金融词汇之一1.Abandonment(弃权)Controlling party giving up rights to property voluntarily.2. Abandonment option(清算期权)The option of terminating an investment earlier than originally planned.3. Abandonment value（清算价值）The value of a project if the project's assets were sold externally ;or alternatively. its opportunity value if the assets were employed elsewhere in the firm.4. ABC agreementA contract between an employee and a brokerage firm outlining the rights of the firm purchasing an NYSE membership for that employee.5. ABC method of inventory control（存货控制的ABC方法）Method which controls expensive inventory items more closely than less expensive items.6. Ability to pay（偿债能力）Refers to the borrower's ability to make interest and principal payments on debts.7. Abnormal return（超常回报）The component of the return that is not due to systematic influences (market-wide influences). In other words, abnormal returns are above those predicted by the market movement alone.Absolute-priority rule（绝对优先权准则）The rule in bankruptcy or reorganization that claims of a set of claim holders must be paid, in full before the next. junior. set of claim holders may be paid anything. AbsorbedUsed in context of general equities. Securities are "absorbed" as long as there are corresponding orders to buy and sell. The market has reached the absorption point when further assimilation is impossible without an adjustment in price. Accelerated depreciation（加速折旧）Methods of depreciation that write off the cost of a capital asset faster than under straight-line depreciation.Acceptance（汇票）Contractual agreement instigated when the drawee（支票或汇票的付款人）of a time draft "accepts" the draft by writing the word "accepted" thereon. The drawee assumes responsibility as the acceptor and for payment at maturity.Accommodative monetary policy(适应性货币政策)Federal Reserve System policy to increase the amount of money available to banks for lending.Accounts Payable （应付账款）Amounts of money owed to other firm because buying goods or services on credit from the firm. A current liability, the accounts payable is also called payables. Accounts receivable（应收账款）Amounts of money owed to a firm by customers who have bought goods or services on credit. A current asset, the accounts receivable account is also called receivables. Accounts receivable turnover (应收账款周转率)The ratio of net credit sales to average accounts receivable, which is a measure of how quickly customers pay their bills.Account statement(账户表)In the context of banking, refers to a summary of all balances.In the context of securities, a summary of all transactions and positions (long and short) between a broker/dealer and a client.Accounting earnings (会计利润)Earnings of a firm as reported on its income statement.Accounting insolvency(资不抵债)Total liabilities exceed total assets. A firm with a negative net worth is insolvent on the books.Accretion (of a discount) (增值)In portfolio accounting, a straight-line accumulation of capital gains on a discount bond in anticipation of receipt of par at maturity.Accrual basis(应收应付制)In the context of accounting, practice in which expenses and income are accounted for as if they are earned or incurred, whether or not they have been received or paid. Antithesis of cash basis accounting.Accrual bond(一次还本付息债券)A bond on which interest accrues but is not paid to the investor during the time of accrual. The amount of accrued interest is added to the remaining principal of the bond and is paid at maturity.Accrued expenses(累积费用，应计费用)Amounts owed but not yet paid for wages. taxes, interest, and dividends. The accrued expenses account is a short-term liability.Accrued interest (应计利息)Applies mainly to convertible securities. Interest that has accumulated between the most recent payment and the sale of a bond or other fixed-income security. At the time of sale, the buyer pays the seller the bond's price plus "accrued interest," calculated by multiplying the coupon rate by the fraction of the coupon period that has elapsed since the last payment.Accumulated dividend(累积股利)A dividend that has reached its due date, but is not paid out.Acid-test (quick) ratio(速动比例，酸性测试比例)Current assets less inventories divided by current liabilities. It shows a firm's ability to meet current liabilities with its most liquid (quick) assets.Acquisition (收购)When a firm buys another firm.Acquisition cost(收购成本)Refers to the price (including the closing costs) to purchase another company or property.In the context of investments, refers to price plus（加，相加）brokerage commissions, of a security, or the sales charge applied to load funds.Across the board （全盘）Movement or trend in the stock market that affects almost all stocks in all sectors to move in the same direction.Activity ratios(周转率)Ratios that measure how effectively the firm is using its assets.Active portfolio strategy (积极投资组合策略)A strategy that uses available information and forecasting techniques to seek better performance than a