投资名词—英文2.docx

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1、编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第47页 共47页Burnham Securities, Inc. Fuhrman DivisionGlossary of Investment TermsA B C D E F G H I J K L M N O P Q R S T U V W X Y Z AMERICAN DEPOSITORY RECEIPTS (ADR) Certificates issued by a U.S. Depository Bank, representing foreign shares held by the bank, usually b

2、y a branch or correspondent in the country of issue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreign corporation. If the ADRs are sponsored, the corporation provides financial information and other assistance to the bank and may subsidize the administ

3、ration of the ADRs. Unsponsored ADRs do not receive such assistance. ADRs carry the same currency, political and economic risks as the underlying foreign share; the prices of the two, adjusted for the SDR/ordinary ratio, are kept essentially identical by arbitrage. American Depository Shares (ADS) a

4、re a similar form of certification.ANALYST Employee of a brokerage or fund management house who studies companies and makes buy and sell recommendations on their stocks. Most specialize in a specific industry.ANNUAL REPORT Yearly record of a publicly held companys financial condition. It includes a

5、description of the firms operations, its balance sheet and income statement. SEC rules require that it be distributed to all shareholders. A more detailed version is called a 10-K.ARBITRAGE Profiting from differences in the price of a single security that is traded on more than one market.ARMS INDEX

6、 Also known as TRading INdex (TRIN): = (number of advancing issues / number of declining issues) divided by (total up volume / total down volume). An advance/decline market indicator. Less than 1.0 indicates bullish demand, while above 1.0 is bearish.ASSIGNMENT The receipt of an exercise notice by a

7、n options writer that requires him to sell (in the case of a call) or purchase (in the case of a put) the underlying security at the specified strike price.AT-THE-MONEY An option is at-the-money if the strike price of the option is equal to the market price of the underlying security. For example, i

8、f xyz stock is trading at 45, then the xyz 45 option is at-the-money.AVERAGE An arithmetic mean of selected stocks intended to represent the behavior of the market or some component of it. One good example is the widely quoted Dow Jones Industrial Average, which adds the current prices of the 30 DJI

9、As stocks, and divides the results by a predetermined number, the divisor.AVERAGE MATURITY The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with longer average life.BACK OFFICE Brokerage house clerical operations that support, b

10、ut do not include, the trading of stocks and other securities. Includes all written confirmation and settlement of trades, record keeping and regulatory compliance.BANKERS ACCEPTANCE A short-term credit investment created by a non-financial firm and guaranteed by a bank as to payment. Acceptances ar

11、e traded at discounts from face value in the secondary market. These instruments have been a popular investment for money market funds. BASIS The price an investor pays for a security plus any out-of-pocket expenses. It is used to determine capital gains or losses for tax purposes when the stock is

12、sold.BASIS POINTS Refers to yield on bonds. Each percentage point of yield in bonds equals 100 basis points. If a bond yield changes from 6.25 % to 6.39 %, thats a rise of 14 basis points.BEAR An investor who believes a stock or the overall market will decline. A bear market is a prolonged period of

13、 falling stock prices, usually by 20% or more.BEAR RAID A situation in which large traders sell positions with the intention of driving prices down.BETA (STOCKS) Measure of a stocks risk in relation to the market. 0.7 means a stock price is likely to move up or down 70 % of the market change; 1.3 me

14、ans the stock is likely to move up or down 30 % more than the market.BETA EQUATION (STOCKS) The beta of a stock is determined as follows: (n) (sum of (xy) -(sum of x) (sum of y) (n) (sum of (xx) -(sum of x) (sum of x) where: n = # of observations (24-60 months) x = rate of return for the S&P 500 Ind

15、ex y = rate of return for the stock.BETA (MUTUAL FUNDS) he measure of a funds risk in relation to the market. 0.7 means the funds total return is likely to move up or down 70 % of the market change; 1.3 means total return is likely to move up or down 30 % more than the market.BETA EQUATION (MUTUAL F

16、UNDS) The beta of a fund is determined as follows: (n) (sum of (xy) - (sum of x) (sum of y) (n) (sum of (xx) - (sum of x) (sum of x) where: n = # of observations (36 months) x = rate of return for the S&P 500 Index y = rate of return for the fund.BLOW-OFF TOP A steep and rapid increase in price foll

