证券投资学英文名词解释重点整理
1 Active management Attempts to achieve portfolio returns more than commensurate with risk, either by forecasting broad market trends or by identifying particular mispriced ctors of a market or curities in a market. Agency problem Conflicts of interest among stockholders, bondholders, and managers.
Ast allocation decision Choosing among broad ast class such as stocks versus bonds.
Derivative curity See primitive curity.
Equity Ownership in a firm. Also, the net worth of a margin account. Financial asts Financial asts such as stocks and bonds are claims to the income generated by real asts or claims on income from the government. Financial intermediary An institution such as a bank, mutual fund, investment company, or insurance company that rves to connect the houhold and business ctors so houholds can invest and business can finance production.
Fixed-income curity A curity such as a bond that pays a specified cash flow over a specific period.
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Passive management Buying a well-diversified portfolio to reprent a broad-bad market index witho
ut attempting to arch out mispriced curities.
Real asts, financial asts Real asts are land, buildings, and equipment that are ud to produce goods and rvices. Financial asts are claims such as curities to the income generated by real asts.
Securitization Pooling loans for various purpos into standardized curities backed by tho loans, which can then be traded like any other curity. Security analysis Determining correct value of a curity in the marketplace. Security lection decision Choosing the particular curities to include in a portfolio.
2 Asked price The price at which a dealer will ll a curity..
Bid price The price at which a dealer is willing to purcha a curity.
Bid-asked spread The difference between a dealer's bid and asked price.
Call option The right to buy an ast at a specified exerci price on or before a specified expiration date.
Capital markets Includes longer-term, relatively riskier curities. Eurodollars Dollar-denominated deposits at foreign banks or foreign branches of American banks.
Futures contract Obliges traders to purcha or ll an ast at an agreed-upon price on a specified future date. The long position is held by the trader who commits to purcha. The short position is held by the trader who commits to ll. Futures differ from forward contracts in their standardization, exchange trading, margin requirements, and daily ttling (marking to market).
期中考试的英文London Interbank Offered Rate (LIBOR) Rate that most creditworthy banks charge one another for large loans of Eurodollars in the London market.
Market-value-weighted index An index of a group of curities computed by calculating a weighted average of the returns of each curity in the index, with weights proportional to outstanding market value.
Money market Includes short-term, highly liquid, and relatively low-risk debt instruments.
Preferred stock Nonvoting shares in a corporation, paying a fixed or variable stream of dividends
Price-earnings ratio The ratio of a stock's price to its earnings per share. Also referred to as the P/E
multiple.
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Put option The right to ll an ast at a specified exerci price on or before a specified expiration date.幼儿园大班家长会
Repurcha agreements Short-term, often overnight, sales of government curities with an agreement to repurcha the curities at a slightly higher price. A rever repo is a purcha with an agreement to rell at a specified price on a future date.
Treasury bond or note Debt obligations of the federal government that make miannual coupon payments and are issued at or near par value
Yield to maturity A measure of the average rate of return that will be earned on a bond if held to maturity.
3How Securities are Traded
Dealer market A market where traders specializing in particular commodities buy and ll asts for their own accounts. The OTC market is an example. Electronic communication network (ECN) A computeroperated trading network offering an alternative to formal stock exchanges or dealer marke
ts for trading curities.
Initial public offering Stock issued to the public for the first time by a formerly privately owned company.
Limit order An order specifying a price at which an investor is willing to buy or ll a curity.
Margin Describes curities purchad with money borrowed from a broker. Current maximum margin is 50 percent.
Prospectus A final and approved registration statement including the price at which the curity issue is offered.
Short sale The sale of shares not owned by the investor but borrowed through a broker and later repurchad to replace the loan. Profit is earned if the initial sale is at a higher price than the repurcha price.
Stop-loss orders The trade is not to be executed unless the stock price falls below a given level.
Underwriting,Underwriters (investment bankers) purcha curities from the issuing company and rell them. Usually a syndicate of investment bankers is organized behind a lead firm.
4 12b-1 fees Annual fees charged by a mutual fund to pay for marketing and distribution costs.设计说明
Clod-end (mutual) fund A fund who shares are traded through brokers
at market prices; the fund will not redeem shares at their net ast value. The market price of the fund can differ from the net ast value.
Exchange-traded funds (ETFs) Offshoots of mutual funds that allow investors to trade portfolios of curities just as they do shares of stock. Hedge fund A private investment pool, open to institutional or wealthy investors, that is exempt from SEC regulation and can pursue more speculative policies than mutual funds.
Net ast value (NAV) The value of each share expresd as asts minus liabilities on a per-share basis.
Open-end (mutual) fund A fund that issues or redeems its own shares at their net ast value (NAV).
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Convertible bond A bond with an option allowing the bondholder to exchange the bond for a specified number of shares of common stock in the firm. ce.
Coupon rate A bond's interest payments per dollar of par value.
Current yield A bond's annual coupon payment divided by its price. Differs from yield to maturity.
Debenture or uncured bond A bond not backed by specific collateral. Debt curities Bonds; also called fixed-income curities.
屏幕截图快捷键Discount bonds Bonds lling below par value.
生态课堂Face value The maturity value of a bond.
Floating-rate bond A bond who interest rate is ret periodically according to a specified market rate.
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Par value The face value of the bond.
Premium bonds Bonds lling above par value.
Put bond A bond that the holder may choo either to exchange for par value at some date or to extend for a given number of years.
Yield to maturity A measure of the average rate of return that will be earned on a bond if held to maturity.
Zero-coupon bond A bond paying no coupons that lls at a discount and provides payment of face value only at maturity
18 Constant-growth model A form of the dividend discount model that assumes dividends will grow at a constant rate.
Dividend discount model (DDM) A formula stating that the intrinsic value of a firm is the prent value of all expected future dividends.
Dividend payout ratio Percentage of earnings paid out as dividends. Prent value of growth opportunities (PVGO) Net prent value of a firm's future investments.
