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. Taobiz explains Morgan Stanley Capital International All Country World Index Ex-U.S. - MSCI ACWI Ex-U.S. 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.
The value of an investment at the end of the investment period. Ending market value (EMV) is calculated by taking the beginning market value and adding the interest earned over the course of the investment. Ending Market Value = Beginning Market Value x (1 + interest rate). This is an important equation to consider when choosing an investment as the time value of money can be a valuable decision-making variable. |||For example:Beginning market value = 100Interest rate = 10%EMV = 100 x (1 + 0.10)EMV = 110
Shares that are an interest in a limited partnership existing solely for the purpose of issuing preferred securities and lending the proceeds of the sales to its parent company. MIPS usually have a $25 par value, NYSE listing and cumulative monthly distributions. Taobiz explains Monthly Income Preferred Securities - MIPS MIPS are hybrid securities, combining features of preferred stock and corporate bonds. Hybrids can pay a higher rate of return than preferred stock because dividends are paid with pretax dollars, generating a sizable tax break for corporations.
A business that focuses on operating in one specific financial area. The main advantage of monolines is that these companies have specialized skills and provide expertise beyond what can usually be expected from companies that businesses are spread across many different financial areas. Taobiz explains Monoline For example, monoline insurers give investors and issuers the confidence to participate in the market by providing liquidity and financial protection. Without fully understanding the entire system and how it all comes together, a company is unable to provide its customers with quality service. Due to the expertise that monoline companies have in the industry, they are able to reduce operating cost, enhance customer service and evaluate/manage risk much more efficiently.
The calculation of a bond's duration based on historical data. Empirical duration is estimated statistically using historical market-based bond prices and historical market-based Treasury yields. When the historical yields change, the historical bond prices will change accordingly, which forms that basis for empirical duration. Regression analysis is the statistical process used to estimate empirical duration. Duration is the percentage change in a bond's price with a 100-basis-point change in yield. |||The calculation of empirical duration has some advantages and disadvantages over other duration calculations, such as effective duration or modified duration. The advantages of using empirical duration include that the estimate does not rely on theoretical formulas and analytic assumptions, and the only inputs needed are a reliable series of bond prices and a reliable series of Treasury yields.Some disadvantages are that a reliable series of a bond's price may not be available, and the series of prices that is available might not be market based, but rather modeled or matrix priced (the price is based on a similar security).
A method of evaluating a portfolio's return based upon a time weighted analysis. Taobiz explains Modified Dietz Method The Modified Dietz Method is more accurate way to measure the return on your portfolio than a simple geometric return method. This is because the Modified Dietz Method identifies and accounts for the timing of all random cash flows while a simple geometric return does not.
A market capitalization weighted index maintained by Morgan Stanley Capital International (MSCI). The MSCI EMU Index measures the performance of stocks based in the European Economic and Monetary Union (EMU). Taobiz explains MSCI EMU Index As of June 2008, the MSCI EMU Index consisted of stocks in the following 11 developed-market countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain. The index contains almost 300 stocks and represents about 85% of the market capitalization in these countries.
A benchmark index for measuring the total return performance of international government bonds issued by emerging market countries that are considered sovereign (issued in something other than local currency) and that meet specific liquidity and structural requirements. The most popular indexes are the J.P. Morgan Emerging Bond Index (EMBI) and EMBI+; the latter measures both Brady bonds and other sovereign debt while the EMBI measures only Brady bonds. In order to qualify for index membership, the debt must be more than one year to maturity, have more than $500 million outstanding, and meet stringent trading guidelines to ensure that pricing inefficiencies don't affect the index. |||The J.P. Morgan indexes are a popular benchmark for money managers that deal in emerging market debt, so investors may see the index used as a comparison for their mutual funds or exchange-traded funds. Because of their higher interest rates, emerging market bonds can significantly outperform U.S. Treasury bonds. For example, in the 10-year period ending in May of 2004, the J.P. Morgan Global Emerging Markets Bond Index had a total return of 248%, greater than both U.S. corporate bonds and the S&P 500.
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