1 and 20 fees
3(c)1 exemptions
3(c)7 exemptions
3(c)7 fund
5-4-3-2-1 penalty
8-K filing
10-K filing
10-Q filing
12b-1 fee
48-hour rule
125 loans
125 LTV
144A execution
364-day facility
401(k)
501(c)(3) obligations
1035 exchange
ABC. See Asset-backed commercial
Abnormal returns
Absolute priority rule
Absolute return
enhancer. See Real estate
ACCESS dealers
Account representative
Accounting. See Returns
costs
standards. See Non-U.S. companies
Accredited investors
Accrual bonds
Accrual securities
Accrual tranche
Accrued coupon instruments
Accrued dividends
ACLI
Acquisition currency
Active management opportunities
Active portfolio
construction
management, overview
Active risk
Active stock market strategies
Active strategy, securities selection techniques
Actively managed synthetics
Ad valorem property tax debt
Ad valorem tax debt. See Limited ad valorem tax debt
Adams, Jonathan
Adelson, Mark H.
Adjustable-rate mortgages (ARMs)
Adjustable-rate preferred stock (ARPS)
Adjustment factor, calculation
Administrative agent fees
Administrative review. See Hedge funds manager
ADRs. See American Depository Receipts
Advance rate
Advance/decline line
Advisory committee. See Hedge funds manager
Affinity programs
Affirmative covenants
After specified date
After-acquired property clause
Agency CMBS
Agency CMO
Agency incentive arrangement
Agency MBS
Agency note futures contract
Agency passthroughs
Aggregate Bond Index (Lehman Brothers)
Agricultural commodities, managed futures
Agricultural MBS (AMBS)
Aircraft ABS
Aircraft leasing
defaults
enhancement levels
servicing
Airline equipment debt
ALFs. See Assisted living facilities
Alpha synthetics
Alphas
Alternative A loan
Alternative loans
Alternative minimum tax (AMT)
Alternative minimum tax income (AMTI)
Alternative trading systems (ATSs)
Alternatives, rise
Altman, Edward I.
Ambachtsteer, Keith
AMBS. See Agricultural MBS
American Depository Receipts (ADRs)
American option
American Stock Exchange (AMEX/ ASE)
AMEX. See American Stock Exchange
Amortization. See Early amortization
Amortization Extended Loans (Axels)
Amortizing assets, nonamortizing assets (contrast)
Amortizing instruments
Amortizing swap
Amortizing term loan (TLa)
AMT. See Alternative minimum tax
AMTI. See Alternative minimum tax income
Analytics
Angel investor
Annual basis
Annual operating expenses
Annual renewable term
Annual return. See Average annual return; Compound annual return
Annualized IRR
Annualized return
Annuities. See also Fixed annuities; Variable annuities
Annuitization
Anson, Mark J.P.
Anti-takeover provisions
Apartment complexes
Appreciated shares. See Charitable gifts
Appropriation-backed obligations
Arab Oil Embargo of 1973
Arbitrage See also Capital; Convertible bonds; Distressed debt; Fixedincome arbitrage; Index arbitrage; Merger arbitrage; Mortgage-backed arbitrage; Relative value arbitrage
balance sheet transactions, contrast
early termination
hedge funds
mechanism
trade
transactions
Arithmetic mean return
Arizona Stock Exchange (AZX)
Arnott, Robert D.
ARPS. See Adjustable-rate preferred stock
ASE. See American Stock Exchange
Asian options
Asquith, Paul
Asset-backed commercial (ABC) paper
Asset-backed securities (ABSs). See also Credit card ABS; Nonreal estate ABS; Real estate-backed ABS
contrast. See Aircraft ABS; Fixed-rate ABS
features
investing, credit risks
legal structure
sector
Assets. See Financial assets
allocation. See also Synthetic structures decision
classes. See also Traditional asset classes
contrast. See Amortizing assets
diversity score
management
managers
market value
performance
pool
portfolio. See Mixed asset portfolio
pricing models. See Capital Asset Pricing Model; Multi-factor asset pricing models
risks
sales
Assignments
Assisted living facilities (ALFs)
Asymmetric risk
Atlas, Riva D.
ATSs. See Alternative trading systems
Auction
call
market
rate
schedule
Auction rate preferred stock
Auction-based system
Auto loan-backed securities
cash flow
prepayments
revolving period
structures
Autos. See Floating-rate autos
Available funds cap
Average annual return
Average life
Axels. See Amortization Extended Loans
AZX. See Arizona Stock Exchange
B and C borrowers
Back-end loads
Bail-out provisions
Balance sheet
transactions, contrast. See Arbitrage
Balloon mortgages
Bank Holding Company Act
Bank investment contracts (BICs)
Bank of International Settlements (BIS)
Bank of New York
Bank-backed municipal bonds
Bankers acceptances
Bank-qualified issues
Bankruptcy. See also Chapter 11
bankruptcy; Corporate bankruptcy; Involuntary bankruptcy; Pre-packaged bankruptcy; Voluntary bankruptcy
court
interaction. See Distressed debt rates. See Consumer bankruptcy rates
Bankruptcy Reform Act of 1978
Banks for Cooperatives
BANs. See Bond anticipation notes
Barclays Energy CTA index
Barclays Global Investors (BGI). See also iShares Funds
Basel Committee on Banking Supervision
BASIC
Basis, definition
Basis points
Basis price
Basket options
Basket products. See Tradable basket products
BBI. See Bond Buyer Index
B/C/D term loans
BEA. See U.S. Bureau of Economic Analysis
Beginning market value (BMV)
Benchmark. See Hedge funds manager
Bills
index
Notes
portfolio
security. See Risk-free benchmark security
Best efforts syndicates
Beta. See also Factor beta; Yield
BEY. See Bond-equivalent yield
BGI. See Barclays Global Investors
Bhatatacharya, Anand K.
BICs. See Bank investment contracts
Bid-ask spread
Bid/offer spreads
Bid-to-cover ratio
Bierman, Jr., Harold
BIG. See Broad Investment Grade
BIS. See Bank of International Settlements
Black box
Black, Fischer
Black-Scholes model
Blanket indenture
Blind baskets
Block, Frank E.
Block trades
Bloomberg Tradebook
BMA. See Bond Market Association
BMV. See Beginning market value
Board of directors
Bond anticipation notes (BANs)
Bond Buyer Index (BBI)
Bond equivalent
Bond Market Association (BMA)
Bond-equivalent yield (BEY)
Bondholders
bailing in
granted options
Bonds. See also Insured bonds; Refunded bonds; Special bonds
duration
insurance
issue, refunding
managed futures, downside risk protection
risk
selling. See Market
structures
Book value
Book-value payments
Book-value wrapper
Borrowers
restrictions. See Mezzanine debt risk
Bottom-up approach
contrast. See Top-down approach
Brady bonds
Brady market
Brady, Nicholas
Brady Plan
BRASS Utility
Break-even infiation rate
Breakpoint
Broad Investment Grade (BIG) Bond Index
Broad Investment Grade (BIG) Index
Broad-based market index
Brokerage commissions
Broker-dealers (brokers/dealers)
Brokers. See Commission brokers; Full service brokers; Independent floor brokers; Interdealer brokers
Brorsen, B. Wade
Brown, Stephen
Bullets. See Soft bullets
Bundled product
Bureau of Public Debt
Treasury Direct book-entry system
Business
Busted convertible
Buy and build strategies
Buy and hold strategy
Buy limit order
Buy stop order
Buy-and-hold management contracts
Buy-and-hold structures
Buy-and-hold synthetics
Buybacks
Buyouts. See Distressed buyouts; Leveraged buyouts
Buy-sell agreement
Buy/sell orders, imbalance
Byrnes, Nanette
Calendar effects
Call money rate
Call on date
Call options. See also European call options
Call price. See also Effective call price
Call provisions. See also Clean-up calls
Call risk
Callable repo
Call-out date
Cancellation fees
Capacity. See Hedge funds manager
Capital. See Seed capital
appreciation. See also Realized capital appreciation; Unrealized capital appreciation
call
contribution
depreciation
expenditures
gains. See also Shortterm capital gains
deferral. See Long-term capital gains
distributions
market
structure arbitrage
Capital Asset Pricing Model (CAPM)
Capital Auto Receivables Asset Trust (CARAT)
Capitalization. See also Market
CAPM. See Capital Asset Pricing Model
Caps
CARAT. See Capital Auto Receivables Asset Trust
Cash and carry business
Cash collateral account (CCA)
Cash flows. See also Auto loan-backed securities; Collateral; Excess cash flow; External cash flows
allocations
average life
construction, example. See Monthly cash flow construction
distribution. See Principal cash flow
pari passu claim
stability
timing
transactions
uncertainty
yield
Cash management bills
Cash market
Cash merger
Cash positions, comparison. See Synthetic positions risks
Cash reserve funds
Cash value buildup
Cash value life insurance
Cash value whole life insurance (CVWLI)
Cash yield
Cash-and-carry trade
Catastrophe call provision
Cavaglia, Stefano
CBD. See Central business district
CBO. See Collateralized bond obligation; Competitive Bid Option
CBOE. See Chicago Board of Options
CBOT. See Chicago Board of Trade
CBT. See Chicago Board of Trade
CCA. See Cash collateral account
CDOs. See Collateralized debt obligations
CDs. See Certificates of deposit
CDSC. See Contingent deferred sales charge
CEA. See Commodity Exchange Act
Census Bureau. See U.S. Census Bureau
Central business district (CBD)
Certificate of Need (CON)
Certificates of deposit (CDs). See also Eurodollar CDs; Large-denomination negotiable CDs
equivalent yield
futures. See Eurodollars
issuers
yields
CFTC. See Commodity Futures
Chain linking
Chaos theory
Chapter 11 bankruptcy
Charge-offs
Charitable gifts, appreciated shares
Chartists
Cheapest-to-deliver issues
Chew, Jr., Donald H.
