Ayeuoly'P | Me RNWOSHSIONS ygeunong “4 ag M “yuoo 0 “AWWLINIG igwin 7G es Aysuenen NVONAG ABNSH yold owevo ia} sou NN ALO: ‘4PREFACE 0 a market economy in Romania, many changes in the financial process will develop. The advent of a new financial system will create the need for an explanation of market ‘economy terms, expressions and theories. We have started to com- pile and translate into Romanian the most important terminology in accounting, banking, corporate finance, investments, and interna tional finance. This total assembled dictionary will assist the users — students, and gencral public ~ in understanding the functioning and application of world-wide financial operations. ‘The basis for our dictionary’s production is American and French classical textbooks, English-Romanian dictionary, and co-operation with Romanian and American colleagues in the accounting, finance and economic fields. Some new terms such as “Greenmail” were kept in the original English because of the difficulty of translation. Most other terms follow the literal translation and adaptation from the French translation. ‘We would like to thank the professors at the Academy of Econ- omic Studies and Winthrop University for their input and time. In particular we extend our warmest thanks (o Professors lulian Vacarel and Virgicia Barghiel at ASE and James Bond at Winthrop. Also the publication of this work would not have been possible without the full support and encouragement of Rector Constantin Barbulescu, Pro- rector Calin Oprea and Dean Mihai Ristea of ASE and President Anthony Digiorgio and Dean Jerry Padgett of Winthrop University. Finally, we would like to thank our families for their patience and encouragement through the entire dictionary preparation. PREFATA © data cu trecerea la economi pia{a, in Romania vor avea loc multe modificari in procesul financiar. Aparitia unui now sistem financiar creeazd necesitatea explicarii termenilor, expresiilor tiilor proprii economiei de piayd, In lucrarea de fafa am redactat gi am Uradus in limba romana © parte din terminologia de baza din contabil, bancar, finan{ele firmelor, investiti si finante Acest diclionar cu caracter general va ajuta i marele public ~in injelegerea modului de functionare are a operatitinilor financiare din intr Baza pentru realizarea acest americane gi franceze, dictionarul englez-roman, colaborarca cu co- si americani din domeniul contal termeni noi, cum ar fi de exempl termeni urmaresc traducerca literala $i nba franceza. Dorim s4 mul{umim profesorilor de la Academia de Studi Econo- ice si de la Universitatea Winthrop pentru sugestiile oferite si timpul acordat. Dorim s4 cxprimam ia mod deosebit cele mai cé roase multumiri profesorilor universitari lulian Vacarel si Virginia Barghiel de la Academia de Studii Economice §i profesorului univer- sitar James Bond de la Universitatea Winthrop, De asemenea publi- carea acestei carfi nu ar fi fost posibila fara deplinul suport si incura- Jarea profesorilor universitari Constantin Barbulescu, Rectorul Academiei de Studii Economice, Oprea Calin, Prorector AS.E., Mihai Ristea, Decan A.S.E,, Presedintelui Anthony Digiorgio si D canului Jerry Padgett de la Universitatea Winthrop. In sfirsi adresim familiilor noastre mul{umiri pentru infelegerea $i incura} rea acordate pe tot parcursul elabordrii acestui dic\ionar.ACCOUNTING TERMS: TERMENI CONTABILI Accounting Constraints ~ Practical reasons of accounting related to significance (materiality), oct importance (cost-benefit), and stating of value (conservatism) Conventii (reguli) contabile - R practice de ordin contabi And scmnificatia (materialitatca), importanta neta (cost-benefi- gi declararca valorii (conservatorism), n Processing C: and generat le ~ Sicps in collection, ana~ balance and financial = tape privind colee- in Carica Mare, precum si or financiare bazate pe 7a, inregistrarca gi transcriere: generarea balan(ei de verificare gi a situ datele contabile Accounting Principles Board (APB) ~ Replaced the Committee on Accounting Principles and issued 31 options from 1959 to 1973 Consiliutl privind Principiile Con i privind Principiite Contabilitaqii si a emis 31 de principii in perioada 1959-1973 Adjusting Entry ~ Changing of certain account balances at the end of the accou area sotdurilor w ort de projuri anumit cont ic Accountants (AICPA) ~ Gov- tices which limits its membership to he CPA examination Publici Atestati ~ Organism de , care igi limiteazs componenta de contabili publici Articulation ~The 1 acial statements Axticulare ~ Relagic care Bde SERNAuditing - Verification of the authenticity of an independent professional accountant Audiere - Verificarea autenticita{ii situaiilor financiare de eatre un specialist contabil independent Carrying Value — Book value of « lated depreciation Yaloare contabili - Valoarea de inventar a acti wus deprecierea acumulatd lor; costul istoric Cash Equivalent ~ A short-term highly liquid investment with ori inal maturity of less than three months Echivalentul numerarului ~ O investijie pe termen scurt cu un grad ale si o scadenta inifiald de mai putin de trei luni ed Cash to how cash was obtained (0 finance the enterprise on the Statement lows from Financing Activities ~ Inflows and outflows r of Cash Flow Fluxuri de numerar din activitdtile financiare ~ Intrarile si ies din Situatia Nuxului de numerar, exprimind modul in care a fost objinut numerarul necesar finan{arii intreprinderii Cash Flows from Investing Activities ~ Inflows and outflows related to the acquisitions or sale of productive facilities and purchasing and disposal of securities on the Statement of Cash Flow Fluxuri de numerar din activititi de investitie - Intearile din Situatia fluxului de numerar, exprimind achizitiile sau vinzarile de utilaje productive, precum si achiziiile si disponibilul de titluri (hietii) de valoace Cash Flows from Operating Activities ~ Inflows and outflows related to earnings net income on {he Statement of Cash Flow Fluxuri de numerar dia activitatea de exploatare ~ Intririle gi iesirile din Situatia Nuxului de numerar care exprima veniturile nete cistigate 6 ce vor duce la cresterea aumerarului si explicatia a a inregistrarilor corespunzatoare privind surscle de credit in numerar practice accounting which requires a five-year accou at a university Chart of Accounts — Listing o ined in the ledger: for example Cash, Land, Sales Revenue, Wages Payable, cic, lou! conturilor ~ Lista tuturor numelor conturilor confinute in I to record all credit to cash by -ck and the full explanation of the corresponding cash redu uror registrarii ceducerii Registew de cecuri ~ Jurnal separ creditelor de incasat prin cee gi explicarca corespunzitoare a dlebitelor in numerar iarcgist Closing Entries ~ End-of-period entries to close all revenues and expense accounts to Retained Earnings (through Income Summary) Inregistrari de incheiere a perioadei ~ inregistrarile facute la finele adei in vederea inc ror conturilor de venituri si chel- pentru determinarca cistigurilor nedistribuite (prin interme- Centralizatorutui veniturilos)Committee on Accounting Procedure (CAP) ~ Ea AICPA regulatory body of accounting practices wi counting Rescarch Bi (ARB) [rom 1939 to 1959 Comitetul privind Procedurite de Contabilitate — Prima forma a issued Ace 'y — A doctrine wi ales ‘counting es and methods should be applied in similar man- ner from one period to another Calitate comparativa — Doctrina care statueaa faptul c4 principiile, Irebuie st fie aplicate intr-o company of the combined statements ofits subsidiaries Situatii (conturi) financiare consolidate = Prezentarca de cAtre compania-mama a sit lor combinate ale filialelor sale Contingent Liabilities - A potential liability that has arisen because of an event or transaction that has already occurred Pasive eventuale — Pasiv potential care apare datorité unci operatii sau unei tranzactii care a fost deja efectuata Contra Account - An account, related to the primary account, t an offset (or reduction) to the primary account Contra cont - Cont legat de contul inijial (de bazA) care reprezinta o compensare sau o reducere a acestu folosi si vinde o lucrare literara, muzicala sau artistica pe 0 perioadii care nu trebuic si depascasca 50 de ani dupa moartea autorilor 8 record decrease in lui in forma de T folosita pentru salt a cresterii unui pasiv saw journal to accumulate credit clase-out to subsidiary -0 perioada de caleul eu fac 4 sia cumpardcilor A special journal to close-cul to subsidiary ledger accounts Debit - Partea din inregistrarea crester ns — Amounts removed from the gross pay of payroll em- ployees for taxes and other spe sactions etc.) eri (popriti) ~ 5 lor care sint inregi ca pasive (venituri aminate) 9cost of natural resources (o future periods in which natural resources contributes to revenue Epuizare ~ Alocarea sistematica si rayionala a costul iii al resurselor naturale pentru perioada viitoare in care folosirea acestor resurse naturale contribuic la cresterea veniturilor Direct Method ~ Reports components of cash flows from operating activities as gross receipts and gross payments on cash flow statement Metoda directa ~ Raporteazd componentele Muxului de numerar din Double Entry —Sim: processing a transacti contului din pretucrarea unei tranzactii al or lerest rate instead of an equ Effective-Interest Amortization — Apportioameat of the disco: premium of a bond using the marke straight line charge Amortizarea calculata pe baza ratei efective a dobinzii - Caleulul reducerii sau a primei unei obligayiuni folosind rata dobinzii pe pia, in locul metodei lis External Financial Statement ~ Statements of the manageme: counting principles Situatia financiarA externa ~ Situa jiven (o partics outside: of the company conforming to professi i date unor pacti d conducerii.companiei, in conformitate cu principiile profesionale ale contabilitaqii infrequent in nature and infrequent in occurrence. separately from the operating expenses Venituri si cheltuieli extraordinare ~ Cistiguri si pierderi neobig- nuite si cu o frecven{a micd atit in ce priveste na si apariy lor. Ele sint raportate separat de cheltuielile de exploatare 10 rierea stocurilor trate) sint pre hissues FASB din 1973 nism privat d file CSFC si folocuieste Folio - A col he journal and ledger account which allows cross-reference between the two records Folio ~ © coloand dintr-un cont al jurnal permite adoua fnregistrari 1 Cari Mari care i gi Fully priority on both dividends in arrears and the current ence, Actiune preferent tive Preferred Stock ~ Receives first vidend prefer pare de Implementing Assumptions ~ Accoui ness environment such as sep: sumption, unit of measure ile inregistearit — B:Implementing Principles ~ Accounting recording basis for estab- hing account balances such re ~ Bazele inregistrarii contabite pentru sta- bilirea balantelor de conturi, cum ar fi: principiul costului, principi venitului, principiu! coresponden\ci, principiul relevarii complete Income before Extraordi fore extraordinary items Venituri extraordinare - Cistiguri objinute dupa oxtraardinace ns ~ Earnit ry Mt 188 after taxes and be~ ‘a impozitelor gi flows from Indirect Method - Adjusts net income to compute c: i i¢s on cash flow statement Metoda indirect ~ Actualizeaza veni fuxurilor de numerar rezultate din ac regasite in Situay de numerar net in vederen caleul ea de exploatare gi Inventory Costing Methods ~ Means of alloc: chases for inventory and ex and cost of goods sold Metode de evaluare a stocului - Metode de alocare a cost achizigie pentru stoc si stocul existent dintre cel final si costul bunu- ion of the cost pur- ing inventory between ending inventory rilor vindute Inventory Shrinkage ~ Missing inventory caused by thelt, breakage, spoilage, and incorrect measurement Micgorarea stocului ~ Reducetva stocu! fur spoliaj si dimensionari incorecte ip spargeri, Investment Accounting Cost Method ~ Means of record ment in another company if the ownership of the shares is less 20 percent. The invesiment is recorded at the acquisition date accordance with the cost principle and dividends are recorded revenue Metoda costului contabi investitiei la o alta comp: 20%. Investitia se inregistreazd la data achi principiul costuli regi uvestitiel - Metoda de i¢ daca numarul total de acy itici in conforn ca ve nregistrare a este sub ate cu 2 The invest- a reduction in the carrying value of the investment and any net income from is reported as an incr area lao all& companie se fnregis- nregistrare a investi itn este semnilicativ. Invest Accounting Lower of Cost or Market ~ Valuation of a cost or market valuarea hictiilor de valoare din capi valoarea inferioara a costului sa aventory tel assumes: arc the first units sold (first out) unitai vindute (primete iesite) up ~The difference between sales revenue and cost of goods Adaos comercial (marja comerciald) ~ Diferenga dintre veni lor vindute.Net Reatizable Value ~ Estimated val deteriorated condition vindut in stare detcrioralé minus costurile de reparatii si de vinzare. Noneash Expense ~ An exp cash outflow; for example, depre: Statement of Cash Flow © iogire imediata de fluxuri de numerar; de exemplu, deprecierea, Articol care nu se raporteaza in Situatia Mluxultti de numerar Noncash Investing and Financing not have direct cash flow effects; reported on Flow Activitati financiare 5 - Transactions that do 7 nt of Cash xd oF consignment bunurilor ~ Metoda de Dreptul de proprietat atitlul metod: de transport (exped Periodic Inventory ~ Measures the value of of the accouinting period through a physical Stoc periodic - Masoara valoarea stocului la fi bile prin dimensionarea stocului fizie nt lc petioadei conta Perpetual Inventory — Determines a daily inventory value based on beginning inventory, purchases and issues Stoc continu ~ Detcrmina valoar cumparari si emi ic bazat pe stocul Physical Inventory — Actual physical count of items their associated costs Stoc fizic ~ Dimensionarea fizica curenta a costurile lor aso: inventory 4 sticolelor din stoc 14 Posting ~ Transfer of del ledger accounts side credite din Cartea Mare 5 to ecounting errors that ¢ financial statements of prior periods company when cash i Metodit de cum = Metoda de raporiare a investiqie’ unei 1d se plitese in numerae a ion of Begin w beginning ca ment of Cash Flowmethod in simple eases re planificata — Folosila i investme Acoperirea uni vederen aducerii i cu reducerea investi Short-Terui Investiuent ~ A security m term he period (n ng cycle of the business or one ar) intenance ~ Expenditures for norm: ng Up- Investitie pe termen scurt — Hirtie de valoare care trebuie comercia- jonal assets; debits expenses for ordinary repairs Reparatii si men Tuncyionare norm: parajii curente ala pe 0 perioada de scurta i nal de deslagurare a activitagii sau 4 (care corespunde an) ului nor- ces, cash Is whi ler receipts, oF chitanyelor de numerar sau note ry Method ~ Cost of each sol ieve a stocului prin Costul ficedrui articol vi low, widely used in practice Metoda desfisuratorut tomer returns of sold items Venituri din vinziri si stoct Geeceil a Sales Trade Discounts ~ A co pays carly curedue platestehat provides more jecount fare (analitice) - Grup de subeo detail than the general ledger contro! Carti Mari aw zea2a informatii mai det Mare care furni control din Cartea iate decit contul ¢ Sum-of-Years Digits Depreciation - Cost of an operational asset fe based on a fraction when the denomin: scful years and the numerator is the year of life in inverse order Metoda de am: insumarea anilor - Este un re (depreciere) p: de productic de-a lunge raport al cfrui numitor reprezinta totalul anilor de vial’ eficienté, iar numératorul reprezint& anii de vial’ in ordine inversd T-Accounts ~ Separate record for each item in ments arranged assets with debits on the left and credits on the rig! Conturi in forma literal ~ farcyistrare scparata pentru ficcare articol in situaiile financiare, aranjate in forma de T, eu