managerial decions management what is
Managerial Decisions, Management Fee, Management Discussion And Analysis (Md;a), Management/closely.

Financial definitions for business owners M

  • Definition Minimum-variance portfolio Explain The portfolio of risky assets with lowest variance
  • Definition Multicurrency clause Explain An agreement in the case of a Euro loan that permits the borrower to switch from one currency to another currency on a rollover date
  • Definition Multicurrency loans Explain Give the borrower the flexibility of drawing a loan in different currencies
  • Definition Multifactor CAPM Explain model derived by Robert Merton that includes extra-market sources of risk referred to as factors. Related: Arbitrage pricing theory
  • Definition Multifamily loans Explain Loans usually represented by conventional mortgages on multifamily rental apartments
  • Definition Multioption financing facility Explain A syndicated confirmed credit line with attached options
  • Definition Multiperiod immunization Explain Creating a portfolio that will be capable of satisfying more than one predetermined future liability regardless of interest rate changes
  • Definition Multiple listing Explain member of a multiple-listing organization, providing the exclusive right to sell, with the additional authority and obligation to
  • Definition Multiple peril insurance Explain Insurance policy that covers a wide variety of property damage
  • Definition Multiple rates of return Explain same project that makes the net present value of the project equal to zero. This situation arises when the IRR method is used for a project
  • Definition Multiple regression Explain The estimated relationship between a dependent variable and more than one explanatory variable
  • Definition Multiples Explain Another name for price-earnings ratios
  • Definition Multiplier Explain that quantifies the overall effects of investment spending on total income. In the case of deposit, a factor that shows the effects of a
  • Definition Multirule system Explain combines mechanical rules, such as the CRISMA (cumulative volume, relative strength, moving average) with other trading systems
  • Definition Municipal bond Explain governments to pay for special projects such as highways or sewers. The interest that investors receive is exempt from some income taxes
  • Definition Municipal bond insurance Explain An insurance policy that guarantees payment on municipal bonds in the event the issuer defaults
  • Definition Municipal improvement certificate Explain A certificate used to finance local government projects and services that are financed by a special tax assessment. Its interest is tax-free
  • Definition Municipal Investment Trust (MIT) Explain municipal bonds and usually holds them until maturity, passing the bond income on to shareholders, usually tax-free
  • Definition Municipal notes Explain Short-term notes issued by municipalities in anticipation of tax receipts, proceeds from a bond issue, or other revenues
  • Definition Municipal revenue bond Explain A bond issued to finance a public project that is funded by receipts from the project's operation
  • Definition Mutilated security Explain A certificate on which the name of the issue, the issuer, or some other identifying detail cannot be read
  • Definition Mutual association Explain organized as a cooperative. Members purchase shares, vote on association affairs, and receive income in the form of dividends
  • Definition Mutual company Explain of members and that distributes income in proportion to the amount of business that members do with the company
  • Definition Mutual exclusion doctrine Explain interest is federal tax-free. In return for this federal tax exemption, states and localities cannot tax interest generated by federal
  • Definition Mutual fund Explain are managed by an investment company and regulated by the Investment Company Act of 1940. They offer investors a variety of goals
  • Definition Mutual fund cash-to-assets ratio Explain The cash instruments portion of a mutual fund as a proportion of its total assets
  • Definition Mutual fund custodian Explain A commercial bank or trust company that holds securities owned by a mutual fund and sometimes acts as transfer agent for the mutual fund
  • Definition Mutual fund theorem Explain asserting that investors will choose to invest their entire risky portfolio in a market index or mutual fund
  • Definition Mutual offset Explain between the Chicago Mercantile Exchange (CME) and Singapore International Monetary Exchange (SIMEX), that allows trading positions
  • Definition Mutual savings bank Explain A state-chartered savings bank that is owned by its depositors and managed by a fiduciary board of trustees
  • Definition MUD Explain a political subdivision that administers utility-related services, sometimes requiring the issue of special assessment bonds
  • Definition Misery index Explain An index that sums the unemployment and inflation rates, used as a political rating or measure of consumer confidence
