 兴趣 ，例如在专家的书，。 立面的你提前 。

贝尔

证券交易所信号来表示的开放和对交易 结束 。

领头羊问题

关： 基准问题 。

低于标准杆

于名义或面临的安全 值 。

基准

预定的一套证券用于比较目的使用性能。 种电视机可根据公布的指标或可自定义以适应的投资策略 。

基准误差

用一对真正的市场组合不适当的代理 。

基准利率

称为基本利率 ，这是最低利率的投资者将要求在非国库券投资。 也是联系在一起的， 以对可比到期国债的安全性，最近发出 （ 上 提供的 到期收益率 的经营 ）。

基准问题

称为上的经营或电流券 发行或领头羊的问题 。 二级市场中，基准的问题是最近拍卖财政部为每个成熟的问题。

之下

于上市股本证券。 1） 后面 ，2）价格下跌。

实益拥有人

于用于大多数的目的，根据法律，联邦证券 。 个股票的实益拥有人或任何与独立或共同有权批准或处置股票实体。 sec的定义是为了包括持有人谁享有所有权，但该股票可能是另一人的名下的好处。

受益所有权

常用于风险套利 。 谁享有所有权的利益，即使在另一个标题名称。 （受虐通过一个违章泊车非法使用。）

受益人

语用来指的人，谁得到的信托利益或对人寿保险政策的收益收件人。

遗赠

产留给继承人下一个会的条件 。

百慕大期权

个可以在多次一定数量（不像欧式期权 ，可行使只能在到期日和美式期权 ，可随时认购） 行使 选择 。

最好的评级

评级 am best公司分配给有关公司有能力履行其义务 ，其投保人的保险公司。

尽最大努力

个高标准的承诺，但仍然在一个不可抗力事件可以原谅的。

最佳努力出售

种证券 的分配方法/ 承保该证券公司同意出售作为尽可能提供多并返回未售出的股票的发行人 。 对于保证或固定价格 出售或购买协议，其中承销商同意出售特定数量的股票（和拥有在自己的帐户，如果有需要任何未售出的股份）。

最佳利益的，债权人测试

规定，即债权的持有人投反对票的重组计划必须得到至少高达如果债务人的清算 。

测试版

个资产相对于市场 风险的措施（例如， 标准普尔500指数 ）或替代指标或因素 。 略地说，为1.5测试版的安全性，将进入平均 ，1.5倍的市场回报 。 [更确切地说，是股票的 超额收益 （超出一短期货币市场利率）预计会在市场的1.5倍超额收益 ）。]根据资产定价理论，β代表类型的风险， 系统风险 ，即不能多样化了。 使用测试，有一些问题，你需要了解的：（1）测试版通过时可能会发生变化;（2）测试版可能会有所不同市场的方向而定（即测试版可能是下更大的动作在市场，而不是再移动），（3）预计测试将是偏颇的安全性不频繁的贸易;（4）测试不一定是完整的风险衡量（您可能需要多个测试版）。 外，请注意测试版是一个联动的措施，而不是波动性 。 是一个安全可能有一个零β和高于市场的波动。

测试方程（安全）

一个安全的市场测试确定如下： 倒退 超额回报的股票y对市场的超额回报。 率系数的测试版。 义为观察数数 n。

β=

[（n）的（总和[札]）] - [（x的总和）（y的总和）] /

[（n）的（在第[xx总结]）] - [（总和的x）（x的总和）]

中：n =＃观测（通常是36至60个月）

x =了对标准普尔500指数的回报率

y二率为安全返回。

关： 阿尔法

偏预期理论

关： 纯理论的期望 。

买入

格是一个潜在的买家愿意支付的安全性 。 时也用在收购方面有一个公司正在申请（尝试购买 ），另一家公司。 交易 ，我们有买卖价差这是什么之间的购买者愿意支付的款项与卖家要求在价格上的差异。

买入距离

在柜台交易。从另一个经销商 报价存在于相同的（上市）或更高（ 场外交易 ）的价格。

买入询问蔓延

间的申办和要求的价格差异。

投标保证金

出价 “表演” 债券的比例很小（1-3％）的投标合同价，退还给失败者组成的，一旦批出合约。

买入价

是报价 投标 ，或最高价格的投资者愿意支付购买一安全 。 事求是地讲，这是可用的价格，投资者可以出售的股票 的股票 。 关： 问问 ， 提供 。

买入价对覆盖比率

对安全的国债拍卖收到投标的比例相比，接受投标数量。

买入通缉

于一般股票的情况。 布一对证券 持有人想出售，将娱乐出价 。

竞价者

公司或个人想购买一公司或担保 。

买方出价

一般的股票，非侵略性买方谁喜欢等待在支付更低的价格，希望自然卖方方面。

通过市场竞价

一般股票的情况下， 积极愿意购买时的内部市场 溢价一安全 。 比与投标买家 。

抬高

动的出价更高。

分岔

一个非线性动态系统开发的两倍，它可能的解决方案之前，走过了它的临界水平。 分岔级联通常被称为期间翻一番路线混乱 ，因为从一个有序的体制过渡到一个混沌系统经常发生时可能的解决方案数量开始增加，每次增加一倍。