Chicago Board of Options (CBOE)
Chicago Board of Trade (CBT/ CBOT)
Chicago Mercantile Exchange (CME)
Choudhry, Moorad
Christopherson, Jon A.
Chugh, Lal
CIA. See Collateral invested amount
Circuit breakers (Rule 80B)
Civil actions. See Hedge funds manager
Claw back incentive fees
Clawback
CLCs. See Construction loan certificates
Clean-up calls
Clients, communication
CLNs. See Credit-linked notes
CLOs. See Collateralized loan obligations
Closed-end funds. See also Target term closed-end funds
Closed-end HELs
Closed-end home equity loanbacked securities
credit enhancement
payment structure
Club deal
Clusters
CME. See Chicago Mercantile Exchange
CMOs. See Collateralized mortgage obligations
CMSA. See Commercial Mortgage Securitization Association
CMT. See Constant Maturity; Constant Maturity Treasury; Constant Treasury Maturity
Co-branded programs
Coefficient of determination. See Determination
COFI. See Eleventh Federal Home Loan Bank Board District Cost of Funds Index
Coggin, T. Daniel
Cointingent voting
Collars
Collateral. See also Residential real estatebacked securities; Student loan-backed securities
cash flows
certificate
control
delivery
marking
pool
risks
substitution. See Mandatory collateral substitution
types
Collateral invested amount (CIA)
Collateralization. See Overcollateralization
Collateralized bond obligation (CBO)
Collateralized borrowing. See Financial markets
Collateralized debt obligations (CDOs). See also Synthetic CDOs
deals, incentive structures
portfolio, management
common sense
rules
track records
structure
Collateralized loan obligations (CLOs)
Collateralized mortgage obligations (CMOs). See also Agency CMO; Nonagency CMO; Sequential-pay CMOs
Collins, Bruce M.
Collins, Daniel
Comer, George
COMEX. See Commodity Exchange of New York
Commercial bidders
Commercial MBS (CMBS). See also Agency CMBS; Private label CMBS
credit quality, evaluation
history
indices
investment characteristics
issue
regulatory issues
servicing/monitoring
structure
transactions
types
Commercial Mortgage Securitization Association (CMSA)
Commercial mortgages
Commercial paper
See also Asset-backed commercial paper; Enhanced commercial paper; Unenhanced commercial paper
credit ratings
VRDO hybrid
yield
Commercial real estate mortgages
Commingled accounts
Commingled funds
Commission brokers
Commission-based financial planners
Commissions
Commitment fee
Commodity Credit Corporation
Commodity Exchange Act (CEA)
Commodity Exchange of New York (COMEX)
Commodity Futures Trading Commission (CFTC)
Commodity Pool Operator (CPO)
Commodity pools. See also Private commodity pools
Commodity Trading Advisors (CTAs)
Common stock
current income, contrast. See Convertible bonds
equivalent
investing
portfolio management, overview
preferred stock, contrast
Company representatives, interview
Company-prepared information
Company-specific information
Company-specific risk
Compensating interest
Compensation, calculation
Competitive Bid Option (CBO)
Competitive Equality and Banking Act in 1987
Competitive transition charge (CTC)
Compound annual IRR
Compound annual return
Compound interest
Compound return
CON. See Certificate of Need
Concentration risk
Conditional annualized volatility
Conditional order
Conditional prepayment rate (CPR)
Connelly, Christopher
Constant Maturity (CMT)
Constant Maturity Treasury (CMT)
Constant Treasury Maturity (CMT)
Construction loan certificates (CLCs)
Consumer bankruptcy rates
Consumer Price Index (CPI)
Consumer Price Index for all Urban Consumers (CPIU). See also NonSeasonally Adjusted AllUrban Consumer Price Index
Contingent deferred sales charge (CDSC)
Contract
considerations. See Stable-value contracts
rate
Contraction risk
Conversion
factors. See U.S. Treasury bonds
parity price
price. See Market
ratio
value
Conversion-forcing-call
Converted price
Convertible bonds
analysis
arbitrage
common stock, current income (contrast)
downside risk
features
investment characteristics
minimum value
risk/return profile
upside potential
Convertible preferred stock
Convexity
Corporate bankruptcy
Corporate bonds
indexes
ratings
Corporate guarantee
Corporate re-capitalizations
Corporate spreads
Corporate venture funds
Corporate/Government bond index (Lehman Brothers)
Corporations, overstaffing
Correlations
Cost basis
Cost management
Cost of carry valuation model
Cottle, Sidney
Counterparty risk
Coupon
interest
nonpayment
payment
rate
Court-mandated divestiture
Covenants. See also Affirmative covenants; Financial covenants; Negative covenants
Coverage
Cox, T. Anne
CPI. See Consumer Price Index
CPI-U. See Consumer Price Index for all Urban Consumers
CPO. See Commodity Pool Operator
CPR. See Conditional prepayment rate
Creation bias
Creation fee
Credit
analysis. See Sovereign credit
balance
borrowers
default swap
derivatives
enhancements. See also Closed-end home equity loan-backed securities; Credit card receivables; External credit enhancements; Internal credit enhancements
levels, rating agency determination
programs. See Debt
event
exposure. See also Zerocost credit exposure
four Cs
instrument. See Short-term credit instrument
options. See also Standard credit option
portfolio, diversification
protection. See Short-term credit protection
quality
evaluation. See Commercial MBS
ratings. See Commercial paper
reputation
spreads
swaps
switches
tenant
tranching
trigger provision
Credit card ABS
industry consolidation
life cycle
market
Credit card receivables
credit enhancement
rating agency considerations
securitization
Credit cards. See General purpose credit cards; Private label credit cards; Teaser rate credit cards
market segments
transactions
Credit risk. See also Asset-backed securities
axis
credit derivatives, interaction
economic considerations
exposures
usage
Credit tenant loan deals
Credit-linked notes (CLNs)
Creditor rights
Credit-sensitive asset
Credit-sensitive security
Criminal actions. See Hedge funds manager
CrossBorder Capital
Cross-collateralized properties
Cross-defaulted properties
CTAs. See Commodity Trading Advisors
CTC. See Competitive transition charge
Cumulative growth rates
Cumulative preferred stock
Cumulative returns
Currency
markets, managed futures
risk
Currency-denominated bonds
Currency-linked notes
Current income, contrast. See Convertible bonds
Currently callable issue
CUSIP
CVWLI. See Cash value whole life insurance
Cyclical stock managers
Darbyshire, Dr. Paul
Das, Satyajit
Data, restatement. See Financial statement data
Deal
Dealer bank
Dealer paper, contrast. See Direct paper
Death benefit (DB). See also Rising floor DB; Stepped up DB
Debit balance
DeBondt, Werner
Debt. See Distressed debt; Domestic debt; Mezzanine debt; Public debt
book value
consolidation
incurrence test
issuance
obligations
public credit enhancement programs, support
private equity
restructuring criterion
retirement structure
securities, issuance
Debt instruments. See Capital market; Emerging debt instruments; Short-term debt instruments
characteristics
equity instruments, contrast
payment provisions
Debt service (DSC)
Debt/equity hybrid. See Real estate
Debt-equity mix, usage
Debtor-in-possession
Debt-servicing capacity
DECS. See Dividend Enhanced Convertible Stocks
Dedicated portfolios
Dedicated tax-backed obligations
Default. See Aircraft leasing
probability
risk
statistics
swap
contract, notional amount
Default-free instruments
Defeasance
Deferment period
Deferred annuity. See also Flexible premium deferred annuity
Deferred call
Deferred coupon structures
Deferred-interest bonds
Defined-benefit plan fixed-income portfolio
Defined-contribution plans
Delegated Underwriting and Servicing (DUS)
De-linked issuance structure
Delivery
Delta
Depository institutions
Depository Trust Company (DTC)
Depreciation. See Capital
Derivative instruments
Derivative markets
Derivative products
Derivatives. See Credit; Equity; Interest rate; Over-theCounter derivatives
Derivatives Product Companies (DPCs)
Determination, coefficient
DIAMONDS
Differential spread, extraction
Dillon, John M.