  • Definition Money rate of return Explain Annual money return as a percentage of asset value
  • Definition Monitor Explain To seek information about an agent's behavior; a mechanism that provides such information
  • Definition Monopoly Explain control of all sales and distribution in the market by one firm, due to some barrier to entry of other firms, allowing the firm to sell at
  • Definition Monopsony Explain of only one buyer in a market, forcing sellers to accept a lower price than the societally optimal price
  • Definition Monte Carlo simulation Explain problem by performing a large number of trail runs, called simulations, and deducing a solution from the collective results of the trial
  • Definition Monthly investment plan Explain A plan in which a certain amount is invested each month in order to benefit from dollar cost averaging
  • Definition Montreal Exchange/Bourse de Montreal Explain trading stocks, bonds, futures, and options. The Canadian Market Portfolio Index (XXM) tracks the market performance of the 25 highest
  • Definition Moody's investment grade Explain A rating of one through four assigned by Moody's Investor Service to municipal short-term bonds
  • Definition Moody's Investors Service Explain A security and bond rating agency publishing bond manuals and a common stock handbook annually
  • Definition Moral hazard Explain contract will change the behavior of one or both parties to the contract, e.g., an insured firm will take fewer fire precautions
  • Definition Moral obligation bond Explain municipality or a state financial intermediary that is backed by the moral, but not legal, obligation of a state government to appropriate
  • Definition Morningstar Rating System Explain A proprietary ranking of mutual funds and annuities issued by Morningstar Inc. of Chicago
  • Definition Mortality tables Explain Tables of probability that individuals of various ages will die within one year
  • Definition Mortgage Explain A loan secured by the collateral of some specified real estate property that obliges the borrower to make a predetermined series of payments
  • Definition Mortgage-backed securities (MBS) Explain Investment instruments backed by a pool of mortgage loans
  • Definition Mortgage banker Explain mortgage loans and sells them to investors, while taking care of borrowers' loan payments, records, taxes, and insurance
  • Definition Multiple-issuer pools Explain Under the GNMA-II program, pools formed through the aggregation of individual issuers' loan packages
  • Definition Mortgage broker Explain A company or individual that places mortgage loans with lenders, but does not originate or service loans like a mortgage banker
  • Definition Mortgage duration Explain account for the impact on duration of MBS of changes in prepayment speed resulting from changes in interest rates
  • Definition Mortgage interest deduction Explain A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence
  • Definition Mortgage life insurance Explain A life insurance policy that pays off the remaining balance of the insured person's mortgage at death
  • Definition Mortgage pass-through security Explain created when one or more mortgage holders form a collection (pool) of mortgages and sells shares or participation certificates in the pool
  • Definition Mortgage pipeline Explain The period from the taking of applications from prospective mortgage borrowers to the marketing of the loans
  • Definition Mortgage pipeline risk Explain applications from prospective mortgage borrowers who may opt to decline to accept a quoted mortgage rate within a certain grace period
  • Definition Mortgage pool Explain A group of mortgages with similar class, interest rate, and maturity characteristics
  • Definition Mortgage rate Explain The interest rate on a mortgage loan
  • Definition Mortgage REIT Explain An REIT that invests in loans secured by real estate that derives income from mortgage interest and fees
  • Definition Mortgage servicing Explain penalties, record keeping, payment of insurance and taxes, and possible settlement of default, involved with a mortgage loan
  • Definition Mortgagee Explain The lender of a loan secured by property
  • Definition Mortgager Explain The borrower of a loan secured by property
  • Definition Moscow Interbank Currency Exchange (MICEX) Explain Established in 1992, the most liquid and best organized financial exchange in Russia
  • Definition Most active list Explain The stocks with the highest volume of trading on a certain day
  • Definition Most distant futures contract Explain When several futures contracts are considered, the contract settling last. Related: Nearby futures contract
  • Definition Moving average Explain the average of security or commodity prices constructed in a period as short as a few days or as long as several years, and showing trends
  • Definition MTN Explain Medium-term notes issued by corporations, much like shorter-term commercial paper
  • Definition Mismatch bond Explain is reset at more frequent intervals than the rollover period (e.g., a note whose payments are set quarterly on the basis of the one-year