17、owed by a steep and rapid drop in price. This is an indicator seen in charts and used in technical analysis of stock price and market trends.BREAKOUT A rise in a securitys price above a resistance level (commonly its previous high price) or drop below a level of support (commonly the former lowest p

18、rice.) A breakout is taken to signify a continuing move in the same direction. Can be used by technical analysts as a buy or sell indication.BULL An investor who thinks the market will rise.BULL MARKET A market which is on a consistent upward trend.BUYOUT Purchase of a controlling interest (or perce

19、nt of shares) of a companys stock. A leveraged buyout is done with borrowed money.CALL OPTION An option contract that gives the holder of the option the right (but not the obligation) to purchase, and obligates the writer to sell, a specified number of shares of the underlying stock at the given str

20、ike price, on or before the expiration date of the contract.CAPITAL EXPENDITURES Amount used during a particular period to acquire or improve long term assets such as property, plant, or equipment.CAPITAL GAIN When a stock is sold for a profit, its the difference between the net sales price of secur

21、ities and their net cost, or original basis. If a stock is sold below cost, the difference is a capital loss.CAPITAL LOSS The difference between the net cost of a security and the net sale price, if that security is sold at a loss.CASH DIVIDEND A dividend paid in cash to a companys shareholders. The

22、 amount is normally based on profitability and is taxable as income. A cash distribution may include capital gains and return of capital in addition to the dividend.CASH AND EQUIVALENTS The value of assets that can be converted into cash immediately, as reported by a company. Usually includes bank a

23、ccounts and marketable securities, such as government bonds and Bankers Acceptances. Cash equivalents on balance sheets include securities (e.g., notes) that mature within ninety days.CASH FLOW In investments, it represents earnings before depreciation amortization and non-cash charges. Sometimes ca

24、lled cash earnings. Cash Flow from operations (called Funds From Operations (FFO) by real estate and other investment trusts, is important because it indicates the ability to pay dividends.CHANGES IN FINANCIAL POSITION Sources of funds internally provided from operations which alter a companys cash

25、flow position: depreciation, deferred taxes, other sources, and capital expenditures.CHURNING Excessive trading of a clients account in order to increase the brokers commissions.CLOSED END FUND An investment trust that does not continually offer to buy and sell shares at net asset value, as does an

26、open end mutual fund. The shares trade on an exchange at a price determined by market forces and may sell at a premium or discount to Net Asset Value.CLOSING PURCHASE A transaction in which the purchasers intention is to reduce or eliminate a short position in a stock, or in a given series of option

27、s.CLOSING SALE A transaction in which the sellers intention is to reduce or eliminate his long position in a stock, or a given series of options.COMMISSION The fee paid to a broker to execute a trade, based on number of shares, bonds, options and/or their dollar value. In 1975, deregulation led to t

28、he creation of discount brokers, who charge lower commissions than full service brokers. Full service brokers offer advice and usually have a full staff of analysts who follow specific industries. Discount brokers simply execute a clients order-and usually do not offer an opinion on a stock.COMMON S

29、TOCK/OTHER EQUITY Value of outstanding common shares at par, less accumulated retained earnings. Also called shareholders equity.CONFIDENCE INDICATOR A measure of investors faith in the economy and the securities market. A low or deteriorating level of confidence is considered by many technical anal

30、ysts as a bearish sign.CONFIDENCE LEVEL The degree of assurance that a specified failure rate is not exceeded.CONFIRMATION The written statement that follows any trade in the securities markets. Confirmation is issued immediately after a trade is executed. It spells out settlement date, terms, commi

31、ssion, etc.CONVERGENCE The movement of the price of a futures contract toward the price of the underlying cash commodity. At the start, the contract price is higher because of the time value. But as the contract nears expiration, the futures price and the cash price converge.CORNER A MARKET To purch

32、ase enough of the available supply of a commodity or stock in order to manipulate its price.COUPON RATE In bonds, notes or other fixed income securities, the stated percentage rate of interest, usually paid twice a year.COVERED CALL A short call option position in which the writer owns the number of

