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Tags: ap financial apfinancial
Published : 10 months, 1 week ago (Thu, 04 Sep 2008 02:39:23 PDT)
Searched: ap financial
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Bank wire
A computer message system linking major banks. It is used not for effecting payments, but as a mechanism to advise the receiving bank of some action that has occurred, e.g., the payment by a customer of funds into that bank's account.
Banker's acceptance
A short-termcredit investment created by a nonfinancial firm and guaranteed by a bank as to payment. Acceptances are traded at discounts to face value in the secondary market. These instruments have been a popular investment for money market funds. They are commonly used in international transactions.
Split rating
Two different ratings given to the same security by two important rating agencies.
Split stock
(1) Purchases or sales shared with others. (2) Division of the outstandingshares of a corporation into a large number of shares. Ordinarily, splits must be proposed by directors and approved by shareholders.
APFinancial investment products: Strong dollar
When the dollar can be exchanged for a large amount of foreign currency, benefiting travelers but hurting exporters.
Strong-form efficiency
A form of pricing efficiency, that posits that the price of a security reflects all information, whether or not it is publicly available. Related: Weak-form efficiency, semi-strong form efficiency.
Strong form of the EMT
Theory that market prices reflect all relevant publicly and privately available information. Defined by Eugene F. Fama in 1970.
Structural Adjustment Loan Facility (SAL)
World Bank program established in 1980 to enhance a country's long-term economic growth through financing projects.
Structure
The description of how a project financing is drawdown, repaid, and collateralized secured.
APFinancial a wide variety of investment
APFinancial Asociates
APFinancial traditional bank instruments
Refunded bond
Also called a prerefunded bond, a bond that originally may have been issued as a general obligation or revenue bond but that is now secured by an escrow fund consisting entirely of direct U.S. government obligations that are sufficient for paying the bondholders.
Refunding
Redeeming a bond with proceeds received from issuing lower-costdebtobligations with ranking equal to or superior to the debt to be redeemed.
Refunding Escrow Deposits (REDs)
A financialinstrument involving a forwardpurchasecontract that obligates investors to buybonds at a certain rate when issued. The future date coincides with the first optional call date on an existing high-rate bond. In the interim, investors'money is invested in secondary marketTreasury bonds. The Treasuries mature around the call date on the existing bonds, providing the money to buy the new issue and redeem the old one.
APFinancial Comprehensive Proposals
APFinancial Representatives: You’ve worked hard to establish a good rapport with your customers ,t he last thing you want to do is trow away their trust. You can count on AP Financial Services Inc. to treat your customers with the utmost courtesy and respect. We know you can achieve the dual goals of collecting the money owed you while preserving the client relationship, because we do it everyday.
The less time you and your staff spends on “delinquencies”, the more time you can give to your customers and to your profit margins. That’s why we will automate the whole process for you. AP Financial Services Inc. will set up a process for receiving, sending and reviewing your news and information via computer. Our exclusive system is 100% secure.
APFinancial Personal
Liability insurance
Insurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.
Liability swap
An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.
License agreement
A contract by which a domestic company (the licensor) allows a foreign company (the licensee) to market its products in a foreign country in return for royalties, fees, or other forms of compensation.
Licensing
Arrangement in which a local firm in the host country produces goods in accordance with another firm's (the licensing firm's>) specifications; as the goods are sold, the local firm can retain part of the earnings.
Lien
A security interest in one or more assets that lendershold in exchange for secured debtfinancing.
Life annuity
An annuity that pays a fixed amount for the lifetime of the annuitant.
Life cycle
The lifetime of a product or business, from its creation to its demise or transformation.
Proxy Fight
Competition of outside group with management for stockholders'proxies in order to accumulate votes to elect a new board of directors.
Proxy Solicitor
A specialist (firm) hired to gather proxy votes.
Proxy statement
Document intended to provide shareholders with information necessary to vote in an informed manner on matters to be brought up at a stockholders' meeting. Includes information on closely heldshares. Information required by the SEC that must be provided to shareholders who wish to vote for directors and on other company decisions by proxy.
Burn rate
Used in venture capital financing to refer to the rate at which a startup company expends capital to financeoverheadcosts prior to the generation of positive cash flow.
Burnout
Depletion of a tax shelter's benefits. In the context of mortgage backed securities it refers to the percentage of the pool that has prepaid their mortgage.
