Wide-scale selling of an investment, causing a sharp decline in price. In most instances of panic selling, investors just want to get out of the investment, with little regard for the price at which they sell. The main problem with panic selling is that investors are selling in reaction to pure emotion and fear, rather than evaluating fundamentals. Almost every market crash is a result of panic selling. Most major stock exchanges use trading curbs and halts to limit panic selling, to allow people to digest any information on why the selling is occurring, and to restore some degree of normalcy to the market.
A phrase used in May 2008 by former Federal Reserve Board Chairman Alan Greenspan to describe an economic environment in which recession has not yet hit all the areas of the economy. In particular, Greenspan was speaking of the U.S. employment numbers at the time, which had not yet seen as significant of a decline as would be expected in a full recessionary environment, which is generally marked by a broad decline in economic activity across the economy. Greenspan used this term in a television interview with Bloomberg on May 4, 2008. When asked whether the U.S. was in a recession he responded, "We're in a recession ... but this is an awfully pale recession at the moment. The declines in employment have not been as big as you'd expect to see."
A form of defense used in a hostile takeover situation. The target firm turns around and tries to take over the company that has made the hostile bid. Just think - all those years of playing Atari games could save a company someday.
A stock with a current price that is not justified by its earnings outlook or price/earnings (P/E) ratio and, therefore, is expected to drop in price. Overvaluation may result from an emotional buying spurt, which inflates the stock's market price, or from a deterioration in a company's financial strength. Investors may be willing to pay more for stocks with superior growth potential, but they don't want to overpay for a company with growth prospects that don't justify its current market price. One way to determine whether a stock may be overvalued is to look at the price-to-earnings-to-growth (PEG) ratio. For example, a stock is generally considered to be fairly valued if the PEG ratio is 1 (which means the P/E ratio equals the estimated earnings growth), and possibly overvalued if the PEG is more than 1.
A buzz word describing a clause found in financial institutions' employment contracts that would subject compensation terms to the U.S. government's approval. These clauses would allow the financial institution to offer attractive bonus plans to employees, but also provide recourse in the event that the government prevents the payout from happening, either through regulations or direct intervention. As a result of the TARP in 2009, some financial institutions were the subject of much public outcry when it was found out that some of the bailed-out banks needed to pay millions in bonus pay as a result of employee contracts made prior to the financial crisis. Adding a "pay czar" clause to an employment contract will effectively leave the fate of executive compensation at bailed-out firms in the hands of the pay czar, the U.S. government's official representative in charge of overseeing executive compensation.
A form of kiting shares that a brokerage commits by moving long positions in unrelated accounts to cover short positions that are improperly settled according to SEC regulations. When parking shares, brokerage firms are attempting to cover undeclared short positions left over from transactions whose stock was not delivered by the settlement date. Rather than performing a buy-in transaction, these firms collude with one another and, by delaying the settlement process, inflate the number of shares available for trade in the secondary market.
The illegal practice of an acquiring company concealing ownership of the target company by holding stock under a related third party before attempting corporate takeover. Unlike the parking violations that many of us as drivers commit inadvertently, this type of violation is deliberately hostile. By having a third party hold significant portions of stock, the acquiring company can prepare for a takeover without exceeding certain ownership reporting levels and alerting the target company.
A monthly meeting in Paris attended by creditors of 19 countries to discuss debt issues. Among other things, the Paris Club addresses the issue of coordinated debt relief for developing countries that cannot service their debt. The Paris Club includes most European nations and Russia.
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