debitul in partea stingd si creditul in partea dreapta ‘Temporary (Nominal) Accounts ~ Income statement accounts; clos- ed at the end of the accounting period Conturi temporure (nominale) - Conturi din Situas Inchid la fincle perioadei contabile ‘Transaction Analysis ~The process of studs action ta determine its economic effect on a business in terms of the Analiza tranzactici ~ Procesu! in vederea determinarii cfectulu studiere a unei tranzactii complete ci economic asupra patrimoni id the accoiints in balances Balanta de verificare ~ Lista a (uluror contui asoldurilor lor lor din Cartea Mare gi 18 BANKING TERMS ‘TERMENI BANCARI lows Offsetting ent to counter the initiating entry of fore! de Fluxuri ajustate - fnregistraci compensatoare pentru a contracara nce company owned by its members where the premium is collected in advance. Any insuffi- cient premiums may be collected later and any overcharges arc Advances ~ Loans made by the Federal Home Loan Bank to member associations Avansuri - imprumuturi facute de Banca Fed terne asociafilor membre rala de Credite In- Agencies Securities - Obligations of credit agencies sponsored by the US government, such as the Federal Home Loan Bank Hirtii de valoare ale agentiitor — Obligatiunile agentiilor de credit garantate de guvernul S.U.A., cum ar fi Banca Pederata de Credite fernc tes ~ Distribution of funds be- tween the suppliers and users and financial markets de alocare a ratelor dobinzii — Distribujia fonduri F inte pat ~ Teorie conform careia fmprumuturile rebuie sa aiba programe de rambursare adecvate, bazate pe Muxurile de numerar'estimate 19Asset Management - A financial institution's management of its assets structure (0 provide both liquidity and desirable Gestionare activelor ~ Gestionarea activelor unc’ ciate in vederea realizarii ait a gradului de lichiditate, eft dorite de rentabilitate Automatic Teller Machines (ATM) ~ A system of machines which dispense cash and take check and cash deposits for checking and saving accounts Casiere automate ~ Sistem de masini care elibereazt numerar gi incaseazé sume in cee sau numerar pentru conturi de cec si economii Autonomous Flows — Initiating low of foreign (rade transactions Fluxuri autonome ~ Initiere de fluxuri in tranzactii de comer, exte~ rior Bank Holding Companies — Aa organization which has banks, fin cial companies, and other related banking firms under a cen headquarters Companie holding care det ine controtul bancar ~ Organi pusa din companii baacare, financiare gi alte firme bancare inrulit cu cartier general cen Bank Insolvency ~ A bank is declared insolvent when the value of iS abilities exceeds the value of its assets Insolvabilitate (faliment) bancard - Banca este declarata (falimentara) atunci activelor Bank Liquidity ~ Ability of banks to accommodate depo quests of withdrawals, Lichiditate bancara ~ Capacitatea bancii de a onora cererile de retragere ale depunatorului Banking Structure - The distribution of banks operating ticular market in terms of numbers, location, and size Structura bancara ~ Distributia bancilor care opereaz’ pe o piata anumita in functic de numar, amplasare si dimensiune a par- (liquid) a ategie de investi pe termen seurt ( long-term sei Barbell ~ Invest care de valoare ic) si pe termen lung grad mare de sed Expectation Theory - Upward bias on long-term interest rates in the term structure of interest rates . preferentiate ~ Preferinfa pentru rate mari ale Le pe termen hing Bond Rating Systems - Investor service company which rates the ty of corporate, m and government agency and interest payments, The highest quality is invest- Je and lowes changing one fix ier in order to performance of receive a security that wi ate in value Operatiune de swap la 0 obligatiune - Mecanism de schimb al unei iii de valoare cu datorie fixa cu alta, in vederca imbun: portofoliufui sau a prim i re a carci valoare este in crostere Bond Swaps ~ Mec Borrowed Reserves ~ Reserves borrowed by a financial intermediary from the Federal Reserve. This is a discount window loan at the Federal Reserve Rezerve imprumutate — Rezerve imprumutate de un intermediar financiar de la Rezerva Federala. Acesta este un credit eu reducere dela Rezerva Federala Branch Banking - A banking faci office but is capable of offering services of the main office : 1 bancar’ ~ Unitate bancard, subordonata, care nu reprezinta unitatea principala, dar este capabila si ofere servicii ale acesteia din ema 2expenses in bank operations indirecte ~ Diferenta lec fara caleulul dobinzi Call Reports ~ Detailed balance shect and income statements that banks are required to prepare for federal bank examiners four times a year Rapoarte de apel - fi de venit pe care bancile au obligatia si le pregiteascA pentru a fi cxaminate de repre~ zentangii bancii federale de patru ori pe an Capital Adequacy ~The ability of a bank's equity to absorb pote: adverse changes in its assets without becoming insolvent Capital adecvat ~ Capacitatea capitalului actionarilor un: a face faa modificarilor potentiale defavorabile fn activele sale (ard a deveni insolvabila jon in which a Ginanci: an required by law lului ~ Situatie in care in decit cel cerut de reglementaril Capitat Impairm holds tess capital Deteriorarea mai putin capi tion nanciara define legale Capital Notes ~ Subordinate, intermediate and long-term cred struments which do not require a sinking fund Note de capital - Instrumente de credit subordonate, Captive Sales Fi a manufacture whic goods Companie financiara apar{inind unci tnireprinderi care a bunurilor fabricate Cash (Spot) Market ~ Current or immediate delivery for the buying and selling of securities (pe loc) ~ Livrarea curenta sau imediaté pentru cumpérarea si vinzaree de hirtii de valoare n nation’s money supply and establishing the best interest rate faned Central — responsabila pentru emisiunea monetard iunii gi pentru stabilirea celei mai bune rate a dobinzit und - A central pooling facility for credit unions fate central ~ Instrument central comun pentru inge and clearing house for ing ex ies ‘Comertutui din CI teu marfuri je de use — An arrangement whereby banks exchange checks at are drawn against cach o owed Institutic de cliring ~Acord prin care bursele schimba cecurile inte ele gi determina soldul debitor sau cre: iry that is collateralized by partici- ‘al agencies) which promise to pass and intercst payment on pools of underlying ipotecard garantata - Hirtic de valoare emisa de Giliala sicare este garantata prin certi Federale) ce promit sa transfere 1 fondul comun al ipotecilor BThe doctrine \) = uctive a ket ~The buying and s common generic items such as wheat, go financial securities ECS ¢ men gover articole comune cum ar fi gr ciare emise de guvern Comptrotier of the Cu responsible for regu Controloral monedei - Agentic reglementarea bancilor cu stat Concentration Ratio - Measure of comp: das the percent = Letter of ere the importer’s bank and exporter’s bank Scrisoare de credit confi is Consumer Price goods prices Indicele de pret 24 Ke saving acco! de econo sis of a borrower's, creditor privind economice) Cross Hedge ~muluri pe termen scurt, productive si cu posil tate Commodities Market - The buying and s conimon gene: financial secu Piata de m&rfuri— Cumpararea articole comune cum ar fi gr ciare emise de guvern 5c, motale gi hirtii de Comptrolter of the Currency - An agency of the US governm responsible for regulating banks with federal charters Controlorul monedei ~ Agentic a guvernului $.U.A, respo reglementarea bancilor ¢ tion Ratio — M ied as the percent banks in the market, Lower concent n ratios imply greater com- = Masurd a competitie: pe pictele ba de cele mai rtelor de concen- {rare implica o competitie maim: Confirmed Letter of Credit ~ Leiter of credit is the obligation of both the importer's bank and exporter’s bank Serisoare de eredit cox {i - Scrisoare de credit reprezentind atit obligagia banc lorului, el si pe cea a exportator e Index ~ A wel ¢ of basket of consin Consumer Pri ted avera goods prices Indicele de pret al con: atorului — Med cosului de bunuri de cousum 24 ponderata a preju Tes Core Deposits ~ Checking accounts and low-rate saving accounts of je de economii cu at between banks care una actioncaza ca pi is — A loan lender's condition anc’Cyclical Industries - Bu: tuate with the business cycle 8s segments where the revenues fluc- De Facto — An economic term meaning i De facto ~ Termen economi De Jure - An economic term meaning according to De jure ~ Termen economic care inseamna conform legi De Novo Branching ~ A means of increasing the bank construction of a new facility Sucursale noi ~ Modalitate de erestere @ construirea unei noi ire by imensinaii bancii prin Debit Card - Card that reduces the cash in a person’s chee account as opposed to lending on account Carte de debit ~ Carte care reduce numerarul in contul de cecuri unei persoane, spre deosebire de contul creditor Decreasing Term Insurance ~ Large amounts of insur tion in the early years of a policy, and then the an year until it some predetermi ‘Asigurare cu termen deserescator~ In pr an, pind cind se stabilizeaza [a un nivel predetermi ¢ far below the face val Deep Discounts - Bonds that of the bond Reduceri mari - Oblig: nominala a obligaiiunit tap ub vatoarea ini care se vind la un curs m rimet de rise bursa un cred Deficient Reserves ~ Reserves on bank deposits th required by law Deficit de rezerve ~ Re: nivelului minim cer 6 ~ A pension were benefits are established he ibute funds to provide lc sint iribuic la fon- es or decreases Depo ss ~ Money stock incre Dollar Gap - Di rate sensitive lial of product ”Filiale Edge Act ~ Filiale ale bancilor din $.U.A. anga raliuni bancare si financiare. Aceste filiale pot traversa frontiere! statale angajindu-se astfel baneare inte! Elasticitate ~ Reacjia oferi de fonduri la modificarite ratelor dobinzii sau pre{ului sau cere! the insured or (if the insured survives) at the period Dobindirea unor polite de asigurare pe viat - Cot rare pe via{d care se angajeaza sf plateasca valoares nor poliei la moartea. persoan = Diferenya efectiva dintre rezervel de Rezerva Federal elective si by purchasing mortgages and par backed securities ru Creditele Ipotecare Int Mac) - Agen(i neste inte-un fond comi de guvern si pe cele convenjionale prin cumpararea de ipote Federal National Mortga ion F which pools conventional mortgages sit Loan Mortgage Corporation Asociatia Federals National care reuneste intr-un fond comun ipote Corporajici Federale pentru Creditele Ipotecare Interne 28 sstic currency, for discounting com- paper, and for supervisin iy ~ The prudent manner of operating & pen: ~ Manierd peudenta de operare « unui asury [nstruments, re privind instru ficate de Depozit change K's cost of ate Mot modifica la credite care se lor ban mea 1 ccoEn a Fractional Reserve System ~The fact that banks hold only a fraction of their deposits in thc form of liquid reserves (vault cash or deposits at the Federal Reserve Bank) and loan out the rest to earn interest Sistemul de Rezerva Fract ionat Sistem in care bancile dejin numai © fractiune din depozitete lor sub forma de rezerve lichide (in cast sau la Banca Federala de Rezerve) si dau cu vederca incasarii dobinzi a commodity of standar future Contract vi x the maturity or d ence between finance! assets and Controlut prin diferent — Controlul fie al nele scadente, fie al diferente in dolari tntre activele si pasivele intermediarilor financiari Glass-Steagall Act — A banking act of 1933 which regulated bank holding companies, separated deposit institutions from secu business, and established the Federal Deposit Insurance Agency Actul Glass-Steagall ~ Act bancar emis in 1933 care a roglementat companiile bancare de holding, a separat institutiile de depozit de aclivitatea (bursa) cu hirtii de valoare gi a fondat Agentia de A: raré a Depozitului Federal ion (Ginnie Mac) - An agency which pools Feder: ‘ion (FHA) and/or Veterans Administration (VA) mortgages, similar to the Feder: Home Loan Mortgage Corpor: Asociatia Nationalé Ipotecark Guvernamentali (Ginnie Mac) - Agentie care reuneste ipoteci ale Federal Housing Administration (FHA) si/sau Veterans Administration (VA), similar Corporati Federale pentru Creditcle tpotceare Interne Grandfather Clause ~ An exception wi to operate outside the new law Clauza bunicutui - Excepiie care permite ca o activitate anterioara sd opereze in afara legii noi permits previous business n Guaranteed Bonds ~ The previous obligi is guaranteed by the new organiz- rantate - Obligatia anterioara de plata a creditului este garantata de compania s-OfT Approach — Philosophy of government takeover ‘Optinnea pentru independenta ~ At decit de a fi preluata de catre guvern re functioneazi cu scopy lor companii. Companiile le bancare, ipotecare, de credit si de ars wnciare d rari si pachetul de Je tip holding au 6 Joan that is secured by a Home Equity Loan — A revolving ered morigage on the borrower's home ; Creditul pe valoarea unei case — Credit reinnoit care este asigurat Punctul critic de pe curbi estimeaza cf ratele pe termen sc erased mai intii Retirement Accounts (IRA) = Indivi investment ac- withdrawn for retirement ‘onturi de investitie indivi- peasionari individu: counts which are tax deductible w loans made ans (1&C) ~ Short-ter and Comn business for oper purposes 7 7 muturi in le si comerciale ~ imprumuturi pe termen scurt acordate firmelor pentru scopuri operativeeh Interest Rate Illusion ~ Strategy of investors that does not recognize. the effect of inflation and Muzia ratei dobinzii — $i Interest Rate Inflationary Premium | rate of interest to account for the rate of price changes in the economy Prima de inflatie 1a rata dobinzii - Suplimentare la rata reals a dobinaii datoratd modificarilor de pret din economic Intermarket Spread (Quality) Swap ~ A method of earning bank profits by capitalizing on the changes in the spread between different rated bonds Operati iete ~ Mcto- da de a objine pro dintre diferite cotati ale obligatiunilor Interstate Banking — Act of allowing financial institutions one state to branch into other states Sistem bancar interstatal — Act prin care sc permite sd se extind’s acter in statutut Inward Arbitrage - The Mowing of funds into t to higher borrowing costs in the United States and lower returns overseas Arbitraj intern ~ Flu de fonderi in SULA. S.U.A. si randamentelor SULA. chute ale ion of investment funds to vars ng them over to higher m ‘ous maturities of debt when they mature Esalonarea scadentelor ~ Alocarea uniforma a fondurilor de inves- cu diferite seadenje ale datoriei 51 reesalonarea lor pe termene mai indepartate atunci cind ajung la scadenta ments ~ Vault cash and Federal Reserve stitutions to meet the Federal Reserve legal Necesarul Rezervei Legale ~ Numerarul din trezorerie (casa) si de~ punerile institutiilor financiare la Rezerva Federal, astfel inci si se ‘objind necesarul rezervei legale Legal Reserve Requi deposits of financial reserve requirement Liability Insurance ~ Financial protection against legal liabilities resulting from the injury to other persons or damage to their prope: = Protec(ie financiara fata de rAspunder daune provocate jity Mani bank's deposits based on interest ica de atragere a fondurilor necesare sa idity Measure of Money Supply (L) ~ quid financial assets Masura lichidititii ofertei de cu rise sedtzut pe lermen scurt Liquidity Preference Theory ~ An explanation for the level of interest rates which is based on an investor's speculative motive for holding money ‘Teoria preferintei pentru li lor do! fe se baveaza p dea deine bani Liquidity Premium Theory (Bias rates are the geometric average of the short-term rates plus a higher iquidity premium added for cach successive year ‘Teoria primei pentru lichiditate (estimarea tendintei) ~ Ratele pe termen lung reprezinta media geometrica a ratelor pe termen scurt plus 6p: mare ada pentru fiecare an suecesiv ancial intermediaries to mect