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Glossary |
Glossary 0-9|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|Y|Z - T -T-Bill (Treasury Bill) Debt issued by the U.S. Treasury with maturity less than a year. T-Bond (Treasury Bond) US Treasury debt with maturities of more than 30 years. T-Note (Treasury Note) Debt issued by the US Treasury with maturity between a year and 15 years. Tender Offer Offer made directly to a firm's shareholders to buy their shares. Term Structure of Interest Rates See yield curve. Tick This refers to a change in the price of a security. An uptick occurs when the last trade in a security takes place at a higher price than the prior trade. A downtick occurs when the last trade in a security takes place at a lower price than the prior trade. An indicator may be fashioned from the difference between the number of NYSE issues showing upticks on the last trade and the number of NYSE issues showing downticks on the last trade. This indicator is known as the TICK, and is found on many quote screens. A TICK of +236 means 236 more NYSE issues last traded on upticks than those trading on downticks. Today's High The intra-day high trading price. Today's Low The intra-day low trading price. Tombstone Advertisement listing the issuing firm, type of security, its issuing price, number of securities to be issued, and names of underwriters of a new issue. Trading Halt The temporary suspension of trading in a Nasdaq security, usually for 30 minutes, while material news from the issuer is being disseminated over the news wires. A trading halt gives all investors equal opportunity to evaluate news and make buy, sell, or hold decisions on that basis. NASDAQ or the SEC may also impose a trading halt for purely regulatory reasons. Transaction Costs The cost of buying or selling financial securities. More! Treasury Stock Shares that are re-purchased by the issuing company. They are equivalent to unissued stock. Triple Witching Hour Slang used for the last hour of trading before the simultaneous expiration of stock options, index options, and index futures. This occurs four times a year on the third Friday of each quarter's end.
TSE Tokyo Stock Exchange or the Toronto Stock Exchange. |0-9|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|Y|Z| - U -Under-Perform A security whose expected (average) return is below its required return. Also called over-priced, over-valued, or under-rewarded.
Under-Rewarded A security whose expected (average) return is below its required return. Also called overpriced Under-Valued An asset that is selling at a price below its intrinsic (theoretical or formula) value.
Underpricing Issue of securities below their market value. Underwriter (Investment Banker) Firm that buys an issue from a company and resells it to investors; a primary market activity. Underwriter Discount Underwriters buy the to be issued securities at a reduced (discounted) price. This discount is usually measured as a percent of the price of the issue. Undiversifiable Risk See Market Risk. Unfriendly Takeover See hostile takeover. |0-9|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|Y|Z - V -Value of a Firm
Variance A measure of a variable's volatility relative to its average. Venture Capital Capital supplied to particularly high-risk projects, such as start-ups or to companies denied conventional financing. Vertical Integration Merger between a supplier and its customers. An example would be when an oil-refining firm acquires a firm that owns oil fields. Visible Hand The phrase comes from Adam Smith's "Invisible Hand," whereby markets alone do the job of resource allocation. With "visible hand" the government intervenes in the market, which suggests a belief in the market's failure in that particular area. Volatility The range of possible outcomes. A measure of risk of an individual asset when held in isolation, i.e., not as part of a portfolio.
Volume The number of shares or contracts traded in a security or an entire market during a given period, typically a day. Vulture Capital See Venture Capital 0-9|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|Y|Z - W -Warrant A financial asset, issued by the firm, which gives its holder the right to purchase a fixed number of shares of common stock at a predetermined price. White Knight A firm that comes to the rescue of a corporation that is being taken over.
Wilshire 5000 An equity index comprising more than 6000 US listed stocks. The index originally included only 5000 companies, thus the number in the name. Working Capital. Current assets minus current liabilities. 0-9|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|Y|Z - Y -Yankee Bond A dollar-denominated bond issued in the US by a non-U.S. borrower. Yelling Markets Also referred to as "public outcry", refers to markets where transactions involve the yelling of prices and quantities, just as in the movies. Yield to Maturity (YTM) The rate of return the investor will earn if the bond is held to maturity.
Yield Curve The return on debt securities with different maturities, for a level of default risk. Yield to Maturity (YTM) The market interest rate on a bond. It is the yield an investor would receive in the bond is held to maturity. YTM See Yield to Maturity. 0-9|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|Y|Z - Z -Zero Coupon Bond A bond that has no coupon payments. It pays only a single cash flow at maturity.
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