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Definition of Small-firm effect
The tendency of small firms (in terms of total market capitalization) to outperform the
A bond covenant that specifies certain actions the firm must take.
Result of a transaction that increases earnings per common share (e.g. by decreasing the
A committee formed in response to SEC chairman Arthur Levitt's initiative to improve the financial
The tendency of stocks to perform differently at different times, including such anomalies as
The grouping of investors who have a preference that the firm follow a particular financing
Refers to the fact that the merger of two firms decreases the probability of default on
he written statement that follows any "trade" in the securities markets. Confirmation is issued
The cumulative, after-tax, prior-year effect of a change in accounting
The change in earnings of previous years
The change in earnings of previous years assuming
Result of a transaction that decreases earnings per common share.
An annual measure of the time value of money that fully reflects the effects of
Interest rate that is annualized using compound interest.
Annualized interest rate on a security computed using compound interest techniques.
Annualized rate of return on a security computed using compound
Effective call price
The strike price in an optional redemption provision plus the accrued interest to the
The convexity of a bond calculated with cash flows that change with yields.
In an interest rate swap, the date the swap begins accruing interest.
The duration calculated using the approximate duration formula for a bond with an
Effective Exchange Rate
The weighted average of several exchange rates, where the weights are determined by the extent of our trade done with each country.
Effective Interest Rate
The rate of interest actually earned on an investment. It is
Effective margin (EM)
Used with SAT performance measures, the amount equaling the net earned spread, or
A measure of the time value of money that fully reflects the effects of compounding.
The gross underwriting spread adjusted for the impact of the announcement of the common
Effective Tax Rate
The total tax provision divided by pretax book income from continuing
a measure of how well an organization’s goals
Refers to an order to buy or sell that can be executed without confirmation for some fixed period. Also,
Firm commitment underwriting
An undewriting in which an investment banking firm commits to buy the
Firm's net value of debt
Total firm value minus total firm debt.
See:diversifiable risk or unsystematic risk.
A theory that nominal interest rates in two or more countries should be equal to the required real
High-Risk Small Business
firm viewed as being particularly subject to risk from an investors perspective.
The rise in the stock price following the dividend signal.
International Fisher effect
States that the interest rate differential between two countries should be an
international Fisher effect
Theory that real interest rates in all countries should be equal, with differences in nominal rates reflecting differences in expected inflation.
Intrinsic value of a firm
The present value of a firm's expected future net cash flows discounted by the
Low price-earnings ratio effect
The tendency of portfolios of stocks with a low price-earnings ratio to
Neglected firm effect
The tendency of firms that are neglected by security analysts to outperform firms that
That portfolios with low P/E stocks have exhibited higher average risk-adjusted returns than high P/E stocks.
Panel on Audit Effectiveness
A special committee of the Public Oversight Board that was created
Theory that anticipated policy has no effect on output.
Small issues exemption
Securities issues that involve less than $1.5 million are not required to file a
A violation of value-additivity whereby the value of the combination is greater than the
A firm that is the object of a takeover by another firm.
The effect on spending of a change in wealth caused by a change in the overall price level.
The common recurrent low or negative average return from Friday to Monday in the stock market.
Process in corporate financial planning whereby the smaller investment proposals of each of the
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