A security code that is typed in by the user of a computer to access accounts or portals. This code is attached to the message or request sent by the user. Message authentication codes (MACs) attached to the message must be recognized by the receiving system in order to grant the user access. MACs are commonly used in electronic funds transfers (EFTs) to maintain information integrity. |||Message authentication codes are usually required to access any kind of financial account. Banks, brokerage firms, trust companies and any other deposit, investment or insurance company that offers online access can employ these codes.
A business process or an industry that requires large amounts of money and other financial resources to produce a good or service. A business is considered capital intensive based on the ratio of the capital required to the amount of labor that is required. Some industries commonly thought of as capital intensive include oil production and refining, telecommunications and transports such as railways and airlines. Taobiz explains Capital Intensive In all of the above industries, a large financial commitment is required just to get the first unit of good or service produced. once the upfront investments are made, there may be economies of scale with regards to ongoing expenses and sales growth. But the initial hurdle to get into the business tends to keep the list of competitors small, creating high barriers to entry. Companies in capital-intensive industries are thus often marked by high levels of depreciation and fixed assets on the balance sheet.
A stock with a current price that is not justified by its earnings outlook or price/earnings (P/E) ratio and, therefore, is expected to drop in price. Overvaluation may result from an emotional buying spurt, which inflates the stock's market price, or from a deterioration in a company's financial strength. Investors may be willing to pay more for stocks with superior growth potential, but they don't want to overpay for a company with growth prospects that don't justify its current market price. One way to determine whether a stock may be overvalued is to look at the price-to-earnings-to-growth (PEG) ratio. For example, a stock is generally considered to be fairly valued if the PEG ratio is 1 (which means the P/E ratio equals the estimated earnings growth), and possibly overvalued if the PEG is more than 1.
A medical plan combining high-deductible medical insurance protection with a tax-deferred savings account that can be offered by employers as part of a benefits package. Medical savings accounts are designed to help participants pay for medical and healthcare expenses by allowing them to save for those expenses in a tax-sheltered environment. Participants pay healthcare expenses from this account up to the amount of the insurance deductible. Also known as "Archer medical savings accounts" or "Archer MSAs." |||Archer MSAs cannot be established after 2007 and have been replaced by health savings accounts (HSAs), which were introduced in 2003. However, MSAs already established can continue to accept new contributions. MSAs can also be rolled over into HSAs, but no new contributions can be made once the account holder becomes eligible for Medicare.
A category of stocks related to the manufacture or distribution of goods. The sector is diverse, containing companies that manufacture machinery used to create capital goods, electrical equipment, aerospace and defense, engineering and construction projects. Also referred to as the "industrials sector". Taobiz explains Capital Goods Sector Performance in the capital goods sector is sensitive to fluctuations in the business cycle. Because it relies heavily on manufacturing, the sector does well when the economy is booming or expanding. As economic conditions worsen, the demand for capital goods drops off, usually lowering the prices of stocks in the sector.
A bond auction that allows bidders (who are underwriters) to submit bids for selected maturities in its issue, rather than requiring buyers to bid for the entire issue on an all-or-none (AON) basis. |||This gives smaller underwriting firms more flexibility, allowing them to bid for part of the issue.
A buzz word describing a clause found in financial institutions' employment contracts that would subject compensation terms to the U.S. government's approval. These clauses would allow the financial institution to offer attractive bonus plans to employees, but also provide recourse in the event that the government prevents the payout from happening, either through regulations or direct intervention. As a result of the TARP in 2009, some financial institutions were the subject of much public outcry when it was found out that some of the bailed-out banks needed to pay millions in bonus pay as a result of employee contracts made prior to the financial crisis. Adding a "pay czar" clause to an employment contract will effectively leave the fate of executive compensation at bailed-out firms in the hands of the pay czar, the U.S. government's official representative in charge of overseeing executive compensation.
A type of market index whose individual components are weighted according to their market capitalization, so that larger components carry a larger percentage weighting. The value of a capitalization-weighted index can be computed by adding up the collective market capitalizations of its members and dividing it by the number of securities in the index. Also known as a "market-value weighted index". Taobiz explains Capitalization-Weighted Index Most of the broadly-used market indexes today are "cap-weighted" indexes, such as the S&P 500, Nasdaq, Wilshire, Hang-Seng and EAFE indexes. In a cap-weighted index, large price moves in the largest components can have a dramatic effect on the value of the index. Some investors feel that this overweighting toward the larger companies gives a distorted view of the market, but the fact that the largest companies also have the largest shareholder bases makes the case for having the higher relevancy in the index.
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