|Equal Pay Act of 1963|
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Definition of Equal Pay Act of 1963
Equal Pay Act of 1963
A federal act requiring that both sexes receive equal pay
the present value of a finite stream of cash flows for every beginning $1 of cash flow.
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.
a generalization formula invented by Abrams that is the present value of regular but noncontiguous cash flows that have constant growth to perpetuity.
Money owed to suppliers.
This doctrine says that a nation is sovereign within its own borders and its domestic
A market in which there is much trading.
A strategy that uses available information and forecasting techniques to seek a
The physical commodity underlying a futures contract. Cash commodity, physical.
The pool factor implied by the scheduled amortization assuming no prepayemts.
Present value of $1 paid for each of t periods.
Ratios that measure how effectively the firm is managing its assets.
A statistical compilation formulated by a sovereign nation of all economic transactions
The lease payment at which a party to a prospective lease is indifferent between
The prepayment rate of a MBS coupon that will produce the same CFY as that of
A guaranteed investment contract purchased with a single (one-shot) premium. Related:
Cash settlement contracts
Futures contracts, such as stock index futures, that settle for cash, not involving
A transaction where exchange is immediate, as contrasted to a forward contract, which
The market model applied to a single security. The slope of the line is a security's beta.
Clearing House Automated Payments System (CHAPS)
A computerized clearing system for sterling funds
Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value
The percentage of a given month's sales collected during the month of sale and each
Conditional sales contracts
Similar to equipment trust certificates except that the lender is either the
A term of reference describing a unit of trading for a financial or commodity future. Also, the actual
The month in which futures contracts may be satisfied by making or accepting a delivery.
Rules set by the Chicago Board of Trade for determining the invoice price of each
A bond's interest payments.
Customary payout ratios
A range of payout ratios that is typical based on an analysis of comparable firms.
Date of payment
Date dividend checks are mailed.
Existing in actual fact although not by official recognition.
Delivery versus payment
A transaction in which the buyer's payment for securities is due at the time of
Present value of $1 received at a stated future date.
Discounted payback period rule
An investment decision rule in which the cash flows are discounted at an
Dividend payout ratio
Percentage of earnings paid out as dividends.
A bond portfolio management strategy that involves finding the lowest cost portfolio
A financial institution that buys a firm's accounts receivables and collects the debt.
A statistical procedure that seeks to explain a certain phenomenon, such as the return on a
A way of decomposing the factors that influence a security's rate of return into common and
A well-diversified portfolio constructed to have a beta of 1.0 on one factor and a beta of
Sale of a firm's accounts receivable to a financial institution known as a factor.
Feasible target payout ratios
payout ratios that are consistent with the availability of excess funds to make
FHA prepayment experience
The percentage of loans in a pool of mortgages outstanding at the origination
In an interest rate swap the counterparty who pays a fixed rate, usually in exchange for a
A guaranteed investment contract where the credit rating is tied to some variable
In an interest rate swap, the counterparty who pays a rate based on a reference rate,
A cash market transaction in which delivery of the commodity is deferred until after the
Forward forward contract
In Eurocurrencies, a contract under which a deposit of fixed maturity is agreed to
See: financial lease.
Agreement to buy or sell a set number of shares of a specific stock in a designated future
Futures contract multiple
A constant, set by an exchange, which when multiplied by the futures price gives
A 1933 act in which Congress forbade commercial banks to own, underwrite, or deal in
Publicly owned stock in a firm is replaced with complete equity ownership by a
Graduated-payment mortgages (GPMs)
A type of stepped-payment loan in which the borrower's payments
Guaranteed insurance contract
A contract promising a stated nominal interest rate over some specific time
Guaranteed investment contract (GIC)
A pure investment product in which a life company agrees, for a
A contract that obligates a purchaser of a project's output to make cash
Highly leveraged transaction (HLT)
Bank loan to a highly leveraged firm.
Transaction carried out between two units of the same corporation.
Interest equalization tax
Tax on foreign investment by residents of the U.S. which was abolished in 1974.
Contractual debt payments based on the coupon rate of interest and the principal amount.
Lag response of prepayments
There is typically a lag of about three months between the time the weighted
The characteristic of the scheduled principal and interest payments due under a mortgage such that
Manufactured housing securities (MHSs)
Loans on manufactured homes - that is, factory-built or
Market impact costs
Also called price impact costs, the result of a bid/ask spread and a dealer's price concession.
Factoring arrangement that provides collection and insurance of accounts receivable.
Most distant futures contract
When several futures contracts are considered, the contract settling last.
A version of the capital asset pricing model derived by Merton that includes extramarket
Nearby futures contract
When several futures contracts are considered, the contract with the closest
Net benefit to leverage factor
A linear approximation of a factor, T*, that enables one to operationalize the
Next futures contract
The contract settling immediately after the nearby futures contract.
Nexus (of contracts)
A set or collection of something.
Factoring arrangement that provides collection, insurance, and finance for accounts receivable.
A special case of the arbitrage pricing theory that is derived from the one-factor model by
Contracts which have been bought or sold without the transaction having been completed by
The contract that balances the three types of agency costs (contracting, monitoring, and
A contract that, in exchange for the option price, gives the option buyer the right, but not
Options contract multiple
A constant, set at $100, which when multiplied by the cash index value gives the
The supposition that investors overreact to unanticipated news, resulting in
Payable through drafts
A method of making payment that is used to maintain control over payments made
Related: Accounts payable.
The length of time it takes to recover the initial cost of a project, without regard to the time value of money.
In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that
The date on which each shareholder of record will be sent a check for the declared dividend.
Company-written checks that have not yet cleared.
Reducing fund transfers between affiliates to only a netted amount. Netting can be done on
escribes the lagged collection pattern of receivables, for instance the probability that a
Generally, the proportion of earnings paid out to the common stockholders as cash dividends.
The loss of cash resulting from a swap into higher price bonds or the need/willingness of a bank or
bond A bond that gives the issuer an option (during an initial period) either to make
The outstanding principal balance divided by the original principal balance with the result
Also called speed, the estimated rate at which mortgagors pay off their loans ahead of
payments made in excess of scheduled mortgage principal repayments.
Present value factor
Factor used to calculate an estimate of the present value of an amount to be received in
Price impact costs
Related: market impact costs
Production payment financing
A method of nonrecourse asset-based financing in which a specified
A decline in prices following an advance. Opposite of rally.
Receivables balance fractions
The percentage of a month's sales that remain uncollected (and part of
The pool factor as reported by the bond buyer for a given amortization period.
Round-trip transactions costs
Costs of completing a transaction, including commissions, market impact
Security characteristic line
A plot of the excess return on a security over the risk-free rate as a function of
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