  • Definition Miss the price/market Explain Have an order in hand but fail to execute a transaction on terms favorable to a customer and, thus, be negligent as a broker; (2) receive
  • Definition Mixed account Explain A brokerage account holding both long and short positioned securities
  • Definition Mixed bag Explain Used in the context of general equities. Group of stocks including some that are up, some down, and some neutral
  • Definition Mob spread Explain The yield spread between a tax-free municipal bond and a Treasury bond with the same maturity
  • Definition Mock trading Explain The simulated trading of securities used as a learning device in training investors and brokers
  • Definition Modeling Explain The process of creating a depiction of reality, such as a graph, picture, or mathematical representation
  • Definition Modern portfolio theory Explain evaluation of rational portfolio choices based on risk-return trade-offs and efficient diversification
  • Definition Modified Accelerated Cost Recovery System (MACRS) Explain A 1986 act that set out rules for the depreciation of qualifying assets, allowing for greater acceleration over longer periods of time
  • Definition Modified duration Explain y), where y = the bond yield. Modified duration is inversely related to the approximate percentage change in price for a given change in
  • Definition Modified pass-throughs Explain timely interest payments and (2) principal payments as collected, but no later than a specified time after they are due. Related: Fully
  • Definition Modigliani and Miller Proposition I Explain Merton Miller that states that a firm cannot change the total value of its outstanding securities by changing its capital structure
  • Definition Modigliani and Miller Proposition II Explain Merton Miller that states that the cost of equity is a linear function of the firm's debt/equity-ratio
  • Definition Momentum Explain economic, price, or volume movement. A trader who follows a movement strategy will purchase stocks that have recently risen in price
  • Definition Momentum indicators Explain Indicators used in market analysis to quantify the momentum of upward and downward price movements
  • Definition Money supply Explain B: M1-A plus other checkable deposits.M2: M1-B plus overnight repos, money market funds, savings, and small (less than $100M) time deposits
  • Definition MONEP (Marche des Options Negociables de Paris) Explain A subsidiary of the Paris Bourse that trades stock and index options
  • Definition Monetarist Explain An economist who believes that changes in the money supply are the most important determinants of economic activity and economic cycles
  • Definition Monetary gold Explain Gold held by government authorities as a financial asset
  • Definition Monetary indicators Explain Economic indicators of the effects of monetary policy, such as the condition of the credit market
  • Definition Monetary/nonmonetary method Explain items (e.g. cash, accounts payable and receivable, and long-term debt) are represented at the current rate, while nonmonetary items (e.g
  • Definition Monetary policy Explain Actions taken by the Board of Governors of the Federal Reserve System to influence the money supply or interest rates
  • Definition Monetize the debt Explain Financing the national debt by printing new money, which causes inflation as a result of a larger money supply
  • Definition Money Explain Currency and coin that are guaranteed as legal tender by the government
  • Definition Money base Explain Composed of currency and coins outside the banking system plus liabilities to the deposit money banks
  • Definition Money center banks Explain Banks that raise most of their funds from the domestic and international money markets, relying less on depositors for funds
  • Definition Money management Explain Related: Investment management
  • Definition Money manager Explain Related: Investment manager
  • Definition Money market Explain lending money for three years or less. The securities in a money market can be U.S. government bonds, Treasury bills and commercial paper
  • Definition Money market fund Explain short-term securities, such as banker's acceptances, commercial paper, repurchase agreements, and government bills. The net asset
  • Definition Money market hedge Explain The use of borrowing and lending transactions in foreign currencies to lock in the home currency value of a foreign currency transaction
  • Definition Money market notes Explain Publicly traded issues that may be collateralized by mortgages and mortgage backed securities (MBS
  • Definition Money order Explain A financial instrument backed by a deposit at a certain firm such as a bank that can be easily converted into cash
  • Definition Money purchase plan Explain which the participant contributes some part and the firm contributes at the same or a different rate. Also called an individual account
  • Definition Mean of the sample Explain The arithmetic average; that is, the sum of the observations divided by the number of observations