分岔图

图显示的关键点上分歧发生，并且，在这一点上存在着可能的解决办法。

大爆炸

用于在伦敦证券交易所1986年的经济自由化，任期（伦敦）当交易的自动化。

纽约证交所

的纽约证券交易所（nyse）的昵称。 称为外汇 。 2000多名普通和优先股的交易 。 立于1792年，纽约证交所是美国历史最悠久的交流，而最大的。 位于华尔街的纽约市。

大图

to highlight trading interest due to the size of the trade .

big producer

a successful broker who generates a large volume of commission . see rainmaker .

big uglies

unpopular stocks .

bilateral netting

bilateral netting - the consolidation of all swap agreements between two counterparties into one master agreement. the result is that if one counterparty bankrupts, that counterparty cannot seek to collect on any swaps that are in-the-money to them while at the same time refusing to pay out on any that are out-of-the-money. instead, the master agreement sets out that in this event all swaps between the two counterparties will be netted; only then will the bankrupt company receive money, and then only if they are net in-the-money.

bill of exchange

general term for a document demanding payment.

bill of lading

a contract between an exporter and a transportation company in which the latter agrees to transport the goods under specified conditions that limit its liability . it is the exporter's receipt for the goods as well as proof that goods have been or will be received.

billing cycle

the time elapsed between billing periods for goods sold or services rendered.

binary credit default swap

similar to a credit default swap except that there is a fixed dollar payoff in the event of default .

binary option

an option where the payoff is a fixed amount of an asset or nothing at all.

粘结剂

an amount of money paid to indicate good faith in a transaction before the transaction is completed.

binomial option pricing model

an option pricing model in which the underlying asset can assume one of only two possible, discrete values in the next time period for each value that it can take on in the preceding time period.

bi-weekly mortgage loan

a mortgage loan on which interest and principal payments are made every half-month (total of 26 payments) as opposed to monthly payments. this results in earlier loan retirement .

black friday

a precipitous drop in a financial market . the original black friday occurred on september 24, 1869, when prospectors attempted to corner the gold market.

black litterman model

an asset allocation model that allows portfolio managers to incorporate views into capm equilibrium returns and generate portfolios that are more diversified than those produced with plain mean-variance optimization.

black market

法市场。

black monday

refers to october 19, 1987, when the dow jones industrial average fell 508 points on the heels of sharp drops the previous week. on monday, october 27, 1997, the dow dropped 554 points. while the point drop set a new record, the percentage decline was substantially less than in 1987.

black-scholes option-pricing model

a model for pricing call options based on arbitrage arguments. uses the stock price, the exercise price, the risk-free interest rate , the time to expiration , and the expected standard deviation of the stock return . developed by fischer black and myron scholes in 1973.

blackout period

a period of time before the earnings release of a public company during which its directors and specific employees deemed insiders cannot trade the company's stock .

blank check

a check that is duly signed, but the amount of the check is left blank to be supplied by the drawee.

blank check offering

an initial public offering by a company whose business activities are undefined and therefore peculative.

blank check preferred stock

this is stock over which the board of directors has broad authority to determine voting, dividend, conversion, and other rights. while it can be used to enable a company to meet changing financial needs, its most important use is to implement poison pills or to prevent takeovers by placement of this stock with friendly investors .

blanket certification form

see: nasd form fr-1

blanket fidelity bond

sec -required insurance coverage that brokerage firms are required to have in order to cover fraudulent trading by employees.

blanket inventory lien

a secured loan that gives the lender a lien against all the borrower's inventories .

blanket mortgage

a mortgage that covers at least two pieces of real estate as collateral for the same mortgage.

blanket recommendation

a recommendation by a brokerage firm sent to all its customers advising that they buy or sell a particular stock regardless of investment objectives or portfolio size.

blind pool

a limited partnership that does not announce its intentions as to what properties will be acquired .

blind trust

a trust in which a fiduciary third party has total discretion to make investments on behalf of a beneficiary while the beneficiary is uninformed about the holdings of the trust .

blitzkrieg tender offer

in the context of a takeover , refers to a tender offer that is priced so attractively that the tender is completed quickly.

