Fixed-income securities that represent an undivided interest in a pool of federally insured mortgages put together by the Government National Mortgage Association (Ginnie Mae). Taobiz explains Pass-Through Certificate Mortgage-backed certificates are the most common type of pass-through, where homeowners' payments pass from the original bank through a government agency or investment bank to investors.
1. The face value of a bond. Generally $1,000 for corporate issues, with higher denominations such as $10,000 for many government issues. 2. A dollar amount assigned to a security when first issued. Taobiz explains Par For stocks, par is usually a small dollar amount that bears no relationship to the security's market price.
A type of preferred stock that gives the holder the right to receive dividends equal to the normally specified rate that preferred dividends receive as well as an additional dividend based on some predetermined condition. The additional dividend paid to preferred shareholders is commonly structured to be paid only if the amount of dividends that common shareholders receive exceeds a specified per-share amount. Furthermore, in the event of liquidation, participating preferred shareholders can also have the right to receive the stock's purchasing price back as well as a pro-rata share of any remaining proceeds that the common shareholders receive. Taobiz explains Participating Preferred Stock For example, suppose Company A issues participating preferred shares with a dividend rate of $1 per share. The preferred shares also carry a clause on extra dividends for participating preferred stock, which is triggered whenever the dividend for common shares exceeds that of the preferred shares. If, during its current quarter, Company A announces that it will release a dividend of $1.05 per share for its common shares, the participating preferred shareholders will receive a total dividend of $1.05 per share ($1.00 + 0.05) as well. Participating preferred stock is rarely issued, but one way in which it is used is as a poison pill. In this case, current shareholders are issued stock that gives them the right to new common shares at a bargain price in the event of an unwanted takeover bid.
An equity holding that gives investors the right to claim excess earnings (along with common-stock shareholders) in addition to the preferred dividend. PCPs are commonly used in venture-capital financing; venture capitalists will often exercise the option to convert their PCPs to common stock when they intend to exit an investment. The type of exit – initial public offering or trade sale – determines the security's cash flow right. Taobiz explains Participating Convertible Preferred Share - PCP The National Venture Capital Association is the industry lobbying and advocacy organization for venture capitalists. According to a 2009 Global Insight research study, companies with venture-capital backers accounted for 12.1 million jobs and $2.9 trillion in revenue in the U.S. in 2006 alone.
When the price of an asset is directly linked to another price. Examples of parity price are: 1. Convertibles - the price at which a convertible security equals the value of the underlying stock. 2. Options - when an option is trading at its intrinsic value ("trading at parity"). 3. International parity - official rates for a currency in terms of other pegged currencies, typically the U.S. dollar. Taobiz explains Parity Price Parity price is commonly used in the context of convertible securities and often referred to as "conversion parity price" or "market conversion price". It is the price an investor effectively pays to exchange or convert a convertible security into common stock and is equal to the price of the convertible security divided by the conversion ratio (the number of shares that the convertible can be converted into). Conversely, in the case of common stock, it is calculated by dividing market value by the conversion ratio. In agricultural commodities, you can think of parity price as the purchasing power of a particular commodity relative to a farmer's expenses such as wages, interest on debt, equipment, taxes and so forth. The Agricultural Adjustment Act of 1938 states that the parity price formula is "average prices received by farmers for agricultural commodities during the last 10 years and is designed to gradually adjust relative parity prices of specific commodities". If the parity price for a commodity is not sufficient enough for a farm operator to support his or her family and operate the business then the government could step in and support prices through direct purchases, or the issuance of non-recourse loans to farmers.
An investment rating used by analysts when given security is expected to provide returns that are consistent with those of other companies within its sector. A peer perform is a neutral assessment and predicts a security will move in line with similar companies. Taobiz explains Peer Perform This rating can be equated to the 'hold' rating because investors do not expect the security to outperform comparable assets. Although the exact definition varies by brokerage firm, overall a 'peer perform' rating is better than a 'sell', and worse than a 'buy'.
An index that tracks approximately 20 companies that work directly in the construction market of the United States. The Philadelphia Stock Exchange (PHLX) Housing Sector Index (HGX) is comprised of companies in the building and prefabrication of residential homes, mortgage insurers and suppliers of building material. The HGX was created in January of 2002, and commenced trading on July 17 of the same year with an initial value of 250. The HGX is calculated as the modified capitalization of the HGX divided by a base market divisor. Similar to the Dow divisor, the HGX divisor changes with stock splits and issues. Taobiz explains PHLX Housing Sector Index - HGX This index is often referred to as the "Philadelphia Housing Sector Index" and is used to track the strength of the housing market such as home sales and residential real estate values. Essentially, if home prices are up, more construction contracts are signed. This means more revenue for home builders and and an increase in their corresponding shares, which should lift the index up. Although the index began with an initial value of 250, in February of 2006 the index was subject to a 2-for-1 split. When comparing the value of the index today to the base value, this split needs to be taken into consideration.
A price-weighted index composed of 18 U.S. semiconductor companies primarily involved in the design, distribution, manufacture, and sale of semiconductors. Taobiz explains Philadelphia Semiconductor Index - SOX This is a closely watched index for "chip" stocks. Options on the SOX are among the more actively traded options contacts.
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