投资名词—英文2

BurnhamSecurities,Inc.FuhrmanDivisionGlossaryofInvestmentTermsABCDEFGHIJKLMNOPQRSTUVWXYZAMERICANDEPOSITORYRECEIPTS(ADR)CertificatesissuedbyaU.S.DepositoryBank,representingforeignsharesheldbythebank,usuallybyabranchorcorrespondentinthecountryofissue.OneADRmayrepresentaportionofaforeignshare,oneshareorabundleofsharesofaforeigncorporation.IftheADR'saresponsored,thecorporationprovidesfinancialinformationandotherassistancetothebankandmaysubsidizetheadministrationoftheADR's.UnsponsoredADR'sdonotreceivesuchassistance.ADR'scarrythesamecurrency,politicalandeconomicrisksastheunderlyingforeignshare;thepricesofthetwo,adjustedfortheSDR/ordinaryratio,arekeptessentiallyidenticalbyarbitrage.AmericanDepositoryShares(ADS)areasimilarformofcertification.ANALYSTEmployeeofabrokerageorfundmanagementhousewhostudiescompaniesandmakesbuyandsellrecommendationsontheirstocks.Mostspecializeinaspecificindustry.ANNUALREPORTYearlyrecordofapubliclyheldcompany'sfinancialcondition.Itincludesadescriptionofthefirm'soperations,itsbalancesheetandincomestatement.SECrulesrequirethatitbedistributedtoallshareholders.Amoredetailedversioniscalleda10-K.ARBITRAGEProfitingfromdifferencesinthepriceofasinglesecuritythatistradedonmorethanonemarket.ARMSINDEXAlsoknownasTRadingINdex(TRIN):=(numberofadvancingissues/numberofdecliningissues)dividedby(totalupvolume/totaldownvolume).Anadvance/declinemarketindicator.Lessthan1.0indicatesbullishdemand,whileabove1.0isbearish.ASSIGNMENTThereceiptofanexercisenoticebyanoptionswriterthatrequireshimtosell(inthecaseofacall)orpurchase(inthecaseofaput)theunderlyingsecurityatthespecifiedstrikeprice.AT-THE-MONEYAnoptionisat-the-moneyifthestrikepriceoftheoptionisequaltothemarketpriceoftheunderlyingsecurity.Forexample,ifxyzstockistradingat45,thenthexyz45optionisat-the-money.AVERAGEAnarithmeticmeanofselectedstocksintendedtorepresentthebehaviorofthemarketorsomecomponentofit.OnegoodexampleisthewidelyquotedDowJonesIndustrialAverage,whichaddsthecurrentpricesofthe30DJIA'sstocks,anddividestheresultsbyapredeterminednumber,thedivisor.AVERAGEMATURITYTheaveragetimetomaturityofsecuritiesheldbyamutualfund.Changesininterestrateshavegreaterimpactonfundswithlongeraveragelife.BACKOFFICEBrokeragehouseclericaloperationsthatsupport,butdonotinclude,thetradingofstocksandothersecurities.Includesallwrittenconfirmationandsettlementoftrades,recordkeepingandregulatorycompliance.BANKER'SACCEPTANCEAshort-termcreditinvestmentcreatedbyanon-financialfirmandguaranteedbyabankastopayment.Acceptancesaretradedatdiscountsfromfacevalueinthesecondarymarket.Theseinstrumentshavebeenapopularinvestmentformoneymarketfunds.BASISThepriceaninvestorpaysforasecurityplusanyout-of-pocketexpenses.Itisusedtodeterminecapitalgainsorlossesfortaxpurposeswhenthestockissold.BASISPOINTSReferstoyieldonbonds.Eachpercentagepointofyieldinbondsequals100basispoints.Ifabondyieldchangesfrom6.25%to6.39%,that'sariseof14basispoints.BEARAninvestorwhobelievesastockortheoverallmarketwilldecline.Abearmarketisaprolongedperiodoffallingstockprices,usuallyby20%ormore.BEARRAIDAsituationinwhichlargetraderssellpositionswiththeintentionofdrivingpricesdown.BETA(STOCKS)Measureofastock'sriskinrelationtothemarket.0.7meansastockpriceislikelytomoveupordown70%ofthemarketchange;1.3meansthestockislikelytomoveupordown30%morethanthemarket.BETAEQUATION(STOCKS)Thebetaofastockisdeterminedasfollows:[(n)(sumof(xy))]-[(sumofx)(sumofy)][(n)(sumof(xx))]-[(sumofx)(sumofx)]where:n=#ofobservations(24-60months)x=rateofreturnfortheS&P500Indexy=rateofreturnforthestock.BETA(MUTUALFUNDS)hemeasureofafund'sriskinrelationtothemarket.0.7meansthefund'stotalreturnislikelytomoveupordown70%ofthemarketchange;1.3meanstotalreturnislikelytomoveupordown30%morethanthemarket.BETAEQUATION(MUTUALFUNDS)Thebetaofafundisdeterminedasfollows:[(n)(sumof(xy))]-[(sumofx)(sumofy)][(n)(sumof(xx))]-[(sumofx)(sumofx)]where:n=#ofobservations(36months)x=rateofreturnfortheS&P500Indexy=rateofreturnforthefund.BLOW-OFFTOPAsteepandrapidincreaseinpricefollowedbyasteepandrapiddropinprice.Thisisanindicatorseeninchartsandusedintechnicalanalysisofstockpriceandmarkettrends.BREAKOUTAriseinasecurity'spriceabovearesistancelevel(commonlyitsprevioushighprice)ordropbelowalevelofsupport(commonlytheformerlowestprice.)Abreakoutistakentosignifyacontinuingmoveinthesamedirection.Canbeusedbytechnicalanalystsasabuyorsellindication.BULLAninvestorwhothinksthemarketwillrise.BULLMARKETAmarketwhichisonaconsistentupwardtrend.BUYOUTPurchaseofacontrollinginterest(orpercentofshares)ofacompany'sstock.Aleveragedbuyoutisdonewithborrowedmoney.CALLOPTIONAnoptioncontractthatgivestheholderoftheoptiontheright(butnottheobligation)topurchase,andobligatesthewritertosell,aspecifiednumberofsharesoftheunderlyingstockatthegivenstrikeprice,onorbeforetheexpirationdateofthecontract.CAPITALEXPENDITURESAmountusedduringaparticularperiodtoacquireorimprovelongtermassetssuchasproperty,plant,orequipment.CAPITALGAINWhenastockissoldforaprofit,it'sthedifferencebetweenthenetsalespriceofsecuritiesandtheirnetcost,ororiginalbasis.Ifasto