Business / Finance Glossary

Investment Trust: A closed-end fund regulated by the Investment Company Act of 1940. These funds have a fixed number of shares that are traded on the secondary markets, like corporate stock. The market price . . . View Full Definition

Investment Value: Applies mainly to dealer securities. Fixed income value of a convertible, the price at which the convert would have to sell as a straight debt instrument relative to the yield of other bonds . . . View Full Definition

Investment-Grade Bonds: A bond that is assigned a rating in the top four categories by commercial credit rating companies. S&P classifies investment-grade bonds as BBB or higher, and Moody's classifies investment g . . . View Full Definition

Investments: As a discipline, the study of financial securities, such as stocks and bonds, from the investor's viewpoint.

Investor: The owner of a financial asset.

Investor Fallout: In the mortgage pipeline, risk that occurs when the originator commits loan terms to the borrowers and gets commitments from investors at the time of application, or if both sets of terms ar . . . View Full Definition

Investor Relations: The process by which the corporation communicates with its investors.

Investors Equity: The balance of a margin account. Related: Buying on margin, initial margin requirement.

Investors Service Bureau: NYSE service that deals with all general inquiries concerning securities investments.

Invoice: Bill written by a seller of goods or services and submitted to a purchaser for payment.

Invoice Billing: Billing system in which invoices are sent off at the time of customer orders and are all separate bills to be paid.

Invoice Date: Usually the date when goods are shipped. Payment dates are set relative to the invoice date.

Invoice Price: The price that the buyer of a futures contract must pay the seller when a Treasury bond is delivered.

Involuntary Liquidation Preference: A premium that must be paid to preferred or preference stockholders if the issuer of the stock is forced into involuntary liquidation.

IRA-Keogh Accounts: Special accounts that allow saving taxes deferred until money is withdrawn. These plans are subject to frequent changes in law with respect to the deductibility of contributions. Withdrawals . . . View Full Definition

Irrational Call Option: The implied call imbedded in a MBS. Irrational because the call is sometimes not exercised when it is in the money (interest rates are below the threshold to refinance), and sometimes exerci . . . View Full Definition

Irredeemable Bond: A bond lacking a call feature or a right of redemption. Also refers to a perpetual bond.

Irrelevance Result: The Modigliani and Miller theorem that a firm's capital structure is irrelevant to the firm's value.

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