33、 shares of the underlying stock represented by the option contracts. Covered calls generally limit the risk the writer takes because the stock does not have to be bought at the market price, if the holder of that option decides to exercise it.COVERED PUT A put option position in which the option wri

34、ter also is short the corresponding stock or has deposited, in a cash account, cash or cash equivalents equal to the exercise of the option. This limits the option writers risk because money or stock is already set aside. In the event that the holder of the put option decides to exercise the option,

35、 the writers risk is more limited than it would be on an uncovered or naked put option.CURRENT ASSETS Value of cash, accounts receivable, inventories, marketable securities and other assets that could be converted to cash in less than 1 year.CURRENT LIABILITIES Amount owed for salaries, interest, ac

36、counts payable and other debts due within 1 year.CURRENT RATIO Indicator of short-term debt paying ability. Determined by dividing current assets by current liabilities. The higher the ratio, the more liquid the company.CURRENT YIELD For bonds or notes, the coupon rate divided by the market price of

37、 the bond. DAY ORDER An order to buy or sell stock that automatically expires if it cant be executed on the day it is entered.DEBT/EQUITY RATIO Indicator of financial leverage. Compares assets provided by creditors to assets provided by shareholders. Determined by dividing long term debt by common s

38、tockholders equity.DECILE RANK Performance over time, rated on a scale of 1-10. 1 indicates that a mutual funds return was in the top 10 % of funds being compared, while 3 means the return was in the top 30 %. Objective Rank compares all funds in the same investment strategy category. All Rank compa

39、res all funds.DECLARATION DATE The date on which a firms directors meet and announce the date and amount of the next dividend.DEFERRED TAXES A non-cash expense that provides a source of free cash flow. Amount allocated during the period to cover tax liabilities that have not yet been paid.DEPRECIATI

40、ON A non-cash expense that provides a source of free cash flow. Amount allocated during the period to amortize the cost of acquiring long term assets over the useful life of the assets.DERIVATIVE SECURITY A financial security, such as an option, or future, whose value is derived in part from the val

41、ue and characteristics of another security, the underlying security.DIFFERENCE FROM S&P A mutual funds return minus the change in the Standard & Poors 500 Index for the same time period. A notation of -5.00 means the fund return was 5 percentage points less than the gain in the S&P, while 0.00 means

42、 that the fund and the S&P had the same return.DISTRIBUTIONS Payments from fund or corporate cash flow. May include dividends from earnings, capital gains from sale of portfolio holdings and return of capital. Fund distributions can be made by check or by investing in additional shares. Funds are re

43、quired to distribute capital gains (if any) to shareholders at least once per year. Some Corporations offer Dividend Reinvestment Plans (DRP).DIVIDEND REINVESTMENT PLANS (DRP) Plans offered by many corporations for the reinvestment of dividends, sometimes at a discount from market price, on the divi

44、dend payment date. Many DRPs also allow the investment of additional cash from the shareholder. The DRP is usually administered by the company without charges to the holder.DIVERGENCE When two or more averages or indices fail to show confirming trends.DIVIDEND Distribution of a portion of a companys

45、 earnings, cash flow or capital to shareholders, in cash or additional stock.DIVIDEND YIELD (STOCKS) Indicated Yield represents annual dividends divided by current stock price.DIVIDEND YIELD (FUNDS) Indicated Yield represents return on a share of a mutual fund held over the past 12 months. Assumes f

46、und was purchased 1 year ago. Reflects effect of sales charges (at current rates), but ot redemption charges.DIVIDENDS PER SHARE Dividends paid for the past 12 months divided by the number of common shares outstanding, as reported by a company. The number of shares often is determined by a weighted

47、average of shares outstanding over the reporting term.DIVIDEND REINVESTMENT PLAN Automatic reinvestment of shareholder dividends in more shares of a companys stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. Dividend reinvestmen

48、t plans allow shareholders to accumulate stock over the long term using dollar cost averaging.DOWNGRADE A classic negative change in ratings for a stock, and or other rated security.DOWN TICK When a stock trades at a price lower than the previous trade.EARNINGS Net income for the company during the period.EARNINGS PER SHARE (EPS) Also referred to as Primary Earnings Per Share. Net income for the past 12 months divided by the number of common shares outstanding, as reported by a company. The company often uses a weighted average of