Super Finance Glossary
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Alien Corporation
Definition: A company incorporated under the laws of a foreign country regardless of where the company conducts its operations.
Definition: A company incorporated under the laws of a foreign country regardless of where the company conducts its operations.
All Equity Rate
Definition: The discount rate that reflects only the business risks of a project, distinct from the effects of financing.
Definition: The discount rate that reflects only the business risks of a project, distinct from the effects of financing.
All In
Definition: Refers to an issuer's interest rate after accounting for commissions and various related expenses.
Definition: Refers to an issuer's interest rate after accounting for commissions and various related expenses.
All Or None Order (AON)
Definition: Used in context of general equities. A limited price order that is to be executed in its entirety or not at all (no partial transaction), and thus is testing the strength/conviction of the counterparty. Unlike an FOK order, an AON order is not to be treated as cancelled if not executed as soon as it is represented in the trading crowd, but instead remains alive until executed or cancelled. The making of "all or none" bids or offers in stocks is prohibited, and the making of "all or none" bids or offers in bonds is subject to the restrictions of Rule 61. AON orders are not shown on the specialist's book because they cannot be traded in pieces. Antithesis of any-part-of order. See: FOK order.
Definition: Used in context of general equities. A limited price order that is to be executed in its entirety or not at all (no partial transaction), and thus is testing the strength/conviction of the counterparty. Unlike an FOK order, an AON order is not to be treated as cancelled if not executed as soon as it is represented in the trading crowd, but instead remains alive until executed or cancelled. The making of "all or none" bids or offers in stocks is prohibited, and the making of "all or none" bids or offers in bonds is subject to the restrictions of Rule 61. AON orders are not shown on the specialist's book because they cannot be traded in pieces. Antithesis of any-part-of order. See: FOK order.
All Ordinaries Index
Definition: The major stock price index in Australia. The capitalization weighted index is made up of the largest 500 companies as measured by market capitalization that are listed on the Australian Stock Exchange. The index was developed with a base value of 500 as of 1979.
Definition: The major stock price index in Australia. The capitalization weighted index is made up of the largest 500 companies as measured by market capitalization that are listed on the Australian Stock Exchange. The index was developed with a base value of 500 as of 1979.
All Risk Insurance
Definition: Marine cargo insurance which covers most perils except strikes, riots, civil unrest, capture, war, seizure, civil war, piracy, loss of market, and inherent vice.
Definition: Marine cargo insurance which covers most perils except strikes, riots, civil unrest, capture, war, seizure, civil war, piracy, loss of market, and inherent vice.
All-in-rate
Definition: Rate used in charging customers for accepting banker's acceptances, consisting of the discount interest rate plus the commission.
Definition: Rate used in charging customers for accepting banker's acceptances, consisting of the discount interest rate plus the commission.
All-inclusive Deed Of Trust
Definition: Similar to a "wraparound mortgage." See also "wraparound mortgage."
Definition: Similar to a "wraparound mortgage." See also "wraparound mortgage."
All-or-none Underwriting
Definition: An arrangement whereby a security issue is cancelled if the underwriter is unable to resell the entire issue.
Definition: An arrangement whereby a security issue is cancelled if the underwriter is unable to resell the entire issue.
Allied Member
Definition: A partner or stockholder of a firm that is a member of the NYSE, the partner or stockholder is not personally a member of the NYSE.
Definition: A partner or stockholder of a firm that is a member of the NYSE, the partner or stockholder is not personally a member of the NYSE.
Alligator Spread
Definition: The term used to describe a spread in the options market that generates such a large commission that the client is unlikely to make a profit even if the markets move as the investor anticipated.
Definition: The term used to describe a spread in the options market that generates such a large commission that the client is unlikely to make a profit even if the markets move as the investor anticipated.
Allocation-of-income Rules
Definition: US tax provisions that define how income and deductions are to be allocated between domestic source and foreign source income.
Definition: US tax provisions that define how income and deductions are to be allocated between domestic source and foreign source income.
Allocational Efficiency
Definition: The effectiveness with which a market channels capital toward its most productive uses.
Definition: The effectiveness with which a market channels capital toward its most productive uses.
Allotment
Definition: The number of securities assigned to each of the participants in an underwriting syndicate.
Definition: The number of securities assigned to each of the participants in an underwriting syndicate.
Allowances
Definition: The discounts (premiums) allowed for grades or locations of a commodity lower (higher) than the par (or basis) grade or location specified in the futures contract. See Differentials.
Definition: The discounts (premiums) allowed for grades or locations of a commodity lower (higher) than the par (or basis) grade or location specified in the futures contract. See Differentials.
Alpha
Definition: Measure of risk-adjusted performance. An alpha is usually generated by regressing the security or mutual fund's excess return on the S&P 500 excess return. The beta adjusts for the risk (the slope coefficient). The alpha is the intercept. Example: Suppose the mutual fund has a return of 25%, and the short-term interest rate is 5% (excess return is 20%). During the same time the market excess return is 9%. Suppose the beta of the mutual fund is 2.0 (twice as risky as the S&P 500). The expected excess return given the risk is 2 x 9%=18%. The actual excess return is 20%. Hence, the alpha is 2% or 200 basis points. Alpha is also known as the Jensen Index. Related: Risk-adjusted return.
Definition: Measure of risk-adjusted performance. An alpha is usually generated by regressing the security or mutual fund's excess return on the S&P 500 excess return. The beta adjusts for the risk (the slope coefficient). The alpha is the intercept. Example: Suppose the mutual fund has a return of 25%, and the short-term interest rate is 5% (excess return is 20%). During the same time the market excess return is 9%. Suppose the beta of the mutual fund is 2.0 (twice as risky as the S&P 500). The expected excess return given the risk is 2 x 9%=18%. The actual excess return is 20%. Hence, the alpha is 2% or 200 basis points. Alpha is also known as the Jensen Index. Related: Risk-adjusted return.
Alpha Equation
Definition: Regression usually run over 36-60 months of data: Return-Treasury bill= alpha + beta (S&P 500 - Treasury bill) + error. The alpha is the intercept. Note that the benchmark does not necessarily have to be the S&P 500. A mutual fund specializing in international investment might be benchmarked to a broader world market index, such as the MSCI World Index.
Definition: Regression usually run over 36-60 months of data: Return-Treasury bill= alpha + beta (S&P 500 - Treasury bill) + error. The alpha is the intercept. Note that the benchmark does not necessarily have to be the S&P 500. A mutual fund specializing in international investment might be benchmarked to a broader world market index, such as the MSCI World Index.
Alphabet Stock
Definition: Categories of common stock of a corporation associated with a particular subsidiary resulting from acquisitions and restructuring. The various alphabetical categories have different voting rights and pay dividends tied to the operating performance of the particular divisions. See also: Tracking stocks.
Definition: Categories of common stock of a corporation associated with a particular subsidiary resulting from acquisitions and restructuring. The various alphabetical categories have different voting rights and pay dividends tied to the operating performance of the particular divisions. See also: Tracking stocks.
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