Business / Finance Glossary

Asymmetric Volatility: Phenomenon that volatility is higher in down markets than in up markets.

Asymmetry: A lack of equivalence between two things, such as the unequal tax treatment of interest expense and dividend payments.

At Par: A price equal to nominal or face value of a security. See: Par.

At Risk: The exposure to the danger of economic loss. Frequently used in the context of claiming tax deductions. For example, a person can claim a tax deduction in a limited partnership if the taxpay . . . View Full Definition

At The Bell: In context of general equities, at the opening or close of the market. See: MOC Order.

At The Close Order: In the context of securities, an all or none market order that is to be executed at the closing price of the security on the exchange. If the execution cannot be made under this condition, t . . . View Full Definition

At The Figure: In context of general equities, at the whole integer price (excluding the fraction) closest to the side of the market (bid/ask) being discussed. At the full.

At The Full: Used in context of general equities. At the figure.

At The Opening Order: In context of general equities, market order or limited price order that is to be executed at the opening (and corresponding price) of the stock or not at all, and any such order or portion . . . View Full Definition

At-For: Used in context of general equities. Paramount terms used to differentiate an offering. Stock is offered at; stock is bid for. In an offering, the trading syntax followed is 'Quantity-at-Pri . . . View Full Definition

At-The-Money: An option is at the money if the strike price of the option is equal to the market price of the underlying security. For example, if xyz stock is trading at 54, then the xyz 54 option is at . . . View Full Definition

Athens Stock Exchange (ASE): Greece's principal stock exchange.

Attribute Bias: The tendency of stocks preferred by the dividend discount model to share certain equity attributes such as low price-earnings ratios, high dividend yield, high book value ratio, or membershi . . . View Full Definition

Auction Market Preferred Stock (AMPS): A type of Dutch Auction Preferred Stock (A Merrill Lynch product).

Auction Markets: Markets in which the prevailing price is determined through the free interaction of prospective buyers and sellers, as on the floor of the stock exchange.

Auction Rate Preferred Stock (ARPS): Floating-rate preferred stock, whose dividend is adjusted every seven weeks through a Dutch auction.

Audit: An examination of a company's accounting records and books conducted by an outside professional in order to determine whether the company is maintaining records according to generally accept . . . View Full Definition

Audit Trail: Resolves the validity of an accounting entry by a step-by-step record by which accounting data can be traced to their source.

Auditors Report: A section of an annual report that includes the auditor's opinion about the veracity of the financial statements.

Aunt Millie: An unsophisticated investor.

Australian Stock Exchange (ASX): Established in 1987 following the amalgamation of the six independent stock exchanges operating in the Australian state capitals. The ASX is the tenth-largest stock exchange in the world on . . . View Full Definition

Autex: Video communication network through which brokerage houses alert institutional investors of their desire to transact block business (a purchase or sale) in a given security. Indications tran . . . View Full Definition

Authentication: In the context of bonds, refers to the validation of a bond certificate.

Authority Bond: A bond issued by a government agency or a corporation created to manage a revenue-producing public enterprise. The difference between an authority bond and a municipal bond is that margin pr . . . View Full Definition

Authorized Shares: Number of shares authorized for issuance by a firm's corporate charter.

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