Super Finance Glossary
Over 10,000 financial glossary terms...
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Browsing by the letter "P"
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Proportional Tax
Definition: A tax that takes the same percentage of income from all income groups.
Definition: A tax that takes the same percentage of income from all income groups.
Proprietary Account
Definition: An account that a Futures Commission Merchant carries for itself or a closely related person, such as a parent, subsidiary or affiliate company, general partner, director, Associated Person, or an owner of ten percent or more of the capital stock. The FCM must segregate customer funds from funds related to proprietary accounts.
Definition: An account that a Futures Commission Merchant carries for itself or a closely related person, such as a parent, subsidiary or affiliate company, general partner, director, Associated Person, or an owner of ten percent or more of the capital stock. The FCM must segregate customer funds from funds related to proprietary accounts.
Proprietary Trading
Definition: Principal trading in which firm seeks direct gain rather than commission dollars.
Definition: Principal trading in which firm seeks direct gain rather than commission dollars.
Proprietary Trading Group
Definition: An organization whose owners, employees and/or contractors trade in the name of accounts owned by the group and exclusively use the funds of the group for all of their trading activity.
Definition: An organization whose owners, employees and/or contractors trade in the name of accounts owned by the group and exclusively use the funds of the group for all of their trading activity.
Proprietorship
Definition: An unincorporated business that is owned and operated by only one person who has complete liability for all assets, and complete rights to all profits.
Definition: An unincorporated business that is owned and operated by only one person who has complete liability for all assets, and complete rights to all profits.
Proration
Definition: Refers to the division between cash and stock in a takeover offer. Often a takeover is a combination of cash and the acquiring firm's equity. Shareholders can elect to take cash or equity. After the election is made, the stock is prorated. For example, if the takeover offer was 500 million in cash and 500 million in shares, if everybody elected cash, then the maximum cash for each shareholder is 50%. If 75% elected to receive cash, 25% of the shareholders would get 100% equity and the other 75% would get 75% cash and 25% equity. The proportions are complicated to compute if the new shares are worth more than the old shares. In this case, small shareholders (with say 100 shares) might receive 100% cash because it is disadvantageous to have a lot less than 100 shares.
Definition: Refers to the division between cash and stock in a takeover offer. Often a takeover is a combination of cash and the acquiring firm's equity. Shareholders can elect to take cash or equity. After the election is made, the stock is prorated. For example, if the takeover offer was 500 million in cash and 500 million in shares, if everybody elected cash, then the maximum cash for each shareholder is 50%. If 75% elected to receive cash, 25% of the shareholders would get 100% equity and the other 75% would get 75% cash and 25% equity. The proportions are complicated to compute if the new shares are worth more than the old shares. In this case, small shareholders (with say 100 shares) might receive 100% cash because it is disadvantageous to have a lot less than 100 shares.
Prospective Earnings Growth (PEG Ratio)
Definition: Based on forecasts from proprietary sources such as Institutional Brokers' Estimate System (IBES), First Call, or Zach's. Growth is forecast of earnings minus current earnings divided by current earnings. Forward-looking measure rather than typical earnings growth measures, which look back in time (historical).
Definition: Based on forecasts from proprietary sources such as Institutional Brokers' Estimate System (IBES), First Call, or Zach's. Growth is forecast of earnings minus current earnings divided by current earnings. Forward-looking measure rather than typical earnings growth measures, which look back in time (historical).
Prospectus
Definition: Formal written document to sell securities that describes the plan for a proposed business enterprise, or the facts concerning an existing one, that an investor needs to make an informed decision. Prospectuses are used by mutual funds to describe fund objectives, risks, and other essential information.
Definition: Formal written document to sell securities that describes the plan for a proposed business enterprise, or the facts concerning an existing one, that an investor needs to make an informed decision. Prospectuses are used by mutual funds to describe fund objectives, risks, and other essential information.