Direct paper, dealer paper (contrast)
Disaster planning
Disclosures, regulatory authorities (requirements)
Discount bonds
Discount brokers
Discount notes
Discounted cash flow models
Distressed buyouts
Distressed debt
arbitrage
bankruptcy, interaction
conversion. See Private equity
investing, risks
undervalued security
usage. See Private equity
Distribution
advantage
channels. See also Third-party distribution channels
costs
fee
Diversifiable risk
Diversification. See also Investment; Macroeconomic diversification; Markowitz diversification
Diversity score
Dividend Enhanced Convertible Stocks (DECS)
Dividends
DJIA. See Dow Jones Industrial Average
Dollar
bond
interest
price
rate
return
rolls
Domestic debt
Double taxation, threat
Double-barreled bonds
Dow, Charles
Dow Jones 30 Industrial Companies
Dow Jones EURO 50 stock indexes
Dow Jones Industrial Average (DJIA)
Dow Jones STOXX 50
Dow Theory
Downside risk. See Convertible bonds
protection. See Bonds; Stocks
DPCs. See Derivatives Product Companies
Drawdowns
Druckenmiller, Stanley
DSC. See Debt service coverage
DTC. See Depository Trust Company
Dually listed stocks
Due diligence. See Hedge funds manager
Duration. See also Bonds; Effective duration; Real duration; Spread
DUS. See Delegated Underwriting and Servicing
Dutch auction preferred stock
EAFE. See Europe Australasia and the Far East
Eales, Brian
Early amortization
Early termination. See Arbitrage Earnings before interest and taxes plus depreciation and amortization (EBITDA)
Earnings, surprises
EBITDA. See Earnings before interest and taxes plus depreciation and amortization
ECNs. See Electronic communications networks
Economic considerations. See Credit
Economic data
Economic value added (EVA)
EDGAR. See Electronic Data Gathering and Retrieval
Edwards, Franklin
EETCs. See Enhanced ETCs
Effective call price
Effective duration
Efficiency. See Stock market
Efficient portfolio
EFP. See Exchange for futures for physicals
EFTs. See Exchange-traded funds
Electronic communications networks (ECNs)
Electronic Data Gathering and Retrieval (EDGAR)
Eleventh Federal Home Loan Bank Board District Cost of Funds Index (COFI)
Elton, Edwin J.
Embedded cash settled swap
EMBI. See Emerging Markets Bond Index
EMD. See Emerging markets debt
Emerging Markets Bond Index (EMBI/J.P. Morgan)
Emerging markets debt (EMD)
bonds
indices
instruments
local issues
recovery rates
spreads
Employee Retirement Income Security Act of 1974 (ERISA)
Employee turnover
EMV. See Ending market value
Ending market value (EMV)
Endowments
Energy markets, managed futures
Enhanced commercial paper
Enhanced ETCs (EETCs)
Enhancement. See Credit levels. See Aircraft leasing; Rate reduction bonds
Entrepreneurial mindset, unlocking
Equipment
debt. See Airline equipment debt
lines
Equipment trust certificates (ETCs). See also Enhanced ETCs
Equipment trust financing (railroads)
Equity. See Private equity
derivatives. See also Over the-Counter
financing
instruments
contrast. See Debt instruments
issuance
options. See Listed equity options
securities
style
swaps
tranche
Equity long/short
hedge funds
manager
strategies
Equivalent taxable yield
ERISA. See Employee Retirement Income Security Act
Esaki, Howard
Escrowed-to-maturity bonds
Estate taxes
ETCs. See Equipment trust certificates
ETFS. See Exchange-traded funds
ETFs. See Exchange-traded funds
Eurobonds
Eurodollar CDs (Euro CDs)
Eurodollars
Europe Australasia and the Far East (EAFE) Index
European call options
European Monetary Union
European option
EVA. See Economic value added
Event-driven hedge funds
Evergreen
Excess cash flow
Excess interest
Excess servicing spread accounts
Excess spread
Exchange for futures for physicals (EFP)
Exchange rate risk
Exchangeable bond
Exchange-traded funds (ETFS/ ETFs/EFTs). See also Open ETFS
competitors
history/structure
options
products
taxes/tax efficiency
Exchange-traded futures options
Exchange-traded interest rate options
Exercise price
Exit plan. See Venture capitalists
Exotic options
Exotics
Expected price volatility
Expected return
Expense ratio
Expiration
Expiry date
Explicit costs. See Trading
Export-Import Bank of the United States
Exposure. See Passive exposure
Extended term insurance
Extendible reset bond
Extension risk
External cash flows
External credit enhancements
Fabozzi, Frank J.
Face value
Facility fee
Facility risk
Facility syndicating. See Loans
FACO. See Farm Credit Financial Assistance Corporation
Factor beta
Fair and orderly market
Fair value. See also Securities
Fallen angels
Fama, Eugene F.
Farm Credit Financial Assistance Corporation (FACO)
Farmers Housing Administration
Farrell, Jr., James L.
FAS. See Financial Accounting Standards
FAs. See Funding agreements
FASB. See Financial Accounting Standards Board
FCCR. See Fixed charge coverage ratio
Federal agency securities
Federal Agricultural Mortgage Corporation
Federal Aviation Act of 1958
Federal Family Education Loan Program (FFELP)
Federal Farm Credit Bank System (FFCBS)
Federal Farm Credit Banks
Federal Farm Credit Banks Funding Corporation (FFCBFC)
Federal Farm Credit System (FFCS)
Federal funds
Federal Home Loan Bank System (FHLBank System)
Federal Home Loan Banks
Federal Home Loan Mortgage Corporation (FHLMC)
Federal Housing Administration (FHA)
Federal Intermediate Credit Banks
Federal National Mortgage Association (FNMA)
mortgage-backed security
Trust 2
Federal Reserve
Federal Reserve Bank of New York
Federal Reserve Banks
Federal Reserve System
Federal Savings and Loan Insurance Corporation (FSLIC)
Federally related institutions
Fee-based financial advisors
Feeder fund
Feldstein, Sylvan G.
FFCBFC. See Federal Farm Credit Banks Funding Corporation
FFCBS. See Federal Farm Credit Bank System
FFCS. See Federal Farm Credit System
FFELP. See Federal Family Education Loan Program
FHA. See Federal Housing Administration
FHLBank System. See Federal Home Loan Bank System
FHLMC. See Federal Home Loan Mortgage Corporation
FICO. See Financing Corporation
FIFO. See First-in first-out
Filings. See 8-K filing; 10-K filing; 10-Q filing
Fill or kill order
Filter rules, simplification
Finance charge allocations
Financial Accounting Concept 1
Financial Accounting Standards Board (FASB)
Financial Accounting Standards (FAS), Statement
Financial advisors. See Fee-based financial advisors
Financial assets
Financial covenants
Financial information, sources
Financial Institutions Reform Recovery and Enforcement Act (FIRREA)
Financial instruments
overview
purchase, funds (borrowing)
valuation
Financial markets
classification
collateralized borrowing
role
Financial service companies, prepared information
Financial statement data
prior years' data, restatement
usage, issues
Financial statements
Financial Times, 141
Financials, managed futures
Financing. See Mezzanine financing
cost, determination
steps. See Venture capital
Financing Corporation (FICO) scores
Firm effect. See Neglected firm effect; Small-firm effect
FIRREA. See Financial Institutions Reform Recovery and Enforcement Act
First and general mortgage bonds
First and refunding mortgage bonds
First call date
First loan tranche
First loss piece
First mortgage bonds
First refunding mortgage bonds
First-in first-out (FIFO)
Fisher, Jeffrey
Fixed annuities
Fixed charge coverage ratio (FCCR)
Fixed Income Funds (Nuveen Investments)
Fixed periodic premiums
Fixed-charge coverage test
Fixed-for-floating rate swaps
Fixed-income arbitrage
Fixed-income index funds
Fixed-income instruments
Fixed-income investors
Fixed-income managers
Fixed-income portfolio managers
Fixed-income products
Fixed-rate ABS, floating-rate ABS (contrast)
Fixed-rate coupons
Fixed-rate debt
Fixed-rate level-payment fully amortized mortgage
Fixed-rate options
Fixed-rate payer
Fixed-rate preferred stock
Fixed-rate receiver
Fixed-rate Treasury notes
FLexible EXchange (FLEX) Option
Flexible periodic premiums
Flexible premium deferred annuity (FPDA)
FLIRB
Floating coupons
Floating-rate ABS contrast. See Fixed-rate ABS
Floating-rate autos
Floating-rate bond
Floating-rate coupon
Floating-rate debt
Floating-rate revolving loan
Floating-rate securities
Floors
Flow of Funds report
Flow-of-funds structure.
FNMA. See Federal National
Focardi, Sergio
Folio baskets
Forced savings
Foreclosure
Forward contracts
Forward rate agreements (FRAs)
Forward-looking estimates
Foundations
Fourth market
FPDA. See Flexible premium deferred annuity
Franchise-loan backed securities
major sectors
risk considerations
security characteristics
FRAs. See Forward rate agreements
Fredman, Albert J.
FSLIC. See Federal Savings and Loan Insurance Corporation
Full service brokers
Full vote
Fund of funds. See Hedge fund of funds; Venture capital fund of funds
Fundamental analysis, technical analysis (contrast)
Fundamental analysis-based strategies
Fundamental long/short hedge funds
Fundamental security analysis
Funding agreements (FAs)
Funding leg
Funding premium
Funds
borrowing. See Financial instruments
cap. See Available funds cap; Net funds cap
Fung, William
Future value (FV)
Futures. See Managed futures; U.S. Treasury bills; U.S. Treasury bonds; U.S. Treasury notes
contracts. See also Agency note futures contract; Federal funds; Long-term municipal bond index futures contract; Nearby futures contract; Swaps
contrast. See Options
earnings growth
features
market. See Government-sponsored enterprises
options
position
price
pricing. See Stocks
FV. See Future value
GAAP. See Generally Accepted Accounting Principles
GACs. See Guaranteed annuity contracts
Gamma
GAO. See U.S. General Accounting Office
GARCH. See Generalized autoregressive conditional heteroscedasticity
GARP. See Growth at a reasonable price
Gastineau, Gary L.
