An index designed to reflect the movement of the entire market. The smallest broad-based index is the Dow Jones Industrial Average with 30 industrial stocks and the largest is the Wilshire 5000 Total Market Index. Other examples include the S&P 500, Russell 3000 Index, AMEX Major Market Index and the Value Line Composite Index. Taobiz explains Broad-based Index Investors who want the maximum benefit of diversification can invest in securities that have as their underlying tracking instrument an index or other financial product made up of several, well-diversified stocks. Securities based on broad-based indices allow investors to effectively own the same basket of stocks contained in a major index while committing a small amount of financial resources.
A market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. |||For investors who benchmark their U.S. and international stocks separately, this index provides a way to monitor international exposure apart from U.S. investments. In August of 2008, the MSCI ACWI Ex-U.S. held 23 countries classified as developed markets and 25 classified as emerging markets.
An arrangement between two jurisdictions that mitigates the problem of double taxation that can occur when tax laws consider an individual or company to be a resident of more than one jurisdiction. A bilateral tax agreement can improve the relations between two countries, encourage foreign investment and trade, and reduce tax evasion. Bilateral tax agreements can deal with many issues such as taxation of different categories of income (business profits, royalties, capital gains, employment income, etc.), methods for eliminating double taxation (exemption method, credit method, etc.), and provisions such as mutual exchange of information and assistance in tax collection.
An exchange-traded fund that invests in stocks and listed securities associated with the countries of Brazil, Russia, India and China. BRIC ETFs are designed to give holders diversified exposure to these growing countries. Assets are invested in both locally issued stocks and shares that trade on exchanges in the U.S. and Europe. The portfolio allocation among the four counties may vary from fund to fund, but all ETFs in the space should be passively invested around an underlying index. Watch: Understanding ETF Taobiz explains BRIC ETF Investing in the BRIC economies has been on the rise as increased economic globalization creates higher levels of world trade and commerce. Brazil, Russia, India and China have had strong growth in gross domestic product (GDP) over the past few decades, with recent rates much higher than those found in the United States and the Eurozone. BRIC ETFs may carry slightly higher expense ratios than funds focused on the U.S. and Europe due to the higher costs of investing directly in these foreign stock markets.
An arbitrage activity that involves trading securities based on knowledge of potential future political activity. It may be country-specific or region-specific, depending on the type of political activity envisaged. Impending government elections in a given country may prompt political arbitrage specific to that nation, while the threat of a war that could encompass a number of countries may trigger political arbitrage across the entire region. For example, if recent elections are likely to lead to the formation of a government that is not business friendly, a trader may short the benchmark equity index of that country in anticipation of a steep decline. As another example, if there is a distinct possibility of an imminent conflict in the Middle East, an arbitrageur or trader may short stocks of oil companies based in that region and initiate long positions on North American oil companies.
A leading provider of equity, fixed-income and hedge fund indexes. MSCI has been providing global equity indexes for more than 30 years. In 2003, it launched a new family of U.S. equity indexes. |||Morgan Stanley's global equity benchmarks have become the most widely used international indexes by institutional investors across 23 developed and 27 emerging markets. This consistent approach makes it possible to aggregate individual indexes to create meaningful composite, regional, sector and industry benchmarks.For example, MSCI's EAFE Index, which is comprised of 21 major indexes from Europe, Australasia and the Far East serves as the most frequently cited benchmark for the performance of a representative total international stock market.
Any income that is realized as a result of business activity. Business income is a type of earned income, and is classified as ordinary income for tax purposes. Business income can be offset with business expenses and business losses. It can be either positive or negative in a given year.
A measure of the liquid money supply within an economy. MZM represents all money in M2 less the time deposits, plus all money market funds. |||MZM has become one of the preferred measures of money supply because it better represents money readily available within the economy for spending and consumption. This measurement derives its name from its mixture of all the liquid and zero maturity money found within the three "M's."
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