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Definition of Intestate
This means dying without a will, in which case the provincial laws of the province in which the death occurred apply to the manner in which assets will be distributed. In other words, if you don't write your own will, the government will do it for you after your death and it may not be as you would have wished.
present value of a perpetuity with growth.
The option of terminating an investment earlier than originally planned.
A merger or consolidation in which an acquirer purchases the selling firm's assets.
This doctrine says that a nation is sovereign within its own borders and its domestic
The ratio of net income to net sales.
Money after-tax rate of return minus the inflation rate.
A firm's productive resources.
A common element of a financial plan that describes projected capital spending and the
State laws covering the issue and trading of securities.
A mortgage loan on newly developed property that the builder subsidizes during the
Foreign bond issue made in London.
The foreign market in the United Kingdom.
Mortgages in which monthly payments consist of principal and interest, with portions of these
Purchase of a controlling interest (or percent of shares) of a company's stock. A leveraged buy-out is
Net income plus depreciation.
The combination of all of the individual opinions about a stock's or security's value.
Common stock/other equity
Value of outstanding common shares at par, plus accumulated retained
Continuous random variable
A random value that can take any fractional value within specified ranges, as
The ability of the bankruptcy court to confirm a plan of reorganization over the objections of
A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm.
Value of cash, accounts receivable, inventories, marketable securities and other assets that
Customary payout ratios
A range of payout ratios that is typical based on an analysis of comparable firms.
Facility provided by the Fed enabling member banks to borrow reserves against collateral
Discrete random variable
A random variable that can take only a certain specified set of discrete possible
after a Treasury auction, there will be many new issues in dealer's hands. As those issues are
Dividend payout ratio
Percentage of earnings paid out as dividends.
Doctrine of sovereign immunity
doctrine that says a nation may not be tried in the courts of another country
Documented discount notes
Commercial paper backed by normal bank lines plus a letter of credit from a
Municipal revenue bonds for which quotes are given in dollar prices. Not to be confused with
The product of modified duration and the initial price.
Dollar price of a bond
Percentage of face value at which a bond is quoted.
The return realized on a portfolio for any evaluation period, including (1) the change in market
Similar to the reverse repurchase agreement - a simultaneous agreement to sell a security held in a
Dollar safety margin
The dollar equivalent of the safety cushion for a portfolio in a contingent immunization
Dollar-weighted rate of return
Also called the internal rate of return, the interest rate that will make the
Domestic International Sales Corporation (DISC)
A U.S. corporation that receives a tax incentive for
Part of a nation's internal market representing the mechanisms for issuing and trading
Don't know (DK, Dked)
"don't know the trade." A Street expression used whenever one party lacks
Method of accelerated depreciation.
A cross-border lease in which the disparate rules of the lessor's and lessee's countries let
Agreement between two countries that taxes paid abroad can be offset against
A sinking fund provision that may allow repurchase of twice the required number of bonds
Dow Jones industrial average
This is the best known U.S.index of stocks. It contains 30 stocks that trade on
Barrier option that comes into existence if asset price hits a barrier.
Barrier option that expires if asset price hits a barrier.
A classic negative change in ratings for a stock, and or other rated security.
Employee stock ownership plan (ESOP)
A company contributes to a trust fund that buys stock on behalf of
A value determined within the context of a model.
Investment funds established for the support of institutions such as colleges, private
This is an American dollar that has been deposited in a European bank or an U.S. bank branch
Eurobonds denominated in U.S.dollars.
Exchange of assets
Acquisition of another company by purchase of its assets in exchange for cash or stock.
Feasible target payout ratios
Payout ratios that are consistent with the availability of excess funds to make
Claims on real assets.
Conventional bonds for which the coupon rate is set as a fixed percentage of the par value.
A nonnegotiable debt security that can be redeemed at some fixed price or according to
See: financial lease.
Excess of the purchase price over the fair market value of the net assets acquired under purchase
See: government securities.
Government National Mortgage Association (Ginnie Mae)
A wholly owned U.S. government corporation
Government sponsored enterprises
Privately owned, publicly chartered entities, such as the Student Loan
Negotiable U.S. Treasury securities.
Gross domestic product (GDP)
The market value of goods and services produced over time including the
Leveraged buyout (LBO)
A transaction used for taking a public corporation private financed through the use
London International Financial Futures Exchange (LIFFE)
A London exchange where Eurodollar futures
Value of property, equipment and other capital assets minus the depreciation. This is an
London International Financial Futures Exchange (LIFFE)
London exchange where Eurodollar futures as well as futures-style options are traded.
Management buyout (MBO)
Leveraged buyout whereby the acquiring group is led by the firm's management.
The foreign market in Spain.
The difference between total assets on the one hand and current liabilities and noncapitalized longterm
A tangible asset with unique physical properties, like a parcel of land, a mine, or a
Normal random variable
A random variable that has a normal probability distribution.
In the balance of payments, other capital is a residual category that groups all the capital
Other current assets
Value of non-cash assets, including prepaid expenses and accounts receivable, due
Other long term liabilities
Value of leases, future employee benefits, deferred taxes and other obligations
Amount of funds generated during the period from operations by sources other than
In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that
Generally, the proportion of earnings paid out to the common stockholders as cash dividends.
Publicly traded assets
assets that can be traded in a public market, such as the stock market.
Current assets minus inventories.
A function that assigns a real number to each and every possible outcome of a random experiment.
Theory that stock price changes from day to day are at random; the changes are independent
A strategy of introducing into the decision-making process a random element that is
Identifiable assets, such as buildings, equipment, patents, and trademarks, as distinguished from a
A tangible asset with physical properties that can be reproduced, such as a building or
assets that remain after sufficient assets are dedicated to meet all senior debtholder's claims in full.
Return on assets (ROA)
Indicator of profitability. Determined by dividing net income for the past 12 months
Return on total assets
The ratio of earnings available to common stockholders to total assets.
The value of research services that brokerage houses supply to investment managers "free of
Target payout ratio
A firm's long-run dividend-to-earnings ratio. The firm's policy is to attempt to pay out a
A nation with a moderate level of taxation and/or liberal tax incentives for undertaking specific
Top-down equity management style
A management style that begins with an assessment of the overall
Total dollar return
The dollar return on a nondollar investment, which includes the sum of any
To guarantee, as to guarantee the issuer of securities a specified price by entering into a purchase
A party that guarantees the proceeds to the firm from a security sale, thereby in effect taking
A guaranteed investment contract purchased with deposits over some future designated
If 70 were bid in the market and there was no offer, the quote would be "70 bid without." The
without the lender having any right to seek payment or seize assets in the event of
Decreasing the book value of an asset if its book value is overstated compared to current market values.
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