General account products
separate account products, contrast
General and refunding (G&R) mortgage bonds
General collateral repo rate
General market names
General obligation debt. See also Unlimited tax general obligation debt
General purpose credit cards
General Services Administration
Generalized autoregressive conditional heteroscedasticity (GARCH)
Generally Accepted Accounting Principles (GAAP)
Geometric linking
Geometric mean return
GICs. See Guaranteed investment contracts
Gilberto, Michael
GKO market
Global macro hedge funds
Global Master Repurchase Agreement
Goetzmann, William
Goldman, Sachs & Co.
Good till canceled order
Gottschalk, Jr., Earl C.
Government agencies, prepared information
Government National Mortgage Association (GNMA)
futures contract
mortgage passthrough security
rate
Government sponsored agency instruments
Government-sponsored enterprises (GSEs)
debt collateral, repo transactions market
description
futures market
issuance platforms. See Programmatic GSE issuance platforms
securities
description
types/features
GovPX
G&R. See General and refunding
Grace period
Grace, W.R.
Graham, Benjamin
Grant, James L.
Gross Domestic Product (GDP)
Gross Treasury issuance
Gross WAC (GWAC)
Groups. See Sponsor group concept
Growth at a reasonable price (GARP)
Growth rate. See also Cumulative growth rates
Gruber, Martin J.
GSEs. See Government-sponsored enterprises
Guaranteed annuity contracts (GACs)
Guaranteed cash value buildup
Guaranteed investment contracts (GICs). See also Separate-account GICs; Synthetic GICs
Guaranteed life insurance
Guardian Life Insurance Company
GWAC. See Gross WAC
Haircut
Hard dollars
Hard puts
Harris, Guy
Harrison, M.
Health care revenue bonds
Health maintenance organizations (HMOs)
Healthcare properties
Hedge fund of funds
Hedge Fund Research Inc. (HFRI)
Hedge funds. See also Arbitrage; Equity; Event-driven hedge funds; Global macro hedge funds; Market neutral hedge funds; Short selling
fees
inclusion, question. See Investment
industry, graphical presentation
investing. See Opportunistic hedge fund investing
investment
objective
process
strategic review
strategy
list
organization
performance
regulation
statistical data
strategies
Hedge funds manager. See also Quantitative equity long/short hedge fund managers
administrative review
advisory committee
benchmark
civil/criminal/regulatory action
competitive advantage
due diligence
intelligence
investment
ideas
process
securities
strategy, capacity
style
legal review
organization
ownership
portfolio position
questions
reference checks
registration, documentation
selection
service providers
structural review
Hedges, real estate (usage). See Infiation
Hedging
HEL. See Home equity loan
HELOCs
HFRI. See Hedge Fund Research Inc.
HIC. See Hold-in-custody
High equity-like returns
High water mark
High watermark
Higher education revenue bonds
High-expected return stocks
High-yield bonds
High-yield corporate bonds
High-yield corporate deals
High-yield issuance
HIPs
Hit-and-take system
HMOs. See Health maintenance organizations
Ho, Michael Y.
Hold-in-custody (HIC) repo
HOLding Company Depository Receipts (HOLDRs)
Holding period
HOLDRs. See HOLding Company Depository Receipts
Hold/sell decision
Home equity loan (HEL). See also Closed-end HELs
floaters
HEL-backed securities. See Closed-end home equity loan-backed securities; Open-end home equity loan-backed securities
transactions
Home equity loan-backed securities
Hotels
Housing Finance Agency
Housing revenue bonds
Hsieh, David
Hube, Karen
Hudson-Wilson, Susan
Hurdle rate
IASC. See International Accounting Standards Committee
Ibbotson, Roger
Idiosyncratic risk
ILFs. See Independent living facilities
IMF. See International Monetary Fund
IMM. See International Monetary Market
Immediate annuity
Impact costs
Implied funding rate
Implied repo rate
In the money (ITM)
In-and-out trade
Incentive structures. See Collateralized debt obligations
Income distribution
Income per capita criterion
Indentures. See also Blanket indenture; Openended indenture
Independent floor brokers
Independent living facilities (ILFs)
Index amortizing swap
Index arbitrage
Index funds. See also Fixed-income index funds
Index futures, pricing. See Stocks
Index options
Index participation shares (IPS)
Index swap
Indexed portfolio, construction
Indexing
Individual investors
Individual retirement accounts (IRAs)
Individually managed account
Industrial projects
Industry data
INEGI. See Instituto Nacional de Estadistica Geografia e Informatica
Infiation
hedge, real estate (usage)
rate. See Break-even infiation rate
risk
Infiation-indexed bonds
Infiation-indexed securities
Infiation-indexed Treasury instruments
Infiation-sensitive investors
Information costs
Information Ratio (IR)
In-house management
Initial margin requirements
Initial public offering (IPO)
experience
seeking
status
structure
In-kind contributions
In-kind deposits
Inro, Daniel C.
Inside buildup
Insider activity, following
Insider Trading and Securities Fraud Enforcement Act of 1988
In-state issue
Institutional investors. See also Liability-driven institutional investors
compensation
trading arrangements
Institutional loans
Institutional term loan
Institutional trading
Instituto Nacional de Estadistica Geografia e Informatica (INEGI)
Insurance. See also Investment-oriented life insurance
companies. See also Mutual insurance company; Stock insurance company
policy
portfolios
Insured bonds
Intellectual property rights
Interchange
Interdealer brokers
Interdealer market
Interdealer trading volume
Interest. See Compensating interest; Dollar; Excess interest; Simple interest; Taxexempt interest
coverage test
differential
expense
deductibility. See Municipal securities
payments
ratio. See Short interest ratio structure. See Shifting interest structure
Interest bearing accounts
Interest coverage test
Interest rate
caps
risk/return characteristics
derivatives
floors
risk/return characteristics
futures. See also Long-term instruments; Short-term instruments
options
risk
swaps
swaps, risk/return characteristics
Interest-on-interest potential
Interest-only (IO)
class
mortgage
securities
strips
Intermediate Government/Corporate Bond Index (Lehman Brothers)
Internal credit enhancements
Internal rate of return (IRR). See also Annualized IRR; Compound annual IRR
Internal Revenue Code
Internal Revenue Service Code
International Accounting Standards Committee (IASC)
International Monetary Fund (IMF)
International Monetary Market (IMM)
International Swap and Derivatives Dealer (ISDA)
benchmark
credit default swap documentation
Credit Derivatives definitions
Intra-day NAV
Intra-day prices
Intra-day updates
Intrinsic value. See Options
Inverse floaters
Investable stocks
Investing. See Proprietary investing
advantages. See Mutual funds
fundamentals
private equity form
risks. See also Distressed debt
skill-based style
Investment. See Real estate
accounts, withdrawal
advisor. See also Registered Investment Advisors
advisory fee
characteristics. See Convertible bonds
companies
contracts
cost
execution. See Real estate fund
income
management
manager
decisions, timing
performance
markets
objectives. See Hedge funds
performance
policy, establishment
program, hedge funds inclusion (question)
returns, calculation
strategy. See Hedge funds diversification
styles, skill-based nature
types
universes, real estate (impact)
value
vehicles. See Venture capital
Investment Adviser’s Act of 1940
Investment Company Act of 1940
Investment-grade bonds
Investment-grade corporate deals
Investment-grade portfolio
Investment-grade status
Investment-oriented insurance
Investment-oriented life insurance
Investor interest
Investors. See Accredited investors; Fixed-income investors; Infiation-sensitive investors; Non-U.S. investors; Risk-sensitive investors; Risk-tolerant investors; Vulture investors
characteristics. See Real estate
decisions, timing
manager timing decisions, segregation
equity
mezzanine debt, advantage
real estate, relevance
Investors Business Daily, 141
Investors relation (IR)
Invoice price
Involuntary bankruptcy
IO. See Interest-only
IPO. See Initial public offering
IPS. See Index participation shares
IR. See Information Ratio; Investors relation
IRAs. See Individual retirement accounts
IRR. See Internal rate of return
Irrevocable line of credit
Irwin, Scott
ISDA. See International Swap and Derivatives Dealer
iShares Funds (Barclays Global Investors)
iShares MSCI Series
Issuers
full faith/credit
services
types
Issues, features
ITG Posit
ITM. See In the money
Jacobs, Bruce I.
Jaing, Christine X.
Jensen, Michael
Joint ventures
Jonas, Caroline
J.P. Morgan. See also Emerging Markets Bond Index
Junior subordinated notes
Junk bonds
Kappa
Kasapi, Andrew
Keim, Donald B.
Key person provisions
Kishore, Vellore M.
Kreps, D.
Kritzman, Mark
Krukemyer, Terry
Large cap
Large-denomination negotiable CDs
Lau, Sheila
LBOs. See Leveraged buyouts
LC. See Letter of credit
League tables
LEAPS. See Long-term Equity Anticipation Securities
Lee, Wayne Y.
