英文名称:Average Up 中文名称:提高平均价格以比原先买入价格高的价格买入更多股票、商品等,从而提高所有股票、商品等的平均价格。 The process of buying additional shares at higher prices. This raises the average price that the investor pays for allthe shares. In the context of short selling, averaging up is achieved by selling additional sharesat a price higher than that of the first transaction. Say you buy XYZ at $20 per share, and as the stock rises you buy equal amounts at $24, $28 and $32 per share. This would bring your average purchase price to $26 per share.
英文名称:Clean Price 中文名称:债券净价净价是相对于全价而言的,指不含应计利息的债券报价,也称为“干净价格”。e.g. TX clean prices sharply lowered in late year trading, ranging from .39-.59 lower. The price of a coupon bond not including any accrued interest. A clean price is the discounted future cash flows, not including any interest accruing on the next coupon payment date. Immediately following each coupon payment, the clean price will equal the dirty price.Calculated as:The country in which the coupon-paying bond is traded will influence how the bond is quoted. In America, it is the market convention to quote a bond in terms of its clean price; in other markets, bonds are more commonly quoted in terms of their dirty price.
英文名称:Conversion Premium 中文名称:转换溢价指可转换债券的市场价格超出普通股市场价格的部分。e.g. One investor who got a good deal in the transaction was Berkshire Hathaway Inc. (BRKA, BRKB), which helped finance the acquisition by buying $3 billion of Dow convertible preferred stock that carries an 8.5% dividend yield and a modest conversion premium of 20%.The amount by which the price of a convertible security exceeds the current market value of the common stock into which it may be converted. Most convertible securities trade at a price above its conversion value.
英文名称:Activity Ratio 中文名称:活动比率一项用以衡量企业运用资源有效程度的会计比率,如将其资产负债表内账项转为现金或营业额的能力、存货周转率、流动资本周转率。 Accounting ratios that measure a firm's ability to convert different accounts within their balance sheets into cash or sales. Companies will typically try to turn their production into cash or sales as fast as possible because this will generally lead to higher revenues. Such ratios are frequently used when performing fundamental analysis on different companies. The asset turnover ratio and inventory turnover ratio are good examples of activity ratios.
英文名称:Barometer Stock 中文名称:指标股/风向标股票作为总体市场的趋势指标的股票。 A security whose price pattern is regarded as an indicator of the state of the overall market. All bellwether stocks are also barometer stocks
英文名称:Convexity 中文名称:凸曲度/凸性衡量债券价格对利率变动敏感度的指标。在某一到期收益率下,到期收益率发生变动而引起的价格变动幅度的变动程度;从图形上看,凸性是对债券价格曲线弯曲程度的一种度量。债券价格曲线弯曲程度越大,凸性越大。 A measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool, and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed.In the example above, Bond A has a higher convexity than Bond B, which means that all else being equal, Bond A will always have a higher price than Bond B as interest rates rise or fall. As convexity increases, the systemic risk to which the portfolio is exposed increases. As convexity decreases, the exposure to market interest rates decreases and the bond portfolio can be considered hedged. In general, the higher the coupon rate, the lower the convexity (or market risk) of a bond. This is because market rates would have to increase greatly to surpass the coupon on the bond, meaning there is less risk to the investor.
英文名称:Bubble 中文名称:泡沫资产价格偏离实际的上涨,导致出现大幅逆转或崩溃的程度。e.g. Last week’s sudden reversal in the oil market 1. An economic cycle characterized by rapid expansion followed by a contraction. 2. A surge in equity prices, often more than warranted by the fundamentals and usually in a particular sector, followed by a drastic drop in prices as a massive selloff occurs. 3. A theory that security prices rise above their true value and will continue to do so until prices go into freefall and the bubble bursts. Bubbles form in economies, securities, stock markets and business sectors because of a change in the way players conduct business. This can be a real change, as occurred in the bubble economy of Japan in the 1980s when banks were partially deregulated, or a paradigm shift, as happened during the dotcom boom in the late '90s and early 2000s. During the boom people bought tech stocks at high prices, believing they could sell them at a higher price until confidence was lost and a large market correction, or crash, occurs. Bubbles in equities markets and economies cause resources to be transferred to areas of rapid growth. At the end of a bubble, resources are moved again, causing prices to deflate. Thus, there is little long-term return on those assets.
英文名称:Basing 中文名称:平稳期指股票等的交易价格变化很小甚至保持不变的时期。 A period in which a stock price has very little or no trend. The resulting price pattern is a flat line. Basing is a common occurrence after a stock or the market has been in a lengthy decline or has increased by a large amount. In other words, the market is taking a break. Some stocks can form a base that lasts for severals years before the trend is reversed.