short term : Riscut fieh tea intermediarilor finunciari de a are pe termen scurt nLoan Pricing Model ~ Method of determini: ra fund costs, service costs, and profit goal Modelul de evaluare a cre Hui ~Metoda de determinare a veni lui unui credit bazata pe costurile fondului, costurile serviciilor si nivelul profitului scontat income based on Loan Production Office ~ Branches of large money center banks which make business loans but do not take deposits ‘od e owner Lo buy a given amount of a security or commodity in the fialures market Operatiuni pe piata livrarilor la termen ~ Contract care oblig’ pe proprictar sa cumpere 0 ani sau marf& pe piaja livrarilor la ‘Margin Loan ~ Loans that brokerage firms extend to their customers to purchase sceurities Marja de credit ~ Imprumuturile pe care firmele broker le acorda clientilor sai pentru cumpararea de hirtii de valoare Margin Requirement - The imum amount of “good faith” money hat a futures exchange requires all holders of futures contracts to maintain on deposit with the exchange, while they own their futures contracts Necesarul limita ~ Cantitatea minima de bani reprezentind ,buna- credinta%, pe care schimburile Ia termen 0 impua detindtorilor de contracte la termen pentru mentinerea ci in depozit, ta calitate de proprictari ai contractelor la termen Margin Risk - Opportunity cost of lost income during the time of a hedge to lock in asset prices Marja de rise ~ Costul de oportunitate al venitului pierdut pe perioa- da unei asigurari impotriva blocarii prejurilor activelor Marginal - The term used by economists to refer to the extra (addi- tional) increase in some variable Marginal ~ Termen utilizat de economisti pentru mentara a unei variabile 4 Market Segmentation Theory ~ The term structure of interest rate sory which hypothesizes that distinct group of borrowers and do not consider short-term and long-term ies as perfect substitutes segmentirii_ pie ratei ori gi days between the ies of a financial Maturity Imbalance (Maturity Mismatch) ~ A financi ary whose assets maturity is not equal i Diferenta de termene scadente ~ Intermediar financiar ale cdrui termene scadente ale activelor difera de cele ale pasivelor Monetary Base ~ Currency in circulation plus financial institution reserve deposits at the Federal Reserve Baza monetard ~ Moneda de circulatie plus depozitele de rezerva la Rezerva Federal a institujici financiare Money Supply Measure One (M1) ~ Sum of currency, traveler's checks, demand deposits, and other checkable deposits unu a ofertei de bani (M1) — Suma cantitatii de moneda, a lor de cilitorie, a depozitelor la cerere gi a altor depozite incasabile Money Supply Measure Three (M3) ~ Sum of M2 plus large-time deposits Masura a treia a ofert pe perioade lungi de de buni (M3) - Suma lui M2 plus depozite arepurchase, curodollar, money marke and small-time deposits Misura a doua a ofertei de bani (M2) — Suma lui M1 p! cumparari imediate, curodolari, fondurt mutuale pe pia(a capi lor, depozite de eeonomii si depozite pe perioade scurte d Mortality Tables ~ A means of determining life insurance premiums based on the statistics on the number of people who die and the ages at which they die Tabele de mortalitate - Metoda de determinare a primelor de asigu- rare pe via{d bazata pe date statistice privind numarul oamenilor care mor $i virsicle la care mor Mortgage-Backed Securities ~ Goverament agencies purchase mort= gages and sell them to investors. Investors receive the monthly pay- ments of the morigages and is guaranteed payment on default of the morgage Mirtié de valoare g cumpara ipoteci si le de plati lunare ale ipotecilor care sint garantate de si nerespectare a platii intate prin ipoteci — Ageniile guvernamentale itorilor. Investilorié incaseaza ratele in caz de Mortgage Graduated Payment - Low monthly mortgage p: the beginning and higher mortgage payments later Plata gradual a are reprezes sedzute la inceput si apoi icate i Mortgage Loan Points ~ Up front chatges by the lending business to the borrower for interest rate risk of Punete de credit asup tarea ac ipoteci Mortgage Reverse Annuity ~ A borrowing process for no mortgage home owners where the equity is used as pentru proy folosit ca 36 rigages. The bor ference between lose out low-rate mortgages wi rower would benefit from the release of equity he loan and the current house market value Programe de reesafonare a fare de inlocuire a ratelor ipotecare seazute cu Imprumutatal va beneficia de diferen(a dintre credit si valoarea Mortgage Wraparound ~ A second mortgage on house wh added to the existing assumable first morigage : Ipotect invaluitoare - A doua ipotech asupra unci case care se adauga ta prima ipoteca considerala Multibank Holding Company ~ Company that owns more than one bank and may also own certain other types of financially related businesses such as finance companies and leasing com, Companie mul ing ~ Companie care este for- “A de tip hol We banci gi de asem te compan 1g (Inchirieri de ease, echip: bunuri de onsum de folosinga indelungata) cu a nan Multiple Peril Insuri ~ Insurance of homeowners and businesses covering hazards such as fires, storms, and thelts are contra unor riscuri multiple ~ Asigurare a proprictarilor ide meals whose coup Nirtit de val pare cmise de guver! le stat $iMutual Insurance Company ~ A company formed to insure its members Companie de asigurare mutual ~ Companie formata pentru asigu- rarea membrilor sai Mutual Savings Bank ~ A depository financial c led by the depositors Banca Reciproca de Economii ~ Corporatie financiara de depuneri controlata de deponentii sai National Banks ~ Banks chartered by the Comptroller of the Cur- rency B&nci Nationale ~ Banci s(atuate de Controlorul Moned National Income —‘The total value of goods and services produced by domestic residents in one year Venit national — Valoarea total a bunurilor gi serviciilor produse de populatia rezidenta in decurs de un an condition of financi intermediaries where rate sensitive liabilities assets exceed rate sen- sitive assets, Strategia diferentet n financiari in care pasivele sen: decit activele sensibile la acestea lan{ului intermediarilor ratele dobinzii sint mai mari Negotiable Order of Withdrawal ~ High dollar limit saving accounts which allow a limited number of check withdrawals Ordin negociabil de retragere - Cec de cconomii cu o valoare limita mare exprimata in dolari la care se permite un numa limitat de retrageri (incasdri de cecuri) Net Borrowed Reserves ~ Total net economy reserves when the borrowed reserves exceed the excess reserves Rezervele nete luate cu imprumut ~ Rezervele totale nete pe econo- mie atunci cind rezervele Iuate cu impramul depasese exeedentare Net Covered Position — Financial institution has equivalent amounts of bought and sold foreign currency Pozitie acoperit& net - [nstitufic financiara cu sume cchivalente de devize cumparate gi vindute 8 Net Free Reserves ~ Total net economy reserves when the excess reserves exceed the borrowed reserves | Rezerve nete disponibile ~ Rezervele totale nete pe economie cind revervele excedentare depagesc rezervele Iuate cu imprumut Net Interest Rate Spread — Difference between tax-adjusted interest revenue and interest expense on deposits and borrowed funds Diferenta in rata neta a dobinzii - Diferenja dintre dobinda incasata ajustata gi cheltuiala cu dobinda la depozitele si fondurile Iuate cu imprumut Non-Bank Bank - makes loans or takes deposits but not both Intermediar financiar de tip Non-Bank Bank ~ Intermediar finan- ar care acorda imprumuturi sau primeste depuneri, dar nw indoua termediary wh Not Sufficient Funds — Cheeks returned to the the time the check cleared no money in the amount of the check was on deposit ‘onduri insuficiente ~ Cecuri returnate emitentului la acel moment cecurile nu erau acoperite in bani cu suma inscrisa in cee yng and Surplus Funds of Life Insurance Compa Liabilities and equity of Life Insurance Companies. About seventy five percent of the liabilities are accumulated premiums of life insur- pe viat: Aproape saptezeci si cinci procente din pasive sint prime acumulate din polijele de asigurare pe vaya ion by government eaded effect of the policy action Efect de compensare~ Efect guvernamentale care contracarcaza total sau. prin aetiunca unci ‘onomic produs prin ac{iunea politicit ar{ial efectul intenyio- ‘monetare) 30Open-End Funds - No fixeel investment company. New shares are issued wher contributes more money in the fund Fonduri deschise — Numar nelimitat de actiuni stabi companie de investiti, Sint emise noi actiuni contribuie cu mai mulji bani la fondul respectiv pentru o Open-End Consumer Loans ~ Consumer borrowing where the loan Payments are determined by the balance of cunstimer goods and services purchased Credite deschise consuma tor, bunui lorului ~ Credit contractat de consuma- care platile efectuate la credit sc determina prin balania F $i serviciilor cumparate de consumator Option Writer - One who sclis an option and receives a premium Vinzdtorul unei optiuai ~ Cel care vinde 0 optiune $i primeste 0 prima Origination Fee - A service charge paid by real estate borrower toa ‘mortgage company for their arranging the loan ‘Taxa de inigiere (de concepere) ~ Costul serviciului platit de cel care teazd un imprumut pentru achizitionarea unci proprieta{i iare, companiei de ipotecare pentru aranjarca creditul Outward Arbitrage — The flowing of funds out of the United States due to lower borrowing costs in the United States and higher invest- ‘ment returns overseas Arbitraj extern ~ Scurgerea de fonduri in exteriorul $.U.A. datorita unor costuri mai mici ale capitalului in $.U.A. si randamentelor mai Participating ~ Premiums of life insurance companies excced the amounts actually needed ard are returned as policy dividends Participare ~ Primele companiilor de asigurare pe viata depagese sumele efectiv necesare si sint returnate ca dividende pentru politele de asigurare Participation Loans - The supply of funds by other banks to support allarge loan Credite de participare - Oferta de fonduri facuta de alte banci pentru a susfine un credit mare 40 private Perfect Hedge — Funding of cyclic rate sensitive assets with rate sensitive ies and permanent rate sensitive assets with fixed rate funds Asigurare perfect contra la rate ciclice eu pasive sensi jor ~ Fioanjarea a la rate, precum L sccurit ~ Active reprezentind hirtii de valoare mite de i financiari, garantate de guvernament guvern Policy Loans of Life Insurance Policies ~ The right of some life insurance policies (0 allow policyholders to borrow against the cash value of their insurance policies imprumuturi de polite din fondurile de asigurare pe viata - Drep- tul unor polite de asigurare pe viata de a permite detindtorilor lor sa ia cu imprumut in contul valorii in numerar a politelor de Rezervele de polite de a rare pe viaga faa de asigur: Policy Reserves of Life Insu premiums in the form of deposits of policyholder of life insurance companies lor detinatorului de prime de asi re pe vialsPortability of Pension Plans - The right of pension plan investors to lake their vested pension benefits with them when they move from job to job Caracterul portabil al planului de pensie ~ Dreptul inves! planul de pensii de a-si lua cu ci benefi ind se mut de la un loc de munca la Positive Gap Strategy - A balance sheet condition of financi mediaries where rate sensitive assets exceed rate sensi Preferred Habitat Theory— A theory of the term structure of interest rates whereby an investor has a specific investment horizon, can be induced to change maturities based on higher returi Teoria habitatului preferat ~ Teorie cu privire rala a ratelor dobin: specific al investiti scadente bazate pe v Premium - Payments made by p Prima de asigurare - PIai facute de deinatorii poli rare pentru acoperirea resurselor asigurate Primary Reserves ~ Cash and deposits at Fede: used to satisfy customer deposit withdrawals Rezerve primare ~ Numerar gidepozite in Rezerva Federala care sint folosite pentru a satistace cererile de retragere din depozit ale clientului | Reserve which are Product Differentiation ~ Perceived difference between products and services of competing firms Diferentierea produselor - Di serviciile firmelor aflate in con crenja abservata intre produsele si rena Product Life Cycle - The stages with accompanying profits and market strategies in the life of a product Ciclul de vial al produsului - Etapele din viaga ur toare fa strategiile de pial si profituri ace — Financial protecticn insurance against loss or Property Insui s such as fire, wind or rage to the insured’s property du theft Asigur: financiara contra picrde |, datorate Pure Yield Pickup (Coupon) Bond Swap — Swapping the same yie and grade bond with a bond with a higher coupon rate. The swap is profitable if e higher coupon is greater than the higher cost Operatiuni de swap la obi cu preferarea celei cu venit m: aiune cu acelasi venit si valoare mare, Operajiunea de swap este lui este mai mare decit costul pe baza Rate Sensi which inercase and decrease in ‘Active si pasive sensibile la rata dobin: cerese si descresc in valoare datorita mouific i — Acele active si pasive care i dobinzii Assets — Assets and inventory Active reale ~ Active cu proprietai sistocuri physical propertics such as plant, equip- ice cum ar fi uzine, echipameat attorney-in-fact” proc ~ Companie de as imputerniciRegressive Tax - Payment of higher earners than higher income carners Impozit regresiv - Plata rclativ mai mare a impozitelor la contribua- cu venit scdzut decit la cei cu venit mare ive taxes by low income Renewal Privilege of Term Insurance — A clause in the policy w1 lows the insurer {o extend the contract for additional period with- out proof of insurability Privilegiul de reinnoire a termenului de asigurare — Clauza a politei de asigurare care permite agentului de asigurare s& extind’ contrac- tul pe 0 perioada suplimentara de asigurare Required Reserves ~ Regulat financial intermediaries to main posits at the Federal Rescrve equal to percentage of deposits and other liabilities Rezerve necesare ~ Reglementare privind Rezerva Fed cere intermediarilor financi cast sica depozitele la Rezerva Federal sa fie egale cu un procentaj al depozitelor gi al altor pasive Reserves for Loan Losses ~ Amount of retained earnings set asi the bank’s capital for anticipated loan losses Rezerve pentru pierderi din imprumuturi — Cant nedistribuite puse deopart pate din imprumuturi atea de profituri in capitalul bancii pentru pierderi antici- Restructuring Debt ~ Stretching principal and interest payments in order to prevent a debt default Restructurarea datoriei - Esalonarea pentru a preveni nerespectarca plaqilor Banci comerciale pentru activitati cu am: imprumuturilor pentru consumatori si firme Reverse Repurchase (R-REPO) ~ An investment by pure! existing security under agreement (0 s at a higher price Acord de recumparare — Investitic ficuta prin cumpararea unci de valoare existente cu condilia si fie revinduta vinzatorulu un curs mai ridicat 44 Rezerve se scurt folosite in mentiner h Securitization — Conversion of an intermediary wl issues securities to pass on principal and interest (o the investor Conversia imprumutului in hirtii, de valoare - Transformarea imprumuturilor prin mijlocirea unui intermediac, care emite hirtii de valoare pentru at re investitor Selective Credit Controls - Authori Federal Reserve n by the President of the ny and all extensions of rizarea de catre Pregedintele controla oricare gi toate cxtin= Senior Debt ~ Debtholders in a firm who have frst pi ment on fiquidation Datorie senioara ~ Di 0 pay- itorii de creante ints-o firma care au pri to (din refwzul uni or sau confiscart eran ~ Rise international rez strain de a permite rambursarea cred ii fara compensareexpectation of carning higher future returns Speculatie - Asumarea riscului unui pret fara prote unor cfstiguri cu venituri viitoare mai mari asteptarea