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Used in the context of general equities. Offering to the investment public, after registration requirements of
the S.E.C. have been complied with, usually by an investment banker or a syndicate made up of several
investment bankers, at a public offering price agreed upon between the issuer and the investment bankers.
Antithesis of private placement.
Public Securities Administration (PSA)
The trade association for primary dealers in U.S. government securities, including M.B.S.s.
Public warehouse
Warehouse operated by an independent warehouse company on its own premises.
Puke
Slang for a trader selling a position, usually a losing position, as in, When in doubt, puke it out.
Pull
Used in the context of general equities. See: Cancel.
Purchase
To buy, to be long, to have an ownership position.
Purchase accounting
Method of accounting for a merger in which the acquirer is treated as having purchased the assets and
assumed liabilities of the acquiree, which are all written up or down to their respective fair market values, the
difference between the purchase price and the net assets acquired being attributed to goodwill.
Purchase agreement
As used in connection with project financing, an agreement to purchase a specific amount of project output
per period.
Purchase and sale
A method of securities distribution in which the securities firm purchases the securities from the issuer for its
own account at a stated price and then resells them, as contrasted with a best-efforts sale.
Purchase fund
Resembles a sinking fund except that money is used only to purchase bonds if they are selling below their
par value.
Purchase method
Accounting for an acquisition using market value for the consolidation of the two entities net assets on the
balance sheet. Generally, depreciation/amortization will increase for this method (due to the creation of
goodwill) compared with pooling and will result in lower net income.
Purchasing power parity
The notion that the ratio between domestic and foreign price levels should equal the equilibrium exchange
rate between domestic and foreign currencies.
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