块

large quantity of stock or large dollar amount of bonds held or traded . as a rule of thumb, 10,000 shares or more of stock and $200,000 or more worth of bonds would be described as a block.

block call

in the context of general equities, conference meeting during which customer indications and orders, along with the traders' own buy /sell preferences, are conveyed to the entire organization. see block list .

block house

brokerage firms that help to find potential buyers or sellers of large block trades .

block list

in the context of general equities, listing of stock the investment bank is looking for (wants to buy ) or (wants to sell) at the beginning of the day, whether on an agency or principal basis .

block trade

a large trading order , defined on the new york stock exchange as an order that consists of 10,000 shares of a given stock or at a total market value of $200,000 or more.

block trader

a dealer who will take a position in the block trades to accommodate customer buyers and sellers of blocks . see: dealer , market maker , principal .

block voting

describes a group of shareholders banding together to vote their shares in a single block .

blocked currency

a currency that is not freely convertible to other currencies due to exchange controls .

blocked funds

cash flows generated by a foreign project that cannot be immediately repatriated to the parent firm because of capital flow restrictions imposed by the host government.

blow-off top

a steep and rapid increase in price followed by a steep and rapid drop . this is an indicator seen in charts and used in technical analysis of stock price and market trends .

blowout

the rapid sale of all shares in a new securities offering . see: hot issue.

blue list

daily financial publication featuring bonds offered for sale by dealers and banks that represent billions of dollars in par value . also available on-line at www.bluelist.com.

blue-chip company

used in the context of general equities. large and creditworthy company . company renowned for the quality and wide acceptance of its products or services, and for its ability to make money and pay dividends . gilt-edged security .

blue chip stocks

common stock of well-known companies with a history of growth and dividend payments.

blue-sky laws

state laws covering the issue and trading of securities .

bo derek stock

high quality stock .

board broker

employee of the chicago board options exchange who manages away from the market orders , which cannot be executed immediately.

board of directors

individuals elected by the shareholders of a corporation who carry out certain tasks established in the charter .

board of governors of the federal reserve system

the managing body of the federal reserve system , which sets policies on bank practices and the money supply .

board room

a room at a brokerage firm where its clients can watch an electronic board displaying stock prices and transactions . also refers to the room where board of directors meetings take place.

bogey

the return an investment manager is compared to for performance evaluation .

boiler room

used to describe place or operation in which unscrupulous salespeople call and try to sell people speculative, even fraudulent securities .

boilerplate

standard terms and conditions.

bollinger bands

plus or minus two standard deviations where the standard deviations are calculated historically in a moving window estimation. hence, the bands will widen if the most recent data is more volatile . if the prices break out of the band, this is considered a significant move.

bolsa

spanish for stock exchange .

bolsa de commercio de santiago (sse)

chile's preeminent stock exchange .

bolsa de valores de rio de janeiro (bvrj)

brazil's second-largest stock exchange .

bolsa de valores de sao paulo (bovespa)

the largest stock exchange in brazil.

bolt

used for listed equity securities. block trading version of colt .

bombay stock exchange (bse)

largest stock exchange of india. see also: national stock exchange ; mumbai stock exchange .

债券

bonds are debt and are issued for a period of more than one year. the us government, local governments, water districts, companies and many other types of institutions sell bonds. when an investor buys bonds, he or she is lending money . the seller of the bond agrees to repay the principal amount of the loan at a specified time. interest-bearing bonds pay interest periodically.

bond agreement

a contract for privately placed debt .

bond anticipation note (ban)

a short-term debt instrument issued by a state or municipality to borrow against the proceeds of an upcoming bond issue .

bond broker

a broker on the floor of an exchange or in the over-the-counter market (otc) who trades bonds .

bond buyer

a daily publication featuring many essential statistics and index figures relevant to the fixed income markets .

bond buyer's municipal bond index

a municipal bond price tracking index published daily by the bond buyer .

bond counsel

an attorney who prepares the legal opinion concerning a municipal bond issue .

bond covenant

a contractual provision in a bond indenture . a positive covenant requires certain actions, and a negative covenant limits certain actions.

bond crowd

members of the stock exchange who transact bond orders on the floor of the exchange .

bond discount

the difference by which a bond's market price is lower than its face value . the antithesis of a bond premium , which prevails when the market price of a bond is higher than its face value . see: original issue discount .

bond-equivalent basis

the method used for computing the bond-equivalent yield .