Speculative Motive in Liqi of money balances of versa due to interest rate Motivul speculativ in teo lai monctar bile gi viceversa datori ty Preference Theory ~The conve modificarilor in ratele dobi Spread Management ~ Changing the composition of assct ty to maximize a bank's gross interest profit margin Conducerea operatiunilor de spread - Modificarea structurii ac- tivelor si pasivelor in vederea maximizarii marjoi de profit brut a bancii Stock Life Insurance Company - Insurance company owned by stockholders Companie pe acti apartinind acjions 41—Companie de asigurari Straight Bond - A bond that is not convertible to common stock Obligatiune directa - Obligatiune care nu este convertibila in aciiune comuna Subdrdinate - Lower claims to assets of a firm on liquidation Subordonat ~ Revendicari mai scazute asupra activelor unei firme in curs de lichidare Substitution (Price) Bond Swap ~ Purchase of a lower price bond, with same characteristics for a sale of a higher price bond Operatiuni de swap prin substitutre de obtigatiuni --Cumpararea unei obligatiuni cu un pre{ mai scazut cu aceleasi caracteristici pen- tru vinzarea unei obligatiuni cut pre{ mai mare. Supplemental Contracts — Option contracts in surance policy which specify the distribution of cash paid into the policy Contracte suplimentare ~ Contracte de optitune privind polijele de asigurare pe via(a care specifica distribuirea Muxului de numerar lao polita ¢ which believes thal ed by moncy supply and lower taxes inflajia si produsul na ply Side Theory - A GNP are primarily control ~ Doctrina conform car brut si scazute the surety, benefit of a Surety Bond ~ A contract whereby one the performance of a second party for Obligatiune garantat: garant parti Synthetic Loans ~ Use of inten Joan into a fixed rate loi cigtigurilor de capital Tax-Free Equivalent Yields - The rate of return necessary on a taxable security to equal the tax exempt yield plus adjustment for taxes de ‘Term Insurance — An insurance po! for a given amount of time Asigurare fa termen — Polita de asigurare care prevede protectic ‘ald pentru o perioads data de timp -y providing limited protection ‘Term Loan Borrowing for fixed assets for maturities greater than 5 years. The repayment is made from the cash flows from the financed asset Imprumut fa termen ~ Contractarea unor imprumuturi pentru a fixe, cu scaden{e mai mari de cinci ani, Rambursarea imprumul sv face din fluxurile de numerar obinute la activele finanjateTerm Structure of Interest Rates - The relatior between the terest rates and the (erm to maturity of debt securities Structura temporal a dobinzii si termenul de scaden( hictiilor de valoare Time Deposits ~ Investment by individuals or corporations in finan- cial intermediaries on d Tor a given time period such as a year Depozite la termen ~ Investilii Facute de indivizi sau corporatii in depozite prin intermediari financiari, penteu o anumit’ perioada de timp, de exemplu, un an ‘Too Big to Fail ~The Comptrotier of the Currency’s d disruptions in assumption of more risk Prea mare peniru a es actiune asupra a c i Politica previne distrugeri in zeaz\ asumarea unui rise mai mare Trader - An individual who buys or sells futures or secu hope of prol kly from expected price. moveme: contrast to long-run “buy-and-hold strategy”, traders try to predict market turns so they will carn more profits by buying at cyclically low prices and selling high prices through good market liming ‘Trader ~ Individ care cumpara sau vinde hirtii de valoare la termen in sperana cA va profita copede din migcari estimate de curs. Spre deosebire de strategia pe termen lung ,cumpara si pastreaza" der-ii inceare’ si prevada schimbirile pieyei astfel inci sA cgtige profituri mai mari prin cumpararea la prejuri ciclic sedizute gi vinza- rea la prejuri ciclic ridicate printr-o previziune bund a piey asaction Loans requirement such as the b order Imprumuturi pentru tranzaet ieory = Amo various day ‘Transaction Motive cash necessary For b to day tra necessary Motivul in vederea desfagurieii opera{iunilor comer- eresie este necesard o mai mare post: ciale cotidiene. Pe masura ce venit antitate de numerar zero coupon (discounted), and most ies from seurt) ~ Grad de neplata zero, cupon comer de valoare Treasury Bonds ~ Zero default goveramei ies (10 to 30 years) which pay coupon interest semiannually i de tezaur (pe termen lung) - Hirlii de valoare petermen ng emise de guvern (de fa 10 1a 30 de ani), cu gead de neplata zero, ace plitesc cuponul de dobinda sémianual to the Treasury. Ln deposits for assets on long-term secu i fature expected sh form carcia ratcle ing sint in functie pe tor-Vesting - A nonforfeitable right to a retirement income alter a predetermined period of time of contribution Plasament (investire) ~ Dreptul neconfiscabil la venitul cuveni pensie, dupa o perioada de timp predeterminala de contributie Whole Banks ~ Large banks which cater to commercial and indus- triat loans Banci comerciale (pentru comertul cu ridieata) ~ Banci mari care acorda imprumuturi comerciale si industriale Whole Life Insurance An insurance contract that provides periodic payment of premiums and protection as long as insured lives. Upon death or a specified age the face value is paid to policyholder or beneficiary Asigurare pe intreaga viatA - Contract de asigurare care prevede plata periodica a primelor si protectie pe durata de viata a celui asigurat. La moarte sau la virsta specificata, valoarea nominal’ se plateste de{inatorului poliei sau beneficiarului Worker's Compensation ~ Form of juries to workers ‘Compensarea muncitorului ~ Forma de obli de vatamarea muncitorilor protection against in- de protectie faa FINANCIAL TERMS TERMENI FINANCIARI ABC Inventory Control System — System for monitoring inventory levels based on prioritized groups of items Sistemul ABC de control al stocurilor ~ Sisterul de control al dimensiunilor stocului hazat pe prioritayi Accelerated Cost Recovery System (ACRS) - An earlier years writc- off system of a long-term asset that uses prescribed percentages each year el Sistem de rambursare accclerata a costului - Sistem de amortizare primii ani a unui activ pe termen lung care foloseste procente bilite in fiecare an Accelerated Depreciation ~ Method of writing off the valuc of asset faster in the earlier years than the straight line method. Depreciere (amortizare) accelerata ~ Amortizare a valorii unui activ (fond fix) mai rapida in primii ani decit amortizarea liniara Accept-Reject Approach — An investment decision approach to evaluate projects based on a minimum acceptance criteria Metoda de acceptare-respingere ~ Metoda de luare a deciziei inves- ligionale care evalueazd proiectele pe baza.unui criteriu minim ac- ceptabil Accounts Payable ~ Moncy owed to a supplier Conturi de datorii (angajamente) ~ Conturi care reflecta ba ali unui furnizor (creditor) dato- Accounts Receivable ~ Money owed by a customer Conturi de creante ~ Conturi care reflecta banii datorati decounts recei accounts receiv. Viteza de rotat conturile de cr de creante - Masoara d vindute in decurs de un an; exprima nzairilor pe credit si conturile de ereante Accounting Rate of Return (Average Rate of Return) ~ Indicates the of capital projects based on average accounting net income divided by the average net investment Rata nominala a ren (rata medie a rentabi eficienta proiectelor de capital pe baza raportul mediu nominal gi valoarea medie neta a inve Accrual Basis ~ Basis of accounting where revenues and expense incur cree as cash Metoda posturil = Metods de contabi carcia cheltuietile $i ve implica ai cit side numerar Accruals ~ Recognition of a service for a payment as not yet made Posturi tranaitorii~ Recunoasterea unei tranzaci financiare a carei plata nu a fost ined efectiv cfectuata Accumulated Depreciation ~ Total amount of depreciation expense ‘on asset over its life Depreciere acumulata ~ Vatoarea totald a cheltuiclilor de amo: sale de servi zare a unui activ fix de-a lungul durat Acid-Test Ratio (Quick Ratio) ~ Measure o! inventories; Current Assets ~ Inventories, by current liabilities Testul acid (Testul rapid, Rata lichidititii imediate) - gradul de lichiditate care exclude stocurile; (active curente m stocuri)/pasive curente Acquisition Premium - Excess payment for the purchase of a com- pany above the purchased company's Prima de achizitie - Pt nii peste valoarea de p 's market value unci compa 32 age (ARM) ~ Morigage agreement between the mortgage interest be tied to move ment of « Rati ipot creditor ti - Acord ipotecar intre cumparator gi care se specifica faptul cA dobinda ipotecara trebuie sa fie panie care Agency Theory - Theory concerning the relationship between a prin- ipal and agent of the principal ‘Teoi © pro n of short-term debt nd long-term debt to anent current assets resiva a capital rea creditelor pe nantarea necesai ive curente sezo- icre si a creditelor pe termen lung pentru finantarea activelor cu- rente eu caracter perma nt — Fol Aging of Accounts ~ Recsrd of the length of time that accounts rable have beenAllocation of Factory Overheads - Apportioning the budget over- heads by use of a labor ratc or factory floor rate Repartizarea cheltuielilor generale (indirecte) ale tntrep Stabilirea bugetului acestor cheltuicli in functie de salari sa siunea tntreprinderit Allowance for Doubtful Accounts - Method of receivable valuation which reduces the value of receivables by an estimate of the uncollectible accounts Alocatii pentru creante nesigure - Meloda de evaluare a conturilor de creanje care reduce valoarea acestora cu o valoare estimata a conturilor necolectabile American Option ~ Option that can be exercised any time before the final exercise date Optiune american’ ~ Opliune care poate fi exer tea datei finale a exercitiuhui financiar 14 oricind Amortization - (1) Repayment of a loan by installments. (2) Wri off of intangible assets Amortizare ~ (1) Rambucsarea unui imprumut prin rate, (2) Amor (izarea unor active intangibile Annual Clean-Up (Annual Renewal) — Requirement of a line of credit to reduce the loan balance to zero before approving further borrowing Reinnoire anual — Obl imptumutului la zero mprumuturi Annuity ~ A series of equal dollar payments at the end of eacl period for a limited number of total periods Anuitate-O serie de plati egale in dolari la sfirgi de timp pentru un numar limitat de perioade totale fiecarei peri Annuity Due- A series of equal dollar payments at the beginning of each time period for a limited number of total periods Anuitate datorati - O serie de plati egale in dolari la inceputul fiecarei perioade de timp pentru un numir limitat de perioade totale Appreciation - Increase in value of an asset Apreeiere ~ Cresterea in valoare a un 34 and simultancous sale of Arbitrage ~ Purchase of one secu other security to give a risk free prof loare gi vinzarca simultand a ge” ~ Loosely used to deseribe activity of merger party stock to gain lowerisk prof j sau ,Arbitraj cu rise mie ~ Profituri cu rise mic realizate vitatea de comercializare a aciiunilor de catre informatorii r care fuzioneazi ng Theory ~ A 4 security or commodity is offered for and interest sensit Conducerea prin activ. financiari pentru a Asset Struct sheet St Gen re ~The mix types of assets on the firm’s balance. a activelor ~ Componenta si tipurile de active din bitanqul Asymmetrical Information ~ Excess of information by company he issuance of securit wusul de informatie al conducstorilor ici fad de investitori ew privire rtillor de valoare 55t or board of directors autorizate~ Numérul maxim de actiu prin statutul firmei sau de Con: emise, stabi Average Collection Period ~ Average amount of accounts receivable expressed as a number of days; 360 days divided by the account receivable turnover de rotatie a creantelor — Valoarca medic a conturi lor de creante exprimata in zile; 360 zile impartit la vitera de rotatic aconturilor de creanje Average Tax Rate ~ Tax r: income; total taxes paid divided by taxable income Rata medie a impozitului - Rata impozitului aplic medie a venitului raportul dintre vol datorat sicel al venii pozabil applied to the average dollar of taxable la valoarea 1 de impozite Bad Debt Bkpense — Estimated amount of uncollectible account receivables over a period Cheltuieli datorate si neonorate — Valoarea estimata a conturilor de ereanje necolectate intr-o anumita perioada de timp Balance of Payments ~ The surplus or d international trade tran: Balanta de pliti - Surplusul sau deficitul compa comerciale internationale position of companies’ lor din tranzacii Balance of Trade ~ Net difference over time between the value of a country’s imports and exports of merchandise Balanta comerciala ~ Diferenja neta in timp turilor si exporturitor cle marfuri ale intre valoarca impor- Balance Sheet ~ Financial point in time; asset and Bilant ~ Situatie financiara care indica pozitia ment dat; active si drepturi asupra activelor (p: narilor) 56 ciara la un mo- fi capitalul actio~ de on alo ly most of de obicei trade transactions Accept bancar — comerciale interna Bankruptey - Legal declaration of a company's inability to meet claims against it Basis Point — One hundredth of one percent Baza — O sutime dintr-un procent Bear Market ~ Widespread de Curs in seddere (& ta baisse) ~ Un decli ic) unci hirtii de valoare preurite (cursu- Bearer ecurity ~ Security which requires only a possession of a valoare care necesita numai 37Bid and Ask - Bid is the highest price a prospective buyer is prepared to pay, ask is the lowest price acceptable to a prospective seller of the same transaction. The two prices constitute a quotation and the difference between the (wo is the spread icitatie — Cererea este cel mai mare pref pe care un viilor ‘cumparator este pregitit si-! plateasca gi oferta este cel mai scazut pret acceplabil pentru un viitor vinzator al aceleiagi tranzacti; cele dowd preyuri constituie o cotalie si diferenta fatee ele este un interval of Lading - Document establishing ownership of goods in transit Conosament ~ Document care stabileste dreptul de proprietate pra marfurilor in tranzit Blue-Chip Company ~ Large and credit-worthy con Blue-Chip Company - Companie mare cu posibi importante agi financiare Blue Sky Laws ~ Statc-laws regulating securities issued and sold within their borders Legislatie contra emisiunilor frauduloase de actiuni - Regle- mentari de stat carc vizcaza hirtiile de valoare emise si vindute ia interioral statului respectiv Board of Directors - Elected members of a corporation's stock- holders who implement the company's charter and by-laws Consiliul de Administ ntre actionarii corpo- sajici care implementeaza statutul companiei si dispozitiile exe« 'm borrowing of money with fixed interest on spec ified payment dates with a stated maturity Obligatiune ~ fmprumut de bani pe termen lung cu dobinda fixata la termene de plata specificate, cw 0 seadentA prescrisa Bond Discount or Premium ~ Difference between the price of the bond and its par value Valoarea actualizata a obligatiunii sau prima obligatiunii ~ Dife- rena dintre prejul (cursul) obligatiunii gi valoarea ei subscrisa (no- minala) 58 to be returned to the bondholder at care trebuie rambursat la sea- Bond Rating ~ Rating of a bond’s safety of principal and interest by financial service companics 7 c eftre companil ui si a dobinzit {value of firms! a) ~ V: ‘tal active fixe minus pasive Book Value Weights ~ Percentage of capital componeats to total capital according to the capital Structura valorii de inventar ~ Ponderea componentelor cap valo sa istoric arket ~ Percentage of the stock participating in a particular market move Extinderea pietei ~ Procentul acjiunilor care par care deosebita a pieiei pa lao mo akeven Analysis ~ Point of output where the operati EBIT is equal to zero income or Bridge Loan ~ Shor ve temporary financing unt cent Loan is arranged nut pe termen scurt pentru asigurarea unei Bull Market ~ Widespread Curs in