A bond issued in a currency other than the currency of the country or market in which it is issued. |||Usually, a eurobond is issued by an international syndicate and categorized according to the currency in which it is denominated. A eurodollar bond that is denominated in U.S. dollars and issued in Japan by an Australian company would be an example of a eurobond. The Australian company in this example could issue the eurodollar bond in any country other than the U.S.Eurobonds are attractive financing tools as they give issuers the flexibility to choose the country in which to offer their bond according to the country's regulatory constraints. They may also denominate their eurobond in their preferred currency. Eurobonds are attractive to investors as they have small par values and high liquidity.
A securities position that is not hedged from market risk. Both the potential gain and the potential risk are greater when a position is naked instead of covered (a covered position is hedged from market risk). Taobiz explains Naked Position If an investor simply holds 500 shares of Ford, he or she has a naked position in Ford. If the investor wanted to cover this position, he or she could buy put option contracts, which would help protect against downward movements in the price of Ford shares. Whether to have a naked position is rarely a concern for most small investors, but it is a concern for large investment holders and institutions.
A unit investment trust's estimated return over the life of the portfolio, calculated according to formulas proposed by the Securities and Exchange Commission (SEC). The return is calculated as the annual percentage return based on the yields of all the underlying securities in the portfolio, but is weighted to account for each security's market value and maturity. The return is presented net of estimated fees and the maximum offering price, but does not account for delays in income distributions from the fund. |||When looking to invest in a unit investment trust, you will be shown both the estimated long-term return and estimated current return. The estimated long-term return may be the metric that you should look at if you are planning on investing for the duration of the trust. This will give a fairly accurate estimation of the return on the portfolio. It is similar to the yield to maturity measure of a single bond extended to a portfolio, with some adjustments.
A valuation theory based on the idea that similar assets sell at similar prices. This assumes that a ratio comparing value to some firm-specific variable (operating margins, cash flow, etc.) is the same across similar firms. Taobiz explains Multiples Approach In other words, the theory is that when firms are comparable, we can use the multiples approach to determine the value of one firm based on the value of another.
The condition of a bond that has been repaid in advance by means of an escrow account, which holds the funds needed to pay the periodic coupon payments and the principal. |||The escrowed funds set aside for a company's debt obligations are usually invested in short-term debt securities - usually low-risk government bills - in order to protect the funds from inflationary depreciation.
The classification of a company's stock and bond offerings into different classes. Each class will have different characteristics in order to meet the needs of a wider range of investors than would be possible by issuing just one class of stock. The individual components have varying required rates of return affecting the weighted average cost of capital. Taobiz explains Multiple Capital Structure For example, Berkshire Hathaway's common stock is divided into class A and class B shares. The class A shares (BRK.A) have more voting rights and can be converted to class B shares. The class B shares (BRK.B) have fewer voting rights and cannot be converted to class A shares. Class A shareholders have 0.5% of the voting rights that B shareholder do.
A macroeconomic policy that seeks to expand the money supply to encourage economic growth or combat inflation (price increases). One form of expansionary policy is fiscal policy, which comes in the form of tax cuts, rebates and increased government spending. Expansionary policies can also come from central banks, which focus on increasing the money supply in the economy. |||The U.S. Federal Reserve employs expansionary policies whenever it lowers the benchmark fed funds rate or discount rate or when it buys Treasury bonds on the open market, thereby injecting capital directly into the economy. Expansionary Policy is a useful tool for managing low-growth periods in the business cycle, but it also comes with risks. First and foremost, economists must know when to expand the money supply to avoid causing side effects like high inflation. There is also a time lag between when a policy move is made (whether expansionary or contractionary) and when it works its way through the economy. This makes up-to-the-minute analysis nearly impossible, even for the most seasoned economists. And finally, prudent central bankers and legislators must know when to halt money supply growth or even reverse course and switch to a contractionary policy.
A corporation that has its facilities and other assets in at least one country other than its home country. Such companies have offices and/or factories in different countries and usually have a centralized head office where they co-ordinate global management. Very large multinationals have budgets that exceed those of many small countries. Sometimes referred to as a "transnational corporation". Taobiz explains Multinational Corporation - MNC Nearly all major multinationals are either American, Japanese or Western European, such as Nike, Coca-Cola, Wal-Mart, AOL, Toshiba, Honda and BMW. Advocates of multinationals say they create jobs and wealth and improve technology in countries that are in need of such development. On the other hand, critics say multinationals can have undue political influence over governments, can exploit developing nations as well as create job losses in their own home countries.
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