bond equivalent yield

bond yield calculated on an annual percentage rate method. differs from annual effective yield .

bond fund

a mutual fund that emphasizes income—consistent with risk , rather than growth—by investing in corporate, municipal, or us government debt obligations , or some combination of them.

bond indenture

contract that sets forth the promises of a bond issuer and the rights of investors .

bond indexing

designing a bond portfolio so that its performance will match the performance of some bond index .

bond market association

an international trade association of broker / dealers and banks in us government and federal agency securities , municipal securities, mortgage-backed securities , and money market securities.

bond mutual fund

a mutual fund which primarily or exclusively holds bonds .

bond of indemnity

an insurance policy that indemnifies the corporation , the shareholder and the transfer agent against any and all claims arising from the replacement by the transfer agent of certificates lost or stolen.

bond option

an option to buy or sell a bond by a particular date at a fixed price.

bond points

a conventional unit of measure for bond prices set at $1 and equivalent to 1% of the $100 face value of the bond. a price of 80 means that the bond is selling at 80% of its face or par value .

bond power

a form used in the transfer of registered bonds from one owner to a different owner.

bond premium

see: bond discount

bond rating

a rating based on the possibility of default by a bond issuer . the ratings range from aaa (highly unlikely to default) to d (in default). see: rating , investment grade .

bond ratio

the percentage of a company's capitalization represented by bonds . the ratio is calculated by dividing the total bonds due after one year by that same figure plus all other equity . see: debt-to-equity-ratio .

bond swap

the sale of one bond issue and purchase of another bond issue simultaneously. see: swap ; swap order.

bond value

with respect to convertible bonds , the value the security would have if it were not convertible. that is, the market value of the bond minus the value of the conversion option.

bondholder

a firm often has stockholders and bondholders. in a liquidation , the bondholders have first priority.

bondpar

a system that monitors and evaluates the performance of a fixed income portfolio , as well as the individual securities held in the portfolio. bondpar decomposes the return into the elements beyond the manager's control --such as the interest rate environment and client-imposed duration policy constraints--and those that the management process contributes to, such as interest rate management, sector/quality allocations, and individual bond selection.

bonds enabling annual retirement savings (bears)

holders of bears receive the face value of the bonds underlying call option , which is exercised by cubs (an acronym for calls underwritten by swanbrook). if the calls are exercised by cubs, bears holders receive the total of the exercise price .

bon voyage bonus

see: greenmail .

boning

charging a lot more for an asset than its worth.

书

a banker or trader's positions .

book cash

a firm's cash balance as reported in its financial statements . also called ledger cash .

book to market

the ratio of book value to market value of equity . a high ratio is often interpreted as a value stock (the market is valuing equity relatively cheaply compared to book value). this is the same as a low price-to-book value ratio . value managers often form portfolios of securities with high book to market values.

book profit

the cumulative book income plus any gain or loss on disposition of assets .

book runner

the managing underwriter for a new issue . the book runner maintains the book of securities sold.

book to bill

the book-to-bill ratio is the ratio of orders taken ( booked ) to products shipped and bills sent (billed). the ratio measures whether the company has more orders than it can deliver (>1), equal amounts (=1), or less (<1). this ratio is of significant interest to investors/ traders in the high-technology sector.

book value

a company's total assets minus intangible assets and liabilities , such as debt . a company's book value might be higher or lower than its market value .

book value per share

the ratio of stockholder equity to the average number of common shares . book value per share should not be thought of as an indicator of economic worth, since it reflects accounting valuation (and not necessarily market valuation).

book-entry

registered ownership of stock without the issuance of a corresponding stock certificate , as is the case with dividend reinvestment and direct purchase plans, employee plans and direct registration system issuances. periodic statements of ownership are issued instead of certificates.

book-entry securities

securities which are not represented by paper certificates but are maintained in computerized records at the fed in the names of member banks , which in turn keep computer records of the securities they own as well as those they are holding for customers. in the case of other securities where a book-entry has developed, certificates reside in a central clearinghouse or are held by another agent . these securities do not move from holder to holder.

bootstrap

term used to describe the start-up of a company with very little capital .

bootstrapping

creating a theoretical spot rate curve using one yield projection as the basis for the yield of the next maturity . bootstrapping follows the work of efron. it involves a monte carlo approach.

borrow

to obtain or receive money on loan with the promise or understanding that it will be repaid.

borrowed reserves

funds borrowed from a federal reserve bank by member banks to maintain the required reserve ratios.

borrower fallout

in the mortgage pipeline , the risk that prospective borrowers of loans committed to be closed will elect to withdraw from the contract .

bot

shorthand for bought. antithesis of sl, meaning sold.