buy and hold portfolio.Actuals (实货)The physical commodities underlying a futures contract. Cash commodity, physical asset.Additional paid-in capitalFunds received by a company in a sale of common stock that are in excess of the par or stated value of the stock.Adjusted present value (APV)(调整净现值）The sum of the discounted value of a project's operating cash flows (assuming equity financing) plus the value of any tax-shield benefits of interest associated with the project's financing minus any flotation costs.Adjustable-rate preferred stock (ARPs)（浮动股利优先股）An ARPs provides the holder with dividend rates that are tied to some interest rate ,such as a short-term Treasure Bill. These issue thus provide the opportunity for increase in dividend payments.Adverse Selection Problem（逆选择问题）Refers to a situation in which sellers have relevant information that buyers lack (or vice versa) about some aspect of product quality.After-hours dealing or trading(闭市后交易)Securities trading after regular（有规律的，正常的）trading hours on organized exchanges.Agency costs（代理成本）Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm's contractual agreements with creditors and shareholders. Agency (theory)（代理理论）A branch of economics relating to the behavior of principals (such as owners) and their agents (such as managers).Agency bonds(机构债券）Bonds issued by some federal agencies and federal sponsored agencies .These agencies borrow funds and use the proceeds to make loans to specific types of borrowers .Agent (s)（代理人）Individual (s) authorized by another person. called the principal（负责人，校长，代理人）, to act in the latter's behalf.Aging accounts receivable（应收账款账龄分析）The process of classifying accounts receivable by their age outstanding as of a given date.Aggressive growth funds（急速增长型基金）A kind of mutual funds which seeks maximum capital gains as their investment objectives. Current income is not a significant factor.All or none agreement(全部卖出或取消协议)In all-or-none arrangement, the agreement calls for the underwriter to sell the entire issue during a defined period at a specified price. During the selling period ,buyers' checks are deposited in an escrow(第三方托管的）account until the issue is fully subscribed. If sufficient shares are not sold the issue is canceled and the buyers' checks are returned.All or none orderAn all-or -none order is attached to a multiple-unit trade (more than 100 shares) and instructs the broker to obtain the total number of shares requested when the order istaken to the floor. If that is not possible, the order is canceled.Alligator spread(鳄鱼价差)The term used to describe a spread in the options market that generates such a large commission that the client is unlikely to make a profit even if the markets move as the investor anticipated.Allotment(分配)The number of securities assigned to each of the participants in an underwriting syndicate.Alternative minimum tax (AMT)An alternative, separate tax calculation based on the taxpayer's regular taxable income. increased by certain tax benefits. collectively referred to as "tax preference items." The taxpayer pays the larger of the regularly determined tax or the AMT.American Depository Receipts (ADRs)(美国股票存托凭证）An ADRs is a domestic traded security that represents a claim to shares of foreign stocks. It is like a stock certificate and held in the vault of a US bank. With an ADRs the investor is entitled to all dividends and capital gains associated with the stock. American Stock Exchange (AMEX)（美国股票交易所）Stock exchange with the third highest volume of trading in the U.S. Located at 86 Trinity Place in downtown Manhattan. The bulk of trading on AMEX consists of index options (computer technology index, institutional index, major market index) and shares of small to medium-sized companies are predominant. Recently merged with NasdaqAmerican options(美式期权）If a put or call option can be exercised at any time before expiration, it is termed an American option.Amman Financial Market (AFM) (阿曼金融市场)Established in 1976, the AFM is the only stock exchange in Jordan.Amortization schedule（分期付款偿还表）A table showing the repayment schedule of interest and principal necessary to pay off a loan by maturity.Annuity（年金）A series of equal payment or receipts occurring over a specified number of periods. In an ordinary annuity, payments or receipts occur at the end of each period; while in an annuity due, payments or receipts occur at the beginning of each period. Announcement date (宣告日)Date on which particular news concerning a given company is announced to the public.Annual percentage rate (APR)(简单年利率)The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an A.P.R. of 20%.Antitrust Laws （反托拉斯法）Legislation established by the federal government to prevent the formation of monopolies and to regulate trade.Arbitrage（套利）Finding two assets that are essentially the same and buying the cheaper and selling the more expensive.Arbitrage pricing theory (APT)（套利定价模型）A theory where the