A negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas. ADRs help to reduce administration and duty costs that would otherwise be levied on each transaction. Taobiz explains American Depositary Receipt - ADR This is an excellent way to buy shares in a foreign company while realizing any dividends and capital gains in U.S. dollars. However, ADRs do not eliminate the currency and economic risks for the underlying shares in another country. For example, dividend payments in euros would be converted to U.S. dollars, net of conversion expenses and foreign taxes and in accordance with the deposit agreement. ADRs are listed on either the NYSE, AMEX or Nasdaq.
A form of option contract from the "mountain range" series of exotic options. Annapurna options offer a combination of a fixed coupon rate and participation in the equity gains of an underlying basket of securities. The coupon rate is dependent on when the worst-performing stock of the group falls below a prespecified level. The longer it takes for the worst-performing stock to reach the predetermined low point, the higher the coupon payment the investor will receive. The equity participation rate (in the underlying securities) also rises as the Annapurna option lasts longer before the payout phase. Taobiz explains Annapurna Option Mountain range options are very difficult to value because of the increased variables that must be analyzed, such as the correlation between the individual securities in the basket and the coupon step-up rates that are offered at longer time horizons. Annapurna options have only been on the market since the late 1990s, and only a few select stocks have ever found themselves marketed inside one. Investors in these exotic options will aim to let the option ride out as long as possible (and conceivably earn the highest total return) by choosing stocks that will consistently rise, with the hopes that none of the group ends the life of the option by falling too far.
Stock issues with a market capitalization of less than $500 million. Also known as "small cap" stocks. Taobiz explains Ankle Biter These issues can appear to be more speculative than stocks with high market capitalization. However, smaller issues often have great growth potential and tend to outperform larger market capitalization stocks. Small cap stocks are often biting at the ankles of the larger cap stocks and will one day - through capitalization growth - move up into the larger market capitalizations, as a child grows into adulthood.
An index made up of a selection of stocks from companies associated with actress Angela Jolie. Seen as one of the world's most influential celebrities, some analysts believe that companies connected with Jolie will outperform their competition. Taobiz explains Angelina Jolie Stock Index The index was created by Fred Fuld of Stockerblog.com; it includes the stocks of movie studios and producers that have had a connection with Angelina Jolie, such as Sony (NYSE:SNE), Viacom (NYSE:VIA) and Time Warner (NYSE:TWX). Because Jolie's films usually earn large box-office revenues, the companies that produce these movies should have higher profits.
A reference to auditors performing more careful due diligence when auditing companies in order to prevent accounting errors. This extra level of accounting scrutiny often leads to companies restating earnings even though they have not necessarily intentionally misrepresented material accounting information. Taobiz explains Andersen Effect The Andersen effect takes its name from the accounting firm Arthur Andersen LLP, which was indicted in a number of accounting scandals in relation to the Enron collapse. The Andersen effect usually occurs as a result of a change in accountants.
An annual meeting held by publicly traded corporations where the company executives provide information about how the company is performing and its future prospects. They may also choose to answer questions from analysts and investors. Some companies make their meetings widely available via webcast and/or podcast. Taobiz explains Analyst Meeting Analyst meetings are just one of many ways corporations provide transparency for their performance figures. Publicly available Securities and Exchange Commission filings required by the federal government, such as the 10-K and 10-Q reports, provide information about a company's major developments, competition, legal proceedings, management, research and development, business segments and financials. Annual reports are another way public companies communicate with shareholders about the company's operations and financial strength.
Founded in the early 1600s with the founding of the Dutch East India Company (VOC), whose shares are considered the oldest in the world. In September, 2000, the Amsterdam Stock Exchange merged with the Brussels Stock Exchange and the Paris Stock Exchange to form Euronext Amsterdam. Taobiz explains Amsterdam Stock Exchange (AEX) .AS Euronext Amsterdam's three indexes are the blue-chip AEX, mid-cap AMX and small-cap AScX. Euronext is Europe's largest cash equities market and falls under the umbrella of NYSE Euronext, which operates several exchanges, including the New York Stock Exchange, Liffe and NYSE Arca Options.
A U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange. American Depositary Shares (ADSs) are issued by depository banks in the U.S. under agreement with the issuing foreign company; the entire issuance is called an American Depositary Receipt (ADR) and the individual shares are referred to as ADSs. Depending on the level of compliance with U.S. securities regulations the foreign company wishes to follow, the company may either list its shares over-the-counter (OTC) with low reporting requirements or on a major exchange like the NYSE or Nasdaq. Listings on the latter exchanges generally require the same level of reporting as domestic companies, and also require adherence to GAAP accounting rules. Taobiz explains American Depositary Share - ADS Foreign companies that choose to offer shares on U.S. exchanges gain the advantage of a wider investor base, which can also lower costs of future capital. For U.S. investors, ADSs offer the opportunity to invest in foreign companies without dealing with currency conversions and other cross-border administrative hoops. Even though ADSs represent real claims to foreign shares (and could be converted if the investor wished to do so), there is currency risk involved in holding them. Fluctuations in the currency exchange rate between the USD and the foreign currency will affect the price of shares as well as any income payments, which must be converted into U.S. dollars.
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