erestere (A la hausse) ~ Crestere extinsa in preurile (cucsu- 9Business Cycle — Recurrence of sds of expansion (recovery) and contraction (recession) in economic activity Ciclul activitatii economice ~ Succesiunea perioadelor de expan- siune (redresare) si reducere (recesiune) in activitatea economica Business Risk — Measure of th to magnily the EBIT Riscul afacerii ~ Masura marimii cheltuielilor fixe de exploatare folosite sa mareasca cistigu! objinut inainte de plata dobinzii si a impozitetor amount of fixed operating cost used « Call Option ~ Option to buy an asset at a specified exercise price or before the exercise date Optiune de apel - Optiunes de a cumpara un activ la un pret de exerci{iu specificat la data exercifiului sau inaintea acest Call Premium ~ (1) Difference between the call price and the face value of a bond; (2) price of call option Prima de apel ~ (1) Diferenta dintre pro{ul apelarii $i valoarca nominala a unei obligatiuni; (2) pretul unei optiuai de apel Callability (Call Feature) ~ Allows the issuer the opportunity to repurchase the bond at stated price prior to maturity Apelarea unei obligatiuni — Permite emitentului posi recumpéra obliga{iune ritate) tea de a Capital Asset ~ Lor ness Active de capital (active fixe) ~ Un activ pe termen Jung deiaut in special pentru acti de baxd ‘erm asset held primarily for conducting busi- Capital Asset Pricing Model (CAPM) - Model re Feturn on a sccurily to the risk-free ra premium Modelarea preturitor activetor de capital - Model care estimat al unci hirtii de valoare de rata far risc, prima de rise a pie{ei ing the expected Beta and the market risk A venitul a gi de Co Decision criteria of a fixed asset investment ing the investment cost and its future bencfits ale unci investitiiin active ici cu viitoarele sale ible contract on making ayments on using a fixed asset for a specified period of time Inchiriere de bu Capital Market - A p than one year are traded ? pitalutui ~ Locu risk-return relationship between the free rate, standard deviation, and rate of return evel capi re rata fara Har amount of on the d e privind valoarea long-term debt ng; datoria pe termenproperty exists; (2) aggregates of property or cay for the individuals or firms that accumull ual firms are [ree (o compete; (4) profit mot |; (Pree-Price System) Capitalism - Sistem economic in care (1) exista proprictate privata; (2) clementele proprietatii sau capitalulti produc venit pent vizi sau firme care il acumuleaza gi au dreptul la competitie (concuren{a); (4) motivatia profite baza vie\ii economice (sistemul intreprinderilor private); (s preturilor fibere) Carrying Costs ~ Cost of ho Costuri de stocaj ~ Costul stocari inventory Cash ~ Current asset of the highest lig checking accounts) Numerar ~ Active curente cu cea mai neds, fie in cecuri, sau in ambele) ty (cither currency or/and are lichiditate (fie in mo- Cash Basis ~ Accounting method that recognizes revenue when cas! is received and recognizes expenses when cash is paid out Baza numerar ~ Metoda de contabilitate care recunoaste venit atunci cind este incasat in numerar si respectiv cheltuielile, eiad se efectueaza in numerar flows and outflows wit Cash Budget ~ Detailed plan of cash year’s time Buget de cas (numerar) ~ Planul detaliat al intr: numerar intr-o perioada de un an 1 sitesi Cash Cycle - Time it takes a firm to purchase raw material to the time it sels its product Ciclut numerarutui - Perioada de timp intre momentul in care 0 firma achizitioneaza materiile prime gi cel al vinzaritor produsclor sale Cash Disbursement Schedule - Part of the cash budget w1 the cash outflows, Programarea platilor in numerar ~ merar) care arata iesirile de nuimerar arte din bugetul de i Cash Dividends ~ Monetary reward to the sto rs paid out of rotained earnings Dividende in numerar ~ Drepturile cuvenil in numerar, actionari- plaile in numerar din bugetul de casa (numerar); (2) venitul net plus deprecierca Cash Receipts Schedule ~ Part of the cash budget which shows the cash inflows Planul de ineasari in numerar ~ Partea rar) care indica intrarile de numerar ugetul de cast (nume- fiquid of current ratios which contains only ies divided by current liabilities Viteza de circulatiea numerarului - Raport curent carc exprima cel mai bine gradul de lichiditate si care contine numai numerar si hirti de valoare comercializabile, impartite la pasivele cureate Cash Turnover ~ Most aveat Subscriptor ~ Buyer beware, seller beware atentie vinzAtor ~ Avertisment dat cumparato- Caveat Emptor, Atentie cumparator, Certainty Equivalents ~ Difference in cash between certain sum and risky sum. Echivalentele certitu si suma supusé riscuh ~ Diferenta in numerar dintre suma cert drawable short-ter n deposit of Le of Deposit — A non-n ied maturity de depunere ~ Depozit pe termen scurt, cu o anumitaCharter ~ Legal Statut ~ Conte tract with a state to establish a corpo ind fnfiingarea unei corporalii Chartist - Tecl to make buy and scll recoi Chartist (expert in care profigureaza borani recomandaril rs patterns of stock a ion Clientele Effect ~ Effect of different dividend patterns in attracting investors Efectul de clientela ~ Efectu gerea investitorilor ara Close a Position ~ To eliminate one’s position in one’s portfolio. In ons L nei pozi In ce priveste Closed-End M shares outstanding which are traded on an organized exchange Fond mutual inchis -- Oper sint comerci i Closely Hetd Company ~ A corporation with few stockhi Societate cu rispundere limitat — Firma cv actionari pu Coefficient of Variation - divided by the expected v Lie — Riscul per dard impartitd la valoarea estimata of return; standard deviation nitate de venit; abaterea stan Collateral ~ Asset pledged as a promise of repayment of a borrowing Garantie ~ Activ promis (oferit) ca o garantie de rambursace a impremutul Commercial Paper ~ Short-term unsecured discount note issucd by high credit standing corporations Efecte de comert (titluri de credit) ~ gurate, emise de corpo int Fee ~ Charge on the differ: and! he amount borrowed Balanta de compensare — Deporit (depuncre) i utsin an unre- Conglomerate Merger ~ Merger between two compa lated business Fuziune de tip conglomerat - Fuziunea intre doua companii din sfere de activitate diferite Conservative Working Capital ~ Application of long-term debt to fund the maximum seasonal current asset requirement and perma- nent assets Fondul de rulment neces pentru finantarca necesarul lor permanente pe termen ve curente sezoniere gia activ. Consol - Name of a perpet ment Consot — Nume dat de guvermul br bond issued by the British Govern- Constant Payout Ratio ~ Dividend policy of paying a constant divi- dend payout regardless of the earning available to stockholders Raport de plata constant — Politica de dividende care consta j constanté a dividendului fr luarea in cor disponibile pentru actionari plata lerare a cistigurilor Continuous Compounding ~ Interest compounded continuously rather than at fixed intervals Procesul de dobind& compusa continuu - Dobiada compusa conti- ‘uu, nu la intervale fixe de timp Continuous Probability Distribution — Distribution of outcomes by probability without any gaps Distributie de probabilitate continua ~ zultatelor, fara intreruperi ibufia probabila a re- Contribution Margin ~ Revenue remai contribution towards fixed costs Marja de contributie - Venitul care ramine dupa plata costurilor fixe; contributic la costurile fixe ing after paying fixed costs; Contribution Margin Ratio - Contribution margin per dollar of sales; sales minus variable costs all divided by sales Raportul marjei de contributie - Marja de contribuyie per unitate de vinzari; raport amul vinzdrilor minus costuri vatiabile si volumul vinzarilor 6 Conve rest Ipotecd conventional - Ipoteca localé cu 0 rata fixd a dobinzii Conversion Price - Price established on a convertible debt security Pret de loare convertibile in raport cu penteu area totald a ol mon stock per unit of Raport de conyersie ~ Numarul de in pachetul de actiun comune per unitate de datorie convert Conversion Vatue - Conversion ratio times price of the common stock Valoare de conversie - Raportul de conversic inmul (cursul) unei actiuni comune it cw prequl Convertible Security - Bond or preferred stock which can be converted to common stock based on the conversion ratio Hirtie de valoure convertibila ~ Obligatiune sau acjiune prefe- rentiala care poate fi convertita fntr-o actiune comuna pe baza rapor- w conversi¢ Corning the Market ~ Buying securities in such quantity that control over price is achieved ‘area pietei — Cumpararca unor hirtii de valoare intr-o aseme- Mitate incit st conduca la preluarca controlului preqului Corporation ~ An entity that legally functions separate and apart from its owners Corporate - Entitate « proprictarii ei funcyioneazs separat si distinct de aties ret over time Corelatie ~ Masurarca modificdrilor in timp ale veni hirtii de valoare Correlation Coeff tion; +1 equals perfectly positively correlated and -1 equals pericct- ly negatively correlated Coeficientul de corelatie - Valoarea numericd a corclati doua hirtii de vatoare; ++ 1 exprima o corclatie perfect’ pozitiva $i -1 o corelatic perfect negativa Correspondence ~ Financial organization that performs service for another in an inaccessible area Organizatie corespondent - Organizajie financiara care presteazi servicii aliei organiza(ii intr-un domeniu inaccesibil Cost of Capital - Minimum rate of return to satisly the firm's in- vestors; rate of return which makes the net present value equal to zero; cost to the corporation of borrowing a mix of long-term funds Costul capitalului ~ Rata de rentabilitate minim necesara pentru a satisface investitori te la care valoarea neta prumutului de fond oratie Cost of Goods Sold — Total expenses for merchan ning inventory + net purchases Costul bunurilor vindute; stocul lor pentru mari ete ~ stocul final Coupon ~ Coupon used to collect interest on a bearct's certificate Cupon ~ Cupon folosit pentru incasarea (colectarea) clobiuzii pe baza certificatului la purtator Coupon Rate - Esta Rata evponului -R: pe termen lung interest payment rate on long-term debt 18 de plata a dol ra datorici Covariance - Equals correlation coefficient times two different es" standard deviations anta ~ Este egal abaterea standard cocficientul de corelayie iam ee yeevment acord pr prumu Coverage Ratios ~ A debt ratio that measures the firm’s ability to meet fixed finas orivi care masoara capaci- le fixe Credit Card ~ A personalized card wh ws the owner (0 pur sc items on account. The holder must pay a portion of the amount purchased or the entire purchase within a month. Any unpaid bal- (io parte curs de o luna; orican de credit ~ Orientare privind cine poate extinde un eredit si ince masura jons over two io comput ul rapoartelor financiare fa doua momente de timp Crossover ferent net present value are la care valoare: de investiqit Rata de actualizare ne tualizata este acceasi pentrw toate variante ale nits businesses" iteaza impru- othe immediate forthcoming dividends Cum dividends - Cumpararea unci pari di objinerea de dividende imedi care. emisiune ale companici Cumulative Preferred Stock Pachet de actiuni cumulative preferenti Current Ass Active curente ~ Active lichide cu 0 speran(a de vias egal cu v sau mai pujin de un an ies have a life of a year or less Pasive curente— Pasive pe lermen scurt cu 0 durata de un an sau mai pufin de un an Current Portion of Long-Term Debt - A portion of long-term debt that will rears time Varsimintul curent al datoriei pe termen lung - Varsamint riei pe termen lung care va ajunge la scadenta in decurs de un an Current Yield - Bond return which equals the coupon payment vided by the price Yenitul curent plata cuponul Date of Record ~ Closing date of stockholder ivho wi dends : Data inregistrarii - Data de inchidere pentru actionarul care primi dividende (tcrmenul limita pin la care actionarul primi dividendele) 0 ni in cont ng neasigurata ws the owner to pur ofa demand deposit account. Oppo- hecking (demand to credit card, no cred deposit) account is seal cd isa depunere la cerere. se reduce contul au poate de cee (contul de depunere la cererc) Debt ~ Mi area maxim a datoriei in struc- Capi a care menting cel mai sedzut cost marginal al cay ssets datoriei ~ Totalul datorici per dolar de active totale d of directors declares d rs care Consiliul de Administraic declaraure a nstrument Riscul neindeplinirit obligatiilor ~ Incertitudin alea viltoare a companiei de a datorie ion — Large reductic ly of a company to pay lu 10 other currencies Deferred Charge (Pre-Paid Expense) - An unused portion of a payment which is written off as consume advance rent or advance subscri Cheltuialé aminata (Chettu ctive p de active reprezentind 9 paste nefolosita inregistrata ca ficuta; dle exemplu, avans de actiuni conversigi itite in avans) - Un cont ints-o plata Deferred Income - A liability of the unuscd portion of a revenue which is reduced as performed; advance services received Venit aminat ~ Pasiv opr currency care se reduce pe masuré ce se realizeaz’; de cxemplu, servici Curs primite in avans mon tre rest payment and is so Deficit — Excess expen Deficit - Excedentul de chelt igation when due Delincventa ~ Nerealizarea unei plaji a un ini fa fermenul fixat © count Note — Short-term borrowing where the interest is paid up Nota care dobin Demand Deposit - Checking account Depozit (depunere) In cerere ~ Cont d Depreciation Expense ~ Estimated cost asset Cheltuieli de amortizare ~ Costul estimat al u (amortizarea activelor fixe) Depression ~ Steep economic contraction rest jue of future cash flows back to ployment Depresiune - Res ied ce are ea re: ori Sune \gere econo: n . 