price of an asset depends on multiple factors and arbitrageefficiency prevails.Arm’s-length Price （正常交易价格）The price at which a willing buyer and a willing unrelated seller would freely agree to transact.Arrearage（递延款项）A late or overdue payment, which may be cumulative.Arithmetic mean return（算术平均报酬）An average of the subperiod returns, calculated by summing the subperiod returns and dividing by the number of subperiods.Asian option （亚洲期权）Option based on the average price of the underlying assets during the life of the option.Asked price(要价或卖方报价)In context of general equities, price at which a security or commodity is offered for sale on an exchange or in the OTC Market.Assigned (or stated) value（名义价值）A nominal value assigned to a share of no-par common stock that is usually far below the actual issuing price.Asset allocation decision (资产分配决策)The decision regarding how an institution's funds should be distributed among the major classes of assets in which it may invest.Asset-based borrowing（资产抵押贷款）A loan mortagaged by tangible assets.Asset turnover rate（资产周转率）This rate equates sales amount divided by assets ,means how many sales amount can one dollar asset bring in.AssimilationThe public absorption of a new issue of stocks once the stock has been completely sold by underwriter.Asymmetric Information（信息不对称）Usually compared to the firm's management ,the majority of stockholders in publicly traded firms are relatively uninformed about the firm's earnings prospect ,because management has more information than anyone else .The situation is referred to as Asymmetric Information.At the Money Option （平价期权）An option is at the money if the strike price of the option is equal to the market price of the underlying security.Auction market(拍卖市场)Such markets as the NYSE and the AMEX are called “Auction markets ”，In these markets all the traders assembled in one place to buy or sell a kind of assets.Auction rate preferred stock (ARPS) (拍卖利率优先债券（英国）)Floating-rate preferred stock, whose dividend is adjusted every seven weeks through a Dutch auction.Authorized shares （核定股本）Number of shares authorized for issuance by a firm's corporate charter. Autocorrelation (自相关)The correlation of a variable with itself over successive time intervals. Sometimes called serial correlation.Automated trading system（自动交易系统）Automated clearinghouse (ACH) electronic transfer （电子传输自动结算所）This is essentially an electronic version of the depository transfer check.Average accounting return （平均会计报酬）The average project earnings after taxes and depreciation divided by the average book value of the investment during its life.Average collection period, or days receivable (应收账款平均回收期)This rate equates accounts receivable divided by sales amount.金融词汇之二Back months （后到期月份）In the context of futures and options trading, refers to the months of contracts with expiration dates farthest away.Back-to-back loan （背靠背借款）A loan in which two companies in separate countries borrow each other's currency for a specific time period and repay the other's currency at an agreed-upon maturity. Backwardation（期货负价）A market condition in which futures prices are lower in the distant delivery months than in the nearest delivery month. This may occur when the costs of storing the product until eventual delivery are effectively subtracted from the price today.Bad debt （坏账）A debt that is written off and deemed uncollectible.Balanced funds(平衡型基金)Balanced funds have a portfolio mix of bonds, preferred stocks and common stocks. They generally have a three-part investment objective: to conserve the investors' initial principal ,to pay current income and to promote long-term growth of both this principal and income.Balance sheet(资产负债表)A summary of a firm's financial position on a given date that shows total assets = total liabilities + owners equity.Balance of payments manual(国际收支手册)Balance of payments(国际收支)A statistical compilation formulated by a sovereign nation of all economic transactions between residents of that nation and residents of all other nations during a stipulated period of time, usually a calendar year.Balance of payment presentation(国际收支平衡表)Balloon payment(气球尾款，分期付款中最后一笔较大金额的付款)A payment on debt that is much larger than other payments. The ultimate balloon payment is the entire principal at maturity.Bandwagon Effect ( 攀比效应)Bank collection float （银行浮账量）The time that elapses between when a check is deposited into a bank account and when the funds are available to the depositor, during which period the bank is collecting payment from the payer's bank.Bank Discount Basis( 银行贴现基准)A convention used for quoting bids and offers for Treasury bills in terms of annualized yield, based on a 360-day year.Bank Insurance Fund (BIF) (银行保险基金)A unit of the Federal Deposit Insurance Corporation (FDIC) that provides deposit insurance for banks excluding thrifts.Banker's acceptances (BAs)(银行承兑汇票)Short-term promissory trade notes for which a bank (by