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Backwardation
A market condition in which futures prices are lower in the distant delivery months than in the nearest
delivery month. This situation may occur when the costs of storing the product until eventual delivery are
effectively subtracted from the price today. The opposite of contango.
Bai-kai
Mainly applies to international equities. Two-sided market picture, in Japanese terminology.
Baker Plan
A plan by former U.S. Treasury Secretary James Baker under which 15 principal middle-income debtor
countries (the Baker 15) would undertake growth-oriented structural reforms, to be supported by increased
financing from the World Bank and continued lending from commercial banks.
Balanced fund
An investment company that invests in stocks and bonds. The same as a balanced mutual fund.
Balanced mutual fund
This is a fund that buys common stock, preferred stock and bonds. The same as a balanced fund.
Balance of payments
A statistical compilation formulated by a sovereign nation of all economic transactions between residents of
that nation and residents of all other nations during a stipulated period of time, usually a calendar year.
Balance of trade
Net flow of goods (exports minus imports) between countries.
Balance sheet
Also called the statement of financial condition, it is a summary of a company's assets,liabilities, and owners
equity.
Balance sheet exposure
See: accounting exposure.
Balance sheet identity
Total Assets = Total Liabilities + Total Stockholders Equity
Balloon maturity
Any large principal payment due at maturity for a bond or loan with or without a sinking fund requirement.
BAN
See: Bank anticipation notes
Bank anticipation notes (BAN)
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