金融詞匯之一Abandonment(棄權(quán))Controllingpartygivinguprightstopropertyvoluntarily.Abandonmentoption(清算期權(quán))Theoptionofterminatinganinvestmentearlierthanoriginallyplanned.Abandonmentvalue（清算價(jià)值）Thevalueofaprojectiftheproject'sassetsweresoldexternally;oralternatively.itsopportunityvalueiftheassetswereemployedelsewhereinthefirm.ABCagreementAcontractbetweenanemployeeandabrokeragefirmoutliningtherightsofthefirmpurchasinganNYSEmembershipforthatemployee.ABCmethodofinventorycontrol（存貨控制的ABC方法）Methodwhichcontrolsexpensiveinventoryitemsmorecloselythanlessexpensiveitems.Abilitytopay（償債能力）Referstotheborrower'sabilitytomakeinterestandprincipalpaymentsondebts.Abnormalreturn（超常回報(bào)）Thecomponentofthereturnthatisnotduetosystematicinfluences(market-wideinfluences).Inotherwords,abnormalreturnsareabovethosepredictedbythemarketmovementalone.Absolute-priorityrule（絕對優(yōu)先權(quán)準(zhǔn)則）Theruleinbankruptcyorreorganizationthatclaimsofasetofclaimholdersmustbepaid,infullbeforethenext.junior.setofclaimholdersmaybepaidanything.AbsorbedUsedincontextofgeneralequities.Securitiesare"absorbed"aslongastherearecorrespondingorderstobuyandsell.Themarkethasreachedtheabsorptionpointwhenfurtherassimilationisimpossiblewithoutanadjustmentinprice.Accelerateddepreciation（加速折舊）Methodsofdepreciationthatwriteoffthecostofacapitalassetfasterthanunderstraight-linedepreciation.Acceptance（匯票）Contractualagreementinstigatedwhenthedraweeofatimedraft"accepts"thedraftbywritingtheword"accepted"thereon.Thedraweeassumesresponsibilityastheacceptorandforpaymentatmaturity.Accommodativemonetarypolicy(適應(yīng)性貨幣政策)FederalReserveSystempolicytoincreasetheamountofmoneyavailabletobanksforlending.AccountsPayable（應(yīng)付賬款）Amountsofmoneyowedtootherfirmbecausebuyinggoodsorservicesoncreditfromthefirm.Acurrentliability,theaccountspayableisalsocalledpayables.Accountsreceivable（應(yīng)收賬款）Amountsofmoneyowedtoafirmbycustomerswhohaveboughtgoodsorservicesoncredit.Acurrentasset,theaccountsreceivableaccountisalsocalledreceivables.Accountsreceivableturnover(應(yīng)收賬款周轉(zhuǎn)率)Theratioofnetcreditsalestoaverageaccountsreceivable,whichisameasureofhowquicklycustomerspaytheirbills.Accountstatement(賬戶表)Inthecontextofbanking,referstoasummaryofallbalances.Inthecontextofsecurities,asummaryofalltransactionsandpositions(longandshort)betweenabroker/dealerandaclient.Accountingearnings(會(huì)計(jì)利潤)Earningsofafirmasreportedonitsincomestatement.Accountinginsolvency(資不抵債)Totalliabilitiesexceedtotalassets.Afirmwithanegativenetworthisinsolventonthebooks.Accretion(ofadiscount)(增值)Inportfolioaccounting,astraight-lineaccumulationofcapitalgainsonadiscountbondinanticipationofreceiptofparatmaturity.Accrualbasis(應(yīng)收應(yīng)付制)Inthecontextofaccounting,practiceinwhichexpensesandincomeareaccountedforasiftheyareearnedorincurred,whetherornottheyhavebeenreceivedorpaid.Antithesisofcashbasisaccounting.Accrualbond(一次還本付息債券)Abondonwhichinterestaccruesbutisnotpaidtotheinvestorduringthetimeofaccrual.Theamountofaccruedinterestisaddedtotheremainingprincipalofthebondandispaidatmaturity.Accruedexpenses(累積費(fèi)用，應(yīng)計(jì)費(fèi)用)Amountsowedbutnotyetpaidforwages.taxes,interest,anddividends.Theaccruedexpensesaccountisashort-termliability.Accruedinterest(應(yīng)計(jì)利息)Appliesmainlytoconvertiblesecurities.Interestthathasaccumulatedbetweenthemostrecentpaymentandthesaleofabondorotherfixed-incomesecurity.Atthetimeofsale,thebuyerpaysthesellerthebond'spriceplus"accruedinterest,"calculatedbymultiplyingthecouponratebythefractionofthecouponperiodthathaselapsedsincethelastpayment.Accumulateddividend(累積股利)Adividendthathasreacheditsduedate,butisnotpaidout.Acid-test(quick)ratio(速動(dòng)比例，酸性測試比例)Currentassetslessinventoriesdividedbycurrentliabilities.Itshowsafirm'sabilitytomeetcurrentliabilitieswithitsmostliquid(quick)assets.Acquisition(收購)Whenafirmbuysanotherfirm.Acquisitioncost(收購成本)Referstotheprice(includingtheclosingcosts)topurchaseanothercompanyorproperty.Inthecontextofinvestments,referstopriceplusbrokeragecommissions,ofasecurity,orthesaleschargeappliedtoloadfunds.Acrosstheboard（全盤）Movementortrendinthestockmarketthataffectsalmostallstocksinallsectorstomoveinthesamedirection.Activityratios(周轉(zhuǎn)率)Ratiosthatmeasurehoweffectivelythefirmisusingitsassets.Activeportfoliostrategy(積極投資組合策略)Astrategythatusesavailableinformationandforecastingtechniquestoseekbetterperformancethanabuyandholdportfolio.Actuals(實(shí)貨)Thephysicalcommoditiesunderlyingafuturescontract.Cashcommodity,physicalasset.Additionalpaid-incapitalFundsreceivedbyacompanyinasaleofcommonstockthatareinexcessoftheparorstatedvalueofthestock.Adjustedpresentvalue(APV)(調(diào)整凈現(xiàn)值）Thesumofthediscountedvalueofaproject'soperatingcashflows(assumingequityfinancing)plusthevalueofanytax-shieldbenefitsofinterestassociatedwiththeproject'sfinancingminusanyflotationcosts.Adjustable-ratepreferredstock(ARPs)（浮動(dòng)股利優(yōu)先股）AnARPsprovidestheholderwithdividendratesthataretiedtosomeinterestrate,suchasashort-termTreasureBill.Theseissuethusprovidetheopportunityforincreaseindividendpayments.AdverseSelectionProblem（逆選擇問題）Referstoasituationinwhichsellershaverelevantinformationthatbuyerslack(orviceversa)aboutsomeaspectofproductquality.After-hoursdealingortrading(閉市后交易)Securitiestradingafterregulartradinghoursonorganizedexchanges.Agencycosts（代理成本）Costsassociatedwithmonitoringmanagementtoensurethatitbehavesinwaysconsistentwiththefirm'scontractualagreementswithcreditorsandshareholders.Agency(theory)（代理理論）Abranchofeconomicsrelatingtothebehaviorofprincipals(suchasowners)andtheiragents(suchasmanagers).Agencybonds(機(jī)構(gòu)債券）Bondsissuedbysomefederalagenciesandfederalsponsoredagencies.Theseagenciesborrowfundsandusetheproceedstomakeloanstospecifictypesofborrowers.Agent(s)（代理人）Individual(s)authorizedbyanotherperson.calledtheprincipal,toactinthelatter'sbehalf.Agingaccountsreceivable（應(yīng)收賬款賬齡分析）Theprocessofclassifyingaccountsreceivablebytheirageoutstandingasofagivendate.Aggressivegrowthfunds（急速增長型基金）Akindofmutualfundswhichseeksmaximumcapitalgainsastheirinvestmentobjectives.Currentincomeisnotasignificantfactor.Allornoneagreement(全部賣出或取消協(xié)議)Inall-or-nonearrangement,theagreementcallsfortheunderwritertoselltheentireissueduringadefinedperiodataspecifiedprice.Duringthesellingperiod,buyers'checksaredepositedinanescrow(第三方托管的）accountuntiltheissueisfullysubscribed.Ifsufficientsharesarenotsoldtheissueiscanceledandthebuyers'checksarereturned.AllornoneorderAnall-or-noneorderisattachedtoamultiple-unittrade(morethan100shares)andinstructsthebrokertoobtainthetotalnumberofsharesrequestedwhentheorderistakentothefloor.Ifthatisnotpossible,theorderiscanceled.Alligatorspread(鱷魚價(jià)差)Thetermusedtodescribeaspreadintheoptionsmarketthatgeneratessuchalargecommissionthattheclientisunlikelytomakeaprofitevenifthemarketsmoveastheinvestoranticipated.Allotment(分配)Thenumberofsecuritiesassignedtoeachoftheparticipantsinanunderwritingsyndicate.Alternativeminimumtax(AMT)Analternative,separatetaxcalculationbasedonthetaxpayer'sregulartaxableincome.increasedbycertaintaxbenefits.collectivelyreferredtoas"taxpreferenceitems."ThetaxpayerpaysthelargeroftheregularlydeterminedtaxortheAMT.AmericanDepositoryReceipts(ADRs)(美國股票存托憑證）AnADRsisadomestictradedsecuritythatrepresentsaclaimtosharesofforeignstocks.ItislikeastockcertificateandheldinthevaultofaUSbank.WithanADRstheinvestorisentitledtoalldividendsandcapitalgainsassociatedwiththestock.AmericanStockExchange(AMEX)（美國股票交易所）StockexchangewiththethirdhighestvolumeoftradingintheU.S.Locatedat86TrinityPlaceindowntownManhattan.ThebulkoftradingonAMEXconsistsofindexoptions(computertechnologyindex,institutionalindex,majormarketindex)andsharesofsmalltomedium-sizedcompaniesarepredominant.RecentlymergedwithNasdaqAmericanoptions(美式期權(quán)）Ifaputorcalloptioncanbeexercisedatanytimebeforeexpiration,itistermedanAmericanoption.AmmanFinancialMarket(AFM)(阿曼金融市場)Establishedin1976,theAFMistheonlystockexchangeinJordan.Amortizationschedule（分期付款償還表）Atableshowingtherepaymentscheduleofinterestandprincipalnecessarytopayoffaloanbymaturity.Annuity（年金）Aseriesofequalpaymentorreceiptsoccurringoveraspecifiednumberofperiods.Inanordinaryannuity,paymentsorreceiptsoccurattheendofeachperiod;whileinanannuitydue,paymentsorreceiptsoccuratthebeginningofeachperiod.Announcementdate(宣告日)Dateonwhichparticularnewsconcerningagivencompanyisannouncedtothepublic.Annualpercentagerate(APR)(簡單年利率)Theperiodicratetimesthenumberofperiodsinayear.Forexample,a5%quarterlyreturnhasanA.P.R.of20%.AntitrustLaws（反托拉斯法）Legislationestablishedbythefederalgovernmenttopreventtheformationofmonopoliesandtoregulatetrade.Arbitrage（套利）Findingtwoassetsthatareessentiallythesameandbuyingthecheaperandsellingthemoreexpensive.Arbitragepricingtheory(APT)（套利定價(jià)模型）Atheorywherethepriceofanassetdependsonmultiplefactorsandarbitrageefficiencyprevails.