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Often used in risk arbitrage. Corporations or governments equity share ownership in another corporations
shares.
Crowd trading
Used for listed equity securities. Group of exchange members with a defined area of function tending to
congregate around a trading post pending execution of orders. Includes specialists, floor traders, odd-lot
dealers, and other brokers as well as smaller groups with specialized functions. See: priority.
Crown jewel
A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm. Often used in risk
arbitrage. The most desirable entities within a diversified corporation as measured by asset value, earning
power and business prospects; in takeover attempts, they typically are the main objective of the acquirer
and may be sold by a takeover target to make the rest of the company less attractive. See scorched earth
policy.
CTA
See: Cumulative Translation Adjustment
Cum dividend
With dividend. Used in the context of general equities. With dividend; said of a stock whose buyer is eligible
to receive a declared dividend. Stocks are usually cum dividend for trades made on or before the fifth trading
day preceding the record date, when the register of eligible holders is closed for that dividend period.
Antithesis of ex-dividend.
Cum rights
With rights.
Cumulative abnormal return (CAR)
Sum of the differences between the expected return on a stock and the actual return that comes from the
release of news to the market.
Cumulative dividend feature
A requirement that any missed preferred or preference stock dividends be paid in full before any common
dividend payment is made.
Cumulative preferred stock
Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related:
Non-cumulative preferred stock.
Cumulative probability distribution
A function that shows the probability that the random variable will attain a value less than or equal to each
value that the random variable can take on.
Cumulative Translation Adjustment (CTA) account
An entry in a translated balance sheet in which gains and/or losses from translation have been accumulated
over a period of years. The C.T.A. account is required under the FASB No. 52 rule.
Cumulative voting
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