Business combination
See: Merger
Business Combination laws
These laws impose a moratorium on certain kinds of transactions (e.g., asset sales, mergers) between a large shareholder and the firm for a period usually ranging between three and five years after the shareholder's stake passes a pre-specified (minority) threshold. These laws are in place in more than half the U.S. states.
Business cycle
Repetitive cycles of economic expansion and contractions. The official peaks and troughs of the US cycle are determined by the National Bureau of Economic Research in Cambridge, MA.
Business day
A day in which financial markets are open for trading.
APFinancial Insurance: Class A/Class B shares
See: Classified stock
Class action
A legal complaint filed by a lawyer or group of lawyers for a group of petitioners with an identical grievance, often with an award proportionate to the number of shareholders involved.
Class of Options
Option contracts of the same type (call or put) and Style (American, European or Capped) that cover the same underlying security.
Classified Board
Also known as Staggered Board: is one in which the directors are placed into different classes and serve overlapping terms. Since only part of the board can be replaced each year, an outsider who gains control of a corporation may have to wait a few years before being able to gain control of the board. This slow replacement makes a classified board an effective delays of takeovers. Sometimes known as a delay provision.
APFinancial Careers
APFinancial mutual funds
APFinancial Investment
Stock exchanges
Formal organizations, approved and regulated by the Securities and Exchange Commission (SEC), that are made up of members who use the facilities to exchange certain common stocks. The two major national stock exchanges are the New York Stock Exchange (NYSE) and the American Stock Exchange (ASE or AMEX). Five regional stock exchanges include the Midwest, Pacific, Philadelphia, Boston, and Cincinnati. The Arizona Stock Exchange is an after-hours electronic marketplace where anonymous participants trade stocks via personal computers.
Stock index
Index like the Dow Jones Industrial Average that tracks a portfolio of stocks.
Stock Index Future
A security that uses composite stock indexes to allow investors to speculate on the performance of the entire market, or to hedge against losses in long or short positions. The settlement of the contracts is in cash.
APFinancial Contact
APFinancial Representatives: Capital
Capital account
Net result of public and private international investment and lending activities.
Capital allocation decision
Allocation of invested funds between risk-free assets and the riskyportfolio.
Capital appreciation
See: Capital growth
APFinancial investment companies
Standing
Level of priority in the trading crowd.
Standstill agreement
Contract by which the bidding firm in a takeover attempt agrees to limit its holdings of another firm.
Start-up
The earliest stage of a new business venture.
Best efforts
A high standard of undertaking, but nevertheless excusable in the event of a force majeure.
Best-efforts sale
A method of securitiesdistribution/underwriting in which the securities firm agrees to sell as much of the offering as possible and return any unsold shares to the issuer. As opposed to a guaranteed or fixed-pricesale or bought deal, in which the underwriter agrees to sell a specific number of shares (and holds any unsold shares in its own account if necessary).
Best-interests-of-creditors test
The requirement that a claim holder voting against a plan of reorganization must receive at least as much as if the debtor were liquidated.
Unincorporated joint venture
A joint venture in which the legal means of dividing the project's equity is by shareholdings in a company.
Uninsured motorist insurance
Insurance that covers the policyholder and family if they are injured by a hit-and-run or uninsured motorist, assuming the other driver is at fault.
Unique Diversification Benefit
Reduction in the likelihood of financial distress for a conglomeratefirm that comes with its diversified investments.
APFinancial: NYSE composite index
Composite index covering price movements of all new world common stocks listed on the New York Stock Exchange. It is based on the close of the market on December 31, 1965, at a level of 50.00, and is weighted according to the number of shareslisted for each issue. Print changes in the index are converted to dollars and cents so as to provide a meaningful measure of changes in the average price of listed stocks. The composite index is supplemented by separate indexes for four industry groups: industrial, transportation, utility, and finance.
New Zealand Stock Exchange
Automated, screen-based national trading system based in Wellington.
Newly Industrialized Countries (NICs)
NIC's are countries with high-growth industrial economies, such as Hong Kong and Malaysia.
"News out"
Refers to over-the-counter trading. A news story concerning the stock being considered has recently been posted on one of the news services, such as the Dow Jones News Service or Reuters. A courtesy standard in trading is to mention that "news is out," in case the other party is unaware of the new development.
Next day settlement
Transaction in which the contract is settled the day after the trade is executed. See: Settlement date.
Next futures contract
The contract settling immediately after the nearby futures contract.
