Super Finance Glossary
Over 10,000 financial glossary terms...
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Browsing by the letter "P"
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Pecking-order View (of Capital Structure)
Definition: The argument that external financing transactions costs, especially those associated with the problem of adverse selection, create a dynamic environment in which firms have a preference, or pecking-order of preferred sources of financing, when all else is equal. Internally generated funds are the most preferred, followed by new debt, and debt-equity hybrids. Finally, new equity is at the least preferred source.
Definition: The argument that external financing transactions costs, especially those associated with the problem of adverse selection, create a dynamic environment in which firms have a preference, or pecking-order of preferred sources of financing, when all else is equal. Internally generated funds are the most preferred, followed by new debt, and debt-equity hybrids. Finally, new equity is at the least preferred source.
Pegged Exchange Rate
Definition: Exchange rate whose value is pegged to another currency's value or to a unit of account.
Definition: Exchange rate whose value is pegged to another currency's value or to a unit of account.
Pegging
Definition: Making transactions in a security, currency, or commodity in order to stabilize or target its value through market intervention.
Definition: Making transactions in a security, currency, or commodity in order to stabilize or target its value through market intervention.
Penalty Clause
Definition: A clause found in contract agreements that provides for a penalty in the event of default.
Definition: A clause found in contract agreements that provides for a penalty in the event of default.
Penalty Tax
Definition: A federal tax that can be applied if a plan holder does not meet certain requirements when making withdrawals from a tax-advantaged retirement plan (for instance, if the plan holder has not reached age 59-1/2). This penalty tax is owed in addition to any income taxes due.
Definition: A federal tax that can be applied if a plan holder does not meet certain requirements when making withdrawals from a tax-advantaged retirement plan (for instance, if the plan holder has not reached age 59-1/2). This penalty tax is owed in addition to any income taxes due.
Pennant
Definition: A chart pattern resembling a pointed flag, with the point facing to the right, which shows a diminishing variance of price.
Definition: A chart pattern resembling a pointed flag, with the point facing to the right, which shows a diminishing variance of price.
Penny Stock
Definition: Used in the context of general equities. Stock that typically sells for less than $1 a share, although it may rise to as much as $10/share after the initial public offering, usually because of heavy promotion. All are traded OTC, many of them in the local markets of Denver, Vancouver, or Salt Lake City.
Definition: Used in the context of general equities. Stock that typically sells for less than $1 a share, although it may rise to as much as $10/share after the initial public offering, usually because of heavy promotion. All are traded OTC, many of them in the local markets of Denver, Vancouver, or Salt Lake City.
Pension Benefit Guaranty Corporation (PBGC)
Definition: A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation).
Definition: A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation).
Pension Fund
Definition: A fund set up to pay the pension benefits of a company's workers after retirement.
Definition: A fund set up to pay the pension benefits of a company's workers after retirement.
Pension Liabilities
Definition: Future liabilities resulting from pension commitments made by a corporation. Accounting for pension liabilities varies widely by country.
Definition: Future liabilities resulting from pension commitments made by a corporation. Accounting for pension liabilities varies widely by country.
Pension Parachute
Definition: A form of poison pill providing that in the event of a hostile takeover attempt, any excess pension plan assets can be used to benefit pension plan participants. This prevents the raiding firm from using the pension assets to finance the takeover. In the context of corporate governance, these provisions prevent an acquirer from using surplus cash in the pension fund of the target in order to finance an acquisition. Surplus funds are required to remain the property of the pension fund and to be used for plan participants' benefits.
Definition: A form of poison pill providing that in the event of a hostile takeover attempt, any excess pension plan assets can be used to benefit pension plan participants. This prevents the raiding firm from using the pension assets to finance the takeover. In the context of corporate governance, these provisions prevent an acquirer from using surplus cash in the pension fund of the target in order to finance an acquisition. Surplus funds are required to remain the property of the pension fund and to be used for plan participants' benefits.
Pension Reversion
Definition: Termination of an overfunded defined benefit pension plan and replacement of it with a life insurance company-sponsored fixed annuity plan.
Definition: Termination of an overfunded defined benefit pension plan and replacement of it with a life insurance company-sponsored fixed annuity plan.
Penultimate Profit Prospect (PPP)
Definition: The second-lowest-priced of the ten highest-yielding stocks in the Dow Jones Industrial Average that is said (by authors O'Higgins and Downes) to be the Dow stock with the best possibility of outperforming the average as a whole.
Definition: The second-lowest-priced of the ten highest-yielding stocks in the Dow Jones Industrial Average that is said (by authors O'Higgins and Downes) to be the Dow stock with the best possibility of outperforming the average as a whole.
People Pill
Definition: A form of poison pill providing that the entire management threatens to resign in the event of a takeover.
Definition: A form of poison pill providing that the entire management threatens to resign in the event of a takeover.
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