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Definition of Semi-fixed costs
costs that are constant within a defined level of activity but that can increase or decrease when
The incremental costs of having an agent make decisions for a principal.
costs that increase with increases in the level of investment in current assets.
The difference between the execution price of a security and the price that would have
Legal and administrative costs of liquidation or reorganization. Also includes
Long-lived property owned by a firm that is used by a firm in the production of its income.
The ratio of sales to fixed assets.
A cost that is fixed in total for a given period of time and for given production levels.
Annuity contracts in which the insurance company or issuing financial institution pays a
A measure of a firm's ability to meet its fixed-charge obligations: the ratio of
In the Euromarket the standard periods for which Euros are traded (1 month out to a year out) are
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
A country's decision to tie the value of its currency to another country's currency, gold
Also called a busted convertible, a convertible security that is trading like a straight
Assets that pay a fixed-dollar amount, such as bonds and preferred stock.
The market for trading bonds and preferred stock.
Fixed price basis
An offering of securities at a fixed price.
Fixed-price tender offer
A one-time offer to purchase a stated number of shares at a stated fixed price,
A loan on which the rate paid by the borrower is fixed for the life of the loan.
In an interest rate swap the counterparty who pays a fixed rate, usually in exchange for a
costs, both implied and direct, associated with a transaction. Such costs include time, effort,
Incremental costs and benefits
costs and benefits that would occur if a particular course of action were
Transaction costs that include the assessment of the investment merits of a financial asset.
Market impact costs
Also called price impact costs, the result of a bid/ask spread and a dealer's price concession.
Market timing costs
costs that arise from price movement of the stock during the time of the transaction
The difference in the performance of an actual investment and a desired investment
Price impact costs
Related: market impact costs
Round-trip transactions costs
costs of completing a transaction, including commissions, market impact
costs associated with locating a counterparty to a trade, including explicit costs (such as
Semi-strong form efficiency
A form of pricing efficiency where the price of the security fully reflects all
costs that have been incurred and cannot be reversed.
costs of buying and selling marketable securities and borrowing. Trading costs include
The time, effort, and money necessary, including such things as commission fees and the
costs that are identifiable with and able to be influenced by decisions made at the business
costs that are readily traceable to particular products or services.
Things that the business owns and are part of the business infrastructure – fixed assets may be
costs that do not change with increases or decreases in the volume of goods or services
costs that are necessary to produce a product/service but are not readily traceable to particular products or services – see overhead.
Intangible fixed assets
Non-physical assets, e.g. customer goodwill or intellectual property (patents and trademarks).
The costs that relate to a period of time.
costs that have both fixed and variable components.
A budget cost for materials and labour used for decision-making, usually expressed as a per unit cost that is applied to standard quantities from a bill of materials and to standard times from a
costs that have been incurred in the past.
Tangible fixed assets
Physical assets that can be seen and touched, e.g. buildings, machinery, vehicles, computers etc.
capitalization of costs
When a cost is recorded originally as an increase
An informal term that refers to the variety of long-term operating
fixed expenses (costs)
Expenses or costs that remain the same in amount,
Overhead generally refers to indirect, in contrast to direct,
Fixed Assets Turnover Ratio
A measure of the utilization of a company's fixed assets to
Fixed Charge Coverage Ratio
A measure of how well a company is able to meet its fixed
a cost that remains constant in total within a specified
fixed overhead spending variance
the difference between the total actual fixed overhead and budgeted fixed overhead;
fixed overhead volume variance
see volume variance
A security that pays a specified cash flow over a
An item with a longevity greater than one year, and which exceeds a company’s
A cost that does not vary in the short run, irrespective of changes in any
That portion of total overhead costs which remains constant in size
costs of maintaining current assets, including opportunity cost of capital.
costs of financial distress
costs arising from bankruptcy or distorted business decisions before bankruptcy.
costs that do not depend on the level of output.
Market prices reflect all publicly available information.
costs incurred from shortages in current assets.
costs that have been incurred and cannot be recovered.
costs that change as the level of output changes.
Fixed Exchange Rate
An exchange rate held constant by a government promise to buy or sell dollars at the fixed rate on the foreign exchange market.
The costs to firms of changing their prices.
Costs Capitalized in Stealth
A particularly egregious form of aggressive cost capitalization
Policy Acquisition Costs
costs incurred by insurance companies in signing new policies, including expenditures on commissions and other selling expenses, promotion expenses, premium
The costs of additional regulation, including higher taxes, borne by large and
A form of start-up cost incurred in preparing for the opening of a new store or facility.
costs related to such onetime activities as opening a new facility, introducing
An inventory storage technique under which permanent
Land, buildings, plant, equipment, and other assets acquired for carrying on the business of a company with a life exceeding one year. Normally expressed in financial accounts at cost, less accumulated depreciation.
Cost of doing business which does not change with the volume of business. Examples might be rent for business premises, insurance payments, heat and light.
Fixed Interest Rate
A rate that does not fluctuate with general market conditions.
Fixed Rate Loan
Loan for a fixed period of time with a fixed interest rate for the life of the loan.
The price of obtaining capital, either borrowed or equity, with intent to carry on business operations.
Longer-Term Fixed Assets
Assets having a useful life greater than one year but the duration of the 'long term' will vary with the context in which the term is applied.
Undepreciated Capital Costs
The tax definition of the value of an asset that is eligible for tax deprecation.
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