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A merger or consolidation in which an acquirer purchases the selling firms assets.
Acquisition of stock
A merger or consolidation in which an acquirer purchases the acquirees stock.
ACRS
See: Accelerated cost recovery system
Active
A market in which there is frequent trading.
Active portfolio strategy
A strategy that uses available information and forecasting techniques to seek a better performance versus a
portfolio that is simply diversified broadly. Related: passive portfolio strategy.
Act of state doctrine
This doctrine says that a nation is sovereign within its own borders and its domestic actions may not be
questioned in the courts of another nation.
Actual market
Used in context of general equities. Firm market. Antithesis of subject market.
Actuals
The physical commodity underlying a futures contract. Cash commodity, physical.
ACU
See: Asian currency units
A-D
Refers to Advance-Decline. Measurement of the number of issues trading above their previous closing
prices less the number trading below their previous closing prices over a particular period. As a technical
measure of market breadth, the steepness of the A-D line graphically shows whether a strong bull or bear
market is underway.
Additional hedge
A protection against borrower fallout risk in the mortgage pipeline.
Adjustable rate
Mainly applies to convertible securities. Refers to interest rate or dividend which is adjusted periodically,
usually based on a standard market rate outside the control of the bank or savings institution, such as that
prevailing on Treasury bonds or notes. Typically, such issues have a set floor or ceiling, called caps and
collars which limit the adjustment.
Adjustable rate mortgage (ARM)
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