2ibution of outcomes by prob- cl groups of outcomes ble Risk (Unsystematic Risk) ~ Risk relat factor of an indivi Risc diversificabil (Rise nesi: unic al unci hirtii de valoare individuale Diversification ~ Process of red than one security Diversificare ~ Proces de reducere a ris mai multe birtii de valo ing otal risk by investing in more I prin investirea Divesture ~ Sale of subsidiaries Dezinvestire— Vinzarea obicei vinzarea unor se: a company’s operating assets; usually division of welor de productic ale unci companii; de sia unor intreprinderi subsidiare Dividend Irrelevance Proposition ~ Theory nd decision does not affect the value of the firm Teoria nerevelatoare despre dividende - Teoria conform car cizia asupra dividendclor au afecteazd valoarea firm q de- lable 19 com- Dividend Payout Ratio - Percentage of earnings a mon paid in common stock dividends Raportul (rata, indicete) de gurile disponibile pentru plata d comune ividend Signaling Theory - Changes in dividend payments give dividen- iunilor in p Teoria de semnalare a dividendetor — Modificari itorilor si afecteaza cursuri delor ofera infor price of common stock Randamentul dividendelor ~ Di mune impariite la prequl de 14 preferred stock divi- hh are liable for payment once the company can or wishes jends in Arrears ~ Prior p ng asset and portfolio ‘me return, lower risk igher return is prefer- jency based on risk risk, Giver rminace a eficientei nit. La acelagi venit dat venit mai tivelor i portofo se prefer’ ther (payee) ‘Trata (cambie, polit’) ~ Ordin scris si semnat prin care o parte (cel unei ter{e parti (primitor) margin times (otal asset lurnover Metoda Du Pont ~ Ecuatie care expris intre marja net a profi ks are chartered by the fede 8Dunning Notice - M, counts Nota Dunning ~ Aviz care an restante aders to customers of past ch lor de cont: ramase este cl Duration - Weighted average number of years i recvive all the cash flows from a long-term security Durata ~ Numarul mediu ponderat de ani primeste toate Muxurile de numerar de termen lung, Earnings after Taxes (EAT) - Net after all expenses istiguri dupa pl pozitelor ~ Cistiguri nete din lui dupa acoperirca tuturor ch or rmnings on the income stat Earnings Available for Common (EAC) ~ Earnings aficr taxes preferred dividends Cistiguri disponibile pentru activa’ com imporitelor minus dividendcle preferentiale Earnings before Interest and Taxes (EBIT) ~ net car statement after all expenses except taxes, dividends Cistiguri inainte de exploatare) ~ Cistiguri nete din situajia venit chettuielilor excéptind impozitele, dobinda si di ren ‘nings per SI ence Point (EBIT-EPS Indifference Point) - Point where capital structures have the same EBIT and EPS Punctul de indiferenta al cistigurilor tna impozitetor, si cistigurilor per actiune ~ Punct in care diferitele structuri de capital au aceleasi cfstiguri inai impozitelor si respectiv accleagi Earnings before Taxes (EBT) - Net earnings except ferred dividends Cistiguri inainte de plata impozite imporitele si dividendcle preferen istigurile nete exceptind 6 Economic Risk ~ Foreign exchange we expected cash flows fro: Al by considering luarea in considerare a sk return outcomes, istice ket ~ Prices of the securities reflect turns per risk class cannot be more than those decit Plan (ESOP) ~ A tax advantage com jon stock for its em= a market 18 cu cererea peEquity — Owners’ investment in a company Capitalu? actionaritor — Investijiile proprictarilor intr-o companic (acliuni comune plus profituri nedistribuite) Equity Multiplier - Total assets per dollar invested by owners; assets divided by common equity Multiplicatorul capi Jor — Active totale per dolar investite de propriciaris raportul dintre active $i capitalul actionarilor Escrow ~ Real or financial assets held by third party until conditions of a contract are met Angajament scris in pistrarea unui tert — Active reale sau ciare detinute de o terj4 parte pind cind siat indeplinite condi unui contract Eurodollar — Deposits of US dollars in Europe Eurodolar ~ Depozite de dolasi $.U.A. in Europa (ECU) ~ Weighted average value of key European Currency Us European currencies Unitate monetara europeana (ECU) - Valoarea medic ponderaté a monedelor de baz europene European Option ~ Option that can be exercised only at the final exercise date Optiune european finalé a exercitiului = Opfiune care poate fi exercitala mumai la data Ex Dividend - Purchase of share of stock in which the buyer is not entitled to she dividend Ex dividend —Cumpararca unor aciiuni la care cumparatorul nu este itularul dividendului Exchange Ratio - The number of shares of the new merged firm for the shares of the takeover firm Raport de schimb ~ Nu faja de numarul de acti ne noi fuzionate ata Exchange Risk ~The loss or gain in value due toa change, exchange rate Rise de schimb - Pierdere sau cistig, ficarii cursul ar valoare ca urmare Exercise Price ~ Price at whi Pretul de exercitin — Prequ an option may be exercised care se poate exercita 0 opjiune ies of the Expected Return ~ Average return based on the probat baraté pe proba- ite - Costul procentual al unci componente a capitalu- onsiderare int ra altei componente of abond Ja scadenia a unei ot 1g ~ Complete sale of a firm’ ty without recourse. torizare ~ Vinzarca completa a creantelor unei firme cétre un al artcner {ard responsabilitate banks that are loaned to other ‘ederal Funds ~ Excess reserves banks with reserve deficiencies Fonduri federale ~ Rezerve excedentare ale bincilor care sint date cu imprumut altor banci cu deficit de rezerve ‘ield Warehouse ~ Inventories pledged as collateral stored in the ders’ warchouse Depozite externe firme’ ~ Stocuri promise drept garan(ie pastrate oarea depooling and transfer of depo: Intermediar finaneiar - Companii imp ferul depozitelor in rea gi trans- Financial Leverage - Use of fixed fins turns to the owners Pirghie financiara — Folosirea cheltuiclilor fixe financiare ca instru- ‘ment pentru a mari veniturile proprietarilor I charges to magnify re- Financial Markets ~ term (capital markets) | Piete financiare - Pic\e pentru imprum scurt (pice valutarc) si pe termen lung ( ets for short- (money markets) and long- (interest, preferred dividends, leases, and sinking funds) Riscul financiar — Riscul dea nu mai avea disponibili pentru acoperirea cheltuielilor fixe financiare (dobinda, dividende preferentiale, chirii si fonduri de amortizare) Financial Structure — Composition of all liabilities and equit Structura financiara ~ Structura tuturor pasivelor si capitalul actio~ narilor Finished Goods Inventory ~ Current asset account of goods ready for shipment Stocuri de produse fie transportate fe ~ Cont de active curente de bunuri gata si Fiscal Policy ~ Governmental policy of (axa rowing Politica fiscata — Politica guvernamentatd privind sis zite, cheltuieli si contractarea de imps ~ Number of times sales are greater fixed assets; sales divided by net fixed assets Indica de cite ori este Me charges: EBIT + Lease divided by ing fund and tax adjusted state cu impozitul) Zitul plus dividendele preferentiale Fixed Costs - Oper: Costuri fixe ~ Costus fica ng, costs that do not change as output changes. le de © ¢ schimba in raport je emisiunii ~ Taxe platite lor de valoare Costu pentru emisiune loating Lien ~ General lica against a firm's assets or class of assets Dreptul de emisiune ~ Dreptul general asupra activelor sau a unci clase de active ale firmei Porfeiting - Purchase of promises to pay issued by importers Confiscarea unei garantii ~ Cumpérarca de la alte ageatii a unor ¢ de importatori ference between the forward ward Discount or Premi ‘exchange rate and spot exchange rate 1 prima viitoare ~ Diferenia Forward Ex future delivery Curs de schimb of a country’s exchange rate for arge privately controlled wholesale banking market [or forward quotes of currencies schimb viitoare‘saat "a ai Fraud - Concept of the concealme: af the detriment of another person Frauda ~ Concept referitor la escamotarea unui adevar obtinerii unor cistiguri fn defavoarea uneé alte persoane. of tru h for ¢ 1e purpose of scopt Free on Board (FOR) ~ Title to goods passes to buyer at c location, If it is the buyer pays the freight costs. If it (on, the seller pays the freight costs Free on board (FOB) ~ Trecerea ti calre cumparator intr-un anumit punct. Dacd acesta coincide cu locut de expediere, cumparatoral daca este locul dest Front End Load -S: of purchase Taxe plitite in avans ~ Chelt investitic in momentul cumparar vestment at the time finvare aplicate fondului de Fundamental Analysis ~ Use of accounting data to forecast stock future price movements Analiza fundamentala ~ Folosirea datelor contabile pentru previziu= nea migcarilor viitoare de curs ale actiun Funds ~ Cash arises from debt and equity sources Fonduri - Numerar roalizat din datorii si sursele de capital a actionarilor Value Interest Factor ~ Pactor computed from rates and ies for determining future value of past cash flows Factor de dobinda pentru valori we — Factor calculat rate sila diferiti ani pentru deter de numerar Futures Market ~ Organized exchanges in trading r assets on a future date at fixed price today Pinta livrdrilor la termen ~ Schimburi organizate prin comerci: rea la o data villoare a unor a actual yment due to a company's r job as a result of a merger Golden Parachute ~ A management if they lose d Prima de recom ‘nei compar nei fuziu of an acquisition {suprabeneficiu) ~ C owth Model — Vi; ich assumes a constal (peo durata de crostere constanta a dividench Greenmail ~ A large block of stock th forces the target company to repurchase the stock for elit by an unfriendly company, sub- Greenmail - Un numar mare de actiuni deyinute de 0 companie concurenta care forjeazi compania vizata si-si rascumpere actiunile sale historical cost of a fixed asset when Active fixe brute ~ Costul istoric inigi activ fix inregistrat in produse in cconomic intr-o anumita perioada, de obicei un an =Net Gross Profit Margi 's minus cost of goods sold divided by net sales Je profit brut — (" mparfite ka vinzdcile nete us costul bunurilor vindute) Fi netHedge Ratio~ Number of zer0 loss position Rata de asigurare impotriva riseurilor — Numérul de unititi dintr-o optitine necesar a se cumpara pentru a reduce pierderea la nive zero ils of an option to purchase to cr Hedging — Buying one secu a return and reduce risk Operatiuni de reducere a riscul loare si vinzarea alteia in vederea asigura riscului yy and selling another in order to lock in Cumpararea unei hirtii de va- i venitului si reducerit Historical Cost ~ Cost of market costs Cost istoric (i de costul pietei :counts on balance sheet as opposed to ial) — Costul faregistrat in conturile din bilany fala Holding Period Return ~ Major return calculation in finance; ending price minus beginning price plus intermediate cash flows all divided by beginning price over a stated period of time (one year) Yenitul perioadei de calcul ~ Calcutul de baz’ al venitului (pretul la sfirgitul perioadei minus prejul la faceputul perioadei plus fluxurile de numerar din timpul anului) impér(ite la pretul de la inceputul perioadei; calculul se face pentru o anumita perioada de timp (un an) Horizontal Integration ~ Merger between two companies that manu- facture similar products Integrare orizontalA ~ Fuziunea dintre dows companii care fabrict produse simitare Hostile Takeover — Acquisition by tender offer fought and resisted! by management of the target company Preluare ostila— Achizijionarca printr-o ofert& reala sau li de care conducerea companiei vizate lupta ca s& reziste Hurdle Rate ~ Minimum acceptable return of a project, Prag minim de rentabilitate acceptata ~ Rentabilitatea minima ac ceptabild a unui proiect Immunization ~ Use of duration strategy to lock in the return on a bond and protect against Imunizare ~ Folosirea strate nei obligatiuni si protejarea ratele dobinzii pe pia Imy worth 1g if expired exercitata daca plateste daca exista un cfstig Income Statement ~ Financial statement detailing the company's Taxes levied on income by the federal and state — Impozite percepute pe venit de catre guvernele Incremental Cash Flows ~ Cash flows developed from the difference between the new project ancl old proje Sporwl fluxuritor de numerar ~ Fl 8S"hn nia ais Indenture ~ Legal agreement on specific loan agreement between the issuer of a bond and the bondholders Angajament — Acord legal intre emitentul unei obligatiuni si detindtorii ei, cu respectarea conditillor specifice provazute in acor- dul privind imprumut Independent Projects ~ Projects that are for different purposes Proiecte independente ~ Proiecte destinate realizairii unor obicctive diferite Index Fund ~ Mutual fund whose portfolio matches a board based index such as the composite New York Stock Exchange or Standard and Poor's 500 stocks Fond indexat — Fond comun al carui portofotiu corespunde cu un fond indexat, cum ar fi fondul New York Stock Exchange sa dard and Poor's 500 Indirect Quote — Foreign exchange quote as measured by the foreign currency divided by the domestic currency Curs (cotatie) de schimb indirect — Cur: rat ca raport intre moneda strain si moneda de schimb valuter masu- tern’ Inflation ~ Decline in chasing power of money duc (o in- creases in the price level Inflaie - Scdderea puterii de cumpatrare a monedei d sii nivelului prequcitor pil rita creste- Initial Public Ofte ‘common stock Oferta publicd initiatd ~ Prima emisiune publica de actiuni comune a companiei ing (IPO) ~ A company’s first pu Insider — A person who has key information before it is made publi Informator (membru bine informat al unei companii) ~ O persoand din interiorul companiei care dejine informatii de baza inainte ca acestea si devind publice Insolvency ~ Inability (0 make interest payments and repay debt al maturity Insolvabilitate — Indisponi! ajunse la scadenga ate de plata a dobinzii si datorici 86 for big the interest and repayment of the princi- n order to pay money = Document cu valoare de contract legal reprezentind un ordin de plat Intangible Assets ~ Nonm: value; they are amortized over an assets due to special right or added period of 20 years e unor dre; charge for borrowing money da - Cheltuicli fixate prin contract Interest Expense ~ Fixed cont Cheltuiata reprezentind dobi pentru bani ved forward premium or discount Interest Rate Parity ~The equal (o the difference in annual between of a currency should b ferea sau reducerea anuala viitoare a ferenja anuala intre ratele dobinzii ratei dobinzii ~ C rebuie sa fie egala cu Interest Rate Risk ~ Changes in the price of a sc in the market interest rate ityd 0 changes Riscul ratei dobinzii ~ Mi ificari in cursul unci hintii de valoare p 87saa Infernal Rate of Retu its future cash flows. Cost of capil equal to zero Rata internd de rentabilitate — Rata de rentabilitate la care un proiect produce venituri provenite din fluxurile de numerar viitoare, Costu! capitalului la care venitul net actualizat este egal cut zero in a project earns from hat makes the net present valuc. Intrinsic Value ~ (1) value of an asset based on its prese! expected cash flow; (2) for an option the difference between the exercise price and the market value of the underlying security Valoare intrinseca - (1) valoarea un rata pe valoaeea actun- ata a Nuxului de numerar estimat; (2) pentru o opfiuine, ea repre- Zinta diferena dintre pretul exerciqiului fin area de pi a hirtici de valoare d Inventory Turnover ~ Number of times cost of goods sold or of sales is greater than inventory; cost of goods sold or net sales divided by inventory Viteza de rotatie a stocuril vindute sau al vinzarilor este un raport intre costul bunur ite ori costul bunurilor mare decit stocul; se calculeaza ca r vindute sau vinzarile nete si stocuri Inyentory Valuation - Determin: tory account based on the four methods of valuation: weighted average, LIFO, FIFO, and specific identification Evaluarea stocului ~ Determinarea contului de stocuri din bilant pe baza celor patru metode de cvaluare: media ponderata, LIFO, FIFO. siidentificarea specifica Investment Banker - Specialist of corporate securities Specialist in investitii - Spe de histit de valoare ale unei com tion of primary issues repartizarca primelor emis 88 acfionarilor Junk Bonds ~ Bonds with high return and high default rate used ia leveraged buy-outs : sof active interve: Keynesian, Economics ~ Econ: goverament, ; conomie kéynesistt — Economic care implicd interventia activa a guvernului fa pind cind cumpfirdtorul a pl (contravaloarea articolului) it intreaga suma Lease ~ Long-term rental agreement Inchiviere - Acord de ere (de echipamente) pe termen lung Lessee ~ User of Lessee ~ Pers bencficiarul 4Letter of Credit - Letter from a bank stating t in the company’s fave of money Serisoare de credit - Scrisoare emisa de 0 banca prin care se sta- tueaza faptul ca 2 n favoarea compani foloseste in principal in transferurile monctace interaagior Leveraged Buy-Out ~ Acquisition financed by the use of debt with the company’s assets as collateral Raportul datoriei — Achizitie finanjata prin folosirea datoriei, avind activele companici ca garantic n's assets iare asupra activelor mon specific assets Garantie - Dreptul creditorutui asupra unor active specifice Limited Liability ~ Li archolder’s losses amount invested Pasiv limitat - Limitarea pierde actionar la suma investita Line of Credit ~ Infor: on the maximum amount of cred agreement beeween lender and borrower be provided intre creditor gi beneficiarul imps loarea maximé a creditului care va fi acordat can be easily and cheaply turne le securities (short term) Active lehide — Active care pot fi transformat numerar: de exemplu hfe (pc termen scurt) i pliti of idity Preference ~ Keynesian certain level of cash balances based on the lev Preferinta pentru lichidit i trebs bazat pe nivelu 0 heory of investors to mainta of interest rate 14 conform circia I soldului de numerar (ci dobinzii 1 required for Prima de lichiditate ~ Valoarea suplimentard a venitului provenit din dobinds, ceruté pentru investitii cu o durata de viaja mai mare repayment of the money plus 1 — Act of reeei jerest at @ point of time in the future Imprumut - Actiunea de primice acestora plus