having "accepted" them) promises to pay the holder the face amount at maturity.Banknotes( 银行汇票)Bank holding company （银行控股公司）A company that owns or has controlling interest in two or more banks and/or other bank holding companies.Bank for International Settlements (BIS) （国际清算银行）An international bank headquartered in Basel, Switzerland, which serves as a forum for monetary cooperation among several European central banks, the Bank of Japan, and the U.S. Federal Reserve System. Founded in 1930 to handle the German payment of World War I reparations, it now monitors and collects data on international banking activity and promulgates rules concerning international bank regulation.Bankruptcy（破产）Inability to pay debts. In bankruptcy of a publicly owned entity, the ownership of the firm's assets is transferred from the stockholders to the bondholders.Barrier options（障碍期权）Option contracts with trigger points that, when crossed, automatically generate buying or selling of other options. These are exotic options.Barrier to Entry (进入壁垒)Base period （基期）A particular period of time used for comparative purposes when measuring economic data.Basic rate(基本汇率)Basis(基差)The basis is the difference between the current cash price of a commodity and the futures price of a particular contract on the commodity.Basis point （基点）In the bond market, the smallest measure used for quoting yields is a basis point. Each percentage point of yield in bonds equals 100 basis points. Basis points also are used for interest rates. An interest rate of 5% is 50 basis points higher than an interest rate of 4.5%.Basis risk(基差风险)Risk resulting from the uncertainty of the difference between the the current cash price of a commodity and the futures price of a particular contract on the commodity. Basket （一揽子，一篮子）Applies to derivative products. Group of stocks that is formed with the intention of either being bought or sold all at once, usually to perform index arbitrage or a hedging program.Basket options（一揽子期权）Packages that involve the exchange of more than two currencies against a base currency at expiration. The basket option buyer purchases the right, but not the obligation, to receive designated currencies in exchange for a base currency, either at the prevailing foreign exchange market rate or at a prearranged rate of exchange. Multinational corporations with multicurrency cash flows frequently use basketoptions because it is generally cheaper to buy an option on a basket of currencies than to buy individual options on each of the currencies that make up the basket.Bear market（熊市)Any market in which prices exhibit a declining trend. For a prolonged period, usually falling by 20% or more.Bear spread (熊市价差)Applies to derivative products. Strategy in the options market designed to take advantage of a fall in the price of a security or commodity, usually executed by buying a combination of calls and puts on the same security at different strike prices in order to profit as the security's price falls.Bearer bond （不记名债券）Bonds that are not registered on the books of the issuer. Such bonds are held in physical form by the owner, who receives interest payments by physically detaching coupons from the bond certificate and delivering them to the paying agent.Below par（低于票面价值）Less than the nominal or face value of a security.Benchmark （基准）The performance of a predetermined set of securities, used for comparison purposes. Such sets may be based on published indexes or may be customized to suit an investment strategy.Benchmark interest rate （基准利率）Also called the base interest rate, it is the minimum interest rate investors will demand for investing in a non-Treasury security. It is also tied to the yield to maturity offered on the comparable-maturity Treasury security that was most recently issued (on-the-run).Best efforts offering（证券代销方式)A security offering in which the investment bankers agree to use only their best efforts to sell the issuer's securities. The investment bankers do not commit to purchase any unsold securities.Beta(β系数)An index of systematic risk. It measures the sensitivity of a stock's returns to changes in returns on the market portfolio. The beta of a portfolio is simply a weighted average of the individual stock betas in the portfolio.Bid-asked spread(买卖报价价差)The difference between the asked price and the bid price.Bid Price( 询价或买方报价)This is the quoted bid, or the highest price an investor is willing to pay to buy a security. Practically speaking, this is the available price at which an investor can sell shares of stock.Bid-to-cover ratio （报价成交比例）The ratio of the number of bids received in a Treasury security auction compared to the number of accepted bids.Big Board （大盘）A nickname for the New York Stock Exchange (NYSE). Also known as The Exchange. More than 2,000 common and preferred stocks are traded. Founded in 1792, the N.Y.S.E. is the oldest exchange in the United States, and the largest.Bilateral facility(双边贷款)Bill of lading(提货单)A shipping document indicating the details of the shipment and delivery of goods and their ownership.Black Friday (黑色星期五）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 Monday (黑色星期一)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.Blind trustA 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.Block houses(大宗证券公司)A broker which helps to find potential buyers and sellers for block trade.Block trade(大宗交易)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.Blue-chip stocks(蓝筹股)Stocks of top-quality, well-known industrial corporations with significant economic impact.Gilt-edged security.