Legal review. See Hedge funds manager
Legal/regulatory issues. See Venture capital
Lehman Aggregate Index
Lehman Brothers. See also Aggregate Bond Index; Corporate/Government bond index; Intermediate Government/Corporate Bond Index; U.S. Aggregate Index
Lehman Investment Grade Corporate Index
Lending rates
Letter of credit (LC)
Letter of intent
Level loads
Level-premium term
Leverage
principles
short-term financing
usage
Leveraged build-up
Leveraged buyouts (LBOs)
fund
impact. See Operating efficiency
risks
studies
target companies
theoretical example
turnaround strategies
value creation, process
Leveraged fallouts
Leveraged loans
Levy, Kenneth N.
L'Heureux, Steven
Li, Kai
Liability-driven institutional investors
Liability-driven objectives
Liang, Bing
LIBID. See London Interbank Offered Rate
Life insurance. See Cash value life insurance; Investment-oriented life insurance; Single-premium life insurance
contract
overview. See Cash value whole life insurance
policy
taxability
uses
Life Insurance Marketing and Research Association (LIMRA)
LIFFE. See London International Financial Futures Exchange
LIFO
Limit order
Limited ad valorem tax debt
Limited documentation loan
Limited liability companies (LLCs)
Limited partnerships
LIMRA. See Life Insurance Marketing and Research Association
Lin, YuChen
Line of credit. See Irrevocable line of credit; Revolving line of credit
Liquidity. See also Periodic liquidity
Listed equity options
OTC equity options, contrast
Listed options, features
Listed stocks
Listing requirements
Living benefits
LLCs. See Limited liability companies
Loans
definition. See Syndicated loan
facility syndicating
maturity
size
structuring
syndicating
Loans/average size, number
Loan-to-value (LTV)
program. See 125 LTV
ratio
Local credits
Local levels, tax treatment
Lockout period
Lockups
London Guildhall University
London Interbank Offered Rate (LIBOR)
1-month
3-month
6-month
bid rate (LIBID)
exchange
floaters
funding
LIBOR-based payments
LIBOR-based return
LIBOR-indexed assets
LIBOR-linked coupon
link
margin
payment
rates
spread
London International Financial Futures Exchange (LIFFE)
Long futures
Long Term Capital Management (LTCM)
Long-only managers
Long/short hedge funds. See Equity long/short
Long/short positions, value
Long-short strategy. See also Market
Long-term bonds, sale
Long-term capital gains, deferral
Long-term capital projects
Long-term care
Long-term Equity Anticipation
Securities (LEAPS)
Long-term instruments, interest rate futures
Long-term municipal bond index futures contract
Long-term OTC agreements
Losses
allocation methods
occurrence
passthrough
Low-basis stock, tax impact
Low-expected return stocks
LTCM. See Long Term Capital Management
LTV. See Loan-to-value
Lucas, Gerald
Ma, Cindy
M&A transactions
Maastricht hurdles
MacPherson, Art
Macroeconomic diversification
Madhavan, Ananth
Mahoney, Christopher
Maintenance margin
Maintenance test
Managed accounts
Managed futures. See also Agricultural commodities; Currency; Energy markets; Financials; Metals markets
downside risk protection. See Bonds; Stocks
history
industry
basics
prior empirical research
return distributions
Management
character fee
restrictions
structures
Management discussion and analysis (MDA)
Managers
applications. See Portfolios timing decisions. See Investment
segregation. See Investor decisions
Mandate, winning
Mandatory collateral substitution
Mandatory prepayments
Mann, Steven V.
Manufactured housing (MH)
Manufactured housing-backed securities
Margin. See also Repurchase agreements
requirements. See also Initial margin requirements
transactions
Maritime Administration
Marked-to-market
Market. See Fair and orderly market; Primary markets; Secondary markets
anomaly strategies
bonds, selling
cap
capitalization
conventions
conversion price
debt. See Emerging markets debt
discount cutoff price
maker. See Credit
portfolio
rates. See Short-term market rates
risk
sectors, exposure
timers
timing
transparency
Market if touched order
Market neutral hedge funds
Market neutral long-short strategy
Market neutral managers
Market neutral strategy
Market value
Market value adjusted (MVA) annuities
Market value at the beginning (MVB)
Market value at the end (MVE)
Market XT
Market-at-close
Markowitz diversification
Markowitz, Harry M.
Mass customization
Master note trust
Master owner trust (MOT) structures
Master servicers
Master trust. See Nonsocialized master trust
Master trusts/funds
Material adverse change
Mathieson, Donald J.
Maturity
restrictions
structure. See also Serial maturity structure; Term maturity structure
value
McCarthy, David
MDA. See Management discussion and analysis
M&E charges
Meador, Joseph
MEC. See Modified Endowment Contract
Medium-term notes (MTNs)
Mengden, Anne
Merger arbitrage
Merrill Lynch
High Yield Index
Merchant Banking Group
Mortgage Index
Metals markets, managed futures
Mezzanine bonds
Mezzanine debt
advantage. See Investors
board representation
borrower restrictions
fund
payment priority
repayment schedule
Mezzanine financing
Mezzanine funds
Mezzanine tranches
MH. See Manufactured housing
Mid-Cap SPDRs
Middle-of-the-road stocks
Midwest Exchange
Mini contracts, introduction
MIP. See Monthly Investment Plan
Mixed asset portfolio, real estate
MLMI. See Mount Lucas Management Index
Modern portfolio theory (MPT)
Modified Dietz return
Modified Endowment Contract (MEC)
Money at risk
Money market equivalent yield
Money market instruments
Money, time value
Money weighted return (MWR)
Monthly cash flow construction, example
Monthly Investment Plan (MIP)
Monthly payment rate
Moody’s Investors Service
Moos, Jeanne
Moral obligation bonds
Morgan Stanley
Morgan Stanley Capital International (MSCI)
Series. See iShares MSCI Series
Morgan Stanley Dean Witter
Mortality expense
Mortgage passthrough securities
Mortgage swaps
applications
disadvantages
features
structure
valuation
Mortgage-backed arbitrage
Mortgage-backed securities (MBSs). See also Agency MBS; Agricultural MBS; Commercial MBS; Nonagency MBS; Stripped MBS
Mortgages. See also Adjustable-rate mortgages; Balloon mortgages; Fixedrate level-payment fully amortized mortgage
bonds. See Utility mortgage bonds
debt
leg
products. See Real estate
rate
types
Most distant futures contract
MOT. See Master owner trust
Mount Lucas Management Index (MLMI)
Moving averages
MPT. See Modern portfolio theory
MSCI. See Morgan Stanley Capital International
MTNs. See Medium-term notes
Mulligan, John
Mullins, Jr., David W.
Multi-currency options
Multi-factor asset pricing models
Multifamily housing
Multifamily mortgages
Multiple period returns, calculation
Multiple share classes
Municipal bonds. See Bankbacked municipal bonds; Pre-refunded municipal bonds
index futures contract. See Long-term municipal bond index futures contract
yields
Municipal derivative securities
Municipal market, yield spread relationships
Municipal notes
Municipal securities. See also Taxable municipal securities; Tax-exempt municipal securities
acquisition, interest expense deductibility
tax provisions, effect
types
Murray, Roger F.
Mutual funds. See also No-load mutual funds; Open-end mutual funds; Retail mutual funds
alternatives
family, concept
industry, changes
investing, advantages
NAV
purchasing costs, changes
regulation
sales charges
structure
taxation
types, investment objectives
usage
withdrawals
Mutual insurance company
Mutual-fund-type structure
MVA. See Market value adjusted
MVB. See Market value at the beginning
MVE. See Market value at the end
MWR. See Money weighted return
NAIC. See National Association of Insurance Commissioners
NAICS. See North American Industry Classification System
Nammacher, Scott A.
