Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers. Taobiz explains Anti-Takeover Measure Companies have many different options for preventing takeovers. Continuous provisions include stipulations in the corporate covenant and issues of participating preferred stock. The sporadic measures include the pac-man and macaroni defenses, among others.
A system of position sizing that correlates the levels of investment with the risk and portfolio size. Taobiz explains Anti-Martingale System Contrary to the Martingale system, the anti-Martingale accepts greater risks during periods of expansive growth, and an increasing dollar value of investments, with larger portfolios.
A special clause located within a firm's corporate charter that acts as a deterrence against the board of directors passing a share buyback. Taobiz explains Anti-Greenmail Provision This provision acts as a preventative measure, restraining managers from buying back company stock at significant premiums due to greenmail. A majority shareholder may be able to influence the board into purchasing shares at a significant premium, so the anti-greenmail provision requires that a majority of shareholders (excluding the majority shareholder) agree to the buyback.
A provision in an option or a convertible security. It protects an investor from dilution resulting from later issues of stock at a lower price than the investor originally paid. Also known as an "anti-dilution clause". Taobiz explains Anti-Dilution Provision These are common with convertible preferred stock, which is a favored form of venture capital investment.
The average amount of money earned by an investment each year over a given time period. An annualized total return provides only a snapshot of an investment’s performance and does not give investors any indication of its volatility. Annualized total return merely provides a geometric average, rather than an arithmetic average. Taobiz explains Annualized Total Return A mutual fund could earn returns varying from 3 to 5% each year and have an annualized total return of 3.995%. On the other hand, a fund could also be much more volatile, losing 3% in one year, earning 12% in another and have an annualized total return of 4.23%. The difference is the first fund would offer steady returns while the second would offer widely fluctuating returns. Annualized Return = [(1+R1)*(1+R2)...*(1+Rn)] ^ (1/n) Where R = annual return for a given year
The return an investment provides over a period of time, expressed as a time-weighted annual percentage. Sources of returns can include dividends, returns of capital and capital appreciation. The rate of annual return is measured against the initial amount of the investment and represents a geometric mean rather than a simple arithmetic mean. Annual return is the de facto method for comparing the performance of investments with liquidity, which includes stocks, bonds, funds, commodities and some types of derivatives. Different asset classes are considered to have different strata of annual returns. Taobiz explains Annual Return For example, consider an investor that purchases a stock on January 1, 2000, for $20. The investor then sells it on January 1, 2005, for $35 – a $15 profit. The investor also received a total of $2 in dividends over the five-year holding period. In this example, the investor’s total return over five years would be $17, or (17/20) 85% of the initial investment. The annual return required to achieve 85% over five years follows the formula for the compound annual growth rate (CAGR): (37/20) ^(1/5 (yr)) – 1 = 13.1% annual return Annual-return statistics are commonly quoted in promotional materials for mutual funds, ETFs and other individual securities.
A list of pre-selected securities that are deemed fit for purchase by a mutual fund or the clients of a brokerage firm. In both cases, the intent is to limit the account managers' or brokers' array of choices to investments available on the brokerage's approved list. From a brokerage firm's perspective, the approved list will usually be somewhat larger than the selected holdings in any one client's portfolio, so that there are ample choices for constructing a portfolio, or changing it over time as needed. The approved list will also frequently show buy and sell target prices for the securities, and will be updated by the firm's research team and then transmitted to the brokers or account managers. Taobiz explains Approved List The "approved list model", where brokers with limited investment knowledge choose stocks from a pre-approved list, is sometimes regarded as not suited to the individual investor, as it tries to group everyone's needs together without taking any one person's wishes or risk profile in account.
The right of shareholders to demand the fair payment of securities undergoing a merger by a third party valuator. Taobiz explains Appraisal Right It's a protection policy for shareholders, preventing corporations involved in the merger from paying less than the company is worth to the shareholders.
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