APFinancial Representatives
APFinancial Job Offers
APFinancial Representatives
Tier 1 and Tier 2
Descriptions of the capital adequacy of banks. Tier 1 refers to core capital while Tier 2 refers to items such as undisclosed resources.
Tight
In line with or extremely close to the inside market or last sale in a stock (+/- 1/8). On the money.
Tight market
A market in which volume is high, trading is active and highly competitive, and consequently spreads between bid and ask prices are narrow.
Tight money
When a restricted money supply makes credit difficult to secure. The antithesis of tight money is easy money.
APFinancial Comprehensive Proposals
APFinancial Investment: Three-phase DDM
A version of the dividend discount model that applies a different expected dividend rate depending on a company'slife-cycle phase: growth phase, transition phase, or maturity phase.
Three steps and a stumble rule
A rule predicting that stock and bond prices will fall following three increases in the discount rate by the Federal Reserve. This is a result of increased costs of borrowing for companies and the increased attractiveness of money market funds and CDs over stocks and bonds as a result of the higher interest rates.
APFinancial traditional bank instruments
Market-book ratio
Market price of a share divided by book value per share.
Market break
See: Break
Market capitalization
The total dollar value of all outstandingshares. Computed as shares times current market price. Capitalization is a measure of corporate size.
Normal growth firms
Companies whose earnings grow at a constant rate.
Normal investment practice
The investment history of a customer, which is used as a benchmark to test the bona fide public offerings requirement of the allocation of a hot issue.
Normal Market Size (NMS)
A system that categorizes the size of transactions that are normal for a particular security and forces market makers to deal within these sizes.
Normal portfolio
A customized benchmark that includes all the securities from which a manager normally chooses, weighted as the manager would weight them in a portfolio.
Normal probability distribution
A probability distribution for a continuous random variable that forms a symmetrical bell-shaped curve around the mean. This distribution has no skewness or excess kurtosis.
Normal random variable
A random variable that has a normal probability distribution.
Participating dividend
Dividend received from ownership of participating preferred stock.
Participating fees
The portion of total fees in a syndicatedcredit that go to the participating banks.
Participating GIC
A guaranteed investment contract whose policyholder is not guaranteed a crediting rate, but instead receives a return based on the actual experience of the portfolio managed by the life insurance company.
Participating life insurance policies
Life insurance that pays dividends to policyholders depending on the company's success as provided by few claims and profitableunderwritings and investments.
: Sum-of-the-years'-digits depreciation
Method of accelerated depreciation.
Sunk costs
Costs that have been incurred and cannot be reversed.
Sunrise industries
Growth industries in an economy that may become leaders in the market in the future.
Super Bowl indicator
A theory that if a team from the old American Football League pre-1970 wins the Super Bowl, the stock market will decline during the coming year. If a team from the old pre-1990 National Football League wins the Super Bowl, stock prices will increase in the coming year.
APFinancial growth rate
APFinancial Insurance
APFinancial Investments
Call premium
Premium in price above the par value of a bond or share of preferred stock that must be paid to holders to redeem the bond or share of preferred stock before its scheduled maturity date.
Call price
The price, specified at issuance, at which the issuer of a bond may retire part of the bond at a specified call date.
Call protection
A feature of some callablebonds that establishes an initial period when the bonds may not be called.
Call provision
An embedded option granting a bondissuer the right to buy back all or part of an issue prior to maturity.
isk
The combination of cash flow uncertainty and reinvestment risk introduced by a call provision.
APFinancial Careers
APFinancial Investment: Lessee
An entity that leases an asset from another entity.
Lessor
An entity that leases an asset to another entity.
Letter of Administration
A certificateissued by the Court evidencing the appointment of the Administrator of an Estate.
Letter of comment
A communication to the firm from the SEC that suggests changes to its registration statement.
Letter of credit (LOC)
A form of guarantee of payment issued by a bank on behalf of a borrower that assures the payment of interest and repayment of principal on bond issues.
Letter of Guarantee
A letter from a bank to a brokerage firm which states that a customer (who has written a call option) does indeed own the underlying stock and the bank will guaranteedelivery if the call is assigned. Thus the call can be considered covered. Not all brokerage firms accept letters of guarantee. Also: letter issued to Option Clearing Corporation by member firms covering a guarantee of any trades made by one of its customers, (a trader or broker on the exchange floor).
APFinancial Net
Closing costs
All the expenses involved in transferring ownership of real estate.
Closing price
Price of the last transaction of a particular stock completed during a day's trading session on an exchange.
