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Definition of Agency pass-throughs
Mortgage pass-through securities whose principal and interest payments are
A grouping of sales producers according to region. Compare with Branch.
A form of organization commonly used by foreign banks to enter the U.S. market. An agency
A means of compensating the broker of a program trade solely on the basis of commission
The argument that specifies that the various agency costs create a complex environment in
The incremental costs of having an agent make decisions for a principal.
Conflicts of interest among stockholders, bondholders, and managers.
Conflicts of interest between the firm’s owners and managers.
The analysis of principal-agent relationships, wherein one person, an agent, acts on behalf of
Also called private-label pass-throughs, any mortgage pass-through security not
Securities issued by corporations and agencies created by the U.S. government,
A time series regression to estimate the betas of securities portfolios.
An alternative to a bond trust deed. Unlike the trustee, the fiscal agent acts as an
agency pass-throughs that guarantee the timely payment of both interest and
agency pass-throughs that guarantee (1) timely interest payments and (2) principal
Also called a passthrough, a security created when one or more mortgage
Pass-through coupon rate
The interest rate paid on a securitized pool of assets, which is less than the rate
The net interest rate passed through to investors after deducting servicing, management,
A pool of fixed-income securities backed by a package of assets (i.e. mortgages)
Passive investment management
Buying a well-diversified portfolio to represent a broad-based market
Passive investment strategy
See: passive management.
A market index portfolio.
Passive portfolio strategy
A strategy that involves minimal expectational input, and instead relies on
Related: Conventional pass-throughs.
Second pass regression
A cross-sectional regression of portfolio returns on betas. The estimated slope is the
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