证券投资学英文名词解释重点整理

1 Active management Attempts to achieve portfolio returns more than commensurate with risk, either by forecasting broad market trends or by identifying particular mispriced sectors of a market or securities in a market. Agency problem Conflicts of interest among stockholders, bondholders, and managers.

Asset allocation decision Choosing among broad asset classes such as stocks versus bonds.

Derivative security See primitive security.

Equity Ownership in a firm. Also, the net worth of a margin account.

Financial assets Financial assets such as stocks and bonds are claims to the income generated by real assets or claims on income from the government. Financial intermediary An institution such as a bank, mutual fund, investment company, or insurance company that serves to connect the

household and business sectors so households can invest and businesses can finance production.

Fixed-income security A security such as a bond that pays a specified cash flow over a specific period.

Passive management Buying a well-diversified portfolio to represent a broad-based market index without attempting to search out mispriced securities.

Real assets, financial assets Real assets are land, buildings, and equipment that are used to produce goods and services. Financial assets are claims such as securities to the income generated by real assets.

Securitization Pooling loans for various purposes into standardized securities backed by those loans, which can then be traded like any other security.

Security analysis Determining correct value of a security in the marketplace. Security selection decision Choosing the particular securities to include in a portfolio.

2 Asked price The price at which a dealer will sell a security..

Bid price The price at which a dealer is willing to purchase a security. Bid-asked spread The difference between a dealer's bid and asked price.

Call option The right to buy an asset at a specified exercise price on or before a specified expiration date.

Capital markets Includes longer-term, relatively riskier securities.

Eurodollars Dollar-denominated deposits at foreign banks or foreign branches of American banks.

Futures contract Obliges traders to purchase or sell an asset at an

agreed-upon price on a specified future date. The long position is held by the trader who commits to purchase. The short position is held by the trader who commits to sell. Futures differ from forward contracts in their standardization, exchange trading, margin requirements, and daily settling (marking to market). London Interbank Offered Rate (LIBOR) Rate that most creditworthy banks charge one another for large loans of Eurodollars in the London market.

Market-value-weighted index An index of a group of securities computed by

calculating a weighted average of the returns of each security in the index, with weights proportional to outstanding market value.

Money market Includes short-term, highly liquid, and relatively low-risk debt instruments.

Preferred stock Nonvoting shares in a corporation, paying a fixed or variable stream of dividends

Price-earnings ratio The ratio of a stock's price to its earnings per share. Also referred to as the P/E multiple.

Put option The right to sell an asset at a specified exercise price on or before a specified expiration date.

Repurchase agreements Short-term, often overnight, sales of government securities with an agreement to repurchase the securities at a slightly higher price. A reverse repo is a purchase with an agreement to resell at a specified price on a future date.

Treasury bond or note Debt obligations of the federal government that make semiannual coupon payments and are issued at or near par value

Yield to maturity A measure of the average rate of return that will be earned on a bond if held to maturity. 3 How Securities are Traded

Dealer market A market where traders specializing in particular commodities buy and sell assets for their own accounts. The OTC market is an example. Electronic communication network (ECN) A computeroperated trading network offering an alternative to formal stock exchanges or dealer markets for trading securities.

Initial public offering Stock issued to the public for the first time by a formerly privately owned company.

Limit order An order specifying a price at which an investor is willing to buy or sell a security.

Margin Describes securities purchased with money borrowed from a broker. Current maximum margin is 50 percent.

Prospectus A final and approved registration statement including the price at which the security issue is offered.

Short sale The sale of shares not owned by the investor but borrowed through a broker and later repurchased to replace the loan. Profit is earned if the initial sale is at a higher price than the repurchase price.

Stop-loss orders The trade is not to be executed unless the stock price falls below a given level.

Underwriting,Underwriters (investment bankers) purchase securities from the issuing company and resell them. Usually a syndicate of investment bankers is organized behind a lead firm.

4 12b-1 fees Annual fees charged by a mutual fund to pay for marketing and distribution costs.

Closed-end (mutual) fund A fund whose shares are traded through brokers at market prices; the fund will not redeem shares at their net asset value. The

market price of the fund can differ from the net asset value.

Exchange-traded funds (ETFs) Offshoots of mutual funds that allow investors to trade portfolios of securities just as they do shares of stock. Hedge fund A private investment pool, open to institutional or wealthy

investors, that is exempt from SEC regulation and can pursue more speculative policies than mutual funds.

Net asset value (NAV) The value of each share expressed as assets minus liabilities on a per-share basis.

Open-end (mutual) fund A fund that issues or redeems its own shares at their net asset value (NAV). 14

Convertible bond A bond with an option allowing the bondholder to exchange the bond for a specified number of shares of common stock in the firm. ce. Coupon rate A bond's interest payments per dollar of par value.

Current yield A bond's annual coupon payment divided by its price. Differs from yield to maturity.

Debenture or unsecured bond A bond not backed by specific collateral. Debt securities Bonds; also called fixed-income securities. Discount bonds Bonds selling below par value. Face value The maturity value of a bond.

Floating-rate bond A bond whose interest rate is reset periodically according to a specified market rate.

Par value The face value of the bond.

Premium bonds Bonds selling above par value.

Put bond A bond that the holder may choose either to exchange for par value at some date or to extend for a given number of years.

Yield to maturity A measure of the average rate of return that will be earned on a bond if held to maturity.

Zero-coupon bond A bond paying no coupons that sells at a discount and provides payment of face value only at maturity

18 Constant-growth model A form of the dividend discount model that assumes dividends will grow at a constant rate.

Dividend discount model (DDM) A formula stating that the intrinsic value of a firm is the present value of all expected future dividends.

Dividend payout ratio Percentage of earnings paid out as dividends.

Present value of growth opportunities (PVGO) Net present value of a firm's future investments.

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