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A decrease in the spot price of the currency. Often initiated by a government announcement.
Difference from S&P
A mutual funds return minus the change in the Standard & Poors 500 Index for the same time period. A
notation of -5.00 means the fund return was 5 percentage points less than the gain in the S&P, while 0.00
means that the fund and the S&P had the same return.
Differential disclosure
The practice of reporting conflicting or markedly different information in official corporate statements
including annual and quarterly reports and the 10-Ks and 10-Qs.
Differential swap
Swap between two L.I.B.O.R. rates of interest, e.g. yen L.I.B.O.R. for dollar L.I.B.O.R. Payments are in one
currency.
Diffusion process
A conception of the way a stocks price changes that assumes that the price takes on all intermediate values.
Digits deleted
Used in the context of general equities. Designation on securities exchange tape meaning that because the
tape has been delayed, some digits have been dropped (i.e., 26 1/2 becomes 6 1/2).
Dilution
Diminution in the proportion of income to which each share is entitled.
Dilution protection
Mainly applies to convertible securities. Standard provision whereby the conversion ratio is changed
accordingly in the case of a stock dividend or extraordinary distribution to avoid dilution of a convertible
bondholders potential equity position. Adjustment usually requires a split or stock dividend in excess of 5%
or issuance of stock below book value.
Dilutive effect
Result of a transaction that decreases earnings per common share (E.P.S.).
Dip
Used in the context of general equities. Slight drop in securities prices after a sustained uptrend. Analysts
often advise investors to buy on dips, meaning buy when a price is momentarily weak. See: correction,
break, crash.
Directed brokerage
Used in the context of general equities. Specific brokerage house requested (by an account) to be used in
executing an order. See: give up.
Direct estimate method
A method of cash budgeting based on detailed estimates of cash receipts and cash disbursements category
by category.
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