  • Definition Mean-variance analysis Explain Evaluation of risky prospects based on the expected value and variance of possible outcomes
  • Definition Mean-variance criterion Explain the means and variances of their returns. The choice of the higher expected return portfolio for a given level of variance or the lower
  • Definition Mean-variance efficient portfolio Explain Related: Markowitz efficient portfolio
  • Definition Measurement error Explain Errors in measuring an explanatory variable in a regression, which leads to biases in estimated parameters
  • Definition Medium-term bond Explain A bond maturing in two to ten years
  • Definition Medium-term note Explain continuously offered to investors over a period of time by an agent of the issuer. Investors can select from maturity bands of: 9 months to
  • Definition Meff Renta Fija Explain Spain, listing futures and options on fixed interest securities and on interest rates, including the MIBOR (Madrid Interbank Offered Rate
  • Definition Meff Renta Variable Explain stock index and equity derivatives market in Spain trading futures and options on the Iberian Exchange (IBEX)-35 index and on individual
  • Definition Member bank Explain A national- or state-chartered bank that is a member of the Federal Reserve System
  • Definition Member firm Explain Brokerage firm that has at least one membership on a major stock exchange even though, by exchange rules, the membership is in the name of
  • Definition Member short sale ratio Explain members divided by total short sales, which is used to analyze market expectations and bullish or bearish trends
  • Definition Membership or a seat on the exchange Explain that enable the holder to trade for the holder's own accounts and charge clients for the execution of trades for their accounts
  • Definition Menu Explain Hierarchy of choices concerning price and volume of bids or offers proposed to a customer (e.g., menu of offerings to a customer buyer
  • Definition Mercantile agency Explain An organization that supplies credit ratings and reports on firms that are prospective customers
  • Definition Mercato Italiano Futures (MIF) Explain The Italian futures market trading Italian Treasury bond (BTF) futures
  • Definition Merchandise Explain All movable goods such as cars, textiles, or appliances
  • Definition Merchant bank Explain specializes not in lending its own funds, but in providing various financial services such as accepting bills arising out of trade
  • Definition Merger Explain liabilities are absorbed by the buyer. (2) More generally, any combination of two companies. The firm's activity in this respect is
  • Definition Mexican Stock Exchange Explain Indice de Precios y Cotizaciones, or IPC index, consists of the 35 most representative stocks chosen every two months
  • Definition Mezzanine bracket Explain The members of an underwriting group with involvement large enough to be just below the top tier
  • Definition Mezzanine financing Explain The stage of financing that follows venture capital financing
  • Definition Mezzanine level Explain The period in a company's development just before it goes public
  • Definition Microeconomics Explain Analysis of the behavior of individual economic units such as companies, industries, or households
  • Definition Midcap Explain A stock with a capitalization of usually between $1 billion and $5 billion
  • Definition Midcap SPDRs Explain the index it tracks is Standard ; Poor's Midcap 400. This SPDR also trades on the AMEX, under the symbol MDY
  • Definition Milan Stock Exchange Explain The largest regional stock exchange in Italy, facilitating more than 90% of the country's trading volume
  • Definition Miller, Merton Explain Nobel Laureate and co-author of the famous Miller-Modigliani theorems. Finance professor at the University of Chicago
  • Definition Mimic Explain An imitation that sends a false signal
  • Definition Mini-manipulation Explain Trading in the underwriting security of an option contract in order to manipulate its price so that the options will become in the money
  • Definition Minimum price fluctuation Explain Smallest increment of price movement possible in trading a given contract. Also called point or tick
  • Definition Minimum purchases Explain to open a new account (minimum initial purchase) or to deposit into an existing account (minimum additional purchase). These minimums may
  • Definition Minimum-variance frontier Explain Graph of the lowest possible portfolio variance that is attainable for a given portfolio expected return
  • Definition Minority interest Explain An outside ownership interest in a subsidiary that is consolidated with the parent for financial reporting purposes
  • Definition Minus Explain The symbol (-) that precedes the change figure in a stock table to indicate a closing sale lower than that of the previous day
  • Definition Markowitz diversification Explain portfolio assets with returns that are less than perfectly positively correlated, in an effort to lower portfolio risk (variance) without