Closing purchase
A transaction in which the purchaser's intention is to reduce or eliminate a short position in a stock, or in a given series of options.
Net change
This is the difference between a day's last trade and the previous day's last trade.
Net currency exposure
Exposure to foreign exchangerisk after netting all intracompanycash flows.
Net current assets
The difference between current assets and current liabilities, also known as working capital.
Net errors and omissions
In balance of payments accounting, net errors and omissions record the statistical discrepancies that arise in gathering balance of payments data.
Net exposed assets
Exposed assets less exposed liabilities. This term is used with market values or, in translation accounting, with book values.
Controlled commodities
Commodities regulated by the Commodities Exchange Act of 1936 in order to prevent fraud and manipulation in commoditiesfuturesmarkets.
Controlled disbursement
A service that provides for a single presentation of checks each day (typically in the early part of the day).
Controlled foreign corporation (CFC)
A foreign corporation whose voting stock is more than 50% owned by US stockholders, each of whom owns at least 10% of the voting power.
Controller
The corporate manager responsible for the firm's accounting activities. Sometimes referred to as the comptroller (which means the same thing).
Convenience yield
The extra advantage that firms derive from holding the commodity rather than a futureposition.
: Affiliate
Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company.
Affiliated corporation
A corporation that is an affiliate to the parent company.
Affiliated person
An individual who possesses enough influence and control in a corporation as to be able to alter the actions of the corporation.
APFinancial mutual funds
APFinancial Job Offers
APFinancial Seminars & Workshops
Uniform Gifts to Minors Act (UGMA)
Legislation that provides a tax-effective manner of transferring property to minors without the complications of trusts or guardianship restrictions.
Uniform practice code
Standards of the NASD prescribing procedures for handling over-the-countersecuritiestransactions, such as delivery, settlement date, and ex-dividend date.
Uniform Rules for Collections
International Chamber of Commerce rules on the handling of documentary and clean collections.
APFinancial investment companies
APFinancial Investment: Timing option
The seller's choice of when in the delivery month to deliver. A Treasury Bond or notefutures contract.
Tip
Information given by one trader to another, which is used in making buy or sell decisions but is not available to the general public.
Tired
Has been strong for a while and will probably fall due to increased supply at current price level (due to e.g. profit taking, technical analysis). Heavy.
APFinancial a wide variety of investment
Correlation
Statistical measure of the degree to which the movements of two variables (stock/option/convertible prices or returns) are related. See: Correlation coefficient.
Correlation coefficient
A standardized statistical measure of the dependence of two random variables, defined as the covariance divided by the product of the standard deviations of two variables.
Correlation Dimension
An estimate of the Fractal Dimension which measures the probability that two points chosen at random will be within a certain distance of each other, and examines how this probability changes as the distance is increased. White noise will fill its space since its components are uncorrelated, and its correlation dimension is equal to whatever dimension it is placed in. A dependent system will be held together by its correlations and retain its dimension whatever embedding dimension it is placed in, as long as it is greater than its fractal dimension.
Correlation Integral
The probability that two points are within a certain distance from one another. Used in the calculation of the correlation dimension.
Undigested securities
Newly issuedsecurities that are not purchased because of lack of demand during the initial public offering.
Undiversifiable risk
Related: Systematic risk
Unearned income (revenue)
Income received in advance of the time at which it is earned, such as prepaid rent.
Unearned interest
Interest that has been received on a loan, but that cannot be treated as a part of earnings yet, because the principal of the loan has not been outstanding long enough.
Buying climax
A rapid rise in the price of a stock resulting from heavy buying, which usually creates the market condition for a rapid fall in the price.
Buying the index
Purchasing the stocks in the S&P 500 in the same proportion as the index to achieve the same return.
Buying power
The amount of money available to buysecurities, determined by adding the totalcash held in brokerage accounts and the amount that could be spent if securities were margined to the limit.
Buyout
Purchase of a controllinginterest (or percent of shares) of a company'sstock. A leveraged buy out is effected with borrowedmoney.
Bylaws
Rules and practices that govern management of an organization.
: Confidence letter
Statement by an investment bank that it is highly confident that the financing for its client/acquirer'stakeover can and will be obtained. Often used in risk arbitrage.
Confidence level
In risk analysis, the degree of assurance that a specified failure rate is not exceeded.
"Confirm me out"
Used for listed equity securities. "Go to the floor and check with the specialist or floor broker that my previously activeorder has been canceled and was not executed". One does not have to honor any trade reported after being given a "firm out".