Arm’s-lengthPrice（正常交易價(jià)格）Thepriceatwhichawillingbuyerandawillingunrelatedsellerwouldfreelyagreetotransact.Arrearage（遞延款項(xiàng)）Alateoroverduepayment,whichmaybecumulative.Arithmeticmeanreturn（算術(shù)平均報(bào)酬）Anaverageofthesubperiodreturns,calculatedbysummingthesubperiodreturnsanddividingbythenumberofsubperiods.Asianoption（亞洲期權(quán)）Optionbasedontheaveragepriceoftheunderlyingassetsduringthelifeoftheoption.Askedprice(要價(jià)或賣方報(bào)價(jià))Incontextofgeneralequities,priceatwhichasecurityorcommodityisofferedforsaleonanexchangeorintheOTCMarket.Assigned(orstated)value（名義價(jià)值）Anominalvalueassignedtoashareofno-parcommonstockthatisusuallyfarbelowtheactualissuingprice.Assetallocationdecision(資產(chǎn)分配決策)Thedecisionregardinghowaninstitution'sfundsshouldbedistributedamongthemajorclassesofassetsinwhichitmayinvest.Asset-basedborrowing（資產(chǎn)抵押貸款）Aloanmortagagedbytangibleassets.Assetturnoverrate（資產(chǎn)周轉(zhuǎn)率）Thisrateequatessalesamountdividedbyassets,meanshowmanysalesamountcanonedollarassetbringin.AssimilationThepublicabsorptionofanewissueofstocksoncethestockhasbeencompletelysoldbyunderwriter.AsymmetricInformation（信息不對稱）Usuallycomparedtothefirm'smanagement,themajorityofstockholdersinpubliclytradedfirmsarerelativelyuninformedaboutthefirm'searningsprospect,becausemanagementhasmoreinformationthananyoneelse.ThesituationisreferredtoasAsymmetricInformation.AttheMoneyOption（平價(jià)期權(quán)）Anoptionisatthemoneyifthestrikepriceoftheoptionisequaltothemarketpriceoftheunderlyingsecurity.Auctionmarket(拍賣市場)SuchmarketsastheNYSEandtheAMEXarecalled“Auctionmarkets”，Inthesemarketsallthetradersassembledinoneplacetobuyorsellakindofassets.Auctionratepreferredstock(ARPS)(拍賣利率優(yōu)先債券（英國）)Floating-ratepreferredstock,whosedividendisadjustedeverysevenweeksthroughaDutchauction.Authorizedshares（核定股本）Numberofsharesauthorizedforissuancebyafirm'scorporatecharter.Autocorrelation(自相關(guān))Thecorrelationofavariablewithitselfoversuccessivetimeintervals.Sometimescalledserialcorrelation.Automatedtradingsystem（自動(dòng)交易系統(tǒng)）Automatedclearinghouse(ACH)electronictransfer（電子傳輸自動(dòng)結(jié)算所）Thisisessentiallyanelectronicversionofthedepositorytransfercheck.Averageaccountingreturn（平均會(huì)計(jì)報(bào)酬）Theaverageprojectearningsaftertaxesanddepreciationdividedbytheaveragebookvalueoftheinvestmentduringitslife.Averagecollectionperiod,ordaysreceivable(應(yīng)收賬款平均回收期)Thisrateequatesaccountsreceivabledividedbysalesamount.金融詞匯之二Backmonths（后到期月份）Inthecontextoffuturesandoptionstrading,referstothemonthsofcontractswithexpirationdatesfarthestaway.Back-to-backloan（背靠背借款）Aloaninwhichtwocompaniesinseparatecountriesborroweachother'scurrencyforaspecifictimeperiodandrepaytheother'scurrencyatanagreed-uponmaturity.Backwardation（期貨負(fù)價(jià)）Amarketconditioninwhichfuturespricesarelowerinthedistantdeliverymonthsthaninthenearestdeliverymonth.Thismayoccurwhenthecostsofstoringtheproductuntileventualdeliveryareeffectivelysubtractedfromthepricetoday.Baddebt（壞賬）Adebtthatiswrittenoffanddeemeduncollectible.Balancedfunds(平衡型基金)Balancedfundshaveaportfoliomixofbonds,preferredstocksandcommonstocks.Theygenerallyhaveathree-partinvestmentobjective:toconservetheinvestors'initialprincipal,topaycurrentincomeandtopromotelong-termgrowthofboththisprincipalandincome.Balancesheet(資產(chǎn)負(fù)債表)Asummaryofafirm'sfinancialpositiononagivendatethatshowstotalassets=totalliabilities+ownersequity.Balanceofpaymentsmanual(國際收支手冊)Balanceofpayments(國際收支)Astatisticalcompilationformulatedbyasovereignnationofalleconomictransactionsbetweenresidentsofthatnationandresidentsofallothernationsduringastipulatedperiodoftime,usuallyacalendaryear.Balanceofpaymentpresentation(國際收支平衡表)Balloonpayment(氣球尾款，分期付款中最后一筆較大金額的付款)Apaymentondebtthatismuchlargerthanotherpayments.Theultimateballoonpaymentistheentireprincipalatmaturity.BandwagonEffect(攀比效應(yīng))Bankcollectionfloat（銀行浮賬量）Thetimethatelapsesbetweenwhenacheckisdepositedintoabankaccountandwhenthefundsareavailabletothedepositor,duringwhichperiodthebankiscollectingpaymentfromthepayer'sbank.BankDiscountBasis(銀行貼現(xiàn)基準(zhǔn))AconventionusedforquotingbidsandoffersforTreasurybillsintermsofannualizedyield,basedona360-dayyear.BankInsuranceFund(BIF)(銀行保險(xiǎn)基金)AunitoftheFederalDepositInsuranceCorporation(FDIC)thatprovidesdepositinsuranceforbanksexcludingthrifts.Banker'sacceptances(BAs)(銀行承兌匯票)Short-termpromissorytradenotesforwhichabank(byhaving"accepted"them)promisestopaytheholderthefaceamountatmaturity.Banknotes(銀行匯票)Bankholdingcompany（銀行控股公司）Acompanythatownsorhascontrollinginterestintwoormorebanksand/orotherbankholdingcompanies.BankforInternationalSettlements(BIS)（國際清算銀行）AninternationalbankheadquarteredinBasel,Switzerland,whichservesasaforumformonetarycooperationamongseveralEuropeancentralbanks,theBankofJapan,andtheU.S.FederalReserveSystem.Foundedin1930tohandletheGermanpaymentofWorldWarIreparations,itnowmonitorsandcollectsdataoninternationalbankingactivityandpromulgatesrulesconcerninginternationalbankregulation.Bankruptcy（破產(chǎn)）Inabilitytopaydebts.Inbankruptcyofapubliclyownedentity,theownershipofthefirm'sassetsistransferredfromthestockholderstothebondholders.Barrieroptions（障礙期權(quán)）Optioncontractswithtriggerpointsthat,whencrossed,automaticallygeneratebuyingorsellingofotheroptions.Theseareexoticoptions.BarriertoEntry(進(jìn)入壁壘)Baseperiod（基期）Aparticularperiodoftimeusedforcomparativepurposeswhenmeasuringeconomicdata.Basicrate(基本匯率)Basis(基差)Thebasisisthedifferencebetweenthecurrentcashpriceofacommodityandthefuturespriceofaparticularcontractonthecommodity.Basispoint（基點(diǎn)）Inthebondmarket,thesmallestmeasureusedforquotingyieldsisabasispoint.Eachpercentagepointofyieldinbondsequals100basispoints.Basispointsalsoareusedforinterestrates.Aninterestrateof5%is50basispointshigherthananinterestrateof4.5%.Basisrisk(基差風(fēng)險(xiǎn))Riskresultingfromtheuncertaintyofthedifferencebetweenthethecurrentcashpriceofacommodityandthefuturespriceofaparticularcontractonthecommodity.Basket（一攬子，一籃子）Appliestoderivativeproducts.Groupofstocksthatisformedwiththeintentionofeitherbeingboughtorsoldallatonce,usuallytoperformindexarbitrageorahedgingprogram.Basketoptions（一攬子期權(quán)）Packagesthatinvolvetheexchangeofmorethantwocurrenciesagainstabasecurrencyatexpiration.Thebasketoptionbuyerpurchasestheright,butnottheobligation,toreceivedesignatedcurrenciesinexchangeforabasecurrency,eitherattheprevailingforeignexchangemarketrateorataprearrangedrateofexchange.Multinationalcorporationswithmulticurrencycashflowsfrequentlyusebasketoptionsbecauseitisgenerallycheapertobuyanoptiononabasketofcurrenciesthantobuyindividualoptionsoneachofthecurrenciesthatmakeupthebasket.Bearmarket（熊市)Anymarketinwhichpricesexhibitadecliningtrend.Foraprolongedperiod,usuallyfallingby20%ormore.Bearspread(熊市價(jià)差)Appliestoderivativeproducts.Strategyintheoptionsmarketdesignedtotakeadvantageofafallinthepriceofasecurityorcommodity,usuallyexecutedbybuyingacombinationofcallsandputsonthesamesecurityatdifferentstrikepricesinordertoprofitasthesecurity'spricefalls.Bearerbond（不記名債券）Bondsthatarenotregisteredonthebooksoftheissuer.Suchbondsareheldinphysicalformbytheowner,whoreceivesinterestpaymentsbyphysicallydetachingcouponsfromthebondcertificateanddeliveringthemtothepayingagent.Belowpar（低于票面價(jià)值）Lessthanthenominalorfacevalueofasecurity.Benchmark（基準(zhǔn)）Theperformanceofapredeterminedsetofsecurities,usedforcomparisonpurposes.Suchsetsmaybebasedonpublishedindexesormaybecustomizedtosuitaninvestmentstrategy.Benchmarkinterestrate（基準(zhǔn)利率）Alsocalledthebaseinterestrate,itistheminimuminterestrateinvestorswilldemandforinvestinginanon-Treasurysecurity.Itisalsotiedtotheyieldtomaturityofferedonthecomparable-maturityTreasurysecuritythatwasmostrecentlyissued(on-the-run).Besteffortsoffering（證券代銷方式)Asecurityofferinginwhichtheinvestmentbankersagreetouseonlytheirbesteffortstoselltheissuer'ssecurities.Theinvestmentbankersdonotcommittopurchaseanyunsoldsecurities.Beta(β系數(shù))Anindexofsystematicrisk.Itmeasuresthesensitivityofastock'sreturnstochangesinreturnsonthemarketportfolio.Thebetaofaportfolioissimplyaweightedaverageoftheindividualstockbetasintheportfolio.Bid-askedspread(買賣報(bào)價(jià)價(jià)差)Thedifferencebetweentheaskedpriceandthebidprice.BidPrice(詢價(jià)或買方報(bào)價(jià))Thisisthequotedbid,orthehighestpriceaninvestoriswillingtopaytobuyasecurity.Practicallyspeaking,thisistheavailablepriceatwhichaninvestorcansellsharesofstock.Bid-to-coverratio（報(bào)價(jià)成交比例）TheratioofthenumberofbidsreceivedinaTreasurysecurityauctioncomparedtothenumberofacceptedbids.BigBoard（大盤）AnicknamefortheNewYorkStockExchange(NYSE).AlsoknownasTheExchange.Morethan2,000commonandpreferredstocksaretraded.Foundedin1792,theN.Y.S.E.istheoldestexchangeintheUnitedStates,andthelargest.Bilateralfacility(雙邊貸款)Billoflading(提貨單)Ashippingdocumentindicatingthedetailsoftheshipmentanddeliveryofgoodsandtheirownership.BlackFriday(黑色星期五）Aprecipitousdropinafinancialmarket.TheoriginalBlackFridayoccurredonSeptember24,1869,whenprospectorsattemptedtocornerthegoldmarket.BlackMonday(黑色星期一)ReferstoOctober19,1987,whentheDowJonesIndustrialAveragefell508pointsontheheelsofsharpdropsthepreviousweek.OnMonday,October27,1997,theDowdropped554points.Whilethepointdropsetanewrecord,thepercentagedeclinewassubstantiallylessthanin1987.BlindtrustAtrustinwhichafiduciarythirdpartyhastotaldiscretiontomakeinvestmentsonbehalfofabeneficiarywhilethebeneficiaryisuninformedabouttheholdingsofthetrust.Blockhouses(大宗證券公司)Abrokerwhichhelpstofindpotentialbuyersandsellersforblocktrade.Blocktrade(大宗交易)Alargetradingorder,definedontheNewYorkStockExchangeasanorderthatconsistsof10,000sharesofagivenstockoratatotalmarketvalueof$200,000ormore.Blue-chipstocks(藍(lán)籌股)Stocksoftop-quality,well-knownindustrialcorporationswithsignificanteconomicimpact.Gilt-edgedsecurity.(金邊證券）Blueskylaws(藍(lán)天法)Statelawsregulatingtheofferingandsaleofsecurities.Bond(債券)Along-termdebtinstrumentissuedbyacorporationorgovernment.Bondcovenant（債券契約）Acontractualprovisioninabondindenture.Apositivecovenantrequirescertainactions,andanegativecovenantlimitscertainactions.Bonddiscount(債券折價(jià))Theamountbywhichthefacevalueofabondexceedsitscurrentprice.Bondequivalentyield(債券等值收益率)Bondyieldcalculatedonanannualpercentageratemethod.Differsfromannualeffectiveyield.Bondpremium(債券溢價(jià))Theamountbywhichthecurrentpriceofabondexceedsitsfacevalue.Bondrating(債券評級）Aratingbasedonthepossibilityofthedefaultbyabondissuer.TheratingsrangefromAAA(highlyunlikelytodefault)toC(indefault).Bondswapping(債券互換）Thesaleofonebondissueandpurchaseofanotherissuesimultaneously.Bookrunner(承銷薄記人）Themanagingunderwriterforanewissue.Thebookrunnermaintainsthebookofsecuritiessold.Bookvalue(賬面價(jià)值)(I)Anasset:theaccountingvalueofanasset-theasset'scostminusitsaccumulateddepreciation;(2)afirm:totalassetsminusliabilitiesandpreferredstockaslistedonthebalancesheet.Bookvaluepershare(每股帳面價(jià)值）Theratioofstockholderequitytotheaveragenumberofcommonshares.Bookvaluepershareshouldnotbethoughtofasanindicatorofeconomicworth,sinceitreflectsaccountingvaluation(andnotnecessarilymarketvaluation).Bottom（底部）Referstothebasesupportlevelformarketpricesofanytype.Alsousedinthecontextofsecuritiestorefertothelowestmarketpriceofasecurityduringaspecifictime-frame.Bounce（反彈）Acheckreturnedbyabankbecauseitisnotpayable,usuallybecauseofinsufficientfunds.Alsousedinthecontextofsecuritiestorefertotherejectionandensuingreclamationofasecurity;astockprice'sabruptdeclineandrecovery.Bradybonds（布雷迪債券）Bondsissuedbyemergingcountriesunderadebtreductionplan.BreadthofthemarketInthecontextofgeneralequities,percentageofstocksparticipatinginaparticularmarketmove.Technicalanalystssaytherewassignificantbreadthiftwo-thirdsofthestockslistedonanexchangemoveinthesamedirectionduringatradingsession.Breakprice（突破價(jià)位）Usedinthecontextofgeneralequities.Changeone'sofferingorbidpricestomovetoamorerealistic,tightlevelwhereexecutionismorefeasible.Oftendonetotrimone'sposition,thus"breakingprice"fromwherethetradesoccurred(iflong,"breakprice"downward1/8apointormore).Break-evenanalysis(盈虧平衡分析)Atechniqueforstudyingtherelationshipamongfixedcosts,variablecosts,profits,andsalesvolume.Break-evenchart(盈虧平衡圖)Agraphicrepresentationoftherelationshipbetweentotalrevenuesandtotalcostsforvariouslevelsofproductionandsales,indicatingareasofprofitandloss.Break-evenpoint(盈虧平衡點(diǎn))Thesalesvolumerequiredsothattotalrevenuesandtotalcostsareequal;maybeexpressedinunitsorinsalesdollars.Breakingthesyndicate（終止承銷）Terminatinganagreementamongunderwriters,specificallytheinvestmentbankinggroupassembledtounderwritetheissueofasecurity.Breakout（突破）Ariseinasecurity'spriceabovearesistancelevel(commonlyitsprevioushighprice)oradropbelowalevelofsupport(commonlytheformerlowestprice.)Abreakoutistakentosignifyacontinuingmoveinthesamedirection.CanbeusedbytechnicalanalystsasabuyorsellindicatorBrettonWoodsAgreement(布雷頓森林體系)AnagreementsignedbytheoriginalUnitedNationsmembersin1944thatestablishedtheInternationalMonetaryFund(I.M.F.)andthepost-WorldWarIIinternationalmonetarysystemoffixedexchangerates.Bridgefinancing（過渡性融資）Interimfinancingofonesortoranotherusedtosolidifyapositionuntilmorepermanentfinancingisarranged.Broker（經(jīng)紀(jì)人）Anindividualwhoispaidacommissionforexecutingcustomerorders.Eitherafloorbrokerwhoexecutesordersontheflooroftheexchange,oranupstairsbrokerwhohandlesretailcustomersandtheirorders.Also,personwhoactsasanintermediarybetweenabuyerandseller,usuallychargingacommission.A"broker"whospecializesinstocks,bonds,commodities,oroptionsactsasanagentandmustberegisteredwiththeexchangewherethesecuritiesaretraded.BubbleEconomy(泡沫經(jīng)濟(jì))Bulgebracket（主導(dǎo)階層）Atieroffirmsinanunderwritingsyndicatethathavethehighestparticipationlevel.Bullmarket（牛市）Anymarketinwhichpricesareinanupwardtrend.Bullspread（牛市價(jià)差）Aspreadstrategyinwhichaninvestorbuysanout-of-the-moneyputoption,financingitbysellinganout-of-themoneycalloptiononthesameunderlyingsecurity.Bulldogbond（猛犬債券）ForeignbondissuemadeinLondon.Bulletstrategy（子彈式策略）Afixedincomestrategyinwhichaportfolioisconstructedsothatthematuritiesofitssecuritiesarehighlyconcentratedatonepointontheyieldcurve.Businessday（營業(yè)日）Adayinwhichfinancialmarketsareopenfortrading.Businessrisk(經(jīng)營風(fēng)險(xiǎn))Theinherentuncertaintyinthephysicaloperationsofthefirm.Itsimpactisshowninthevariabilityofthefirm'soperatingincome(EBIT).Butterflyspread（蝴蝶價(jià)差）Appliestoderivativeproducts.Complexoptionstrategythatinvolvessellingtwocallsandbuyingtwocallsonthesameordifferentmarkets,withseveralmaturitydates.Oneoftheoptionshasahigherexercisepriceandtheotherhasalowerexercisepricethantheothertwooptions.Thepayoffdiagramresemblestheshapeofabutterfly.Buy-and-holdstrategy（買券持有策略）Apassiveinvestmentstrategywithnoactivebuyin