NAREIT. See National Association of Real Estate Equity Trusts; National Association of Real Estate Investment Trusts
NAS. See Non-accelerated senior
NASD. See National Association of Securities Dealers
NASDAQ. See National Association of Securities Dealers Automated Quotations
National Association of Insurance Commissioners (NAIC)
National Association of Real Estate Equity Trusts (NAREIT)
National Association of Real Estate Investment Trusts (NAREIT)
National Association of Securities Dealers Automated Quotations (NASDAQ)
100 Index Tracking Stock
100 Trust
Composite Index
markets
National and Small Capitalization OTC markets
National Market (NNM)
stock market
tracking
National Association of Securities Dealers (NASD)
National Council of Real Estate Investment Fiduciaries (NCREIF)
National Futures Association (NFA)
National Securities Markets Improvement Act of 1996
Nationally recognized statistical rating organizations (NRSROs)
NAV. See Net asset value
Nearby futures contract
Negative covenants
Negative pledge clauses
Neglected firm effect
Nelken, Izzy
Net asset value (NAV). See also Intraday NAV; Mutual funds
Net cost of carry
Net coupon
Net funds cap
Net inflow (NIF)
Net interest
Net operating income (NOI)
Net outflow (NOF)
Net WAC
Networks. See Electronic communications networks
New York Board of Trade (NYBOT)
New York Coffee Sugar and Cocoa Exchange
New York Cotton Exchange
New York Mercantile Exchange (NYMEX)
New York Stock Exchange (NYSE)
NexTrade
NFA. See National Futures Association
NIF. See Net inflow
Nikkei
NNM. See National Association of Securities Dealers Automated Quotations
No documentation loan
NOF. See Net outflow
NOI. See Net operating income
No-load mutual funds
Nominal bond
Nominal rate
Nominal yield
Non-accelerated senior (NAS) bonds. See also Super-NAS bonds
comparison. See Super NAS bonds
profile
structural development
Non-accelerated senior (NAS)
Nonaccrual tranches
Nonagency CMO
Nonagency MBS
Nonagency security
Nonamortizing assets, contrast. See Amortizing assets
Noncall period
Non-commercial bidders
Non-competition agreements
Noncompetitive bids
Nonconforming loan
Noncumulative preferred stock
Non-disclosure agreements
Non-experienced-rated contracts
Non-forfeiture options
Non-index exposure. See Opportunistic non-index exposure
Noninvestment-grade bonds
Nonlinear dynamic models
Non-MEC
Nonparticipating preferred stock
Non-primary dealers
Non-prime loans
Non-real estate ABS
Non-real estate assets
Non-real estate factors
Non-Seasonally Adjusted AllUrban Consumer Price Index (NSA CPI-U)
Non-senior classes
Nonsocialized master trust
Non-transaction fee program
Non-underwriting capacity
Non-U.S. auditors
Non-U.S. companies, accounting standards
Non-U.S. investors
Non-U.S. reporting entities
Norris, Floyd
North American Industry Classification System (NAICS)
Notification date
Notional amount. See also Default swap contract
Notional principal
NRSROs. See Nationally recognized statistical rating organizations
NSA CPI-U. See Non-Seasonally Adjusted All-Urban Consumer Price Index
Nuveen Investments. See Fixed Income Funds; Selected Equity Index Funds
NYBOT. See New York Board of Trade
NYMEX. See New York Mercantile Exchange
NYSE. See New York Stock Exchange
Oaktree Capital
OAS. See Option-adjusted spread
OCC. See Options Clearing Corporation
Odd lots
Off-balance sheet
Office buildings
Office of Management and Budget (OMB)
Office space
Official statements
Off-the-run bonds
Off-the-run securities
O'Glove, Thornton L.
OID. See Original-issue discount
OMB. See Office of Management and Budget
On-balance sheet elements
O'Neal, Edward S.
One-off premium
On-the-run Treasury bonds
Open ETFS
Open order
Open-end funds
Open-end home equity loanbacked securities
Open-end mutual funds
Open-ended funds
Open-ended indenture
Open-ended mortgage
Operating efficiency, LBO impact
Operating expenses. See also Annual operating expenses
Operation and maintenance fund
Opportunistic hedge fund investing
Opportunistic non-index exposure
Opportunity costs
Optimark
Optimizer
Option-adjusted spread (OAS)
Optionality
Options. See also Listed equity options; Over-theCounter
contract
futures, contrast
intrinsic value
premium
price
pricing models
purchase. See Call options; Put options
risk/return characteristics
time value
trading
value
writing. See Call options; Put options
Options Clearing Corporation (OCC)
Options on physicals. See Physicals
Options price
components
factors
sensitivity
Orders
Order-submission process
Original-issue discount (OID)
OTC. See Over-the-Counter
OTCBB. See Over-the-Counter Bulletin Board
OTM. See Out of the money
Out of sample test
Out of the money (OTM)
Out-of-state issues
Overcollateralization
Overnight money
Over-the-Counter Bulletin Board (OTCBB)
Over-the-Counter derivatives
Over-the-Counter (OTC)
agreements. See Long-term OTC agreements
equity
derivatives
options, contrast. See Listed equity options
execution desk
instruments
listing
market. See also National Association of Securities Dealers Automated Quotations
options
first generation
second generation
orders
products
stocks
trading
PAC. See Planned amortization class
Pacific Coast Exchange
Paid up additions (PUAs)
Pappadopoulos, George
Par value
Parallel yield curve assumption
Parental Loans for Undergraduate Students (PLUS)
Pari passu
claim. See Cash flows
treatment
Paris Club
Park, James
Parsley, Diane
Participating policies
Participating preferred stock
Participation certificate (PC)
Participations
Partnerships. See Limited partnerships
Passive exposure
Passive portfolio strategy
Passthrough coupon rate
Passthrough structure, paythrough structure (contrast)
Paydown structures
Payers, swaptions
Payment. See Prepayments
priority. See Mezzanine debt
structure. See Closed-end home equity loan-backed securities
willingness
Payment-in-kind (PIK) bonds
Payment-to-income (PTI) ratio
Paythrough structure
contrast. See Passthrough structure
P/B. See Price-to-book value per share
PC. See Participation certificate
Pension
benefits
funds
investments. See Stable-value pension investments
Percent of bonds clean-up call provision
Percent of collateral call
PERCS. See Preferred Equity Redemption Cumulative Stock
Performance. See Investment; Portfolios
evaluation
measurement. See Real estate
persistence. See Hedge funds
Periodic liquidity
Periodic return
Periods. See Subperiods
Peters, Carl C.
Philadelphia Stock Exchange
Physicals, options
PIK. See Payment-in-kind
Pink Sheets
Plain English Disclosure
Plain vanilla equity swap
Planned amortization class (PAC)
Planner-selected securities
Pledge clauses. See Negative pledge clauses
Plexus Group
Plotnick, Lisa
PLUS. See Parental Loans for
Undergraduate Students
PO. See Principal-only
Policy loan
Political considerations
Pool
balance
factor
insurance
risk
trades. See specified pool trades
Pooled funds. See Stable-value pooled funds
Portable expertise
Portfolios. See also Dedicated portfolios; Investment-grade portfolio; Market
considerations
construction. See also Active portfolio; Indexed portfolio
diversification. See Credit
diversifier, real estate (impact)
issues
management. See also Collateralized debt obligations; Stable-value portfolio
overview. See Active portfolio; Common stock
managers
monitoring
performance
position. See Hedge funds manager
returns, enhancement
strategy. See Passive portfolio strategy
structure, feature
trading
yield
POSIT
Position Statement
Position limits
Potter, Mark
PPC. See Prospectus prepayment curve
PPMs. See Prepayment penalty mortgages
PPR
PPR REI
Preferred Equity Redemption Cumulative Stock (PERCS)
Preferred Redeemable Increased Dividends Equity Securities (PRIDES)
Preferred securities. See Trust originated preferred securities
Preferred stock. See also Adjustable-rate preferred stock; Convertible preferred stock; Dutch auction preferred stock; Fixed-rate preferred stock; Nonparticipating preferred stock; Participating preferred stock; Remarketed preferred stock
contrast. See Common stock
financing
issuance
ratings
types
Pre-packaged bankruptcy
Prepayment penalty mortgages (PPMs)
Prepayments. See also Auto loan-backed
securities; Mandatory pre-payments
behavior, factors
benchmark. See Public Securities Association
conventions
fees
penalties
rate
risk
tranching
Prerefunded municipal bonds
Present value (PV)
Price. See Call price; Put price
discovery process
limits
quotes. See U.S. Treasury bills
sensitivity
trading, relationship
volatility. See also Expected price volatility
volume, relationship
Price of the underlying
Price-earnings (price/earnings)
Price-to-book value per share (P/ B) ratio
Pricing. See Leverage loans
Pricing efficiency. See Stock market
PRIDES. See Preferred Redeemable Increased Dividends Equity Securities
Primary dealers
Primary markets
Primary trend
Prime borrowers. See also Sub-prime borrowers
Prime CDs
Prime market
Prime rate
Principal. See also Notional principal
Principal cash flow, distribution
Principal-only (PO)
Prior operating history. See Venture capitalists
Private commercial real estate equity/debt
Private commodity pools
Private debt, investment characteristics
Private equity. See also Debt
distressed debt, conversion
investments
market, hold/sell
recycling, distressed debt (usage)
Private Export Funding Corporation
Private label CMBS
Private label credit cards
Private REITs
Process risk