底部

refers to the base support level for market prices of any type. also used in the context of securities to refer to the lowest market price of a security during a specific time-frame.

bottom fisher

an investor seeking stocks that have fallen to prices at or near their bottom, which he or she believes will trend up in the future.

bottomline growth

growth in net profit . also see topline growth.

bottom-up equity management style

a management style that de-emphasizes the significance of economic and market cycles , focusing instead on the analysis of individual stocks .

bought deal

security issue in which one or two underwriters buy the entire issue. also known as a guaranteed or fixed-price sale; opposite of a best-efforts sale.

弹跳

a check returned by a bank because it is not payable, usually because of insufficient funds. also used in the context of securities to refer to the rejection and ensuing reclamation of a security; a stock price's abrupt decline and recovery.

bourse

french for a stock market .

boutique

a small, specialized brokerage firm that offers limited services and products to a limited number of clients. antithesis of financial supermarket .

盒

the actual physical location at a brokerage house or bank where securities or other documents are stored for safekeeping. alternatively, a quotation machine or battery march. also known as 'the cage.'

box spread

this strategy refers to a type of option arbitrage in which both a bull spread and a bear spread are implemented for an almost- riskless position . one spread is implemented using put options and the other is implemented with calls . the spreads may both be debit spreads (call bull spread vs. put bear spread ) or both credit spreads (call bear spread vs. put bull spread).

支架

a term signifying the extent of an underwriter's commitment in a new issue , eg, major bracket or minor bracket.

bracket creep

the gradual movement into higher tax brackets when incomes increase as a result of inflation .

brady bonds

bonds issued by emerging countries under a debt reduction plan.

分支

an operation in a foreign country incorporated in the home country.

breadth

the percentage of assets or stocks advancing relative to those unchanged or declining. also the number of independent forecasts available per year. a stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is independent (based on separate information).

breadth of the market

in the context of general equities, percentage of stocks participating in a particular market move. technical analysts say there was significant breadth if two-thirds of the stocks listed on an exchange move in the same direction during a trading session. see: a/d line .

打断

a rapid and sharp price decline. related: crash .

break even

the reduction of a project's net cash flow to zero by altering an input variable such as price or costs .

breakeven rate

the difference in yield between inflation-protected and nominal debt of the same maturity . if the breakeven rate is negative it suggests traders are betting the economy may face deflation in the near future.

break price

used in the context of general equities. change one's offering or bid prices to move to a more realistic, tight level where execution is more feasible. often done to trim one's position , thus "breaking price" from where the trades occurred (if long , "break price" downward by a certain amount).

break-even analysis

an analysis of the level of sales at which a project would make zero profit .

break-even lease payment

the lease payment at which a party to a prospective lease is indifferent between entering and not entering into a lease arrangement.

break-even payment rate

the prepayment rate of an mbs coupon that will produce the same cash flow yield (cfy) as that of a predetermined benchmark mbs coupon. used to identify for coupons higher than the benchmark coupon the prepayment rate that will produce the same cash flow yield (cfy) as that of the benchmark coupon; and for coupons lower than the benchmark coupon the lowest prepayment rate that will do so.

break-even point

refers to the price at which a transaction produces neither a gain nor a loss . in the context of options , the term has the additional definitions:
1. long calls and short uncovered calls : strike price plus premium .
2. long puts and short uncovered puts : strike price minus premium .
3. short covered call : purchase price of underlying stock minus premium .
4. short put covered by short stock : short sale price of underlying stock plus premium .

break-even tax rate

the tax rate at which a party to a prospective transaction is indifferent between entering into and not entering into the transaction.

break-even time

related: premium payback period.

breaking the syndicate

terminating an agreement among underwriters , specifically the investment banking group assembled to underwrite the issue of a security .

突围

a rise in a security's price above a resistance level (commonly its previous high price ) or a drop below a level of support (commonly the former lowest price .) a breakout is taken to signify a continuing move in the same direction. can be used by technical analysts as a buy or sell indicator.

breakpoint

for mutual funds , the point at which the amount invested reduces the sales charge is called the "breakpoint." each mutual fund may have several breakpoints; the larger the investment, the greater the discount. note that the actual reduction in the sales charge is known as the "breakpoint discount". also, the term "breakpointing" is sometimes used to refer to the offering of breakpoint discounts. the practice of soliciting mutual fund purchases just below the breakpoint (to earn more commissions) is considered unethical and in violation of nasd rules. see: right of accumulation .

breakpoint sale

for mutual funds , this refers to the practice of soliciting mutual fund purchases just below the breakpoint (to earn more commissions). the practice is considered unethical and in violation of nasd rules.

breakup value

see: private market value .

breeden, douglas t.

inventor of one of the foundational asset pricing models in finance , the consumption based capital asset pricing model . chairman of smith breeden associates, and dean of the fuqua school of business.

bretton woods agreement

an agreement signed by the original united nations members in 1944 that established the international monetary fund (imf ) and the post-world war ii international monetary system of fixed exchange rates .

bridge financing

interim financing of one sort or another used to solidify a position until more permanent financing is arranged.