Protect
Definition: Assure the salesperson or trader that interest, buy or sell, will be attended to, given any change in the trading circumstances, as follows:
Definition: Assure the salesperson or trader that interest, buy or sell, will be attended to, given any change in the trading circumstances, as follows:
Protected Strategy
Definition: A position that has limited risk. A protected short sale (short stock, long call) has limited risk, as does a protected straddle write (short straddle, long out-of-the-money combination). See also Combination and Straddle.
Definition: A position that has limited risk. A protected short sale (short stock, long call) has limited risk, as does a protected straddle write (short straddle, long out-of-the-money combination). See also Combination and Straddle.
Protectionism
Definition: Notion that governments should protect domestic industry from import competition by means of tariffs, quotas, and other trade barriers.
Definition: Notion that governments should protect domestic industry from import competition by means of tariffs, quotas, and other trade barriers.
Protective Covenant
Definition: A part of an indenture or loan agreement that limits certain actions a company may take during the term of the loan to protect the lender's interests.
Definition: A part of an indenture or loan agreement that limits certain actions a company may take during the term of the loan to protect the lender's interests.
Protective Put Buying Strategy
Definition: A strategy that involves buying a put option on the underlying security that is held in a portfolio. Related: Hedge option strategies.
Definition: A strategy that involves buying a put option on the underlying security that is held in a portfolio. Related: Hedge option strategies.
Protective Tariff
Definition: A tax levied on imported goods with the purpose of reducing domestic consumption of foreign-produced goods.
Definition: A tax levied on imported goods with the purpose of reducing domestic consumption of foreign-produced goods.
Protector
Definition: A term used in some abusive trust schemes that refer to a person who is delegated powers in the trust instrument to replace/appoint trustees. Protectors are often used with foreign trusts. Its explanation in this context is not meant to imply that a "protector" isn't used in some legitimate trust arrangements as well.
Definition: A term used in some abusive trust schemes that refer to a person who is delegated powers in the trust instrument to replace/appoint trustees. Protectors are often used with foreign trusts. Its explanation in this context is not meant to imply that a "protector" isn't used in some legitimate trust arrangements as well.
Protest
Definition: Instructions given to a collecting bank that drafts falling due for payment are to be formally presented to the drawee by a notary, who is to formally record any default.
Definition: Instructions given to a collecting bank that drafts falling due for payment are to be formally presented to the drawee by a notary, who is to formally record any default.
Prototype Plan
Definition: A qualified retirement plan sponsored by a financial institution. It may be adopted by executing a written agreement. A prototype is generally more flexible than the IRS Form 5305 or 5305-A and may have additional special features. Also called a master pension plan.
Definition: A qualified retirement plan sponsored by a financial institution. It may be adopted by executing a written agreement. A prototype is generally more flexible than the IRS Form 5305 or 5305-A and may have additional special features. Also called a master pension plan.
Provision For Income Taxes
Definition: An amount on the P & I statement that estimates a company's total income tax liability for the year.
Definition: An amount on the P & I statement that estimates a company's total income tax liability for the year.
Provisional Call Feature
Definition: A stipulation in a convertible issue that allows the issuer to call the issue during the noncall period if the price of the stock reaches a certain level. In the case of convertible securities, right of an issuer to accelerate the first redemption date if the underlying common should trade at or above a certain level for a sustained period. Most typical terms are 150% of conversion price for 20 consecutive days. Note that under these circumstances the security has appreciated, at a minimum, 50% since being issued.
Definition: A stipulation in a convertible issue that allows the issuer to call the issue during the noncall period if the price of the stock reaches a certain level. In the case of convertible securities, right of an issuer to accelerate the first redemption date if the underlying common should trade at or above a certain level for a sustained period. Most typical terms are 150% of conversion price for 20 consecutive days. Note that under these circumstances the security has appreciated, at a minimum, 50% since being issued.
Proxy
Definition: Authorization, whether written or electronic, that shareholders' votes may be cast by others. Shareholders can and often do give management their proxies, delegating the right and responsibility to vote their shares as specified.
Definition: Authorization, whether written or electronic, that shareholders' votes may be cast by others. Shareholders can and often do give management their proxies, delegating the right and responsibility to vote their shares as specified.
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