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A swap in which the cash flows exchanged are based on the total return on some stock market glossary and an
interest rate (either a fixed rate or floating rate). Related: interest rate swap.
Equivalent annual annuity
The equivalent identical amount per year for some number of years that has a present value equal to a
given amount.
Equivalent annual benefit
The equivalent annual annuity for the net present value of an investment project.
Equivalent annual cash flow
Annuity with the same net present value as the company's proposed investment.
Equivalent annual cost
The equivalent cost per year of owning an asset over its entire life.
Equivalent bond yield
Annual yield on a short-term, non-interest bearing security calculated in order to be comparable to yields
quoted on coupon securities.
Equivalent loan
Given the after-tax stream associated with a lease, the maximum amount of conventional debt that the same
period-by-period after-tax debt service stream is capable of supporting.
Equivalent taxable yield
The yield that must be offered on a taxable bond issue to give the same after-tax yield as a tax-exempt
issue.
ERM
See: Exchange Rate Mechanism
Erosion
An innovation that has a negative impact on one or more of a firms existing assets.
ESOP
See: Employee Stock Ownership Plan
Ethics
Standards of conduct or moral judgement.
EU
See: European Union
EUREX
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