Profit/loss profile
Program trades
Programmatic GSE issuance platforms
Property
clause, release/substitution
rights. See Intellectual property rights
type
Proprietary investing
Prospectus
Prospectus prepayment curve (PPC)
Protection-buyer
Protection-seller
Proxy
PSA. See Public Securities Association
PTI. See Payment-to-income
PUAs. See Paid up additions
Public commercial real estate debt
Public commodity pools
Public credit enhancement programs, support. See Debt
Public debt
Public equity, investment characteristics
Public orders
Public real estate equity
Public Securities Association (PSA)
prepayment benchmark
speed
Purchasing power risk
Pure growth stocks
Pure life insurance contract
Pure value stocks
Put options
Put price
Put provisions
Put-call parity relationship
Puts. See Hard puts; Soft puts
QIDS. See Quarterly Income Debt Securities
QQQs
QSRs. See Quick service restaurants
Quality option
Quality tests. See also Cash flows
Quantitative equity long/short hedge fund managers
Quarterly Income Debt Securities (QIDS)
Quasi-sovereign
Quek, Timothy
Quick service restaurants (QSRs)
Quotations
Quoting conventions. See U.S. Treasury coupon securities
Railroads. See Equipment trust financing
Ramp-up period
RANs. See Revenue anticipation notes
Rate reduction bonds (RRBs)
enhancement levels
risks
structure
Rating agencies
considerations. See Credit card receivables
Rating symbols. See Corporate bonds
Rating transition matrix
RC. See Revolving credit
Real duration
Real estate. See Mixed asset portfolio
absolute return enhancer
assets
debt/equity hybrid
impact. See Investment; Portfolios; Risk
investment
characteristics
execution
investors, characteristics
issues, overview
mortgages. See Commercial real estate mortgages
performance
relevance. See Investors
usage. See Infiation
valuation
values, disappearance
Real estate investment trusts (REITs). See also Private REITs
Real Estate Operating Company (REOC)
Real estate-backed ABS
Real estate-backed securities
collateral. See Residential real estate-backed securities
understanding
Real yield
Realized capital appreciation
Reconstitution
Recouponing
Recovery statistics
Redemptions
REDI Book
Reduced paid up
REFCORP. See Resolution Funding Corporation
Reference Bills
Reference Notes
Reference rates
Refinancing risks
Refunded bonds
Refunding provisions
Registered Investment Advisors (RIAs)
Registered traders
Registration statement
Regulated investment company (RIC)
Regulatory actions. See Hedge funds manager
Regulatory management
Reid, Brian
Reinvestment period
Reinvestment risk
REITs. See Real estate Investment trusts
Relative strength
Relative value arbitrage
Release provision
Remarketed preferred stock
Renewal and replacement fund
Renewal period
Rentzler, Joel
REOC. See Real Estate Operating Company
Reopenings
Repayment schedule. See Mezzanine debt
Repurchase agreements (Repos). See also Callable repo; Reverse repo; Synthetic repo
basics
documentation
interest
margin
market, jargon
rate. See General collateral repo rate
short position, covering
transactions
market. See Governmentsponsored enterprises
Required minimum distribution (RMD) rules
Reserve funds. See also Cash reserve funds
Reserve maintenance fund
Reset period
Residential real estate-backed securities, collateral
Residual Option Certificates (ROCs)
Residual Option Longs (ROLs)
Residual risk
Resolution Funding Corporation (REFCORP)
Resolution Trust Corporation (RTC)
Retail centers
Retail investors, trading arrangements
Retail mutual funds
Retail real estate
Retail stock trading
Return on investment (ROI)
Returns. See Absolute return; Arithmetic mean return; Cumulative returns; Dollar; Expected return; Geometric mean return; High equity-like returns; Internal rate of return; Modified Dietz return; Money weighted return; Periodic return; Time weighted return
annualizing
attribution
calculation. See Investment; Multiple period returns; Subperiods
components. See Single period returns
distributions. See Managed futures
enhancements. See Portfolios
enhancer. See Real estate
management
rate
single period. See Single period
swaps, total return
time, accounting
transference
volatility
Revenue anticipation notes (RANs)
Revenue bonds. See also Health care revenue bonds; Higher education revenue bonds; Housing revenue bonds; Support revenue bonds; Transportation revenue bonds; Utility revenue bonds
Revenue growth
Revenue Reconciliation Act of 1993
Reverse floaters
Reverse repo
Revolving credit (RC)
Revolving line of credit
Revolving period. See also Auto loan-backed securities
Revolving structure
Reward-to-risk ratio
RHS. See Rural Housing Service
RIAs. See Registered Investment Advisors
RIC. See Regulated investment company
Rising floor DB
Risk. See Bonds; Borrower; Call risk; Credit; Currency; Exchange rate risk; Infiation; Interest; Investing; Liquidity; Prepayments; Purchasing power risk; Reinvestment; Total risk
adjustment
contrast. See Systematic risk
definition
management
managers
measures
officer
premium
reducer, real estate (impact)
review
transference
Risk-based capital charges
Risk-based capital requirements
Risk-free arbitrage
Risk-free benchmark security
Risk-free profit
Risk-free rate
Risk/return
characteristics
profile. See Convertible bonds
Risk-sensitive investors
Risk-tolerant investors
RJR Nabisco Holdings
RMD. See Required minimum distribution
ROCs. See Residual Option Certificates
ROI. See Return on investment
Rollover
ROLs. See Residual Option Longs
RRBs. See Rate reduction bonds
R-squared
RTC. See Resolution Trust Corporation
Rubin, Robert
Rule 80A. See Trading
Rule 80B. See Circuit breakers
Rule of de minimis
Rural Electrification Administration
Rural Housing Service (RHS)
Rural Telephone Bank
Russell 1000
Russell 2000
Russell, Frank
Safe harbor provisions
Sales charges. See also Mutual funds
Sales-force distribution
Salomon Brothers
Mortgage Index
Salomon Smith Barney (SSB)
Same-currency government benchmark
SAP. See Special allowance supplement
Sasveld, Derek
Savanayana, Uttama
Savings and loan (S&L)
SBA. See Small Business Administration
Schinasi, Garry J.
Schneeweis, Thomas
Scholes, Myron
Screw clause
SDC. See Securities Data Corporation
Search costs
SEC. See Securities and Exchange Commission
Secondary markets
Secondary sales
Second-to-die insurance
Sector funds
Sector index
Sector SPDRs
Secured debt
Securities. See Federal agency securities; Municipal securities; U.S. Treasury securities; Zero-coupon Treasury securities
125 loans, support
analysis. See Fundamental security analysis
fair value
features. See Government-sponsored enterprises
fundamental analysis
selection techniques. See Active strategy
trading
types. See also Government-sponsored enterprises
understanding. See Real estate-backed securities
Securities Act of 1933
Securities Act of 1934
Securities and Exchange Commission (SEC)
action
approval
disclosure rules
filing
priorities
registration
regulation
requirements
Securities Data Corporation (SDC)
Securities Exchange Act of 1933
Securitization vehicles
Seed capital
Segregated accounts
Selected Equity Index Funds (Nuveen Investments)
Sell limit order
Sell stop order
Seller interest
Semi-standardized baskets
Semistrong-form efficiency
Senior lenders
Senior notes
Senior subordinated notes
Senior tranches
Senior-mezzanine notes
Senior-secured bonds
Senior/subordinate structure
Senior-subordinated bonds
Senior-subordinated structure
Senior/subordinated structure
Senior-unsecured bonds
Separate account products
Separate accounts, contrast. See General account products
Separate Trading of Registered Interest and Principal Securities (STRIPS)
Separate-account GICs
Separately managed accounts
Sequential-pay bonds
Sequential-pay CMOs
Sequential-pay method
Serial maturity structure
Service fee
Service providers. See also Hedge funds manager
Serviceability
Servicer advances
Servicing. See Aircraft leasing
Settlement
date
price
procedures. See also Stripped MBS
rate
Seven-pay test
Share classes. See also Multiple share classes
Shared enhancement series
Shareholders
distributed documents
fees
letters
Sharpe ratio
Sharpe, William F.
Sherrerd, Katrina F.
Shifting interest structure
Shopping centers
Short interest ratio
Short rebate
Short selling
Short volatility risk
Short-term capital gains
Short-term cash flow
Short-term credit instrument
Short-term credit protection
Short-term debt instruments
Short-term financing. See Leverage
Short-term gains
Short-term instruments, interest rate futures
Short-term market rates
Short-term notes
Short-term repos
SIC. See Standard Industrial Classification
Simple interest
Single period
Single period returns, components
Single premiums
Single-family mortgage revenue bonds
Single-monthly mortality (SMM) rate
Single-premium life insurance
Single-price method
Sinking fund
Size bias
Skelton, Jeffrey, L.
Skill-based investment process
Skilled nursing facilities (SNFs)
S&L. See Savings and loan
SLABS
SLMA. See Student Loan Marketing Association
SLS. See Supplemental Loans to Students
Small Business Administration (SBA)
loan-backed securities
Small Order Execution System (SOES)
Small-firm effect
Smidchens, Eriks
SMM. See Single-monthly mortality
SNFs. See Skilled nursing facilities
Snyderman, Mark
SOAS
Sobel, Robert
SOES. See Small Order Execution System
Soft bullets
Soft dollars
Soft puts
Solvency
Sondergeld, Eric T.
