A business tactic involving the sale of dependent goods for different prices - one good is sold at a discount, while the second dependent good is sold at a considerably higher price. If you've ever purchased razors and their replacement blades, you know this business method well. The razors are practically free, but the replacement blades are extremely expensive. The video game industry is another user of this pricing strategy. They sell the game consoles at a relatively low price, recouping the lost profits on the high-priced games.
A reorganization of a company in order to increase its efficiency. This reorganization may lead to an expansion or reduction in company size, a change of policy, or an alteration of strategy pertaining to particular products. Similar to a reorganization, a rationalization is more widespread, encompassing strategy as well as structural changes.
To increase a company's operations in anticipation of increased demand. A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product.
A period during which old debt obligations are being replaced with newer obligations with different terms. A typical refi bubble usually occurs when homeowners refinance their home mortgages because rates have fallen to an attractive level. Lowering interest costs or the interest rate leaves homeowners with more discretionary income. On a personal level, smaller debts, like credit card debts or personal loans, can also be refinanced. A risk of refinancing may include a fee charged by financial institutions for early repayment of a loan, so it is important for those who are considering this option to compare the interest savings versus the fees charged for early payment.
A significant modification made to the debt, operations or structure of a company. This type of corporate action is usually made when there are significant problems in a company, which are causing some form of financial harm and putting the overall business in jeopardy. The hope is that through restructuring, a company can eliminate financial harm and improve the business. When a company is having trouble making payments on its debt, it will often consolidate and adjust the terms of the debt in a debt restructuring. After a debt restructuring, the payments on debt are more manageable for the company and the likelihood of payment to bondholders increases. A company restructures its operations or structure by cutting costs, such as payroll, or reducing its size through the sale of assets. This is often seen as necessary when the current situation at a company is one that may lead to its collapse.
Money or other items of value received by or promised to an organization, the use of which is legally or contractually restricted. Restricted assets are also subject to special accounting procedures. Collateral can be viewed as a restricted asset, especially when the lender requires that it maintain its current value. An example of a restricted asset is the proceeds from a revenue bond. The proceeds the city receives from this type of municipal bond must be used for their stated purpose (e.g., improving roads, building a new high school auditorium, upgrading sewers, etc.). The opposite of a restricted asset is an unrestricted asset.
A person who prepares investigative reports on equity securities. The research conducted by the research analyst is in an effort to inquire, examine, find or revise facts, principles and theories. The report that this analyst prepares could include an analysis of equity securities of companies or industries. If the research analyst is involved with an investment bank or a securities firm controlled by a member organization of the Financial Industry Regulatory Authority (FINRA), he may be required to take certain exam(s). Research analysts might be required to take the Series 86/87 exam if they are involved with a member organization. The exam consists of two parts, fundamental analysis and valuation of equity, plus federal and industry rules and regulations. The analyst could also be a sole proprietor, partner, officer, director or branch manager of any FINRA member, or someone involved with a member firm of the National Futures Association who is required to be registered with the Commodity Futures Trading Commission.
An accounting trick in which a company classifies a short-term loan as a sale and subsequently uses the cash proceeds from said sale to reduce its liabilities. In the repo market, companies are able to gain access to the excess funds of other firms for short periods in exchange for collateral (usually a bond). The company that borrows the funds will promise to pay back the short-term loan with a small amount of interest and the collateral typically never changes hands. This is what allows firms to record the incoming cash as a sale; the collateral is assumed to have been "sold off" and bought back later. Repo 105 made headlines following the collapse of Lehman Brothers. It was reported that Lehman accountants used the accounting maneuver to pay down $50 billion in liabilities to reduce leverage on their balance sheet before earnings were announced. This made it look like Lehman was much less reliant on debt than it actually was.
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