A document circulated to potential buyers of a specific security that may be offered for sale in the future. The document, often prepared by the investment bank representing the company, details information that is designed to entice potential buyers to buy the security. The teaser's purpose is to create a demand for the security in question, and it may be followed by the prospectus, the final prospectus and the initial public offering. The teaser usually contains few details and may only highlight items that may influence a potential buyer. For example, information on revenues may be available, but cost information may not be.
A buzzword coined by the financial media during the financial crisis of 2008/09 to describe bonuses paid to employees and executives of banks and other financial firms that received Troubled Asset Relief Program (TARP) funds. TARP bonuses were controversial because employees were receiving additional pay even as their companies required bailout funds. Companies argue that they have to pay bonuses to retain talent. But critics contend that because the companies led by the executives in question were being rescued with taxpayer money, the bonuses were not well-deserved and the recipients should not be considered "talent". On March 19, 2009, the House approved a bill to create legislation that would put a 90% tax on bonuses earned during the 2008 year. This tax would apply to banks receiving TARP bailout funds of more than $5 billion. This legislation was created in response to the public anger surrounding $165 million in bonuses that was paid to traders in the AIG Financial Products (A.I.G.F.P.) division, the division responsible for the majority of losses surrounding the fall of A.I.G.
A slang phrase referring to the hedge fund tactic of buying large amounts of a particular stock from banks and brokers in an effort to clean out these institutions' inventory in a short period of time. Traders will do this knowing that these institutions, being market makers, will have to replenish their inventories by buying stock on the open market, which usually drives up the price of the stock. once the price has increased, the traders will sell the stocks at a gain, often back to the same banks and brokers from whom the stocks were originally bought.
A slang term denoting the purchase of a company through an acquisition, merger or other form of buyout. A takeout can refer to a hostile takeover, a friendly merger, or a leveraged or management buyout. A company is said to be "in play" if it is likely to be acquired in the future, or currently has bids from purchasers. A takeout refers to the company being taken out of play, which occurs when the acquisition has been finalized.
Informal name given to the impact of the 1994 Mexican economic crisis on the South American economy. The Tequila Effect occurred because of a sudden devaluation in the Mexican peso, which then caused other currencies in the region (the Southern Cone and Brazil) to decline. The falling peso was propped up by US$50 billion loan granted by then U.S. president Bill Clinton. Also referred to as the "Mexican Shock". Immediately after the Mexican peso was devalued in the early days of the Presidency of Ernesto Zedillo, South American countries suffered rapid currency depreciation. It was a known fact that the peso was overvalued, but the extent of Mexico's economic vulnerability was not well known. Since governments and businesses in the area had high levels of U.S. dollar-denominated debt, the devaluation meant that it would be increasingly difficult to pay back the debts.
An arbitrage strategy used by telecommunications companies that enables their mobile or cellular phone customers to make international calls without paying long-distance charges by dialing certain access numbers. The companies engaged in this arbitrage are paid an interconnect fee by the mobile networks, and they use part or most of this fee to buy international calling routes at low prices. Telecom arbitrage works because the cost of long-distance calls has plunged to such an extent in recent years that it may be comparable to, or even lower than, the cost of domestic mobile phone calls. While the margins on this arbitrage activity are very slim, telecom companies benefit because their mobile customers use up their monthly calling minutes in making these "free" long-distance calls. Even though such customers do not pay long-distance charges, they indirectly pay for them through their monthly calling plan charges.
A measure of value representing a sixteenth (1/16 or .0625) of one point. Since decimalization, many traders have referred to a teenie as a cent. If a stock is trading up a teenie, it means it's up a sixteenth of one point.
The premise that when the value of stock portfolios rises due to escalating stock prices, investors feel more comfortable and secure about their wealth, causing them to spend more. For example, economists in 1968 were baffled when a 10% tax hike failed to slow down consumer spending. Later this continued spending was attributed to the wealth effect. While disposable income fell as a result of increased taxes, wealth was rising sharply as the stock market moved up. Undaunted, consumers continued their spending spree. The wealth effect helps to power economies during bull markets. Big gains in people's portfolios can make them feel more secure about their wealth and their spending. However, the relationship between spending and stock market performance is a double-edged sword as poor stock prices in bear markets hurt economic confidence.
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