Any security that, when added to an existing portfolio of assets, generates excess returns or returns higher than a pre-selected benchmark without additional risk. An alpha generator can be any security; this includes government bonds, foreign stocks, or derivative products such as stock options and futures. Taobiz explains Alpha Generator Keep in mind that alpha itself measures the returns a portfolio produces in excess of the return originally estimated by the capital asset pricing model, on a risk-adjusted basis. Therefore, an alpha generator adds to portfolio returns without adding any additional risk, as measured by volatility or downside volatility. This follows modern portfolio theory in allowing investors to maximize returns while keeping a certain level of risk.
A person who is not a member of the New York Stock Exchange (NYSE) but is an officer or voting shareholder of a firm with a membership. Allied members can complete transactions on the NYSE and are granted access to the trading floor. Taobiz explains Allied Member People who want to be recognized as allied members must meet the rules outlined in the NYSE's Rules of the Exchange. In addition to fulfilling these requirements, the person must complete a written examination. In order to be eligible to write the exam, shareholders must own at least a 5% stake in the member firm. Other eligible people include the company's directors or other controlling partners, and anyone the firm deems a principal executive.
A record of financial activity that is suitable for a variety of users to properly assess the financial health of a company. An all-purpose financial statement is a type of financial statement that is intended for review by diverse groups, such as potential investors, creditors, employees, shareholders and suppliers. Taobiz explains All-Purpose Financial Statement All-purpose financial statements include the balance sheet, income statement, cash flow statement and could include the statement of retained earnings. A public company produces all-purpose financial statements on a quarterly and annual basis.
A stock index comprised of common shares from the Australian Stock Exchange. The All-Ordinaries Index is the most quoted benchmark for Australian equities. The ASX is responsible for calculating and distributing the index and its returns. Taobiz explains All-Ordinaries Stock Index The All-Ordinaries Index is market weighted and includes over 300 companies. For a company to be included in the index, they must meet the requirements established by the ASX. For example, a stock must have a market value of over 0.2% of all equities listed on the exchange. Furthermore, the stock must be liquid, with a monthly turnover of 0.5% of its total outstanding shares. The ASX rebalances the index each month, ensuring companies still meet these requirements.
A negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas. ADRs help to reduce administration and duty costs that would otherwise be levied on each transaction. Taobiz explains American Depositary Receipt - ADR This is an excellent way to buy shares in a foreign company while realizing any dividends and capital gains in U.S. dollars. However, ADRs do not eliminate the currency and economic risks for the underlying shares in another country. For example, dividend payments in euros would be converted to U.S. dollars, net of conversion expenses and foreign taxes and in accordance with the deposit agreement. ADRs are listed on either the NYSE, AMEX or Nasdaq.
A form of option contract from the "mountain range" series of exotic options. Annapurna options offer a combination of a fixed coupon rate and participation in the equity gains of an underlying basket of securities. The coupon rate is dependent on when the worst-performing stock of the group falls below a prespecified level. The longer it takes for the worst-performing stock to reach the predetermined low point, the higher the coupon payment the investor will receive. The equity participation rate (in the underlying securities) also rises as the Annapurna option lasts longer before the payout phase. Taobiz explains Annapurna Option Mountain range options are very difficult to value because of the increased variables that must be analyzed, such as the correlation between the individual securities in the basket and the coupon step-up rates that are offered at longer time horizons. Annapurna options have only been on the market since the late 1990s, and only a few select stocks have ever found themselves marketed inside one. Investors in these exotic options will aim to let the option ride out as long as possible (and conceivably earn the highest total return) by choosing stocks that will consistently rise, with the hopes that none of the group ends the life of the option by falling too far.
Stock issues with a market capitalization of less than $500 million. Also known as "small cap" stocks. Taobiz explains Ankle Biter These issues can appear to be more speculative than stocks with high market capitalization. However, smaller issues often have great growth potential and tend to outperform larger market capitalization stocks. Small cap stocks are often biting at the ankles of the larger cap stocks and will one day - through capitalization growth - move up into the larger market capitalizations, as a child grows into adulthood.
An index made up of a selection of stocks from companies associated with actress Angela Jolie. Seen as one of the world's most influential celebrities, some analysts believe that companies connected with Jolie will outperform their competition. Taobiz explains Angelina Jolie Stock Index The index was created by Fred Fuld of Stockerblog.com; it includes the stocks of movie studios and producers that have had a connection with Angelina Jolie, such as Sony (NYSE:SNE), Viacom (NYSE:VIA) and Time Warner (NYSE:TWX). Because Jolie's films usually earn large box-office revenues, the companies that produce these movies should have higher profits.
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