英文名称：Arbitrage Bond中文名称：套汇债券指市政府在现有较高利息证券买回日之前，发行的较低利息的债券。 A lower-rate debt security issued by a municipality prior to the call date of the municipality's existing higher-rate security. Proceeds from the issuance of lower-rate bonds are invested in treasuries until the call date of the higher-interest bonds. This strategy is used by municipalities when they wish to gain an interest-rate advantage. As long as the proceeds from net sales and investments are to be used in future projects, the bonds will qualify for a temporary tax exemption. If, however, the project experiences a significant delay or cancellation, the municipality may be taxed. Some conflicts in federal regulations can be avoided by using a ZEBRA agreement.
Reducing the book value of an asset because it is overvalued compared to the market value. Taobiz explains Write-Down This is usually reflected in the company's income statement as an expense, thereby reducing net income.
英文名称：Act of God Bond 中文名称：天灾债券保险公司发行的债券，旨在将债券的本金及利息与天然灾害造成的公司损失联系起来。 A bond issued by an insurance company, linking principal and interest to a company's losses due to natural disasters. Act of God bonds are issued by insurers to protect against unforeseen events. Such bonds create flexibility for insurance companies if an unforeseen natural disaster occurs. Because principal and interest depend directly on losses resulting from natural disasters, the insurance company can soften the financial strain by delaying, reducing or eliminating payment of the bond.
Relatively low-risk stocks from well-known firms that pay high dividends. Taobiz explains Widow-and-Orphan Stock Widow-and-Orphan stocks are generally chosen during bear markets and ignored during bull markets. This is because these companies are perceived to be able to maintain their dividend payment schedule through difficult financial times.
英文名称：At Par中文名称：平价／按面值指证券的售价与其面值相等。 A term that refers to a bond, preferred stock or other debt obligation that is trading at its face value. The term "at par" is most commonly used with bonds. A bond that trades at par will have a yield equal to its coupon, and investors will expect a return equal to the coupon for the risk of lending to the bond issuer. Bonds are quoted at 100 when trading at par. Due to ever-changing interest rates, financial instruments almost never trade exactly at par. A bond will likely not trade at par when interest rates are above or below its coupon rate. For example, if a company issues a bond with a 5% coupon and interest rates increase to 10%, investors will pay less than par for the bond to compensate them for the difference in rates. In the same vein, if interest rates drop, investors will be willing to pay more than par for the bond.
A dual trade transaction enacted by a specialist in an individual stock issue. The first trade in a write out will be between the specialist and a floor trader, using the specialist's own inventory of stock, which is sold to the trader. The trader then executes the second part of the trade by transacting the same number of shares with an end client or firm. Taobiz explains Write Out Specialists are given daily inventories of stock to use as they see fit to maintain an orderly market in the stocks in which they make markets. By stepping in to purchase or sell shares as needed, they can ensure a smooth and orderly market, even during rocky trading days. The advent of electronic trading platforms has limited the need for specialists and write outs, but so far, machines have not completely erased the need for people on the trading floor.
A type of sustainable competitive advantage that a business possesses that makes it difficult for rivals to wear down its market share and profit. The term is derived from the water filled moats that surrounded medieval castles. The wider the moat, the more difficult it would be for an invader to reach the castle. Taobiz explains Wide Economic Moat Businesses that possess at least one factor of Porter's 5 forces model would possess a wide economic moat. For example, a business that holds an exclusive patent for the creation of a miracle drug would effectively keep potential competitors out of its business. Having few or no competitors would allow the company to continually generate high levels of profit. Legendary investor Warren Buffett is renowned for his philosophy of investing in businesses with wide economic moat.
英文名称：Accretive 中文名称：增值性指收购行动可为公司的每股盈余（EPS）带来增长，原意是透过并购达到扩张的目的。e.g. The company said that it expects the transaction to deliver annual pre-tax synergies of $750-800 million and expects it to be EPS accretive in the first-half after closing. The process of accretion, which is the growth or increase by gradual addition, in finance and general nomenclature.An acquisition is considered accretive if it adds to earnings per share. In corporate finance,accretive acquisitions of assets or businesseswilladd more value than the cost of theacquisition, either immediately or over time.In fixed-income investments, the term refers to the increase in value attributable to interest accrued but not paid (discounted bonds, for example, earn interest through accretion until maturity).
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