英文名称:Bulldog Bond 中文名称:猛犬债券指非英国的公司或政府在伦敦发行的以英镑来计价的债券。 A sterling denominated bond that is issued in London by a company that is not British. These sterling bonds are referred to as bulldog bonds as the bulldog is a national symbol of England.
A mathematical formula developed in the 1960s by NYU Professor Edward Altman that attempts to express the chances of a public company going bankrupt within a two-year time period. The number produced by the model is referred to as the company's Z-score, which is a reasonably accurate predictor of future bankruptcy. The model is specified as: Where: Z = Score A = Working Capital/Total Assets B = Retained Earnings/Total Assets C = Earnings Before Interest & Tax/Total Assets D = Market Value of Equity/Total Liabilities E = Sales/Total Assets Taobiz explains Zeta Model The zeta model returns a single number, the z-score, to represent the likelihood of a company going bankrupt in the next two years. The lower the z-score, the more likely a company is to go bankrupt. A z-score lower than 1.8 indicates that bankruptcy is likely, while scores greater than 3.0 indicate bankruptcy is unlikely to occur in the next two years. Companies that have a z-score between 1.8 and 3.0 are in the gray area, bankruptcy is not easily predicted one way or the other.
A preferred share that is not required to pay a dividend to its holder. The owner of a zero-dividend preferred share will earn income from capital appreciation and may receive a one-time payment at the end of the investment term. Also referred to as "capital shares". Watch: Dividend Taobiz explains Zero-Dividend Preferred Stock Owners of zero-dividend preference shares will not receive a normal dividend. Often, they still maintain reimbursement priority over common shareholders in the event of bankruptcy. While a company may structure preferred shares however they choose, most preferred shares will not have voting rights.
英文名称:Bearer Form 中文名称:凭票即付形式/无记名形式一种不记名的证券发行和流通方式,票面本身不记载任何与所有者有关的信息,持有就是唯一的所有权证明,持票即可获得支付。与之相对的是记名形式(registered form)。eb1619e81e59668d2db8098284f6daa5e.g. Holders of debentures in bearer form are advised to contact Computershare at 1-800-245-4053 for instructions regarding how to deposit their debentures. A security not registered in the issuing corporation's books but that is payable to its bearer (the person possessing it). Securities can be issued in two forms: registered or bearer. Registered form means the issuing firm keeps records of a security's owner and mails out payments to him or her. Bearer form means the security is traded without any record of ownership, so physical possession of the security is the sole evidence of ownership. Most securities issued today are in registered form. A bearer bond, also known as a coupon bond, has coupons that must be clipped from the security and presented in order to receive interest payments. The issuer will not remind the bearer of coupon payments. A bearer stock certificate is negotiable without endorsement and is transferred upon delivery.
Initial Margin 初始保证金 The percentage of the purchase price of securities (that can be purchased on margin) that the investor must pay for with his or her own cash or marginable securities. Also called the "initital margin requirement". Initial MarginAccording to Regulation T of the Federal Reserve Board, the initial margin is currently 50%. This level is only a minimum and some brokerages require you to deposit more than 50%. For futures contracts, initial margin requirements are set by the exchange.
英文名称:HittheBid中文名称:主动性卖盘 在证券交易中,卖方按照买方提供的价格成交的交易。主动性卖盘表示卖方卖出的意愿较强,宁愿选择买方提供的较低价格成交。 A buzzword used to describe an event where a broker agrees to sell at a bid price quoted by another broker. The broker is ultimately agreeing to sell a given stock at the highest price that another broker is willing to buy at. For example, suppose a dealer is asking $20 for a particular security and another dealer's bid price for that same security is $19. If the dealer selling the security for $20 agrees to sell at the other dealer's bid price of $19, they are said to "hit the bid".
英文名称:Bankruptcy Risk 中文名称:破产风险指公司资不抵债或无力偿债的风险。股票或债券投资者在投资一家公司时,除了考虑收益率,通常也要分析其债务状况和偿还能力,评估破产风险,也称insolvency risk。e.g. What we want to do is focus on companies that we believe are well down the line in terms of bankruptcy risk. The risk that a company will be unable to meet its debt obligations. Often referred to as "default" or "insolvency risk". This is a risk that both equity- and bondholders take when deciding to invest in a company. Aside from looking at overall profitability, analyzing a company's debt obligations and ability to repay, agencies like Moody's and Standard & Poor's attempt to determine this risk by giving bond ratings.