dobinda fa un anumil moment de timp in Loi mbursarea itor ¢ = Table of an installment loan di and principal to be paid for ea p period able Funds Theory ~ Cl major i London lend cach other London Interbank Offering Rate (LIBOR) ~ Rata dobinzii la care principale! Maintenance C: aMargin — (1) Amount of deposit with a broke (2) cash or securities set commitment Marja - (1) Suma depozitu! eu a imprumuia o hiet cu care investitorul dovedeste c& poate onora o obligatic (un angaja- ment) which Nirtii de rm and long term with long tern piul corespondentei ~ Strategia capitalului circulant conform trebuie st existe 0 corespondenta intre activele pe termen Marginal Analysis - A microeconomic comparison of the relative costs and benefits directed to maxi Analiza marginals ~ Compararea la nivel n veder is due ~ Cost of capital of th Je sources of fin ssets and fi itic in care toate activele gi pasivele sint absorbite de Marginal Tax Rate ~ Tax r Rata marginal a impozitutul Rata impoz dolar din venitul impozal Market Portfolio - Portfolio of all risky securities; NYSE index is a basis used for the market portfolio 1 pietet — Portofoliuil (uturor hitiilor de valoare care im- cd un risc; de exemplu indexul New York Stock Exchange repre- Zinta baza folosit’ pentru portofoliul pi actiona de rotaie a activelor, marja profitului net gi reprezentind capitalul actionarilor reserve to control terest rates “e e use of the fed Market Risk Premium ~ Difference between the return 01 ket and the risk-free rate Prima de risca pietei ~ Difere rise 1 for short-term sale investments westilii sigure pe termen scurt Market Weights - Percentage of each component of the capital ponents alue of the indwidual co Money Market Funds ~ Mutual fund which invests only in safe feedrei componente din stru oarea pe pia\a a componentelor ind structure based on the mark Structura pi Ponders in functie de i de valoare sigure aMoney Multiplier ~ e economy by changing reserve requirements or using open-market operations Multiplicatorul monetar ~ Influenta produs4 asupra fatregii mase monelare din economie prin modificarca necesarului de rezerva sau prin folosirca operati Money Supply — Amount of currency, demand deposits, short-term the economy outcomes Flo ~ Metoda de c: or posibile jen on real property ipotecara — Obligatiune asigurata printr-o garangie asu~ pra unei proprietati reale Multinational Corporation ~ A corpor: different countries Corporatie multinationals - Corpor operat sin many ie cu operagiuni in multe (ari Mutual Fund ~ Investment company whose shares are soldl to in- vestors nvestiii ale task and only one can be taken Proiecte reciproc exclusive - Doua proiccte eu acclasi obiectiv, din care unul este preferat 1 yer has no underlying umparatorul au are o of Deposit ~ traded cus tabi’ ; included are aced equipment, and any 4 in numerar ta perioada de timp , fonduri objinute prin vinza- sales less c Vinzarilor minus veniturile clientului siOperating Lease - Short-term, cancelable lease Operatiuni de inchiriere ~ Inchiriere pe termen scurt care poate fi anulata Operating Leverage — Use of fixed operating charges to operating income in relation to sales irvble de explontare ~ Folosiea chel [pentru calculi! ven aport cu vinzarile lor fixe de exploatare Operating Profit Margin — Gross profit m expenses divided by the net sales Marja de profit a exploatirii - (Marja de profit brut minus cl lile de exploatare)/vinzari nete gin minus operating Opportunity Cost — Return on the next best si isk invest available at a given point in time Costul de oportunitate ~ Renta mai buna § at westi Opportunity Set ~ All risk-return outcomes av: Set de oportunitate - Toate rezultatele rise-venit investitie iment le pentru 0 Optimal Capital Structure ~ Capit the firm's composite cost of capital Structura optima a capi urmaré minimizarea costului total al capital Option - Right to buy or sel! an underlying ass over a time period with the privilege of not exe Optiune — Dreptul de a cumpara sau a vinde v pretul prescris inir-o anumita perioadd, cw privilegiul neexercitarii acestui drept Ordinary Tax Rate - Rate applied to income from the normal course of business and not a capital gains rate Rata impozitului ordinar — Rata aplicatd ta desfagurarea normal a activitatii, nu din ciptigur Original Cost ~ Historical cost Costul initial ~ Costul istoric 98 would result Outstanding Stock ~ Stock that is holders drop in price; (2) come (Extraord sourse of business mente de venit ex le-Money Option ~ Oj ni ge block decit the possession of the stock- i in posesia actionarilor jc intangibila conectata prin mijloace si cumparatorii pot comerci released would cause of US dollar overseas that if converted to another currency would cause a drop in the exchange rate Overval ede hi ed — A stock whose pri ji de valoare care, lansate pe © scidere mare a cursului; (2) 0 mare lor S.U.A., care, conver-Net Working Ca, ween current liabil nl current assets Capital net circul ichiditatea net dintre pasive curente $i active curente y i ny; difference b Valoarea neti (C: totale 1s pasive No-Load Fund ~ Mutual fund offered by an open-end investment company that imposes no sales charge Fond fard taxa de tranzactie ~ Fond mu investitionala care nu impune Nominal Interest Rate - (1) Simple interest compounding; (2) act for inflation; as equ rate equ plus percentage change in the price level Rata nomi dobinzii ~ (1) Rata simplt a dobin: actuala a dobinzii in economie fara considerarea infla(ic; nala a dobinzii este egala cu rata re: procentuala in nivel i Is real rest rate using the account as co! lectible accounts Neapelare (nonrecurs) - Clauza de garan(ic a conturilor de ct conform c&rcia compania care foloseste conti asuma respons: i) Normal Probability Distribution ~ Symmetric bel tion that can be completely del ation Distribu Note ~ Unsecured dlebt.up to 10 years Nota - Datori iggurata pind fn 10 06 { shares of stock les: m over £0 securities ecutat de a cumpaira sau vinde Actiune deschisi ~ Un ordin hirlii de valoare Fund - An inves fund on demand pani dk cerere rn ies in futures market that number of secu have not been executed wrul de contra i de valoace de pe titate* (open interest) — Numarul total de ivrarilor la termicn, care nu au fost Open-Market Operations ~ A method the Federal Reserve uses to 101 the money supply by buying and selling government sccurities tA deschist ~ Metoda folosita de Rezerva Fede- ralé pentru a controla ofc: npararca gi vinzar hictiilor de valoare ale guvern ive cosis outside of cost oficliuni in momentul e1 (,paid capital) - Excedcnt Par Value ( loare subse: igatiunii; (2) cursul actiunii stabil ¢ maturity value of a bond ald) ~ (1) Valoarea la seaden sa prin sta at it ir Preferred Stock ~The right of a certain Ired stockholders to receive extrad aciionari se plore parea aldturi de actiona comune ende suplimentare prin pai ‘comuni la repartizarca unlimited liabi Asociere ~ Asociafie cu pasive m multi indiviat ate care apartine a doi sau mai Pass-Through Securities - Repackage pooled debt that passes in- come from the debtors through an intermediary to the investor of @ security Hirtii de ¢ (ransmise ~ Reconsiderarea fond fel incit venitul trece de Ja debitori ta investitorul valoare prin intermedi locitor Payback Period ~ Len; investment of a capital asset Perioada de recuperare ~ Durata de timp necesar& pentru rambur n activ de cay sary 10 recoup th Pecking Order Theory ~ Descri internal financing over external financing, because of floa and asymmetrical information ‘Teoria ordinii preferentiale ~ Descrierea preferingei m pentru sursele de cauza costurilor emi 100 area cursului jon to pay pension s workers pensie — Fond si va pl © power 10 a die perfecta ~ St te - Cel mai seas the records always equal Stoe continua ~ Metoda d denfiazd intotdeauna stocul real exi rent Perpetuity - A. se forever Anuititi perp ty wh will pay fixed yearly payme: pe care o companic ra folosindu-si coning figure which makes the assets e equity on the balance sheet Yaloare de echilibru ~ Metoda de calcul al acelei sume reprezentind sursele de finanjare sau excedentul acestora, la care activele aciionarilor in bilanjul contab Poison Pill — A takeover defense which allows existing stockholders the right (o buy the company’s stock at a bargain price. This can also be used to buy shares of the takeover company in a merger attempt Mecanismul ofertel ca instrument de rezisteng&Impotriva pret care permite actiona: companiei la un curs conve pentru cumpararea aciiuni ore jor existenti dreptul de a cumpara a Ea sc poate de ascmenca folo: ical Risk — Threat.of a foreign government to change it contract concerning a corporation's foreign investment Rise politic ~ Ameninjare fcutd de un guvern strain ca ca contractu! anterior privind investitille straine ale corporatiei ation of reducing risk intentia de reducere a Portfolio — Collection of securities with Portofoliu ~ Colectarea de riscului Pre-Paid Expenses ~ Cash paid in one accounting period for services used in a future accounting period; example is subscription paid in advance : Cheltuieli atticipate ~ Numerar platitinte-o perioada de calcul pen- tru servicii folosite intr-o pgrioada de calcul vitoare; cle exemplu, abonamentele platite in avans Precautionary Balancé — Cash held to protect against emergencies Sold de numerar pentru protectie ~ Numerar pasirat in scopul de a se proteja in imprejurari critice Preemptive Right ~ The right of stockholders to maintain their pro- portional share of ownership in the firm Dreptul de preemptiune - Dreptul actionarilor de lor proportionala de pacticipare la firma ™ idend la 0 actiune comund pind cind nu au fost platite toate dividendete 5 of new securi mara — Emisiuaca de s by tre o firma a unor hit noi de Prime Rate ~ Rate at whi tomers id to their most favored eus- ~ Rata Ja cure bancile acorda imprumut celor mai favorizati client nt borrowed or estment which is re~ 14 Iwata cu imprumut sau valoarea ursatd le of securities to institutional investors lor de valoare unor statements, ie pe termen hingPro Rata ~ A method of proportional Pro rata ~ Metoda de alocare proportionala Production Mix - The composition of company’s production output Structura productiei - Totalitatea diferitelor tipuri de produse care aleatuicse rezultatul productici unei companii ne different products Profit Maximization Policy - The objective of the company to concentrate only on the earnings per share each year and ignore the Jong-run weaith added to the company “Politica maximizarii profitului ~ Obiectivut companici de a se 7 concentra numai pe maximizarea cigtigurilor per ac{iune in ficcare an, ignorind valoarea pe termen lung care trebuie adaugata compa- lity Index (PI) - Ratio of a project’s present value to its al cost Indicele de profitabi fata de costul sau initial ite ~ Raportul valorii actuate a proiect Progressive Tax~ A tax system where the higher income is at a higher tax rate Impozit progresiy — ce creste venitul impozal jem de impozite conform carui creste si cota de impunere pe misura Promissory Note — A signed statement to pay borrowed amount with interest over a period of less than a year, with no collateral itlu de creanta (promisiune de plat’, cambie) — Declarajic sem- nat de a plati suma imprumutata si dobinda fn mai puin de un an, fari nici o garantie stale- Prospéctus — A condensed version of a company's registe ‘ment providing information on the securi Prospect — Versiune condensata a situ: companii care furnizeaza informa(ii asupra biti iaregistrarc a unei r de valoare Jer of stock (ransfess his ¥ Proxy ~ A statem ng s (0 another care definatorul de acti i Publicly Held Corporation — A company that has a wide diversity of tock ownership traded on stock exchanges Societate pe actiuni ~ Companie care dejine o mare diversitate de \cfiuni comercializabile fa burs& Purchasing Power Parity ~ Theory of exchange rates where the rate between two countries I the ability to purchase the same goods and services Parita i de cumpiirare ~ Tedria cursurilor de schimb mb intre doua (ari (rebuie sa fie egal cu Pure-Play Method — A means of e capital for a project based on a company engaged purely in the same business as the proposed project Metoda jocului pur ~ Mijloc de estimare a costuh cu riscul pentru un pri activitate cu proiectu! propus Put Option ~ Option to sell an asset at a specified exercise price on or before a specified exercise date Opti de exercifiu, 1a o data amumita a exerci a vinde un activ 1a un ani i sau anterior acestei Pyramiding ~ Control of one holding company by another holding company Vinzare in deinut de 0 alta com iramidé — Controlul asupra unei companii pe aciiuni e pe acini ator) ~ Individ sau companie care vrea sA preia 0 trolu! actiunilor acesteia gi prinRandom Walk ~ Theory that past prices of securities cannot be used to forecast future prices Mers aleatoriu (tendin¢a aleatorie) ~ Teoria conform cAreia cursu- rile vechi ale hirliilor de valoare nu pot fi folosite pentru previziunea cursurilor viitoare Range — The dilference between the highest and lowest rate of return of a security over time Fluctuatie ~ Diferenta dintre cea mai fnalta si cea mai scazuta rata a rentabilita(ii unci hirtii de valoare Ranking Approach ~ Evaluation of capital assets based on their internal rates of return and the company’s cost of ca| Ordonare ~ Evaluarea activelor de capital pe baza ratelor interne d realabilitate gi 2 costului capitalului compa Ratio Analysis ~ Use of financial accounting data to construct ratios to evaluate the condition of a company Analiza prin rapourte - Folosirea datelor financiar-cont construirea unor rapoarte care sa evalue7e \companii pentru !atia cconomica a unei Raw Material Inventory ~ Materials kept on hand to be used in producing a product in @ company’s production output Stoc de materii prime - Materiale existente in mod Curent pentru a fifotosite la fabricarea unui produs din producia companici Real Rate of Interest ~ Price which equates for funds with no premium for inflation Rata reala a dobinzii ~ Preul la care oferta de fonduri este egala cu cererea de fonduri fara nici o prima pentru inflatie supply and demand Recapitatization ~ Changing the mix of the capital structure Recapitalizare - Modificari in structura capitalului Recapture of Depreciation ~ Portion of the gain on sale of asset which corresponds with the difference between the asset’s book value and its original price Recuperarea deprecierii ~ Partea din cisligul objiaut din vinzarea care corespunde cu diferenta dintre valoarea de inventar a activului gi prejul sau initial 106 Recourse ~ Risk of collection borne by the factor of accounts receiv- able Recurs ~ Rise i conturilor de creane care este responsa- est payment schedule and/or Drogramarea pla silsau in fila datoria existent Refunding - Replacing old debt with new debt in order to reduce the interest payments eo Proces de inlocuire a mijloacelor de plata a unei datorii ~ fntocuirea unei datorii vechi cu una noua in seopul r plailor dobinzii Registration — The process of receiving SEC approval for @ public issue of securities : Inregistrare~ Procesul de primire a aproba: nisie jor de valoare pentru emisiuaca publica a hirtillor de valoare Regression Analysis —In sta best fit Analiza functiei care aproximeaza cel mai bine se ics, a technique for finding the line of nica folositd in statistic’ pentru gasirea a de date statistice Regressive Tax ~ A (ax system where a higher income has a lower tax rate : SEE Impozit regresiv — Sistem de impozite conform céruia la un venit mai mare se percepe 0 rata mai mica Reinvestment Rate ~ Rate of r esting future cash flows from securities at the time the cash flows occur Rata de reinvestire ~ Rata rentabilitt{ii la care se reinvestesc Muxu- rile de numerar viitoare datorate unor hirtii de valoare in momentul ye aceste Muxuri 107Reorganization ~ Change in asset and financial structure of a come Pany to reflect equitable claims of the