  • Definition Markowitz efficient frontier Explain Markowitz efficient set of portfolios representing the boundary of the set of feasible portfolios that have the maximum return for a given
  • Definition Markowitz efficient portfolio Explain Also called a mean-variance efficient portfolio, a portfolio that has the highest expected return at a given level of risk
  • Definition Markowitz efficient set of portfolios Explain The collection of all efficient portfolios, which can be graphed as the Markowitz efficient frontier
  • Definition Marriage penalty Explain a married couple because they pay more tax on a joint tax return than they would if they file tax returns individually
  • Definition Married put Explain A put option bought at the same time as its underlying securities in order to hedge the price paid for the securities
  • Definition Matador market Explain The foreign market in Spain
  • Definition Match-fund Explain other asset when it does so by buying (taking) a deposit of the same maturity. The term is commonly used in the Euromarket
  • Definition Matched book Explain A bank runs a matched book when the of maturities of its assets and liabilities is distribution equal
  • Definition Matched and lost Explain to determine which of two brokers who are locked in competition for equal trades may actually execute the trades
  • Definition Matched maturities Explain institution of the maturities of its assets (loans) and liabilities (deposits) in order to enable it to meet its obligations at the
  • Definition Matched orders Explain Participate in equal amounts of a trade at a certain price, particularly when two parties have the same level of priority on the exchange
  • Definition Matched sale transaction Explain securities. Procedure whereby the Federal Reserve Bank of New York sells government securities to a nonbank dealer against payment in
  • Definition Matching concept Explain the recognition of all costs that are associated with the generation of the revenue reported in the income statement
  • Definition Materiality Explain The importance of an event or information in influencing a company's stock price
  • Definition Materials requirement planning Explain Computer-based systems that plan backward from the production schedule to make purchases in order to manage inventory levels
  • Definition Mathematical programming Explain solves problems in which an optimal value is sought subject to specified constraints. Mathematical programming models include linear
  • Definition Matif SA Explain The futures exchange of France
  • Definition Matrix trading Explain advantage of temporary differences in the yield spread between bonds with different ratings or different classes
  • Definition Mature Explain To cease to exist; to expire
  • Definition Mature economy Explain The economy of a nation with a stable population and slowing economic growth
  • Definition Maturity Explain principal is required to be repaid. In an interest rate swap, the date that the swap stops accruing interest
  • Definition Maturity date Explain bond finishes and is paid off. Date on which the principal amount of a note, draft, acceptance, bond, or other debt instrument becomes due
  • Definition Maturity factoring Explain An arrangement that provides collection and insurance of accounts receivable
  • Definition Maturity phase Explain A stage of company development in which earnings to grow at the rate of the general economy. Related: Three-phase DDM
  • Definition Maturity spread Explain The difference in returns between bonds of different time lengths
  • Definition Maturity value Explain Related: Par value
  • Definition Maximum capital gains mutual fund Explain A mutual fund whose objective is to produce capital gains by investing in small or risky rapid-growth companies
  • Definition Maximum price fluctuation Explain contract price can change, up or down, during one trading session, as fixed by exchange rules in the contract specification. Related: Limit
  • Definition May Day Explain The date of May 1, 1975, after which brokers were allowed to charge any brokerage commission, rather than a mandatory rate
  • Definition May expand Explain Used in the context of general equities. Warning that the size of the order/total may be increased. See: more behind it
  • Definition MBS depository Explain securities. The depository was initially operated by MBSCC and is now a separately incorporated, participant-owned, limited-purpose trust
  • Definition M Explain Fifth letter of a Nasdaq stock symbol specifying that the issue is the company's fourth class of preferred shares
  • Definition MBS servicing Explain servicer maintain payment of the full amount of contractually due principal and interest payments whether or not actually collected
  • Definition Meals and entertainment expense Explain A tax deduction allowed for meals and entertainment expenses incurred in the course of business
  • Definition Market Eye Explain in the U.K. sponsored by the ISE (International Stock Exchange of the U.K. and the Republic of Ireland) that provides current market and
  • Definition Market impact costs Explain The result of a bid/ask spread and a dealer's price concession. Also called price impact costs