纽约证券交易所 纽约证券交易所(英文:New York Stock Exchange 缩写:NYSE 简称:纽约证交所 ), 是世界第二大证券交易市场。 纽约证券交易所网址:http://www.nyse.com/ 目录 1 纽约证券交易所概览 2 纽约证券交易所历史 3 纽约证券交易所上市要求 纽约证券交易所概览 纽约证券交易所( New York Stock Exchange,NYSE) 是世界上第二大证券交易所。它曾是最大的交易所,直到1996年它的交易量被纳斯达克超过。2005年4月末,NYSE和全电子证券交易所(Archipelago)合并,成为一个盈利性机构。纽约证券交易所有限公司的总部位于美国纽约州纽约市百老汇大街11号,在华尔街的拐角南侧。纽约证券交易所有大约2,800间公司在此上市,全球市值15万亿美元。至2004年7月,三十间处于道琼斯工业平均指数中的公司除了英特尔和微软之外都在NYSE上市。2006年6月1日,纽约证券交易所宣布与泛欧证券交易所合并组成纽约泛欧证交所(NYSE Euronext)。 纽约证券交易所历史 1792年5月17日,当时24个证券经纪人在纽约华尔街68号外一棵梧桐树下签署了梧桐树协议,宣告了纽约股票交易所的诞生。1817年3月8日这个组织起草了一项章程,并把名字更改为“纽约证券交易委员会”。1863年改为现名,纽约证券交易所。从1868年起,只有从当时老成员中买得席位方可取得成员资格。 纽约证券交易所的第一个总部是1817年一间月租200美金,位于华尔街40号的房间。1865年交易所才拥有自己的大楼。座落在纽约市华尔街11号的大楼是1903年启用的。交易所内设有主厅、蓝厅、“车房”等三个股票交易厅和一个债券交易厅,是证券经纪人聚集和互相交易的场所,共设有十六个交易亭,每个交易亭有十六至二十个交易柜台,均装备有现代化办公设备和通讯设施。交易所经营对象主要为股票,其次为各种国内外债券。除节假日外,交易时间每周五天,每天五小时。自20世纪20年代起,它一直是国际金融中心,这里股票行市的暴涨与暴跌,都会在其他资本主义国家的股票市场产生连锁反应,引起波动。现在它还是纽约市最受欢迎的旅游名胜之一。 1914年7月,交易所在一战发生后不久就被关闭了,但是这一年的11月28日又重新开放,使得各种债券自由交易支持作战。 1929年10月24日,“黑色星期四”,美国股票市场崩溃,股价下跌引起的恐慌又促使了大萧条。1938年10月31日,为了恢复投资者的信心,提高对投资公众的保护,交易所推出了15点计划。 1934年10月1日,交易所向美国证券交易委员会注册为一家全国性证券交易所,有一位主席和33位成员的董事会。1971年2月18日,非营利法人团体正式成立,董事会成员的数量减少到25位。 1953年起,成员限定为1366名。只有盈利250万美(税前)、最低发行售出股票100万股、给普通股东以投票权并定期公布财务的公司,其股票才有资格在交易所挂牌。至1999年2月,交易所的日均交易量达6.7亿股,交易额约达 300亿美元。截至1999年2月,在交易所上市的公司已超过3000家,其中包括来自48个国家的385家外国公司,在全球资本市场上筹措资金超过10 万亿。另外,美国政府、公司和外国政府、公司及国际银行的数千种债券也在交易所上市交易。 纽约证券交易所上市要求 在二百多年的发展过程中,纽约证券交易所为美国经济的发展、社会化大生产的顺利进行、现代市场经济体制的构建起到了举足轻重的作用。 纽约证交所对美国国内公司上市的条件要求: 公司最近一年的税前盈利不少于250万美元; 社会公众拥有该公司的股票不少于l10万股; 公司至少有2000名投资者,每个投资者拥有100股以上的股票; 普通股的发行额按市场价格例算不少于4000 万美元; 公司的有形资产净值不少于4000万美元。 纽约证交所对美国国外公司上市的条件要求: 作为世界性的证券交易场所,纽约证交所也接受外国公司挂牌上市,上市条件较美国国内公司更为严格,主要包括: 社会公众持有的股票数目不少于250万股; 有100股以上的股东人数不少于5000名; 公司的股票市值不少于1亿美元; 公司必须在最近3个财政年度里连续盈利,且在最后一年不少于250万美元、前两年每年不少于200万美元或在最后一年不少于450万美元,3年累计不少于650万美元; 公司的有形资产净值不少于1亿美元; 对公司的管理和操作方面的多项要求; 其他有关因素,如公司所属行业的相对稳定性,公司在该行业中的地位,公司产品的市场情况,公司的前景,公众对公司股票的兴趣等。 AstockexchangebasedinNewYorkCity,whichisconsideredthelargestequities-basedexchangeintheworldbasedontotalmarketcapitalizationofitslistedsecurities.Formerlyrunasaprivateorganization,theNYSEbecameapublicentityin2005followingtheacquisitionofelectronictradingexchangeArchipelago.TheparentcompanyoftheNewYorkStockExchangeisnowcalledNYSEEuronext,followingamergerwiththeEuropeanexchangein2007. Alsoknownasthe"BigBoard",theNYSEreliedformanyyearsonfloortradingonly,usingtheopenoutcrysystem.Today,morethanhalfofallNYSEtradesareconductedelectronically,althoughfloortradersarestillusedtosetpricinganddealinhighvolumeinstitutionaltrading. NewYorkStockExchange-NYSE Theoriginsoftheexchangedateallthewaybackto1792.BecauseofitslongoperatinghistorytheNYSEishometothemajorityoftheworld’slargestandbest-knowncompanies.Foreign-basedcorporationscanlisttheirsharesontheNYSEiftheyadheretocertainSecuritiesandExchangeCommission(SEC)rules,knownaslistingstandards. TheNYSEopensfortradingMondaythroughFriday9:30a.m.to4:00p.m.(ET),closingearlyonrareoccasions.Themarketalsoshutsdownduringnineholidaysthroughouttheyear.