Super Finance Glossary
Over 10,000 financial glossary terms...
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Prerefunding
Definition: Procedure of floating a second bond at a lower interest rate in order to pay off the first bond at the first call date and to reduce overall borrowing costs.
Definition: Procedure of floating a second bond at a lower interest rate in order to pay off the first bond at the first call date and to reduce overall borrowing costs.
Presale Order
Definition: An order to purchase part of a new municipal bond issue that is accepted by an underwriting syndicate before an official public offering.
Definition: An order to purchase part of a new municipal bond issue that is accepted by an underwriting syndicate before an official public offering.
Present Value
Definition: The amount of cash today that is equivalent in value to a payment, or to a stream of payments, to be received in the future. To determine the present value, each future cash flow is multiplied by a present value factor. For example, if the opportunity cost of funds is 10%, the present value of $100 to be received in one year is $100 x [1/(1 + 0.10)] = $91.
Definition: The amount of cash today that is equivalent in value to a payment, or to a stream of payments, to be received in the future. To determine the present value, each future cash flow is multiplied by a present value factor. For example, if the opportunity cost of funds is 10%, the present value of $100 to be received in one year is $100 x [1/(1 + 0.10)] = $91.
Present Value Components Analysis
Definition: An analytical tool that establishes a base NPV for a project that can then be adjusted for the incremental NPV effect of separate elements of the project's overall potential sales.
Definition: An analytical tool that establishes a base NPV for a project that can then be adjusted for the incremental NPV effect of separate elements of the project's overall potential sales.
Present Value Factor
Definition: Factor used to calculate an estimate of the present value of an amount to be received in a future period. If the opportunity cost of funds is 10% over next year, the factor is [1/(1 + 0.10)].
Definition: Factor used to calculate an estimate of the present value of an amount to be received in a future period. If the opportunity cost of funds is 10% over next year, the factor is [1/(1 + 0.10)].
Present Value Index (PVI)
Definition: The ratio of the NPV of a project to the initial outlay required for it. The index is an efficiency measure for investment decisions under capital rationing.
Definition: The ratio of the NPV of a project to the initial outlay required for it. The index is an efficiency measure for investment decisions under capital rationing.
Present Value Of Growth Opportunities
Definition: Net present value (NPV) of investments the firm is expected to make in the future.
Definition: Net present value (NPV) of investments the firm is expected to make in the future.
President
Definition: Highest-ranking officer in a corporation after the chief executive officer.
Definition: Highest-ranking officer in a corporation after the chief executive officer.
Presidential Election Cycle Theory
Definition: A theory that stock market trends can be predicted and explained by the four-year presidential election cycle.
Definition: A theory that stock market trends can be predicted and explained by the four-year presidential election cycle.
Pretax Earnings Or Profits
Definition: Net income before federal income taxes are subtracted.
Definition: Net income before federal income taxes are subtracted.
Previous Balance Method
Definition: Method of calculating finance charges based on the account balance at the end of the previous month.
Definition: Method of calculating finance charges based on the account balance at the end of the previous month.
Price Basing
Definition: A situation where producers, processors, merchants, or consumers of a commodity establish commercial transaction prices based on the futures prices for that or a related commodity (e.g., an offer to sell corn at 5 cents over the December futures price). This phenomenon is commonly observed in grain and metal markets.
Definition: A situation where producers, processors, merchants, or consumers of a commodity establish commercial transaction prices based on the futures prices for that or a related commodity (e.g., an offer to sell corn at 5 cents over the December futures price). This phenomenon is commonly observed in grain and metal markets.
Price Change
Definition: Increase or decrease in the closing price of a security compared to the previous day's closing price.
Definition: Increase or decrease in the closing price of a security compared to the previous day's closing price.
Price Compression
Definition: The limitation of the price appreciation potential for a callable bond in a declining interest rate environment, based on the expectation that the bond will be redeemed at the call price.
Definition: The limitation of the price appreciation potential for a callable bond in a declining interest rate environment, based on the expectation that the bond will be redeemed at the call price.
Price Discovery
Definition: The process of determining the price level for a commodity based on supply and demand conditions. Price discovery may occur in a futures market or cash market.
Definition: The process of determining the price level for a commodity based on supply and demand conditions. Price discovery may occur in a futures market or cash market.
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