英文名称:Beta 中文名称:β值/贝塔系数评估一种证券系统性风险的工具,用以量度证券或投资证券组合相对总体市场的波动性。贝塔系数利用回归的方法计算:贝塔系数为1,即证券的价格与市场同幅度地变动;贝塔系数高于1,即证券价格的波动性比市场高;贝塔系数低于1,即证券价格的波动性比市场低。A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), a model that calculates the expected return of an asset based on its beta and expected market returns..Also known as "beta coefficient". Beta is calculated using regression analysis, and you can think of beta as the tendency of a security's returns to respond to swings in the market. A beta of 1 indicates that the security's price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. For example, if a stock's beta is 1.2, it's theoretically 20% more volatile than the market. Many utilities stocks have a beta of less than 1. Conversely, most high-tech Nasdaq-based stocks have a beta of greater than 1, offering the possibility of a higher rate of return, but also posing more risk.
嵌入式期权(Embedded option) 嵌入式期权是指在其他金融工具上“嵌入”一个选择权,而不一定是一个完整的期权工具。这种嵌有期权的创新金融工具有时也称“期权杂交”(option hybrid),它是品种最多、最为常见且运用最为广泛的一类期权,代表着期权发展的一个方向。 An option that is an inseparable part of another instrument. Compare this to a normal (or bare) option, which trades separately from the underlying security. A common embedded option is the call provision in most corporate bonds.
英文名称:Dual Currency Bond 中文名称:双货币债券以一种货币付利息,另一种货币偿还本金的债券,前者货币通常是债券购买者所在国家的货币,后者则通常是美元或债券发行者所在国家的货币。投资人通常可获得较市场水平高的票面利率,同时也可能要承受一定的外汇风险。 A debt instrument in which the coupon and principal payments are made in two different currencies. The currency in which the bond is issued, which is called the base currency, will be the currency in which interest payments are made. The principal currency and amount are fixed when the bond is issued. Dual currency bonds are subject to exchange rate risk. If the currency in which the principal will be repaid appreciates, the bondholder will make money; if it depreciates, he or she will lose money. Investors can use dual currency swaps, which have a fixed exchange rate at issuance, to offset the exchange risk of dual currency bonds.
英文名称:Chasing the Market 中文名称:跟市指当股市暴涨时,为避免股价升至更高以比预期高的价格买进股票,抑或指当股市暴跌,为避免股价跌至更低以比预期低的价格卖出股票。Entering or exiting of a trend after the trend has already been well established. Investors are often unaware of the fact that they are chasing the market, which can dent the value of a portfolio. This type of investing is often seen as irrational as decisions are often based on emotion instead of careful analysis of the value of the investment. Chasing the market refers to both the entering into highly priced positions after they have rapidly increased and become overvalued as well as the exiting of positions after they have rapidly decreased and become undervalued. During the internet bubble some investors entered the rapidly appreciating sector well after the trend had been established and lost considerable sums when the bubble bust.
英文名称:Declaration Date 中文名称:股息宣布日公司董事会将分配股息的时间等信息公之于众的日期。 1. The date on which the next dividend payment is announced by the directors of a company. This statement includes the dividend's size, ex-dividend date and payment date. It is also referred to as the "announcement date". 2. The last day on which the holder of an option must indicate whether he or she will exercise the option. Also known as the "expiration date". 1. once it is authorized, the dividend is known as a declared dividend and it becomes the company's legal liability to pay it. 2. The declaration date of all listed stock options in the U.S. is on the third Friday of the listed month. If there is a holiday on the Friday, the declaration date falls on the third Thursday.
任选期权又称选择人期权(Chooser Option),指在—定期限内可由多头选择该期权为看涨期权还是看跌期权的期权。An option where the investor has the opportunity to choose whether the option is a put or call at a certain point in time during the life of the option. Also known as 'hermaphrodite option' or 'AC-DC option'.
英文名称:Dollarization 中文名称:美元化指一个经济体以美元取代本土货币的过程。美元化可以是非官方的,即不是政府强制要求的,而是人们自发的普遍使用美元;也可以是半官方的,在这样的国家,美元是合法的,但是相对本国货币来说只扮演次要角色;还可以是官方的,即该国家只使用美元,而停止发行本国货币。 A situation where the citizens of a country officially or unofficially use a foreign country's currency as legal tender for conducting transactions. The main reason for dollarization is because of greater stability in the value of the foreign currency over domestic currency. The downside of dollarization is that the country gives up its right to influence its own monetary policy by adjusting the money supply. For example, the citizens of a country with an economy undergoing rampant inflation may choose to use a historically stable currency (like the U.S. dollar) to conduct day-to-day transactions, because inflation will cause their domestic currency to have reduced buying power in a relatively short amount of time. Dollarization does not always involve the U.S. dollar as the adopted foreign currency. The euro has also been adopted by non-EU members as its domestic currency.
英文名称:Critical Mass 中文名称:关键规模指公司发展过程中所经历的重要阶段或关键时期。e.g. Japanese components maker TDK Corp. (TDK) on Thursday said it will buy German electronic parts maker Epcos AG (EPCYY) in a deal valued at EUR1.4 billion as it seeks critical mass in a sector that's crowded but caught in a squeeze between falling prices and the slowing global economy. TDK shares fell 4.2% to $58.A very important or crucial stage in a company's development, where the business activity acquires self-sustaining viability. When a company reaches critical mass, it is thought that they can remain viable without having to add any more investment. This term is derived from nuclear physics, where critical mass is defined as the smallest mass of material that can sustain a nuclear reaction at a constant level. When compared to the financial definition, we see the similarities – being self-sustaining is the goal.