Ethical standards to be used by investment managers for creating performance presentations that ensure fair representation and full disclosure of investment performance results. Global Investment Professional Standards were created by the Chartered Financial Analyst Institute and governed by the GIPS Executive Committee. They are standardized guidelines for reporting the ability of an investment firm to make profits for investors. |||The GIPS is put out by the Chartered Financial Analyst Institute (CFA Institute), formerly known as the Association for Investment Management and Research (AIMR). These principals were designed so potential investors could compare investment firms around the world. The standards were originally introduced in 1999 but have been developed since 1980.
A defensive strategy by which the target company engages in an activity that might actually ruin the company rather than prevent the hostile takeover. Also known as a "suicide pill." The term refers to the 1978 Jonestown massacre, where a religious cult (the People's Temple) led by Jim Jones committed mass suicide in Guyana.
A statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. For fixed-income securities, the benchmark is the T-bill. For equities, the benchmark is the S&P 500. R-squared values range from 0 to 100. An R-squared of 100 means that all movements of a security are completely explained by movements in the index. A high R-squared (between 85 and 100) indicates the fund's performance patterns have been in line with the index. A fund with a low R-squared (70 or less) doesn't act much like the index.A higher R-squared value will indicate a more useful beta figure. For example, if a fund has an R-squared value of close to 100 but has a beta below 1, it is most likely offering higher risk-adjusted returns. A low R-squared means you should ignore the beta.
The option with the longer time to expiration in a calendar option spread, which involves buying or selling options with different expirations. In such a spread, the shorter-dated option will be the near option. Because far options have more time to attain an in-the-money status, they are associated with larger premiums. For example, a calendar spread strategy may involve selling May calls and buying October calls on the same stock. In this case, assuming it is April, the October calls would be the far options and the May calls would be the near options.
The risk, faced by companies involved in international trade, that currency exchange rates will change after the companies have already entered into financial obligations. Such exposure to fluctuating exchange rates can lead to major losses for firms. |||Often, when a company identifies such exposure to changing exchange rates, it will choose to implement a hedging strategy, using forward rates to lock in an exchange rate and thus eliminate the exposure to the risk.
A financier, philanthropist and one of the fathers of corporate finance in the United States. John Pierpont Morgan started his career in 1857 at his father's bank, J.S. Morgan & Co., taking it over in 1890 after his father's death. He died on March 31, 1913 in Rome as one of the richest men in the world. A leader in corporate finance, J.P. Morgan was famous for mergers, such as bringing Edison General Electric and Thompson-Houston Electric Company together to form the company General Electric. He also formed the first billion-dollar company in the world, United States Steel Corporation.
A semiannual report by the International Monetary Fund (IMF) that assesses the stability of global financial markets and emerging market financing. The Global Financial Stability Report focuses on current conditions, especially financial and structural imbalances, that could risk an upset in global financial stability and access to financing by emerging market countries. It emphasizes the ramifications of financial and economic imbalances that are highlighted in one of the IMF's other publications, the World Economic Outlook. |||The Global Financial Stability Report replaced two previous reports by the IMF, the annual International Capital Markets Report and the quarterly Emerging Market Financing Report. The purpose of the replacement was to provide a more frequent assessment of the worldwide financial markets and to focus on emerging market financing in a global context.
A commission paid by an investor on his or her investment in a mutual fund. The sales charge is paid to a financial intermediary (broker, financial planner, investment adviser, etc.) for selling the fund and is intended to provide compensation for the financial salesperson's efforts in assisting clients in selecting the mutual funds best suited to their needs. A large number of mutual funds carry sales charges. The amount of a sales charge represents the difference between the purchase price per share paid by the investor and the net asset value per share of the mutual fund. By regulation, the maximum permitted sales charge is 8%, but most loads fall within a 3-6% range.With funds that carry a sales charge, there are three classes of shares: A, B, and C. The letter designations indicate the timing of when the charge is paid. For Class A shares, the sales charge is paid at the time of purchase (front-end load). For Class B shares, it is due when the shares are sold (back-end load). Class C shareholders incur a sales charge on a regular basis for as long as they hold the fund.
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