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Dividend paid for the past 12 months divided by the number of common shares outstanding, as reported by
a company. The number of shares often is determined by a weighted average of shares outstanding over
the reporting term.
Dividend trade roll/play
Used for listed equity securities. Method of buying and selling stocks around their ex-dividend dates so as to
collect the dividend (which is 80% tax-exempt) offset by a fully-taxable capital loss. Predicated on the 80%
(as of tax reform law of 1986) tax-exempt status that some corporations receive on dividend income.
Japanese insurance companies are also large players due to a national regulation that allows policy
distribution of income, excluding capital gains only.
Dividend yield (Funds)
Indicated yield represents return on a share of a mutual fund held over the past 12 months. Assumes fund
was purchased 1 year ago. Reflects effect of sales charges (at current rates), but not redemption charges.
Dividend yield (Stocks)
Indicated yield represents annual dividends divided by current stock price.
DM
Deutsche (German) marks.
DNR Order
See: Do Not Reduce Order
Doctrine of sovereign immunity
Doctrine that says a nation may not be tried in the courts of another country without its consent.
Documented discount notes
Commercial paper backed by normal bank lines plus a letter of credit from a bank stating that it will pay off
the paper at maturity if the borrower defaults. Such paper is also referred to as L.O.C. paper.
Dollar bonds
Municipal revenue bonds for which quotes are given in dollar prices. Not to be confused with U.S. Dollar
bonds, a common term of reference in the Eurobond market.
Dollar duration
The product of modified duration and the initial price.
Dollar price of a bond
Percentage of face value at which a bond is quoted.
Dollar return
The return realized on a portfolio for any evaluation period, including (1) the change in market value of the
portfolio and (2) any distributions made from the portfolio during that period.
Dollar roll
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