"bring it out"

in the context of general equities, "make stock available for sale to indicated buyers ."

british bankers association (bba)

an association of banks and financial institutions operating in the uk the bba calculates and publishes libor rates.

british clearers

the large clearing banks that dominate deposit taking and short-term lending in the domestic sterling market .

broad-base

generally referring to an index, it indicates that the index is composed of a sufficient number of stocks or of stocks in a variety of industry groups. see also: narrow-based .

broad market

usually refers to indices such as the wilshire 5000 that track the performance of 5,000 securities , rather than the more narrow measures such as the dow jones industrial average and the s&p 500.

broad tape

an expanded version of the ticker tape , which is displayed on a screen in the board room of a brokerage firm and shows constantly updated financial information and news.

broken up

used for listed equity securities. prevented from executing a trade (committed to upstairs ) due to exchange priority rules excluding one's order (eg, higher bid /lower offer on floor , market order to satisfy).

经纪人

an individual who is paid a commission for executing customer orders. either a floor broker who executes orders on the floor of the exchange , or an upstairs broker who handles retail customers and their orders. also, person who acts as an intermediary between a buyer and seller, usually charging a commission. a "broker" who specializes in stocks , bonds , commodities , or options acts as an agent and must be registered with the exchange where the securities are traded . antithesis of dealer .

broker-dealer

any person, other than a bank, engaged in the business of buying or selling securities on its own behalf or for others. see: dealer .

broker loan rate

related: call money rate .

brokered cd

a certificate of deposit issued by a bank or thrift institution bought by a brokerage firm in bulk for the purpose of reselling to brokerage customers. a broker cd features a higher interest rate , usually 1% higher, and are fdic insured and do not usually have commissions .

brokered market

a market in which an intermediary offers search services to buyers and sellers.

brokers' loans

money borrowed by brokers from banks for uses such as financing specialists's inventories of stock, financing the underwriting of new issues of corporate and municipal securities , and financing customer margin accounts.

brought over the wall

compelling a research analyst of an investment bank to work in the underwriting department for a corporate client, therefore allowing for the transmission of insider information. also called "over the chinese wall".

brussels stock exchange (bse)

stock exchange that handles the majority of securities transactions in belgium.

bubble theory

a theory under which security prices sometimes move wildly above their true values, or the price falls sharply until the "bubble bursts". it is also possible for a bubble to deflate gradually.

财政预算案

a detailed pro forma schedule of financial activity, such as an advertising budget, a sales budget, or a capital budget .

budget authority

broad responsibility conferred by congress that empower government agencies to spend federal funds . congress can specify criteria for the spending of these funds. for example, it may stipulate that a given agency must spend within a specific year, number of years, or any time in the future.

the basic forms of budget authority are; appropriations , authority to borrow , contract authority, and authority to obligate and expend offsetting receipts and collections . the period of time during which congress makes funds available may be specified as one-year, multiple years or no year. the available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. authority may also be classified as current or permanent. permanent authority requires no current action by congress.

budget deficit

the amount by which government spending exceeds government revenues.

巴克

slang for one million dollars.

bucket shop

an illegal brokerage firm that accepts customer orders but does not attain immediate executions . a bucket shop broker promises the customer a certain price, but waits until a price discrepancy is present and the trade is advantageous to the firm and then keeps the difference as profit . alternatively, the broker may never fill the customer's order but keep the money .

budapest stock exchange

established in 1864, the major securities market of hungary.

budget surplus

the amount by which government revenues exceed government spending.

buenos aires stock exchange (bolsa de comercio de buenos aires)

argentina's major securities market .

build a book

in the context of general equities, develop customer orders to gather demand/supply in order to make a bid or an offer . also refers to a commissioned salesperson amassing a 'book' of regular clients.

build own transfer

the transfer of a project back to the party granting the concession, either with or at no cost .

builder buydown loan

a mortgage loan on newly developed property that the builder subsidizes during the early years of the development. the builder uses cash to buydown the mortgage rate to a lower level than the prevailing market loan rate for some period of time. the typical buydown is 3% of the interest rate amount for the first year, 2% for the second year, and 1% for the third year (also referred to as a 3-2-1 buydown).

builders' all risk

a standard construction insurance package.

bulge

a short-lived stock price increase. synonymous with bubble .

bulge bracket

a tier of firms in an underwriting syndicate that have the highest participation level. see: mezzanine bracket .

