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1、2020投资名词英文2卓越Burnham Securities, Inc. Fuhrman DivisionGlossary of Investment TermsA B C D E F G H I J K L M N O P Q R S T U V W X Y Z AMERICAN DEPOSITORY RECEIPTS (ADR) Certificates issued by a U.S. Depository Bank, representing foreign shares held by the bank, usually by a branch or correspondent i
2、n the country of issue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreign corporation. If the ADRs are sponsored, the corporation provides financial information and other assistance to the bank and may subsidize the administration of the ADRs. Unsponsor
3、ed ADRs do not receive such assistance. ADRs carry the same currency, political and economic risks as the underlying foreign share; the prices of the two, adjusted for the SDR/ordinary ratio, are kept essentially identical by arbitrage. American Depository Shares (ADS) are a similar form of certific
4、ation.ANALYST Employee of a brokerage or fund management house who studies companies and makes buy and sell recommendations on their stocks. Most specialize in a specific industry.ANNUAL REPORT Yearly record of a publicly held companys financial condition. It includes a description of the firms oper
5、ations, its balance sheet and income statement. SEC rules require that it be distributed to all shareholders. A more detailed version is called a 10-K.ARBITRAGE Profiting from differences in the price of a single security that is traded on more than one market.ARMS INDEX Also known as TRading INdex
6、(TRIN): = (number of advancing issues / number of declining issues) divided by (total up volume / total down volume). An advance/decline market indicator. Less than 1.0 indicates bullish demand, while above 1.0 is bearish.ASSIGNMENT The receipt of an exercise notice by an options writer that require
7、s him to sell (in the case of a call) or purchase (in the case of a put) the underlying security at the specified strike price.AT-THE-MONEY An option is at-the-money if the strike price of the option is equal to the market price of the underlying security. For example, if xyz stock is trading at 45,
8、 then the xyz 45 option is at-the-money.AVERAGE An arithmetic mean of selected stocks intended to represent the behavior of the market or some component of it. One good example is the widely quoted Dow Jones Industrial Average, which adds the current prices of the 30 DJIAs stocks, and divides the re
9、sults by a predetermined number, the divisor.AVERAGE MATURITY The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with longer average life.BACK OFFICE Brokerage house clerical operations that support, but do not include, the tradin
10、g of stocks and other securities. Includes all written confirmation and settlement of trades, record keeping and regulatory compliance.BANKERS ACCEPTANCE A short-term credit investment created by a non-financial firm and guaranteed by a bank as to payment. Acceptances are traded at discounts from fa
11、ce value in the secondary market. These instruments have been a popular investment for money market funds. BASIS The price an investor pays for a security plus any out-of-pocket expenses. It is used to determine capital gains or losses for tax purposes when the stock is sold.BASIS POINTS Refers to y
12、ield on bonds. Each percentage point of yield in bonds equals 100 basis points. If a bond yield changes from 6.25 % to 6.39 %, thats a rise of 14 basis points.BEAR An investor who believes a stock or the overall market will decline. A bear market is a prolonged period of falling stock prices, usuall
13、y by 20% or more.BEAR RAID A situation in which large traders sell positions with the intention of driving prices down.BETA (STOCKS) Measure of a stocks risk in relation to the market. 0.7 means a stock price is likely to move up or down 70 % of the market change; 1.3 means the stock is likely to mo
14、ve up or down 30 % more than the market.BETA EQUATION (STOCKS) The beta of a stock is determined as follows: (n) (sum of (xy) -(sum of x) (sum of y) (n) (sum of (xx) -(sum of x) (sum of x) where: n = # of observations (24-60 months) x = rate of return for the S&P 500 Index y = rate of return for the
15、 stock.BETA (MUTUAL FUNDS) he measure of a funds risk in relation to the market. 0.7 means the funds total return is likely to move up or down 70 % of the market change; 1.3 means total return is likely to move up or down 30 % more than the market.BETA EQUATION (MUTUAL FUNDS) The beta of a fund is d
16、etermined as follows: (n) (sum of (xy) - (sum of x) (sum of y) (n) (sum of (xx) - (sum of x) (sum of x) where: n = # of observations (36 months) x = rate of return for the S&P 500 Index y = rate of return for the fund.BLOW-OFF TOP A steep and rapid increase in price followed by a steep and rapid drop in price. This is an indicator seen in charts and used in technica
