英文名称：Effective Duration 中文名称：有效期限指一种计算含期权的债券期限的方法，有效期限的计算将预期现金流会随着利率的变化而发生变动的因素考虑在内。e.g. The combined effective duration time of the top three accounted for 67.3 percent of the total. A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Effective duration can be estimated using modified duration if the bond with embedded options behaves like an option-free bond. This behavior occurs when exercise of the embedded option would offer the investor no benefit. As such, the security's cash flows cannot be expected to change given a change in yield. For example, if existing interest rates were 10% and a callable bond were paying a coupon of 6%, the callable bond would behave like an option-free bond because it would not optimal for the company to call the bonds and re-issue them at a higher interest rate.
现货期权（Physical Option） 现货期权是以现货为标的资产的期权，期货期权是以期货为标的资产的期权。在交易所交易的期权主要有商品期权与金融期权两大类，其中所有的商品期权都是以商品期货作为标的资产的，因此都是期货期权；金融期权有的是以现货作为标的资产的（比如股票期权、指数期权、利率期权与外汇期权），因此属于现货期权范畴，有的是以期货作为标的资产的（比如指数期货期权、利率期货期权、外汇期货期权），因此属于期货期权范畴。 An option that is based on a physical asset. Physical options give the owner the right to buy or sell physical assets at a predetermined price and date. They are called "physical" because they are based on assets such as currencies, Treasury debts and commodities, rather than stocks, futures and indexes. As with any other type of option, you can purchase a call or put. You have the right to "call in," or buy, a physical asset by owning a physical call option; you have the right to "put out," or sell, a physical asset by owning a physical put option. The Chicago Board Options Exchange (CBOE) trades physical options that represent underlying assets such as gold or electricity.
英文名称：Crossover Fund 中文名称：交叉基金既可以投资于上市公司股票又可以投资于非上市公司股票的投资基金。An investment fund that has investment holdings in both public and private equity. This is to say that it invests in companies that are traded publicly, and in companies that are privately held. To find out if a fund is a crossover fund, simply look at the general investments that it makes, either by examining its holdings, or by looking at the fund's prospectus. If you realize the fund does hold both public and private equity, then that particular fund is indeed a crossover fund. These funds are typically high yield/high growth funds.
英文名称：Dividend Policy 中文名称：股息政策公司制定采取何种利润分配比例和方式向股东派发股息的政策。e.g. Therefore, in accordance with our declared dividend policy, we have paid dividends totalling 28.1 pence per share in respect of the year ended March 31, 2007. The policy a company uses to decide how much it will pay out to shareholders in dividends. Lots of research and economic logic suggests that dividend policy is irrelevant (in theory).
英文名称：Dual Pricing 中文名称：双轨定价制指同一产品在不同的市场或国家、地区的销售价格不同。 The practice of setting prices at different levels depending on the currency used to make the purchase. Dual pricing may be used to accomplish a variety of goals, such as to gain entry into a foreign market by offering unusually low prices to buyers using the foreign currency, or as a method of price discrimination. Dual pricing can also take place in different markets that use the same currency. This is closer to price discrimination than when dual pricing is implemented in foreign markets and different currencies. Dual pricing is not necessarily an illegal pricing tactic; in fact, it is a legitimate pricing option in some industries. However, dual pricing, if done with the intent of dumping in a foreign market, can be considered illegal.
英文名称：Effective Yield 中文名称：有效收益率假设投资者在取得息票利息后，将款项用于再投资所获得的收益率。e.g. The effective yield on a 30-year fixed-rate loan fell 42 basis points to 6.16%, and the effective yield on a 15-year loan fell 51 basis points to 5.48%. The yield of a bond, assuming that you reinvest the coupon (interest payments) once you have received payment. Reinvesting the coupon will produce a higher yield because interest is earned on the interest payments.
英文名称：Dividend Payout Ratio 中文名称：股息支付率公司所派发股息占公司净利润的比率，计算方式为：每股股利除以每股收益。由此比率的变动能看出公司的股利发放政策以及对未来成长的预期。 The percentage of earnings paid to shareholders in dividends. The payout ratio provides an idea of how well earnings support the dividend payments. More mature companies tend to have a higher payout ratio. In the U.K. there is a similar ratio, which is known as dividend cover. It is calculated as earnings per share divided by dividends per share.
英文名称：Closed-end Fund 中文名称：封闭式基金指经核准的基金份额总额在基金合同期限内固定不变,基金份额可以在依法设立的证券交易场所交易,但在基金合同期限内基金份额持有人不得申请赎回的基金。eb1619e81e59668d2db8098284f6daa5e.g. The majority of closed-end funds use leverage to enhance returns, and many of them borrowed that leverage in the auction-rate market, which is now effective in liquidation.A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.Also known as a "closed-end investment" or "closed-end mutual fund." Despite the name similarities, a closed-end fund has little in common with a conventional mutual fund, which is technically known as an open-end fund. The former raises a prescribed amount of capital only once through an IPO by issuing a fixed number of shares, which are purchased by investors in the closed-end fund as stock. Unlike regular stocks, closed-end fund stock represents an interest in a specialized portfolio of securities that is actively managed by an investment advisor and which typically concentrates on a specific industry, geographic market, or sector. The stock prices of a closed-end fund fluctuate according to market forces (supply and demand) as well as the changing values of the securities in the fund's holdings.
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