The right of a stockholder to vote on matters of corporate policy and who will make up the board of directors. Voting often involves decisions on issuing securities, initiating corporate actions and making substantial changes in the corporation's operations. Taobiz explains Voting Right Shareholders do not necessarily need to be physically present at the site of the company's annual meeting in order to exercise their right to vote. It is common for shareholders to voice their vote by proxy by mailing in their response. Unlike the single vote right that individuals commonly possess in democratic governments, the number of votes that a shareholder has corresponds to the numbers of shares that he owns. For example, a shareholder that owns 100 shares will have a 100 times more sway than a shareholder that owns a single share.
The name given to stocks, bonds and other securities that have become worthless. Taobiz explains Wallpaper The securities may have lost all monetary value because of bankruptcy or for other reasons. This term implies that because the certificates are worthless, may as well wallpaper your house with them. Former dotcom companies that went bankrupt are good examples of wallpaper stocks.
A stock that has fallen out of favor with investors and, consequently, tends to trade at a low P/E. Also called orphan stock. Taobiz explains Wallflower In general terms, a wallflower is somebody who remains on the sidelines of a social activity. The financial sense of the word is very similar. This type of stock is often neglected by research analysts and, as a result, doesn't get much attention from investors. For this reason, many believe that wallflowers are undiscovered bargains.
The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupons are reinvested at the same rate. Sometimes this is simply referred to as "yield" for short. |||An approximate YTM can be found by using a bond yield table. However, because calculating a bond's YTM is complex and involves trial and error, it is usually done by using a programmable business calculator.
Market capitalization weighted indicies designed by Wachovia to measure the performance of the U.S. preferred shares in addition to five other specialized indecies. The Wachovia Hybrid and Preferred Securities (WHPS) Aggregate Index consist of preferred securities representing in excess of $100 billion in total market value. The specialized indexes are sub-groups to the main index. Taobiz explains Wachovia Hybrid and Preferred Securities (WHPPSM) Indicies The aggregate index is composed of five specialized indexes including WHPS Non-REIT Index, WHPS REIT Index, WHPS investment-grade REIT Index, WHPS below-investment-grade REIT Index, and WHPS equity REIT Index.
A fixed income instrument that is a combination of a zero-coupon bond and a convertible bond. Due to the zero-coupon feature, the bond pays no interest and is issued at a discount to par value, while the convertible feature means that the bond is convertible into common stock of the issuer at a certain conversion price. |||The zero-coupon and convertible features offset each other in terms of the yield required by investors. Zero-coupon bonds are often the most volatile fixed-income investments because they have no periodic interest payments to mitigate the risk of holding them; as a result, investors demand a slightly higher yield to hold them. On the other hand, convertibles pay a lower yield compared to other bonds of the same maturity and quality because investors are willing to pay a premium for the convertible feature.
A legal trust created to combine the voting power of shareholders. With the establishment of the voting trust, the shareholders' legal title (their stock) and voting rights are transferred to a designated trustee for a set duration. Taobiz explains Voting Trust There are many reasons stockholders may wish to form these trusts. For example, they may create one in the hopes of maintaining control within a corporation through a unified vote. Or they may want to use it as a form of protection from corporate creditors. The laws of different states usually have limitations on the duration of a trust, as it is a legally binding agreement.
A certificate of deposit (CD) that is purchased at a largely discounted rate. It differs from a traditional CD in that interest payments are not received yearly, but rather as a lump sum at the date of maturity. |||The advantage of a zero-coupon CD is that there is no reinvestment risk, unlike with an instrument that pays interest at regular intervals. The disadvantage to investors is that even though interest is not paid annually, it is deemed to have accrued annually and is treated as the investor's taxable income, which means that tax is payable every year on the accrued interest for the term of the CD. While the interest is not received until the maturity date of the CD, taxes must be paid on the interest every year up until the interest is actually received. Even though the price of the CD is discounted to far below par to entice purchase, strong emphasis must be placed on ensuring that the buyer will have enough money to pay the large tax bill each year.
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