In currencies, this is the abbreviation for the Paraguay Guarani. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
An options valuation method developed by Cox, et al, in 1979. The binomial option pricing model uses an iterative procedure, allowing for the specification of nodes, or points in time, during the time span between the valuation date and the option's expiration date. The model reduces possibilities of price changes, removes the possibility for arbitrage, assumes a perfectly efficient market, and shortens the duration of the option. Under these simplifications, it is able to provide a mathematical valuation of the option at each point in time specified. The binomial model takes a risk-neutral approach to valuation. It assumes that underlying security prices can only either increase or decrease with time until the option expires worthless. A simplified example of a binomial tree might look something like this:Due to its simple and iterative structure, the model presents certain unique advantages. For example, since it provides a stream of valuations for a derivative for each node in a span of time, it is useful for valuing derivatives such as American options which allow the owner to exercise the option at any point in time until expiration (unlike European options which are exercisable only at expiration). The model is also somewhat simple mathematically when compared to counterparts such as the Black-Scholes model, and is therefore relatively easy to build and implement with a computer spreadsheet.
A category of mutual fund that is characterized by portfolio that is made up of a mix of stocks and bonds, which can vary proportionally over time or remain fixed. Morningstar separates hybrid funds into domestic hybrid and international hybrid categories. In the hybrid category, balanced funds tend to stick to a relatively fixed allocation of stocks and bonds. Actively managed asset allocation funds tend to have portfolios with a mix of stocks and bonds that responds to market conditions as perceived by the fund manager. Passively managed asset allocation, life-cycle and target-date funds generally have a stock-bond mix that changes over a lifetime, moving progressively from aggressive to more conservative structures.
The highest peak in value that an investment fund/account has reached. This term is often used in the context of fund manager compensation, which is performance based. The high-water mark ensures that the manager does not get paid large sums for poor performance. So if the manager loses money over a period, he or she must get the fund above the high watermark before receiving a performance bonus. For example, say after reaching its peak a fund loses $100,000 in year one, and then makes $250,000 in year two. The manager therefore not only reached the high-water mark but exceeded it by $150,000 ($250,000 - $100,000), which is the amount on which the manager gets paid the bonus.
The currency abbreviation or currency symbol for the Paraguay guaraní (PYG), the currency of Paraguay. The Paraguay guaraní is made up of 100 céntimos and is often represented by a symbol that looks like the capital Latin letter "G" with a diagonal slash through the center of it. The "guaraní" is named after the Guaraní people - an indigenous group of people in South America, living in what is now Paraguay. Rampant inflation has devalued the céntimo to the point where it is no longer used. |||The Paraguay guaraní replaced the peso at a rate of 1 guaraní to 100 pesos in 1943. The currency was allowed to float freely until 1960, when it was pegged to the U.S. dollar. The peg was in place from 1982 to 1990. In 1990, this peg was removed and another peg was used from 1990 until 1998 to help reduce inflation. Since the removal of the peg in 1998, the currency has consistently dropped in value because of inflation. Political corruption is thought to be the main force behind the runaway inflation.
A type of option in which the payoff is structured to be either a fixed amount of compensation if the option expires in the money, or nothing at all if the option expires out of the money.These types of options are different from plain vanilla options Also sometimes referred to as "all-or-nothing options" or "digital options". For example, suppose you were interested in buying binary call options for common shares of ABC company with a strike price of $50 per share and a specified binary payoff of $500. If the stock is trading above $50 when the expiration date is reached, you would receive the $500 payoff for your option contract. However, if the stock is trading below $50 per share at the expiration date, you receive nothing.
A mutual fund targeting high value investors with low fees, but high minimum requirements. These funds must indicate within their prospectuses or name that they're institutional and typically solicit managers of retirement plans, institutional investors, and large endowment trusts.
An economic theory that estimates the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency's purchasing power.The relative version of PPP is calculated as:Where: "S" represents exchange rate of currency 1 to currency 2 "P1" represents the cost of good "x" in currency 1"P2" represents the cost of good "x" in currency 2 |||In other words, the exchange rate adjusts so that an identical good in two different countries has the same price when expressed in the same currency. For example, a chocolate bar that sells for C$1.50 in a Canadian city should cost US$1.00 in a U.S. city when the exchange rate between Canada and the U.S. is 1.50 USD/CDN. (Both chocolate bars cost US$1.00.)
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