Business / Finance Glossary

Transition Phase: An option issued by a firm to its shareholders to sell the firm one share of its common stock at a fixed price (the strike price) within a stated period (the time to maturity). The put right . . . View Full Definition

Translation Exposure: A stage of development when a company begins to mature and its earnings decelerate to the rate of growth of the economy as a whole. Related: Three-phase DDM.

Transmittal Letter: Risk of adverse effects on a firm's financial statements that may arise from changes in exchange rates. Related: Transaction exposure.

Travel And Entertainment Expense: A letter describing the contents and purpose of a transaction delivered with a security that is changing ownership.

Treasurer: Funds spent on business travel and entertainment that qualify for a tax deduction of 50% of the amount claimed.

Treasurers Check: The corporate officer responsible for designing and implementing a firm's financing and investing activities.

Treasuries: A check issued by a bank to make a payment. Treasurer's checks outstanding are counted as part of a bank's reservable deposits and as part of the money supply.

Treasury: Related: Treasury securities

Treasury Bills: U.S. Department of the Treasury, which issues all Treasury bonds, notes, and bills as well as overseeing agencies. Also, the department within a corporation that oversees its financial opera . . . View Full Definition

Treasury Bonds: Debt obligations of the U.S. Treasury that have maturities of one year or less. Maturities for T-bills are usually 91 days, 182 days, or 52 weeks.

Treasury Direct: Debt obligations of the U.S. Treasury that have maturities of 10 years or more.

Treasury Notes: A system allowing an individual investor to make a noncompetitive bid on U.S. Treasury securities and thus avoid broker-dealer fees.

Treasury Securities: Debt obligations of the U.S. Treasury that have maturities of more than 2 years but less than 10 years.

Treasury Stock: Securities issued by the U.S. Department of the Treasury.

Treat Me Subject : Common stock that has been repurchased by the company and held in the company's treasury.

Trend: In the equities market, a conditional bid or offer. 'My bid or offer is not firm, but is subject to confirmation between other parties and to market changes.'

Trendline: The general direction of the market.

Treynor Index: A large venture capital fund (over one billion dollars). Such funds are known for imposing strong discipline on the firms they fund.

Triangular Arbitrage: A measure of the excess return per unit of risk, where excess return is defined as the difference between the portfolio's return and the risk-free rate of return over the same evaluation per . . . View Full Definition

Trickle Down: Striking offsetting deals among three markets simultaneously to obtain an arbitrage profit.

Trin: An economic theory that the support of businesses that allows them to flourish will eventually benefit middle- and lower-income people, in the form of increased economic activity and reduced . . . View Full Definition

Triple Net Lease: Used in the context of general equities. Short-term trading index that shows a minute-by-minute correlation of the ratio of advances to declines to the ratio of advancing volume to declining . . . View Full Definition

Triple Tax-Exempt: A lease providing that the tenant pay for all maintenance expenses, plus utilities, taxes, and insurance. This results in lower risk for investors, who usually form a limited partnership.

Triple Witching Hour: Municipal bonds featuring federal, state, and local tax-free interest payments.

Trough: The four times a year that the S&P futures contract expires at the same time as the S&P 100 index option contract and option contracts on individual stocks. It is the last trading hour on th . . . View Full Definition

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