Soros, George
Sovereign ceiling
Sovereign credit
analysis
structural considerations
perspective
SPDAs
SPDRS. See Standard & Poor’s Depository Receipts
Special allowance supplement (SAP)
Special bonds
Special purpose vehicle (SPV)
Special servicers
Special situation venture capital
Specialists
Special-purpose vehicle (SPV)
Specified pool trades
Speculative bonds
Speculative-grade bonds
Split tier issues
Sponsor group
Spot market
Spot price
Spread. See Credit; Excess spread; Stripped spread
Spurgin, Richard
SPV. See Special purpose vehicle; Special-purpose vehicle
Stable value
Stable-value collective fund
Stable-value contracts, considerations
Stable-value market
Stable-value pension investments
Stable-value pooled funds
Stable-value portfolio
Stable-value products
Standard & Poor’s
100 index
estimates
preferred stock rating definitions
rating criteria
Tobacco index
Standard & Poor’s 500
benchmark
comparison
Composite
futures contract
index
Index Fund
measurement
portfolio
premium
returns
Stock Index
stock index
usage
Standard & Poor’s Depository Receipts (SPDRS). See also MidCap SPDRs; Sector SPDRs
Standard credit option
Standard Industrial Classification (SIC)
Start-up companies
Start-up financing, providing
Start-up management team
Stat arb
State levels, tax treatment
State Street Global Advisors. See also streetTRACKS Funds
Statistical data. See Hedge funds
Stat-USA
Staum, Jeremy
Stepped up DB
Step-up bonds
Step-up-to-fixed coupons
Step-up-to-fioating coupons
Stock insurance company
Stock market
indicators
overreaction
pricing efficiency
strategies. See Active stock market strategies
Stocks
basket
cost basis, step-up
exchanges
index futures
managed futures, downside risk protection
options
selection
Stocks, trading. See Retail stock trading
mechanics
occurrence
priority rules
Stop limit order
Stop order
Stop out discount rate
Stop-out yield
Story bond
Straight value
Stranded assets
Stranded costs
StreetTRACKS Funds (State Street Global Advisors)
Strike price
Stripped MBS
trading/settlement procedures
Stripped spread
Stripped yield
STRIPS. See Separate Trading of Registered Interest and Principal Securities
Strong-form efficiency. See also Semistrong-form efficiency
Structural analysis. See Nonagency MBS
Structural considerations. See Sovereign credit
Structural development. See Nonaccelerated senior bonds; Super NAS bonds
Structural risks
Structured notes
Structuring
Student Loan Marketing Association (SLMA)
Student loan rate cap
Student loan-backed securities
Style analysis
Style classification systems
Subordinate notes
Subordinated bonds
Subordinated tranche
Subordinate/equity investors
Subordinate/equity tranche
Subordination
Subperiods
Sub-prime borrowers
Subscriber services
Subscription amount
Suburbanization
Super Designated Order Turnaround (SuperDOT)
Super NAS bonds
NAS bonds, comparison
structural development
Supermajority
Supermarkets
Super-regional malls
Supershares
Supplemental Loans to Students (SLS)
Supply/demand, factors
Support revenue bonds
Surplus fund
Surrender charges
Survivorship bias
Survivorship insurance
Swaminathan, Bhaskaran
Swaps. See Equity; Index amortizing swap; Interest rate; Mortgage swaps; Total return index swaps
contract, notional amount. See Default
counterparty
futures
options
position, interpretation
rate
spread
total return. See Returns
Swaptions. See Payers
Swingline options
SWP. See Systematic withdrawal plan
Symmetric risk
Syndicated loan
definition
facility, types
fees
purchase
Syndicating. See Loans
Synthetic CDOs
Synthetic exposure
Synthetic GICs
Synthetic positions risks, cash positions (comparison)
Synthetic repo
Synthetic structures, asset allocation
Synthetics. See Actively managed synthetics; Alpha synthetics; Buy-and-hold synthetics
Systematic risk
index
unsystematic risk, contrast
Systematic withdrawal plan (SWP)
TAMRA. See Technical and Miscellaneous Revenue Act of 1988
Tangible net worth (TNW)
TANs. See Tax anticipation notes
TAPs
Target term closed-end funds
Tax anticipation notes (TANs)
Tax risk
Tax treatment. See Dividends; Local levels; State levels; Zero-coupon Treasury securities
Taxable municipal securities
Tax-backed debt
Tax-backed obligations. See Dedicated tax-backed obligations
Tax-exempt interest
Tax-exempt investors
Tax-exempt municipal securities
TBA. See To be announced
Teaser rate
credit cards
Technical analysis
contrast. See Fundamental analysis
usage
Technical analysis-based strategies
Technical analysts
Technical and Miscellaneous Revenue Act of 1988 (TAMRA)
Tender Offer Bond (TOB) programs
Tennessee Valley Authority (TVA)
Term insurance
Term loan. See also Amortizing term loan; Institutional term loan
Term maturity structure
Termination date
Term-out option
Thaler, Richard
Theta
Third market
Third-party distribution channels
Third-party investor
Third-party providers
Ticking fee
Tick-test rules
TIIS. See Treasury Infiation-Indexed Securities
Time
accounting. See Returns
value. See Money
Time to expiration
Time tranching
Time value. See Options
Time weighted return (TWR)
Time-gap financing
Timers. See Market
Timing cost
TIPS. See Treasury Infiation Protection Securities
TIPs. See Toronto Stock Exchange Index Participations
TLa. See Amortizing term loan
TMCC. See Toyota Motor Credit Corporation
TNW. See Tangible net worth
To be announced (TBA)
TOB. See Tender Offer Bond
Tolk, Jeffrey
Tonge, Darrell
Topalian, Adam
Top-down approach, bottom-up approach (contrast)
TOPrS. See Trust Originated Preferred Securities
Toronto Stock Exchange Index
Participations (TIPs)
Total return swaps (TRSs)
Total return (TR)
Total return (TR) index swaps
Total risk
Toyota Motor Credit Corporation (TMCC)
TR. See Total return
Tradable basket products
Trade date accounting
Trades. See Block trades; Program trades
Trading. See Institutional trading
activity
arrangements. See Institutional investors; Retail investors
collar (Rule 80A)
costs
explicit costs
implicit costs
occurrence/mechanics. See Stocks
procedures. See also Stripped MBS
relationship. See Price
rich/cheap
volume
Traditional asset classes
Trail commission
Tranches. See also Accrual tranche; Nonaccrual tranches; Planned amortization class; Subordinated tranche
TRANs
Transaction costs
Transportation revenue bonds
Treasury bills. See U.S. Treasury bills
Treasury Infiation Protection Securities (TIPS)
Treasury Infiation-Indexed Securities (TIIS)
Tri-party repo
Triple-net lease
TRSs. See Total return swaps
True-up mechanism
Truglia, Vincent
Trust Indenture Act of 1939
Trust-Originated Preferred Securities (TOPrS)
TVA. See Tennessee Valley Authority
TWR. See Time weighted return
UBS Asset Management
UIT. See Unit investment trust
Uncapped floaters
Underlying
Underwriting criteria
Underwritten deal
Undiversifiable risk
Unenhanced commercial paper
Uninformed traders
Unique risk
Unit investment trust (UIT)
Unit Priced Demand Adjustable Tax-Exempt Securities (UPDATES)
Unit trusts
Universal life insurance
University of London
Unlimited tax general obligation debt
Unlisted stocks
Unperturbed price
Unrealized capital appreciation
Unrealized gain/loss
Unsecured debt
Unsystematic risk
contrast. See Systematic risk
UPDATES. See Unit Priced Demand Adjustable TaxExempt Securities
Upfront fee
Uptick. See Zero uptick trade
U.S. Aggregate Index (Lehman Brothers)
U.S. Bureau of Economic Analysis (BEA)
U.S. Bureau of Labor Statistics
U.S. Census Bureau
U.S. Department of Commerce
U.S. Department of Treasury
U.S. General Accounting Office (GAO)
U.S. Treasury bills
U.S. Treasury bonds
U.S. Treasury coupon securities, quoting conventions
U.S. Treasury notes. See also Fixed-rate Treasury notes
U.S. Treasury securities
U.S. Treasury strips
U.S. Treasury zero coupons
U.S. Treasury zero-coupon bonds
U.S. Treasury zero-coupon securities
U.S. Treasury zeros
U.S. Yield Curve Factor
Utility company bonds
Utility mortgage bonds
Utility revenue bonds
VA. See Veterans Administration
Valuation. See also Real estate
Value Line Composite Average (VLCA)
Value-at-risk
Variable amortizing schedule
Variable annuities
Variable life insurance
Variable pay term note (VPTN)
Variable-rate demand obligations (VRDOs)
hybrids. See Commercial paper
Variable-rate securities
Variation margin
Vega
Venture capital. See also Special situation venture capital
financing, steps
funds
geography, specialization
industry, specialization
investment vehicles
legal/regulatory issues
Venture capital fund of funds
Venture capitalists
exit plan
prior operating history
role
Venture funds. See Corporate venture funds
Veterans Administration (VA)
VLCA. See Value Line Composite Average
Volatility. See also Conditional annualized
volatility; Expected price
volatility; Price; Returns
risk. See Short volatility risk
shorting
spikes
Voluntary bankruptcy
Voting rights
VPTN. See Variable pay term note
VRDOs. See Variable-rate demand obligations
Vulture investors
WAC. See Weighted average coupon
Wagner, Wayne H.
Wall Street Journal, 98
WAM. See Weighted average maturity
Ward, Barry
WARF. See Weighted average rating factor
Warrant
Warwick, Ben
Washington Metropolitan Area Transit Authority
Watermark. See High watermark
Waugh, Stuart
Weak-form efficiency
Wealth relative rate
Web-based brokerage firms
WEBS. See World Equity Benchmark Shares
Weighted average coupon (WAC). See also Gross WAC; Net WAC
Weighted average maturity (WAM)
Weighted average rating
Weighted average rating factor (WARF)
Weisman, Andrew
When-issued securities
When-issued trades
Whole life insurance
Whole loan
Wholesale distribution
Williams, C. Nola
Wilshire 5000
Wilson, Richard S.
Wirehouses
Withdrawals
Wolff, Eric D.
Workers, compensation
World Equity Benchmark Shares (WEBS)
Wrap
accounts
fees
programs
provider
Wrapped deals
Wurtzebach, Charles
Yankee CD
Yield. See Bond-equivalent yield; Certificates of deposit; Commercial paper; Municipal bonds; Nominal yield; Portfolios; Real yield; Stripped yield
beta
calculation
curve
assumption. See Parallel yield curve assumption
maintenance
ratio
spreads
relationship. See Municipal market
Yield to call
Yield to maturity
Yield to worst
Zero uptick
Zero-cost credit exposure
Zero-coupon bonds
Zero-coupon instruments
Zero-coupon market
Zero-coupon Treasury bonds
Zero-coupon Treasury securities
Zulaf, Carl
Zulauf, Carl
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