  • Definition Market index Explain weighted values of the components that make up certain list of companies. A stock market tracks the performance of certain stocks by
  • Definition Market jitters Explain Anxiety among many investors, causing them to sell stocks and bonds, pushing prices down
  • Definition Market prices Explain buyer pays to acquire something from a willing seller, when a buyer and seller are independent and when such an exchange is motivated by
  • Definition Mean Explain The expected value of a random variable. Arithmetic average of a sample
  • Definition Market model Explain on a security depends on the return on the market portfolio and the extent of the security's responsiveness as measured by beta. The
  • Definition Market-on-Close (MOC) order Explain An order to trade stocks, options, or futures as close as possible to the market close
  • Definition Market opening Explain The start of formal trading on an exchange
  • Definition Markowitz, Harry Explain Nobel laureate in economics. Father of modern portfolio theory
  • Definition Market out clause Explain underwriting firm commitment that releases it from its purchase requirement if there are negative securities market developments
  • Definition Market overhang Explain institutions wish to sell their shares but postpone the sale because large orders under current market conditions would drive down the
  • Definition Market penetration/share Explain Used in the context of general equities. Percent of trading volume in a stock that a particular market maker trades
  • Definition Market Performance Committee (MPC) Explain A group of NYSE market oversight specialists who monitor specialists' efficiency in maintaining fair prices and orderly markets
  • Definition Market portfolio Explain available to investors, with each asset held in proportion to its market value relative to the total market value of all assets
  • Definition Market price Explain The last reported price at which a security was traded on an exchange
  • Definition Market price of risk Explain A measure of the extra return, or risk premium, that investors demand to bear risk. The reward-to-risk ratio of the market portfolio
  • Definition Market research Explain A technical analysis of factors such as volume, price trends, and market breadth that are used to predict price movement
  • Definition Market return Explain The return on the market portfolio
  • Definition Market risk Explain Risk that cannot be diversified away. Related: Systematic risk
  • Definition Market sectors Explain The classifications of bonds by issuer characteristics, such as state government, corporate, or utility
  • Definition Market segmentation theory or preferred habitat theory Explain asserts that the shape of the yield curve is determined by the supply of and demand for securities within each maturity sector
  • Definition Market share Explain The percentage of total industry sales that a particular company controls
  • Definition Market sweep Explain offer, allowing institutional investors to obtain a controlling interest at a price higher than the original offer
  • Definition Market timer Explain A money manager who assumes he or she can forecast when the stock market will go up and down
  • Definition Market timing Explain the equity market is increased if one forecasts that the equity market will outperform T-bills and is decreased when the market is
  • Definition Market timing costs Explain Costs that arise from price movement of a stock during a transaction period but attributable to other activity in the stock
  • Definition Market tone Explain The general state of well-being of a securities market, based mostly on trading activity
  • Definition Market value Explain trading and could presumably be purchased or sold. (2) What investors believe a firm is worth; calculated by multiplying the number of
  • Definition Market value ratios Explain Ratios that relate the market price of the firm's common stock to selected financial statement items
  • Definition Market value-weighted index Explain computed by calculating a weighted average of the returns on each security in the index, where the weights are proportional to outstanding
  • Definition Marketed claims Explain Claims that can be bought and sold in financial markets, such as those of stockholders and bondholders
  • Definition Marketplace price efficiency Explain assets reflect the available marketplace information. Marketplace price efficiency is sometimes estimated as the difficulty faced by active
  • Definition Marking up or down Explain The amount by which a securities dealer raises or lowers the price of a stock or bond due to changes in demand and supply
  • Definition Managing underwriter Explain The leading firm in an underwriting group, which originates the deal and acts as an agent for the group
  • Definition Mandatory convertibles Explain A debt instrument that is exchangeable at some point for equity in the form of common stock or a new issue
