The currency abbreviation the Russian ruble (RUB), the currency for Russia. The Russian ruble is made up of 100 kopeks and does not have an official symbol. Although no symbol exists officially, py6 (three Cyrillic characters which are the equivalent of RUB in Russian) is currently used. |||The Russian ruble has been redenominated six times since 1922. Today's ruble, the seventh ruble, has been around since its redenomination in 1998, when it replaced the sixth ruble at a rate of 1,000:1.
A measure of a company's financial performance that looks at earnings before the inclusion of interest, taxes, depreciation, amortization and losses. These losses can be related to non-recurring expenses such as a loss in derivatives used to hedge currency or expense risks. |||A company may include this performance measure in its financial statements to give an idea of the earnings the company generates from its ongoing operations. This measure is used especially when there is a period of large one-time special losses.This non-GAAP measure along, with a myriad of others, is used in an attempt to make earnings figures either appear better than they actually are, or to give a more accurate picture of the operating results of the company. This makes it vital to understand the measure being used by the company along with its reasoning behind including it.
Market conditions preceding an actual market bubble where asset prices become detached from their underlying intrinsic values as demand for those assets drives their prices to unsustainable levels. Market froth marks the beginning of unsustainable rates of asset price inflation. An interesting example of a frothy market was Holland's tulip bulb market in the early 1600s. The market for tulip bulbs went through a huge run up and crash. People mortgaged whatever they could to raise cash to trade tulip bulbs. In 1633, a farmhouse changed hands for three tulip bulbs. The market top came in the winter of 1636-37 when a single tulip bulb, left along with 70 other tulip bulbs as seven orphans' only inheritance, sold for 5,200 guilders. Soon after the top, tulip bulbs traded for 1/100 of what they had two weeks earlier.
什么是背对背贷款 背对背贷款就是为了解决平行贷款中的信用风险而诞生的一种产品。它是指两个国家的母公司相互直接贷款，贷款币种不同单币值相等，贷款到期日姓通，各自支付利息，到期各自偿还原借款货币。 背对背贷款尽管有两笔贷款，但只签订一个贷款协议，协议中明确若一方违约，另一方有权抵消应尽的义务。这就大大降低了在贷款中可能产生的信用风险。 同样，背对背贷款涉及到跨国借贷的问题，这就存在着外汇管制上的问题。而且平行贷款与背对背贷款都是一种贷款，反映的是债权和债务关系，会影响到企业资产负债的结构。目前这两种规避外汇管制的方法都不常用。 目录 1背对背贷款、平行贷款、金融互换的联系与区别 2相关条目 背对背贷款、平行贷款、金融互换的联系与区别 金融互换是20世纪80年代在平行贷款和背对背贷款的基础上发展起来的。这三者之间既有一定的联系又有一定的区别。 平行贷款（Parallel Loan） 平行贷款是在上世纪70年代首先在英国出现的，它的诞生是基于逃避外汇管制的目的。它指的是不同国家的两个母公司分别在国内向对方公司在本国境内的子公司提供金额相当的本币贷款，并承诺在制定到期日，各自归还所借货币。 平行贷款既能规避国内的资本管制，又能满足双方子公司的融资需求，因此在国外市场上深受欢迎。但是我国现行外汇管理政策禁止在国内从事平行贷款业务。此外平行贷款也存在着一定的信用风险问题，这是因为平行贷款包含了两个独立的贷款协议，这两份协议都是具有法律效力的，因此万一遇到一方出现违约的情况，另一方也不能解除履约义务。 背对背贷款（Back to Back Loan） 背对背贷款就是为了解决平行贷款中的信用风险而诞生的一种产品。它是指两个国家的母公司相互直接贷款，贷款币种不同单币值相等，贷款到期日姓通，各自支付利息，到期各自偿还原借款货币。 金融互换（Financial Swaps） 金融互换是为了解决平行贷款和背对背贷款会影响资产负债结构的问题，当前金融互换是广大企业最为广泛使用的。金融互换是约定两个或两个以上当事人按照商定的条件，在约定的时间内，交换一系列现金流的合约。由于互换是负债或资产的交换，是表外业务，因此不会影响资产负债结构。 目前最常见的两种金融互换是利率互换和货币互换。此外还有基点互换、零息互换、远期互换等。 互换是比较优势理论在金融领域的很好运用。只要双方对对方的资产或负债均有需求且双方在两种资产或负债上存在比较优势，就可以进行金融互换。 相关条目 金融互换 平行贷款
An indicator of a company's financial performance which is calculated in the following EBITDA calculation: EBITDA is essentially net income with interest, taxes, depreciation, and amortization added back to it, and can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions. |||This is a non-GAAP measure that allows a greater amount of discretion as to what is (and is not) included in the calculation. This also means that companies often change the items included in their EBITDA calculation from one reporting period to the next. EBITDA first came into common use with leveraged buyouts in the 1980s, when it was used to indicate the ability of a company to service debt. As time passed, it became popular in industries with expensive assets that had to be written down over long periods of time. EBITDA is now commonly quoted by many companies, especially in the tech sector - even when it isn't warranted. A common misconception is that EBITDA represents cash earnings. EBITDA is a good metric to evaluate profitability, but not cash flow. EBITDA also leaves out the cash required to fund working capital and the replacement of old equipment, which can be significant. Consequently, EBITDA is often used as an accounting gimmick to dress up a company's earnings. When using this metric, it's key that investors also focus on other performance measures to make sure the company is not trying to hide something with EBITDA.
A type of mutual fund that mimics some of the trading strategies typically employed by a hedge fund. Unlike most mutual funds, long/short funds use leverage, derivatives and short positions in an attempt to maximize total returns, regardless of market conditions. The amount of leverage used and the number of derivatives and short positions that long/short funds may contain are limited by law. These funds invest primarily in stocks. Long/short funds are the mutual fund industry's attempt to bring some of the advantages of a hedge fund to the common investor. Most long/short funds feature higher liquidity than hedge funds, no lock-in period and lower fees. However, they still have higher fees and less liquidity than most mutual funds. Furthermore, unlike most mutual funds, long/short funds usually require a minimum investment of more than $1,000, although some do not. Long/short funds aren't allowed to use as many derivative and short positions nor as much leverage as hedge funds, but they do provide some diversification to the average investor in down markets.
1. The practice of selling large amounts of a commodity or security close to the options expiry date in order to prevent a rise in market price. 2. An attempt to keep a stock's price low or move its price lower by putting selling pressure on it. 1. The investor who might practice capping is a call option writer. If practicing capping, he or she is trying to avoid having to transfer the underlying security or commodity to the option holder. The goal is to have the option expire worthless so that the premium initially received by the writer is protected. 2. This is a violation of NASD rules.
The currency abbreviation for the Serbian dinar (RSD), the currency for Serbia. The Serbian dinar is made up of 100 para and is often presented with the symbol RSD or, unofficially, din. Also known as the post-Yugoslavia dinar, this currency is used in all of Serbia, except for Kosovo. Kosovo declared itself an independent state in February 2008, although at that time Serbia still claimed sovereignty over the state. |||The Serbian dinar dates back to 1214. The modern dinar showed up in 1868 in an attempt to remove the different foreign currencies in circulation and set up an independent monetary system. The Serbian dinar is the third modern dinar, and came into circulation in 2003, when it replaced the former dinar, the Yugoslav dinar, at par.
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