A group of investments which, when combined, create a zero net value. Zero-investment portfolios can be achieved by simultaneously purchasing securities and selling equivalent securities. This will achieve lower risk/gains compared to only purchasing or selling the same securities. Zero-investment portfolios have many uses, including:1. Reducing taxes, because they generate little or no interest income.2. Reducing risk by protecting against unexpected shifts in the value of the held securities. 3. Protecting the overall value of the portfolio so that investment can be made at a later date.4. Determining if the average portfolio returns are statistically different from zero.For example, if John bought (that is, took a long position) one share of XYZ Corp., he would be fully exposed to the change in value of that stock. If, however, John sold the same stock (that is, took a short position), then any movement up or down would be canceled out. The combination of these two positions creates a zero-investment portfolio.
Buying and selling stocks according to a screen based on predetermined criteria, usually with the help of technical indicators such as relative strength or momentum. This method allows traders to enter transactions without emotion and backtest their strategies by using historical data from any time period. For example, one of the most common mechanical investing systems is called the Dogs of the Dow. This strategy involves buying the 10 stocks on the Dow Jones Industrial Average with the highest dividend yield at the beginning of each year. The portfolio is then adjusted each year to only include the 10 highest yielding stocks. Proponents of mechanical investing say that using this method of investing removes all emotion by allowing a computer to do the work of deciding whether investing in a certain asset is warranted.英文名称：MechanicalInvesting中文名称：机械化投资 根据预定的投资选择标准买卖股票称为机械化投资。
The decreased economic well-being caused by the imposition of a tax. Taxing any product or activity makes it less attractive and gives people less incentive to purchase or undertake it. Taxpayers not only suffer from having less money because of the tax, they also suffer because the tax may change their behavior. Taxation results in deadweight loss which results in the economy functioning below optimal levels. The market inefficiency that occurs when people change their behavior to avoid a tax creates a loss to society. A tax may cause individuals to buy less than they would prefer or to buy a different product or service than they really wanted. A tax can also cause workers to take additional leisure time rather than to work more when they know they will lose 35% of any additional dollar they earn to taxes. The higher the tax, the greater the welfare loss of taxation.
1. Income tax withheld from employees' wages and paid directly to the government by the employer.2. A tax levied on income (interest and dividends) from securities owned by a non-resident. 1. The amount withheld is a credit against the income taxes the employee must pay during the year. 2. Tax is deducted not only from dividends, but from other income paid to non-residents of a country.
A security trade that is executed at the same price as the preceding trade but at a higher price than the last trade of a different price. For more than 70 years there was an "uptick rule" as established by the U.S. Securities and Exchange Commission (SEC); the rule stated that stocks could be shorted only on an uptick or a zero plus tick, not on a downtick. This rule was lifted in 2007. For example, if a succession of trades occurs at $10, $10.25 and $10.25 again, the latter trade would be considered a zero plus tick, or "zero uptick", trade. It was thought that short selling on downticks may have led to the stock market crash of 1929, but the uptick rule was lifted in 2007 after the SEC concluded that markets were advanced and orderly enough to not need the restriction. It is also believed that the advent of decimalization on the major stock exchanges helped to make the rule unnecessary.
英文名称：Death Cross 中文名称：死叉技术分析用语。指原本向上呈多头排列的短、中、长期平均线，其短期平均线自上方逐渐走平且向下斜插（跌破）中、长期平均线，并带动中、长期平均线同步向下行成空头排列。这种情况意味着上升趋势被扭转，未来方向看跌。A crossover resulting from a security's long-term moving average breaking above its short-term moving average or support level. As long-term indicators carry more weight, this trend indicates a bear market on the horizon and is reinforced by high trading volumes. Additionally, the long-term moving average becomes the new resistance level in the rising market.
A securities trade executed on an exchange at the same price as the preceding trade, but at a lower price than the last trade of a different price. For example, if a succession of trades occur in the following order - $10.25, $10.00, and $10.00 - the last trade would be considered a zero minus tick or zero downtick trade. Until 2007, Securities And Exchange Commission (SEC) regulations prohibited against selling a stock short on a down tick or a zero minus tick. As a result potential short sales would have to pass a tick test to make sure that the stock was trading up or flat before the short sale could go through. The restriction was eliminated after the SEC concluded that U.S. markets functioned orderly enough that excessive short sales would not artificially drive down prices. The advent of decimalization also helped the rule get lifted because it reduced the average size of a tick move from fractions to pennies.
An allowance an individual claims on a W-4 Form. A withholding allowance is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck. The more allowances you wish to claim, the less income tax will be withheld from your paycheck. You can claim one allowance for yourself, one for your spouse and one for each of your dependents.
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