(金边证券）Blue sky laws(蓝天法)State laws regulating the offering and sale of securities.Bond(债券)A long-term debt instrument issued by a corporation or government.Bond covenant （债券契约）A contractual provision in a bond indenture. A positive covenant requires certain actions, and a negative covenant limits certain actions.Bond discount(债券折价)The amount by which the face value of a bond exceeds its current price.Bond equivalent yield (债券等值收益率)Bond yield calculated on an annual percentage rate method. Differs from annual effective yield.Bond premium(债券溢价)The amount by which the current price of a bond exceeds its face value.Bond rating(债券评级）A rating based on the possibility of the default by a bond issuer. The ratings range from AAA (highly unlikely to default) to C (in default).Bond swapping(债券互换）The sale of one bond issue and purchase of another issue simultaneously.Book runner(承销薄记人）The managing underwriter for a new issue. The book runner maintains the book of securities sold.Book value(账面价值)(I) An asset: the accounting value of an asset-the asset's cost minus its accumulateddepreciation;(2) a firm: total assets minus liabilities and preferred stock as listed on the balance sheet.Book value per share (每股帐面价值）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).Bottom（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.Bounce （反弹）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.Brady bonds （布雷迪债券）Bonds issued by emerging countries under a debt reduction plan.Breadth of the marketIn 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. Break price （突破价位）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 1/8 a point or more).Break-even analysis(盈亏平衡分析)A technique for studying the relationship among fixed costs, variable costs, profits, and sales volume.Break-even chart(盈亏平衡图)A graphic representation of the relationship between total revenues and total costs for various levels of production and sales, indicating areas of profit and loss.Break-even point(盈亏平衡点)The sales volume required so that total revenues and total costs are equal; may be expressed in units or in sales dollars.Breaking the syndicate （终止承销）Terminating an agreement among underwriters, specifically the investment banking group assembled to underwrite the issue of a security.Breakout （突破）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 indicatorBretton Woods Agreement(布雷顿森林体系)An agreement signed by the original United Nations members in 1944 that established the International Monetary Fund (I.M.F.) and the post-World War II international monetary system of fixed exchange rates.Bridge financing （过渡性融资）Interim financing of one sort or another used to solidify a position until morepermanent financing is arranged.Broker （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.Bubble Economy(泡沫经济)Bulge bracket （主导阶层）A tier of firms in an underwriting syndicate that have the highest participation level. Bull market （牛市）Any market in which prices are in an upward trend.Bull spread （牛市价差）A spread strategy in which an investor buys an out-of-the-money put option, financing it by selling an out-of-the money call option on the same underlying security. Bulldog bond （猛犬债券）Foreign bond issue made in London.Bullet strategy （子弹式策略）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.Business day （营业日）A day in which financial markets are open for trading.Business risk(经营风险)The inherent uncertainty in the physical operations of the firm. Its impact is shown in the variability of the firm's operating income (EBIT).Butterfly spread （蝴蝶价差）Applies to derivative products. Complex option strategy that involves selling two calls and buying two calls on the same or different markets, with several maturity dates. One of the options has a higher exercise price and the other has a lower exercise price than the other two options. The payoff diagram resembles the shape of a butterfly. Buy-and-hold strategy （买券持有策略）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.Buy-and-write strategy （买券卖权策略）An options strategy that calls for the purchase of stocks and the writing of covered call options on them.Buyer's market （买方市场）Market in which the supply exceeds the demand, creating lower prices.Buy order （买入指令）An order to a broker to purchase a specific quantity of a security.金融词汇之三。