公牛

an investor who thinks the market will rise. related: bear .

bull-bear bond

bond whose principal repayment is linked to the price of another security . the bonds are issued in two tranches : in the first tranche repayment increases with the price of the other security, and in the second tranche repayment decreases with the price of the other security.

bull cd

a bull cd pays its holder a specified percentage of the increase in return on a specified market index while guaranteeing a minimum rate of return .

bull market

any market in which prices are in an upward trend .

bull spread

a spread strategy used in options and futures trading that is designed to capitalize on expected price appreciation. a bull spread using call options is created by buying a call option on an asset with a certain strike price and selling a call option on the same asset with a higher strike price (same expiration date). a bull spread with put options is created by buying a put option with a low strike and selling a put option with a high strike price (same expiration date). less frequently, the bull spread is implemented by buying the nearby futures contract and selling the next out contract.

bulldog bond

foreign bond issue made in london.

bulldog market

the foreign market in the united kingdom.

子弹

a one-time repayment, often after little or no amortization of the loan . see: balloon payment .

bullet contract

a guaranteed investment contract purchased with a single (one-shot) premium . related: window contract .

bullet loan

a bank term loan that calls for no amortization .

bullet strategy

a fixed income strategy in which a portfolio is constructed so that the maturities of its securities are highly concentrated at one point on the yield curve .

bullion coins

metal coins consisting of gold, silver, platinum, or palladium that are actively traded . some examples include the american eagle and the canadian maple leaf. their price is directly connected to the underlying price of their metal.

bullish

word used to describe an investor 's attitude. bullish refers to an optimistic outlook, while bearish means a pessimistic outlook.

bump-up cd

a certificate of deposit granting the owner the right to increase its yield one time for the remaining term of the cd . the power is exercised by the owner in the event of an interest rate hike.

bunching

describes the act of traders combining round-lot orders for execution at the same time. bunching can also be used to combine odd-lot orders to save the odd-lot differential for customers. also used to refer to the pattern on the ticker tape when a series of trades for a security appear consecutively.

bundling, unbundling

creation of securities either by combining primitive and derivative securities into one composite hybrid or by separating returns on an asset into classes .

bureau of labor statistics (bls)

a research agency of the us department of labor; it compiles statistics on hours of work, average hourly earnings , employment and unemployment, consumer prices and many other variables.

burn rate

used in venture capital financing to refer to the rate at which a startup company expends capital to finance overhead costs prior to the generation of positive cash flow .

burnout

depletion of a tax shelter's benefits. in the context of mortgage backed securities it refers to the percentage of the pool that has prepaid their mortgage .

business combination

see: merger

business combination laws

these laws impose a moratorium on certain kinds of transactions (eg, asset sales , mergers) between a large shareholder and the firm for a period usually ranging between three and five years after the shareholder's stake passes a pre-specified (minority) threshold. these laws are in place in more than half the us states.

business cycle

repetitive cycles of economic expansion and contractions. the official peaks and troughs of the us cycle are determined by the national bureau of economic research in cambridge, ma.

business day

a day in which financial markets are open for trading .

business failure

a business that has terminated operations with a loss to creditors .

business risk

the risk that the cash flow of an issuer will be impaired because of adverse economic conditions, making it difficult for the issuer to meet its operating expenses .

business segment reporting

reporting the results of the separate divisions or subsidiaries of a business.

busted convertible

related: fixed income equivalent . mainly applies to convertible securities . convertible bond selling essentially as a straight bond . assuming the issuer is "money good," or will continue to meet credit obligations , such issues can be highly attractive since the price makes virtually no allowance for the bond's call on the common stock , when most such issues usually carry premiums .

bust-up takeover

a leveraged buyout in which the buyer sells off the assets of the target company to repay the debt that financed the takeover .

轻便铁路蝴蝶站

in the context of equities, a firm with two divisions may split into two companies and issue original shareholders two shares (one in each of the new companies ) for every old share they have.

butterfly shift

a nonparallel shift in the yield curve involving the height of the curve.

butterfly spread

applies to derivative products. complex option strategy that involves buying a call option with a relatively low strike price; buying a call option with a relatively high strike price; and selling two call options with an intermediate strike price. essentially, this is a bear call spread stacked on top of a bull call spread . one can also do this with puts. the investor buys a put with a low strike, buys a put at high strike and sells two puts at intermediate strike price. the payoff diagram resembles the shape of a butterfly.