  • Definition Mandatory redemption schedule Explain Schedule according to which bond sinking fund payments must be made
  • Definition Manipulation Explain Dealing in a security to create a false appearance of active trading, in order to bring in more traders. Illegal
  • Definition Maple Leaf Explain A gold, silver, or platinum coin minted in Canada that usually trades at slightly more than its current bullion value
  • Definition Margin Explain borrowing money from a broker. The margin is the difference between the market value of a stock and the loan a broker makes. Related
  • Definition Margin account (stocks) Explain can be purchased for a combination of cash and a loan. The loan in the margin account is collateralized by the stock; if the value of the
  • Definition Margin agreement Explain The agreement governing customers' margin accounts
  • Definition Margin call Explain A demand for additional funds because of adverse price movement. Maintenance margin requirement, security deposit maintenance
  • Definition Margin department Explain monitors customers' margin accounts, ensuring that all short sales, stock purchases, and other positions are covered by the margin
  • Definition Margin of profit Explain to measure a firm's operating efficiency and pricing policies in order to determine how competitive the firm is within the industry
  • Definition Margin requirement (options) Explain option writer is required to deposit and maintain to cover his daily position valuation and reasonably foreseeable intraday price changes
  • Definition Margin of safety Explain management, the difference between (1) the amount of long-term financing and (2) the sum of fixed assets and the permanent component of
  • Definition Margin security Explain A security that may be bought or sold in a margin account as defined in Regulation T
  • Definition Marginal Explain Incremental
  • Definition Marginal cost Explain The increase or decrease in a firm's total cost of production as a result of changing production by one unit
  • Definition Marginal efficiency of capital Explain The percentage yield earned on an additional unit of capital
  • Definition Marginal revenue Explain The change in total revenue as a result of producing one additional unit of output
  • Definition Marginal tax rate Explain The tax rate that would have to be paid on any additional dollars of taxable income earned
  • Definition Marginal utility Explain The change in total satisfaction as a result of consuming one additional unit of a specific good or service
  • Definition Marital deduction Explain A tax deduction that allow spouses to transfer unlimited amounts of property to one another
  • Definition Mark-to-market Explain Adjustment of the book value or collateral value of a security to reflect current market value
  • Definition Marketability Explain A negotiable security is said to have good marketability if there is an active secondary market in which it can easily be resold
  • Definition Marketable securities Explain Securities that are easily convertible to cash because there is high demand allowing them to be sold quickly
  • Definition Marketable title Explain A clear, reasonably incontestable title to a piece of real estate that is good for transaction purposes
  • Definition Markdown Explain price of securities when they are sold to a dealer in the OTC market. Also, the discounted price of municipal bonds after the market has
  • Definition Marked-to-market Explain An arrangement whereby the profits or losses on a futures contract are settled each day
  • Definition Market Explain Usually refers to the equity market. The market went down today means that the value of the stock market dropped that day
  • Definition Market analysis Explain An analysis of technical corporate and market data used to predict movements in the market
  • Definition Market-book ratio Explain Market price of a share divided by book value per share
  • Definition Mortgage bond Explain A bond whose issuer has granted bondholders a lien against pledged assets. See: Collateral trust bonds
  • Definition Market capitalization Explain outstanding shares. Computed as shares times current market price. Capitalization is a measure of corporate size
  • Definition Market capitalization rate Explain Expected return on a security. The market-consensus estimate of the appropriate discount rate for a firm's cash flow
  • Definition Market clearing Explain equals total supply of loans from lenders. The market, any market, clears at the equilibrium rate of interest or price
  • Definition Management buyout (MBO) Explain Leveraged buyout whereby the acquiring group is led by the firm's management
  • Definition Market conversion price Explain the price that an investor effectively pays for common stock by purchasing a convertible security and then exercising the conversion option
  • Definition Market cycle Explain or lows of the S;P 500, showing net performance of a fund through both an up and a down market. A market cycle is complete when the S;P is
  • Definition Mortgage-Backed Securities Clearing Corporation (MBSCC) Explain Midwest Stock Exchange that operates a clearing service for the comparison, netting, and margining of agency-guaranteed MBS transacted for
