证券投资学英文名词解释重点整理
1 Active management Attempts to achieve portfolio returns more than commensurate with risk, either by forecasting broad market trends or by identifying particular mispriced sectors of a market or securities in a market. Agency problem Conflicts of interest among stockholders, bondholders, and managers.
Asset allocation decision Choosing among broad asset classes such as stocks versus bonds.
Derivative security See primitive security.
Equity Ownership in a firm. Also, the net worth of a margin account. Financial assets Financial assets such as stocks and bonds are claims to the income generated by real assets or claims on income from the government. Financial intermediary An institution such as a bank, mutual fund, investment company, or insurance company that serves to connect the household and business sectors so households can invest and businesses can finance production.
Fixed-income security A security such as a bond that pays a specified cash flow over a specific period.
Passive management Buying a well-diversified portfolio to represent a broad-based market index without attempting to search out mispriced securities.
Real assets, financial assets Real assets are land, buildings, and equipment that are used to produce goods and services. Financial assets are claims such as securities to the income generated by real assets.
Securitization Pooling loans for various purposes into standardized securities backed by those loans, which can then be traded like any other security. Security analysis Determining correct value of a security in the marketplace. Security selection decision Choosing the particular securities to include in a portfolio.
2 Asked price The price at which a dealer will sell a security..
Bid price The price at which a dealer is willing to purchase a security.
Bid-asked spread The difference between a dealer's bid and asked price.
Call option The right to buy an asset at a specified exercise price on or before a specified expiration date.
Capital markets Includes longer-term, relatively riskier securities. Eurodollars Dollar-denominated deposits at foreign banks or foreign branches of American banks.
Futures contract Obliges traders to purchase or sell an asset at an
agreed-upon price on a specified future date. The long position is held by the trader who commits to purchase. The short position is held by the trader who commits to sell. Futures differ from forward contracts in their standardization, exchange trading, margin requirements, and daily settling (marking to market). London Interbank Offered Rate (LIBOR) Rate that most creditworthy banks charge one another for large loans of Eurodollars in the London market. Market-value-weighted index An index of a group of securities computed by
calculating a weighted average of the returns of each security in the index, with weights proportional to outstanding market value.
Money market Includes short-term, highly liquid, and relatively low-risk debt instruments.
Preferred stock Nonvoting shares in a corporation, paying a fixed or variable stream of dividends
Price-earnings ratio The ratio of a stock's price to its earnings per share. Also referred to as the P/E multiple.
Put option The right to sell an asset at a specified exercise price on or before a specified expiration date.
Repurchase agreements Short-term, often overnight, sales of government securities with an agreement to repurchase the securities at a slightly higher price. A reverse repo is a purchase with an agreement to resell at a specified price on a future date.
Treasury bond or note Debt obligations of the federal government that make semiannual coupon payments and are issued at or near par value
Yield to maturity A measure of the average rate of return that will be earned on a bond if held to maturity.
margin rate3How Securities are Traded
Dealer market A market where traders specializing in particular commodities buy and sell assets for their own accounts. The OTC market is an example. Electronic communication network (ECN) A computeroperated trading network offering an alternative to formal stock exchanges or dealer markets for trading securities.
Initial public offering Stock issued to the public for the first time by a formerly privately owned company.
Limit order An order specifying a price at which an investor is willing to buy or sell a security.
Margin Describes securities purchased with money borrowed from a broker. Current maximum margin is 50 percent.
Prospectus A final and approved registration statement including the price at which the security issue is offered.

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