APFinancial Interests
APFinancial a wide variety of investment
APFinancial traditional bank instruments
Active
A market in which there is frequent trading.
Active account
Refers to a brokerage account in which many transactions occur. Brokerage firms may levy a fee if an account generates an inadequate level of activity.
Active bond crowd
Refers to members of the bond department of the NYSE who trade the most bonds. Antithesis of cabinet crowd.
Active box
Securities that are held in safekeeping and are available as collateral for securing brokers'loans or customers' marginpositions.
APFinancial growth rate
APFinancial Investment: Inverted yield curve
When short-terminterest rates are higher than long-term rates. Antithesis of positive yield curve.
Investible Indices
Usually refers to the Standard and Poors/International Finance Corporation emerging market indices which are weighted by the amount of market capitalization that foreigners can obtain in each company. The IFCG (Global) index weights each stock by total capitalization. The IFCI (Investible) index weighs by investible capitalization.
Investment
The creation of more money through the use of capital.
APFinancial
Offshore finance subsidiary
A wholly owned affiliate incorporated overseas, usually in a tax haven country, whose function is to issuesecurities abroad for use in either the parent's domestic or foreign business.
Offshore fund
A mutual fund whose headquarters is based outside the United States.
"O.K. to cross"
Used for listed equity securities. "Legal to cross the buy and sell orders on the exchange floor because transactor is not a principal in the transaction."
Old-line factoring
Factoring arrangement that provides collection, insurance, and finance for accounts receivable.
Oligopoly
A Market characterized by a small number of producers who often act together to control the supply of a particular good and its market price.
Oligopsony
A Market characterized by a small number of large buyers who control all purchases and therefore the market price of a good or service.
Complexity Theory
The theory that processes with a large number of seemingly independent agents can spontaneously organize themselves into a coherent system.
Compliance department
A department in all organized stock exchanges to ensure that all companies, traders, and brokerage firms comply with Securities and Exchange Commission and exchange rules and regulations.
Composite tape
See: Tape
Composition
Voluntary arrangement to restructure a firm'sdebt, under which payment is reduced.
Positive obligation
A New York Stock Exchange rule that governs the behavior of specialists. Positive obligation is the mandate of the specialists to step in and act as either the buyer or the seller public investor orders exist do not match up naturally. Also known as affirmative_obligation. Related: negative_obligation.
Positive yield curve
When long-term debtinterest rates are higher than short-term debt rates (because of the increased risk involved with long-term debtsecurity).
Possessions corporation
A type of corporation permitted under the US tax code whose branch operation in a US possession can obtain tax benefits as though it were operating as a foreign subsidiary.
Post
Particular place on the floor of an exchange where transactions in stockslisted on the exchange occur.
Post-audit
A set of procedures for evaluating a capital budgeting decision after the fact.
: Negative yield curve
When the yield on a short-termsecurity is higher than the yield on a long-term security, partially because high interest rates are creating a greater demand for short-term borrowing.
Neglected firm effect
The tendency of firms that are neglected by security analysts to outperform firms that are the subject of considerable attention.
Negotiable
A security whose title is transferable by delivery . See also: Negotiable instrument.
Negotiable bill of lading
Contract that grants title of merchandise to the holder, which allows banks to use the merchandise as collateral.
APFinancial Contact
APFinancial Net
APFinancial Representatives
Relative strength
Movement of a stock price over the past year as compared to a market index (like the S&P 500). A value below 1.0 means the stock shows relative weakness in price movement (underperformed the market); a value above 1.0 means the stock shows relative strength over the one-year period. Equation for Relative Strength: [current stock price/year-ago stock price] divided by [current S&P 500/year-ago S&P 500]. Note: this can be a misleading indicator of performance because it does not take risk into account.
Relative strength index
Used in technical analysis, it is a measure of the number of days a stock increases in value relative to the number of days it decreases in value. The rule of thumb is that values over 70 suggest overvaluation and hence selling where as values around 30 suggest undervaluation or buying. Of course, this indicator completely ignores all fundamental information about the firm's prospects and, hence, is problematic to use as a stand-alone indicator for an investment strategy.
Relative value
The attractiveness measured in terms of risk, liquidity, and return of one instrument relative to another, or, for a given instrument, of one maturity relative to another.
Relative yield spread
The ratio of the yield spread to the yield level. Used for bonds.
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