  • Definition Multiple-discriminant analysis (MDA) Explain Statistical technique for distinguishing between two groups on the basis of their observed characteristics
  • Definition Manufactured housing securities (MHS) Explain Loans on manufactured homes-that is, factory-built or prefabricated housing, including mobile homes
  • Definition Monthly income preferred security (MIP) Explain Preferred stock issued by a subsidiary located in a tax haven. The subsidiary relends the money to the parent
  • Definition Market-if-touched (MIT) Explain A price order, below market if a buy or above market if a sell, that automatically becomes a market order if the specified price is reached
  • Definition Master limited partnership (MLP) Explain A publicly traded limited partnership
  • Definition Money market demand account (MMDA) Explain An account that pays interest based on short-term interest rates
  • Definition Multinational corporation (MNC) Explain A firm that operates in more than one country
  • Definition Morgan Stanley Capital International (MSCI) Explain Publisher of a number of well-known benchmarks, such as the MSCI World Index
  • Definition Macaroni defense Explain the target of a hostile takeover bid involving the issue of a large number of bonds that must be redeemed at a higher value if the company
  • Definition Macaulay duration Explain of the cash flows from a bond, where the weights are the present value of the cash flow divided by the price
  • Definition Macroeconomics Explain Analysis of a country's economy as a whole
  • Definition Madrid Stock Exchange (Bolsa de Madrid) Explain The largest of Spain's four stock exchanges
  • Definition Magic of diversification Explain variance) of a portfolio, achieved without reduction to expected returns through the combination of assets with low or negative
  • Definition Mail float Explain Time period that checks for payment spend in the postal system
  • Definition Maintenance call Explain A call for additional money or securities when a margin account falls below its exchange-mandated required level
  • Definition Maintenance fee Explain A yearly charge to maintain brokerage accounts, such as asset management accounts or IRAs
  • Definition Maintenance margin requirement Explain the original margin, that must be maintained on deposit at all times. If a customer's equity in any futures position drops to or
  • Definition Majority shareholder Explain A shareholder who is part of a group that controls more than half the outstanding shares of a corporation
  • Definition Majority voting Explain Voting system under which corporate shareholders vote for each director separately. Related: Cumulative voting
  • Definition Make a market Explain Dealers are said to make a market when they quote bid and offered prices at which they stand ready to buy and sell
  • Definition Make whole provision Explain when a loan or bond is called, equal to the NPV of future loan or coupon payments not paid because of the call. The payment can be
  • Definition Making delivery Explain Refers to the seller's actually turning over to the buyer the assets agreed upon in a forward contract
  • Definition Malaysia Commodity Exchange Explain A subsidiary of the KLSE that trades interest rate futures on the three-month Kuala Lumpur Interbank offered rate
  • Definition Maloney Act Explain 1938 legislation amending the Securities Exchange Act that regulates the OTC market
  • Definition Managed account Explain An investment portfolio one or more clients entrusted to a manager who decides how to invest it
  • Definition Managed float Explain Also known as dirty float, this is a system of floating exchange rates with central bank intervention to reduce currency fluctuations
  • Definition Management Explain The people who administer a company, create policies, and provide the support necessary to implement the owners' business objectives
  • Definition Management buying Explain interest in a promising business by an outside investment group that retains existing management and places representatives on the board of
  • Definition Management/closely held shares Explain closely related to a company, as defined by the Securities and Exchange Commission. Part of these percentages often are included in
  • Definition Management discussion and analysis (MD;A) Explain shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results
  • Definition Management fee Explain the financial adviser to a fund typically on the basis of the fund's average assets, but sometimes determined on a sliding scale that
  • Definition Managerial decisions Explain Decisions concerning the operation of the firm, such as the choice of firm size, firm growth rates, and employee compensation

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Managerial Decisions, Management Fee, Management Discussion And Analysis (Md;a), Management/closely Held Shares, Management Buying, Management, Managed Float

Managerial Decisions, Management Fee, Management Discussion