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Highlights the fact that return on assets (R.O.A.) can be expressed in terms of the profit margin and asset
turnover.
Duration
A common gauge of the price sensitivity of a fixed income asset or portfolio to a change in interest rates.
Dutch auction
Auction in which the lowest price necessary to sell the entire offering becomes the price at which all
securities offered are sold. This technique has been used in Treasury auctions. Often used in risk arbitrage.
Auction system in which the price of an item (stock) is gradually lowered until it meets a responsive bid
(government T-bills) or offer (corporate repurchase) and is sold. In a corporate repurchase, a range of prices
is set by the company within which shareholders are invited to tender their shares. The tender offer is open
for a specific period of time (i.e., 20 days), and the quantity of stock to be purchased is stated as well,
subject to proration if more shares are tendered than can be legally purchased under the stated terms (often
an additional amount equal to 20% of outstanding shares can be purchased). The price paid is that at which
the amount stated to be purchased can be sold. Compare to double auction system.
Dynamic asset allocation
An asset allocation strategy in which the asset mix is quantitatively shifted in response to -changing market
conditions, as in a portfolio insurance strategy, for example.
Dynamic hedging
A strategy that involves rebalancing hedge positions as market conditions change; a strategy that seeks to
insure the value of a portfolio using a synthetic put option.
List of all words beginning with E:
E
Fifth letter of a NASDAQ stock symbol specifying that it has not met the reporting date for the company's
SEC regulatory filing requirements.
EAFE glossary
See: European, Australian, and Far East glossary
Earning power
Earnings before interest and taxes (EBIT) divided by total assets.
Earnings
Net income for the company during the period.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
A financial measure defined as revenues less cost of goods sold and selling, general, and administrative
expenses. In other words, operating and non-operating profit before the deduction of interest and income
taxes. Depreciation and amortization expenses are not included in the costs.
Earnings before interest, taxes and depreciation (EBITD)
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