The amount of money owed by a customer to his/her broker after paper profits and losses are taken into consideration. Taobiz explains Adjusted Debit Balance This value is calculated by subtracting the accountholder's profits on short sales and balances in a special miscellaneous account. According to the SEC's Regulation T, withdrawals from margin accounts can only be made if there is a small adjusted debit balance.
A type of preferred stock where the dividends issued will vary with a benchmark, most often a T-bill rate. The value of the dividend from the preferred share is set by a predetermined formula to move with rates, and because of this flexibility preferred prices are often more stable then fixed-rate preferred stocks. Taobiz explains Adjustable-Rate Preferred Stock - ARPS The preferred category of stocks are more secure as they will be one of the first of the equity holders to receive dividend payments in the event of the company's liquidation. There is often a limit to the amount the rate can change on the dividend, adding further security to the issue.
Additional shares put on the market by a company that has already gone public. Reasons why a company might use add-on financing include raising cash to fund existing operations, expanding operations or paying for a new project. While an add-on is useful for raising money, it can cause the company's share price to decline, and current shareholders to be diluted. Taobiz explains Add-On From the existing shareholders' perspective, the issuance of add-on stock is a bad thing because it usually reduces the value of the stock they own. More shares mean that existing shareholders will see their percentage of ownership in the company decrease. They may also see the stock's earnings per share decline. However, if the add-on is able to increase earnings and shareholder value in the long-term, it will generally be viewed as a positive decision.
A technical indicator that helps investors identify possible market turning points. The adaptive price zone (APZ) can be especially useful in a sideways-moving market. This indicator attempts to signal significant price movements by using a a set of bands based on short-term, double-smoothed exponential moving averages. It can help day traders profit in volatile markets by signaling price reversal points, which can indicate potentially lucrative times to buy or sell. The APZ can be implemented as part of an automated trading system. Taobiz explains Adaptive Price Zone - APZ Technical analysis is one of two major methods for making stock-trading decisions. Whereas fundamental analysis looks at the value of the company behind the stock, technical analysis ignores this completely and focuses solely on price movements. Technical traders use charts and other tools to analyze a stock's price and trade volume and predict how a stock will move.
The actual gain or loss of an investor. This can be expressed in the following formula: expected return (ex-ante) plus the effect of firm-specific and economy-wide news. Taobiz explains Actual Return As opposed to expected return, actual return is what investors actually receive from their investments. The discrepancy between actual and expected return is due to systematic and unsystematic risk.
An individual or group that purchases large numbers of a public company’s shares and/or tries to obtain seats on the company’s board with the goal of effecting a major change in the company. A company can become a target for activist investors if it is mismanaged, has excessive costs, could be run more profitably as a private company or has another problem that the activist investor believes it can fix to make the company more valuable. Taobiz explains Activist Investor Private equity firms, hedge funds and wealthy individuals are types of entities that might decide to act as activist investors. One well-known activist investor is Carl Icahn. He has attempted to make major changes at Yahoo!, Blockbuster, Time Warner and RJR Nabisco, among other companies. Other big-name activist investors include Kirk Kerkorian, Bill Ackman, Eddie Lampert and Nelson Peltz. One indication that a company may have become a target for activist investors is the filing of SEC Form 13D, which must be filed when an investor purchases 5% or more of a company’s shares.
An obligation of NYSE specialists to enter the market on a particular security (either by posting or bidding and ask) when there is not sufficient market demand and supply to efficiently match orders. Taobiz explains Affirmative Obligation The affirmative obligation requires specialists to create a market for a security when public demand or supply is ineffective and can not create it for itself.
A written statement declaring the physical loss of a security - usually through theft or destruction by fire/flood. The affidavit contains all details regarding the loss, the owner's name and any information pertaining to the security, such as serial number or date of issue. once the statement has been made, one can issue a letter of indemnity, requesting the replacement of the security. Taobiz explains Affidavit Of Loss When holding a physical record of a security, such as a stock certificate, one face's the chance of losing the copy. If the record is stolen, misplaced or destroyed, the owner is required to swear an affidavit pertaining to the loss of the item. This is an oath outlining that, to the best of the person's knowledge, the record is truly gone. If the lost copy appears after the owner received a replacement security, the original record must be forwarded to the company for disposal.
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