购买

to purchase an asset ; taking a long position .

buy-and-hold strategy

a passive investment strategy with no active buying and selling of stocks from the time the portfolio is created until the end of the investment horizon. opposite of active strategy.

buy-and-write strategy

an options strategy that calls for the purchase of stocks and the writing of covered call options on them.

购买此书

an order typically from a large institutional investor to a broker to purchase all the shares available at the market from the specialist and other brokers and dealers at the current offer price . the book refers to the record a specialist kept before the advent of computers.

buydown

a lump sum payment made to the creditor by the borrower or by a third party to reduce the amount of some or all of the consumer's periodic payments to repay the indebtedness.

buy hedge

see: long hedge

buy in

to cover, offset , or close out a short position . related: evening up , liquidation .

buy limit order

a conditional trading order that indicates a security may be purchased only at the designated price or lower. related: sell limit order .

buy minus order

in the context of general equities, rare market or limit order to buy a stated amount of a stock , provided that the price to be obtained is not higher than the last sale if the last sale is a minus or zero-minus tick , and is not higher than the last sale minus the minimum fractional change in the stock if the last sale is a plus or zero-plus tick . (if limit, then the buy cannot occur above the limit, regardless of tick .)

buy on the bad news

buying stock shortly after a price drop resulting from bad news from the company . investors believe that the price has hit bottom and will trend upward. see: bottom fisher .

buy on close

buying at the end of the trading session at a price within the closing range .

buy on margin

borrowing to buy additional shares , using the shares themselves as collateral .

buy on opening

buying at the beginning of a trading session at a price within the opening range.

buy order

an order to a broker to purchase a specific quantity of a security .

buy-side analyst

a financial analyst employed by a nonbrokerage firm, typically one of the larger money management firms that purchases securities on its own account.

buy stop order

a buy order not to be executed until the market price rises to the stop price . once the security has broken through that price, the order is then treated as a market order . also known as a suspended market order. often used to protect against loss on a short sale.

"buy them back"

used for listed equity securities. " cover my short position .

buy write

see also covered call .

buyback

the covering of a short position by purchasing a long contract , usually resulting from the short sale of a commodity . see: short covering , stock buyback . also used in the context of bonds . the purchase of corporate bonds by the issuing company at a discount in the open market . also used in the context of corporate finance . when a firm elects to repurchase some of the shares trading in the market.

buydown

mortgages in which monthly payments consist of principal and interest . during the early part of the loan , portions of these payments are provided by a third party to reduce the borrower's monthly payments. in the context of project financing, refers to a one-time payment out of liquidated damages to reflect cash flow losses from sustained underperformance.

buyer credit

a financing provided to a buyer to pay for the supply of goods or services usually by an exporting country or by the supplier company .

buyer's market

market in which the supply exceeds the demand, creating lower prices. antithesis of seller's market .

buyers/sellers on balance

used for listed equity securities. indicates that at a given time (usually before the opening of a stock market or at expiration time), there are more buyers than sellers in the marketplace, usually with market orders . see: imbalance of orders .

buying climax

a rapid rise in the price of a stock resulting from heavy buying , which usually creates the market condition for a rapid fall in the price.

buying the index

purchasing the stocks in the s&p 500 in the same proportion as the index to achieve the same return .

buying power

the amount of money available to buy securities , determined by adding the total cash held in brokerage accounts and the amount that could be spent if securities were margined to the limit.

buyout

purchase of a controlling interest (or percent of shares ) of a company's stock . a leveraged buy out is effected with borrowed money .

buyout firm

see private equity firm .

bylaws

rules and practices that govern management of an organization.

bylaw amendment limitations

these provisions limit shareholders' ability to amend the governing documents of the corporation . this might take the form of a supermajority vote requirement for charter or bylaw amendments, total elimination of the ability of shareholders to amend the bylaws, or the ability of directors beyond the provisions of state law to amend the bylaws without shareholder approval.

bypass trust

an irrevocable trust that is designed to pay trust income (and principal , if needed) to an individual's spouse for the duration of the spouse's lifetime. the bypass trust is not part of the beneficiary spouse's estate and is not subject to federal estate taxes upon his/her death.

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copyright © 2009, campbell r. harvey . 有全球性版权。 do not reproduce without explicit permission.

[version 17 may 2009.]

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