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Definition of downsizing
any management action that reduces employment
The use of various forms of gimmickry to distort a company's true financial performance in order to achieve a desired result.
A characterization used by the Securities and Exchange
a discipline that focuses on the activities incurred during the production/performance process as the way to improve the value received
Cash flow provided by operating
Also called surplus management, the task of managing funds of a financial
Large and creditworthy company.
A management style that de-emphasizes the significance of economic
A firm's net cash inflow resulting directly from its regular operations
A section on the cash-flow Stockholders’ equity statement that shows how much cash came into a company and how much went out during the normal course of business.
Very short maturity bills that the Treasury occasionally sells because its cash
A transaction where exchange is immediate, as contrasted to a forward contract, which
a professional designation in the area of management accounting that
The percentage of a given month's sales collected during the month of sale and each
Assets acquired to create money. May include plant, machinery and equipment, shares of another company etc.
Expected rate of return demanded by investors in a company, determined by the average risk of the company’s assets and operations.
Related: Unsystematic risk
See asset-specific risk
The strategies, skills, knowledge, resources or competencies that differentiate a business from its competitors.
A securities offering process in which securities firms submit competing bids to the
An offering of securities through competitive bidding.
Corporate financial management
The application of financial principals within a corporation to create and
Cost company arrangement
Arrangement whereby the shareholders of a project receive output free of
cost management system (CMS)
a set of formal methods
The periodic interest payment made to the bondholders during the life of the bond.
Detachable certificate attached to a bond that shows the amount of
The interest payments paid to the bondholder.
The annual interest payment associated with a bond.
any bond with a coupon. Contrast with discount bond.
Coupon / Coupons
The periodic interest payment(s) made by the issuer of a bond
The dates when the coupons are paid. Typically a bond pays
Coupon equivalent yield
True interest cost expressed on the basis of a 365-day year.
A bond's interest payments.
In bonds, notes or other fixed income securities, the stated percentage rate of interest, usually
The rate of interest paid on a debt security. Generally stated on an
The nominal interest rate that the issuer promises to pay the
Annual interest payment as a percentage of face value.
A bond selling at or close to par, that is, a bond with a coupon close to the yields currently
Related: Benchmark issues
Unemployment that increases when the economy enters a recession and decreases when the economy enters a boom.
Demand Management Policy
Fiscal or monetary policy designed to influence aggregate demand for goods and services.
Depository Trust Company (DTC)
DTC is a user-owned securities depository which accepts deposits of
Advertising designed to elicit sales to customers who can be
Net income and the gain or loss on disposal of a business segment whose assets and operations are clearly distinguishable from the other assets and operations of an entity.
Dupont system of financial control
Highlights the fact that return on assets (ROA) can be expressed in terms
The active manipulation of earnings toward a predetermined target.
Federal Unemployment Tax Act (FUTA)
A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a
Company engaged in making loans to individuals or businesses. Unlike a bank, it does not receive deposits from the public.
fractional interest discount
the combined discounts for lack of control and marketability. g the constant growth rate in cash flows or net income used in the ADF, Gordon model, or present value factor.
Fractional Reserve Banking
A banking system in which banks hold only a fraction of their outstanding deposits in cash or on deposit with the central bank.
Unemployment associated with people changing jobs or quitting to search for new jobs.
Full coupon bond
A bond with a coupon equal to the going market rate, thereby, the bond is selling at par.
The level of employment corresponding to the natural rate of unemployment.
The level of output produced by the economy when operating at the natural rate of unemployment.
Funds From Operations (FFO)
Used by real estate and other investment trusts to define the cash flow from
Publicly owned stock in a firm is replaced with complete equity ownership by a
High-coupon bond refunding
Refunding of a high-coupon bond with a new, lower coupon bond.
Highly leveraged transaction (HLT)
Bank loan to a highly leveraged firm.
A corporation that owns enough voting stock in another firm to control management and
Income from Continuing Operations
After-tax net income before discontinued operations,
Income statement (statement of operations)
A statement showing the revenues, expenses, and income (the
Institute of Management Accountants (IMA)
an organization composed of individuals interested in the field of management accounting; it coordinates the Certified management
Institutionally Induced Unemployment
Unemployment due to institutional phenomena such as the degree of labor force unionization, the level of discrimination, and government policies such as unemployment insurance programs, minimum wages, or regulations on business.
A firm licensed to sell insurance to the public.
Loan made by one unit of a corporation to another unit of the same corporation.
Transaction carried out between two units of the same corporation.
Lag response of prepayments
There is typically a lag of about three months between the time the weighted
Bond with a stream of coupon payments that are the same throughout the life of the bond.
limited liability company
an organizational form that is a hybrid of the corporate and partnership organizational
1) Bonds or notes with a long current maturity.
1) Bonds or notes with a long current maturity.
Low-coupon bond refunding
Refunding of a low coupon bond with a new, higher coupon bond.
management refers to the individuals in an entity that have the authority and the responsibility to manage the entity. The positions of these individuals, and their titles, vary from one entity to another and, to some extent, from one country to another depending on the local laws and customs. Thus, when the context requires it, the term includes the board of directors or committees of the board which are designated to oversee certain matters (e.g., audit committee).
The production of financial and non-financial information used in planning for the future; making decisions about products, services, prices and what costs to incur; and ensuring that plans are implemented and achieved.
a discipline that includes almost
Management Accounting Guidelines (MAGs)
pronouncements of the Society of management Accountants of
Management buyout (MBO)
Leveraged buyout whereby the acquiring group is led by the firm's management.
management buyout (MBO)
Acquisition of the firm by its own management in a leveraged buyout.
Management/closely held shares
Percentage of shares held by persons closely related to a company, as
This is difficult to define in a few words—indeed, an
management control system (MCS)
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
management expense ratio (MER)
The total expenses expressed as an annualized percentage of daily average net assets. MER does not include brokerage fees and commissions, which are also payable by the Fund.
An investment advisory fee charged by the financial advisor to a fund based on the fund's
The fee paid to the fund’s manager for supervising the administration of the fund.
management information system (MIS)
a structure of interrelated elements that collects, organizes, and communicates
the preference of a manager in how he/she interacts with other stakeholders in the organization;
Related: Investment management.
Natural Rate of Unemployment (NRU)
The level of unemployment characterizing the economy in long-run equilibrium, determined by the levels of frictional, structural, and institutionally induced unemployment. At this rate of unemployment, inflation should be constant, so it is sometimes called the nonaccelerating inflation rate of unemployment, or NAIRU.
Net Cash after Operations
Cash flow available for debt service—the payment of interest and principal on loans. Generally calculated as cash provided by operating activities before interest
In a Treasury auction, bidding for a specific amount of securities at the price, whatever it
a philosophy about increasing a firm’s performance by involving all workers and by ensuring
Buying or selling of bonds by the central bank.
Operational Earnings Management
management actions taken in the effort to create stable
operations flow document
a document listing all operations
The supposition that investors overreact to unanticipated news, resulting in
A company that retains control over one or more other companies.
Pass-through coupon rate
The interest rate paid on a securitized pool of assets, which is less than the rate
Passive investment management
Buying a well-diversified portfolio to represent a broad-based market
Perfectly competitive financial markets
Markets in which no trader has the power to change the price of
performance management system
a system reflecting the entire package of decisions regarding performance measurement and evaluation
Withdrawing parts or subassemblies from stock in order to
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