Business / Finance Glossary

Horizontal Price Movement: A merger involving two or more firms in the same industry that are both at the same stage in the production cycle; that is, two or more competitors.

Horizontal Spread: Stock price movement within a narrow price range over an extended period of time which creates the appearance of a relatively straight line on a graph of the stock's price.

Hospital Revenue Bond: The simultaneous purchase and sale of two options that differ only in their exercise dates.

Host Security: A bond issued to finance construction of a hospital by a municipal or state agency.

Hostile Takeover: The security to which a warrant is attached.

Hot: A takeover of a company against the wishes of the current management and the board of directors by an acquiring company or raider.

Hot Money: Used in the context of general equities. Active, usually with positive price implications.

House: Money that moves across country borders in response to interest rate differences and that moves away when the interest rate differential disappears.

House Account: Firms that conduct business as broker-dealers in securities or in the investment banking field are charaterized as houses.

House Call: A type of account at a brokerage firm that is given a high level of priority and is handled by the main office or an executive, rather than a traditional salesperson.

House Maintenance Requirement: Notification by a brokerage house that a customer's margin account is below the minimum maintenance level. The client must provide more cash or equity, or the account will be liquidated.

House Of Issue: The internal rules of a brokerage house that govern the minimum amount of equity that must be present in a customer's margin account.

House Poor: An investment banking firm whose business it is to underwrite stock or bond issues and offer the securities to the public.

House Rules: People who are short on cash because most of their money is tied up in their homes are 'house poor.'

Housing Bond: Internal rules of broker-dealer firm that govern the handling of its customers' accounts.

How Are You Making XXX: Bonds issued by a local housing authority to finance housing projects.

Hubris: What is your market in a particular stock? See: Quotation.

Hulbert Rating: An arrogance due to excessive pride and an insolence toward others. A classic character flaw of a trader or investor.

Human Capital: A rating by Hulbert Financial Digest, a service of CBS MarketWatch, of how well the recommendations of various investment advisory newsletters have performed.

Hung Up: The unique capabilities and expertise of individuals.

Hunkering Down: Used to describe the position of an investor whose stocks or bonds have dropped in value below their original purchase price.

Hurdle Rate: A term used to describe a trader selling off a big position in a stock.

Hybrid: The required return in capital budgeting. For example, if a project has an expected rate of return higher than the hurdle rate, the project may be accepted.

Hybrid Annuity: A package of two or more different kinds of risk management instruments that are usually interactive.

Hybrid Security: A type of insurance company investment that combines the benefits of both a fixed annuity and a variable annuity.

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