creditors. Changers of the firms could have new owners who were previously creditors Reorganizare ~ Modificare in structura a it ciara a companiei pentru a reflecta drepturil Firma poate avea noi proprictari care aut fost i Repurchase Agreement (REPO) — Purchase of short-term securities by a lender with an agreement that the borrower will repurchase them at a specified price Acord de recumparare ~ Cumpirarca unor hirlii de valoare pe termen scurt de cdtre un imprumutator, pe baza unui acord conform céruia imprumutatul va reeumpara aceste hit curs anumit Required Rate of Return - The minimum attract an investor (o purchase or hold a security Rata de rentabilitate necesara ~ Rata de rentabilitate minim noce~ sar pentru alragerea unui investitor in cumpararea sau deinerca uni hirtii de valoare ‘necessary to Reserve Requirement — A bank’s cash account maintained at the fedefal reserve or the bank to meet the established reserves Necesarul de rezerve - Contul de numerar al baneii m: nginut bi rezoyva federala sau banci pentru a asigura rezervele stabilite Residual Dividend Theory - Theory statin, be paid equal to the cquity’ capital left over after th profitable investments Teoria dividendelor rt dendele trebuic plai dupa finanjarea invest financing of iduale - Teoria care statueaza faptul cA divi- in functic de capitalul actionarilor ce ramine Retained Earnings ~ Earnings after taxes not paid out as dividends; investment of the company's earnings for cay Cistiguri nerepartizate ~ Cistiguri ce ramin dupa plat care nu sint platite ca dividende; cle reprezinta din cis le comy pay-off datoriei - Pla nent of Debt ~ Paying off of existing d igurile ramase dupa jul detindtorilor de acqiuni borrowed amount periodic de cr Rights Offing ~ Issue of security th = Acord cu o binned privind o linie garantata nd pentru Flea nefolosi a sumei is offered to current stock- tii de valoare care seRisk-Adjusted Disco budgeting decisions that has been adju tisk Rata de actualizare ajustati eu riscul ~ Rata de ac uare a capitalului, care a fost ajust firmei sau al proiectului Rate - A dise ed for firm or project's izare folosita 4 eu riscul Risk Adverse - An investor’s philosophy that demands h and requires a high degree of return for increases Ostil fata de rise — siguran{é si necesita un nivel preintimpine cresterea riscului safety Risk-Free Rate — Return on a riskless investmet on a government short-term security Rata fri rise ~ Venit sk Premium ~ Expect: investment rather Risk Taker — An investor who docs not req} higher risk Persoana care-si asuma riscul - Investitor care nu cere un venit mari corespunzitor unui rise ma re as high a feturn for Rollover ~The reinvestment of fund when an instrument matures Reinvestirea unei hirtii de valoare — Reinvestirea unui fond atwinci cind acesta ajunge la scadenya Round Lot ~ A block of 100 shares of a security Lot rotund ~ Un bloc (un pachet) de 100 dle actiuni dintr-o hirtie de valoare Rule of Absolute Priority ~ Rule that the company must completely honor senior claims on assets before junior claims Regula privritAtii absolute ~ Regula conform carcia comp buie mai intii sa onoreze complet obliga mai recente ime it ke to double ‘ea perioadei de timp Stoc de sigu pentru protec es level in company ing department and external de marketing si a of the asset's usable ~ Valoarca estim cady issued securities tii de valoare deja emise sets pledged 10 rotect bondholders in the event of bankruptcy _ Fraproocat asigurat sav obligattuae asigurata ~ fmprumut fc i in vedere protejarit ited [alimentului cond de{inatoriler de obligatiuni in eventu: Security Exchanges ~ Means of bringing together buyers and sellers of debt and stock i ‘Tranzactii de hirtii de yaloare ~ Aducerea cumparatorilor gi vinzatorilor de datorii $i act un proces deSecurity Market Line - Ri p developed from the asset pricing model between the expected ret risk inia pietei hirtiitor de valoare ~ Relatia care apare pe baza mode- lului de stabilire a prequ 1 estimat si riscul sistematic Self-Liquidating Loan ~ Loan to finance current assets on which gale of assets provides the cash to repay the loan Imprumut cu autolichiditate - Imprumutul care se face pentru a finanta activele curente; vinzarea activelor produce numerarul ncce~ sar pentru rambursarea imprumutu Sem n which secu trong-Form Efficient Market - Market y Semivariable Costs ~ Costs th volume and change to a different level beyond that volume Costuri semi-variabile - Costuri fixe pentru un anumit volum producfici si care se modific& peste acest nivel al produciiei Senior Debt- before subordinat Datorie preferent Shark Repellents ~ Amendments to company el jem against (akeover uze de protectie - A rea protejarii tration covering several iss Indosariere ~ Procedura tare care si cuprinda diferitele emisiuni ale aceleiagi hi are e permite firmelor s4 prezinte singura ide, Short fntere: sold short and not r 1 Theory ~ .¢ investors to revise downward their estimates of the company's stock value cote inferioare estimarite lor pr ed only on the initial investmentSole Proprietorship ~ A business owned by one person. TI are at the individual norm Proprietate unic&i — Impozitele sint percepute in func raspunderea este nc Solvency ~ State of mature Solvabilitate — Pos scaden|s maturing obliga itatea firmei de a-gi onora obl Source and Use o! remrent over a period, Co falement show how funds were obtained and how they were applied Sursa ele utilizate Special Drawing Rights (SDR) - Measure of a country’s reserve in the international money system Drepturi speciale de et lor monetare ale unei (21 recognizing a higher than aver Speculatie ~ Asu roagterea fapt decit media Speculi ‘opportu Sold de numerar pentru speculatié - Numerar dc profita in situagit ate ve Balance ~ Cash held to Wwe of unexpe ut pentru Spin-Off - The selling of a subsidiary of a company Intreprindere (filiald) independent ~ Vinzarea unci fi apartinind unei companii m4 and income statement ac- Spot Exi Cursu c price; (2) the difference in interest plait pentew si pretul (cursul) ii intee diferite ‘onomie grow ware ~ Periouda fara crestere economics sau cu o crestere eco- nomic minora, in termeni reali ndard Cost - Estimate of the efficiency cost of production under operating conditions Cost standard - Estimarea cos! de exploatare normale in coni ajei producti re garantul se obliga sa cumpere al drepturilor oferite ated Value ~ Value assigned to shares of stock on a corporation's books instead of the par valueStock Dividend - Di Dividendul-acyiune ~ Dividend sub forma de actiuni in loc de nume- ar Stock-Out Costs - Costs resulting from having to procure from production rather than from inventory. Used in determi inventory level of an item Costuri aferente stoc articolelor necesare d determinarea nivel i nul ~ Costuri rou productie, nu din stocu i stocului unui artic! le din procurarea |. Sint folosite tn Stock Repurchase ~ Buying back shares of issued stock by a corpor: Recumpiirare deactiuni - Recumpararea de actinni din pachetul de acliuni emis de corpo existing owners without issuing new stock Divizarea actiunilor - Creslerea sau descresterea numa actiuni la propr Stockbroker ~ A trader in stock who does not hold buyers and sellers do transactions Curtier ~ Agent care facititeazA tranzactii intre cumpardtorii si vinzatorii de actiuni, dar care nu detine titlul de proprietate Straddle— Combination of a ps exercise price Operatiuni in ga (combinate) ~ Combinarea optiunii de a vinde sia optiunii de a cumpara la acclasi pret de exerci option at the same pe durata de vag! a echipamencali Is of th Strap ~ Option contract combining one pul and two e same series of option ‘Tranaaetii de optiuni (strap) - Contract optional care combina optiuune de a vinde si doua optiunide opliuni Stretching of Acca credit as mu credit aking into a Strike Price ~ Price at which a call or put option may be exercised e same nal care combina doud aceeasi serie de opt 0. series of only ments ni descoperite ~ Obligatiune care poate fi separata intr-o serie de instrumente de plalé numai a dobinzii si instrumente cu ions of ten oF less ead of a corpor umar de zece Subordinate Debt ~ Debt whose cl e satislied preferentialeSubscription Price -The price at wh a share of stock Pretul subscript iei - Cursul (pretul) la care detinatorul de «lrepturi poate cumpara o actiune Sunk Costs ~ Costs which reversed Costul achitat ~ Cost care a fost deja efectuat gi nu se mai poate realoca ave already been incurred and cannot be Supply Side Econ duction in marginal tax rates wi ations and wealthy individual Teoria ofertei - Teorie economicd ce statueaza faptul e& reducerea ratelor marginale ale impovitelor va stimula investifiile feute de corporatii si de indivizi avuti ies - Theory of economies stating that the re- stimulate investment by corpor- Swap - The simukaneous purchase and sale of foreign currency for two different value dates Operatiuni de swap (schimb de valute) ~ Cumpararea si vinzarea simultana de valuta straina la dou momente de timp diferite Syndication ~ The forming of a group by an investment banking Formarea unui geup de catre ‘banca de ficarii riscului asociat emisiunii unei hirt unui imprumut : Tangible Assets ~ Physical assots such as plant, machinery, and offices ve fizice cum ar fi: Fabrica, v Target Capital Structure — Long-range percentage mix of long-term debt, preferred stock, and common stock for a company Structurdi de perspectiva a capitalului ~ Structura in perspectiva a datoriei pe termen lung, a acjiunilor preferentiale si a actiunilor comune ate unei companii a st is not taxable by ye a cArei dobinda, (ile guvernamentale expense; also known as tax de depreciere jing that it is Technical Analysis — A theory of stock pri J on past price possible to predict future price movements ‘Temporary Current Assets — The change in current assets due to changes in Sales over # period of tinte; also called seasonal current assels der Offer — Public offer ‘other company realdi (licitatie) ~ Oferta pu by a company to purchase shares a A © companii de 0 companie inTerm ~ Len, becomes due Termen ~ Perioada de Ftime usually in y 5 until the principal of a security imp, exprimata de obicei in \junge fa seadena i, in care valoarea unei hirtii Term Loan — Loans with ma repayment on an installment basis imprumut la termen — Imprumuturi cu scadenja intre un an si 10 ani, rambursabile in rate ies from one Lo ten years and Term Structure of Interest Rates ~ est rates and the term to mat constant Structura temporal a ratelor dobin: relationship between inter- ,, where the risk of defa Thin Market - A m: to buy or offers to sell or bot Pinta de mi ~ Piala pe care tranzacl 1g over the counter in este membra a unei de valoare listate la bursa burse poate forma o piatd a hirt ‘Time Draft ~ Demand for payment at a stated future date ‘Tratd la fermen — Plata trebuie efectuata la o data villoare prescrisa ‘Times Interest Earned ~ Earnings before interest and taxes divided by interest payments Viteza de rotatie a dobinzii - i obfinwte inainte de plata dobinzii si a impozitclor impastite la platile dobinaii (de cistigurile depasese plata dot ori Total Risk ~The si Rise total ~ Abaterea stan of a sceurity 10 ‘trade Credit — Credit ‘Transaction Balance - Cash held to mect payments because of {ferences between cash inflows and outflows = Numerar pastrat pentru onora rea plitilor gencrate de diferen de numerar security charged by a si vinzarea u pute de broker Risk = The foreign exchange risk of price changes in ule transactions, lorat modificarilor de pret k of exposed assets and .9 calied accounting risk asurer ~ Pr ‘Trezorier ~ Pr Treasury I issued reg Bon de tezaur ~ ponte objinere mica de un an jod regulat de catre stat ri pe termen scurt, cu 0 scadenta yy the issuing company and de compania emitenta si ui revinzare 0firmei Triple Witching H1 ird Friday of March, June, September, and December, whoa options on stock indexes expire Tripla ord vrajitA ~ Ultima ora de efectuare a tranzacliilor la bursd, jn a treia 2i de vineri din lunile martie, iunie, septembrie si dee: brie, cind expi lor de acti ‘Trust Receipt ~ A loan made against spe: in the hands of the borrower, but which is, the lender : Procedura (mandat) ~ imprumut facut cu o garantie specifica ce rémine la porsoana imprumutati, dar care este idemtificat gi co lat de cel care acorda imprumutul c collateral that re tified and inspected by Trustee ~ A third party (0 a bond indenture who insures t the issuing firm keeps its: promises and obeys the restrictions of the contract Tutore ~ O tera paric emitenta igi respects promi effects of the adjusting emi Balanta de verificare n include efectele inregi: Unbiased Expectations Theory ~ Term structure of interest rate theory which postulates that the course of short-term rates can be forecast for long periods of time Teoria estimaritor nepreferentiale ~ Teorie privind structura tem- porala a ratei dobinzii care postuleaza faptul cd tendinga rate termen scurt poate fi previzionaté pent Unbiased Predictor — A theory that spot prices at some future will be equal to today’s forward rates Previziune obiectiva -Teorie conform car de timp in vitor vor fi egale cu ratele prevazute ai 122 te compo- playi cu chiria probabilitaii 4 corporal fe, cum ar fi: drept i de propricta in vederea crete Uncertainty — A develop a pro Incertitudi d — A stock whose price is less than that justified by look or Price/Earnings ra At ~ Actiune al cArei curs este mai mic decit cel justificat de lor sau de raportul preyeistiguri ~ The act of guaranteeing a company the proceeds on sw issue of a security by buying the entire issue and have never been. @ pe care compania au a emis-o niciodatd = Allows bi n with a mean of 0 and = Distribugie norm media zero sifock counter istatdi ~ Actiune care nu est werciali Unlisted Security ~ and is traded over is not fisted on an organized ge © bursa organizata gi este cor Unsecured Debt - Oblis collateral Datorie neasigurata - Obligajic ncasiguraté cu 0 gara ion not backed by a pledge of specific specifica Usury Laws - State laws certain fim Legi impotriva cametei (spec impunerea unci dobin: rest above ty Function ~ A dist erences of a decision maker sau a capitalului actionarilor Value-Added Tax - A type of national sales tax collected at each stage of production or sale of consumption goods, and levied in proportion to the value added during that stage Taxa pe valoarea adaugata— Tip de impozit asupra vinzarilor nay nale la fiecare stadiu de productie sau vinzare si perceperea acest Proportional cu valoarea addugata in cecursul fiecirut stadia Value Date A date in foreign exch and seller agree to pay each other Termen de plata ~ Termenul la care cumparitoru consimt si-si achite o! le; este fo Variable Costs ~ Costs that change Costuri variabil productia 124 crest on the mor ipoteci cu cost nce ~ Mea measure of va Dispersie (var omas combinations of sei feritclor v. de valoare d si picederile zilnice fa un contract eu tate in contul de rezery ire a banilor sau viteza wit 1$ In decursul unei or ~ Rata de ch c oFi este cht cum ar fi firme tion of a firm hed product fi suppliers ofits jorii sti deVertical Spreads ~ Any invest short options on the same under prices but the same expirat Intervale verticale ~ Inv op pret Vesting ~ Right of employce grad time with an orgar Dreptul dea participa la distribuirea cistigu: ul cfgtigat in mod treptat de un angajat firma, de a primi contributii de beneficiu and extreme fluctuations Volatil - Fluctuatii rapide si extreme Volume — Total nu: Volum ~ perioada Voucher System ~ A method for controlling cash expenditure through use of a written voucher authorization Warehouse Receipt Loan ~ A loan secured with controlled and can be removed for sale only with the lender's ap- oval Imprumut asigurat eu un stoc— este controlat si care poate creditorului Warrant ~ Long-term call option issued by a company Varant ~ Opjiune pe termen hing de a cumpira, cmisa de © com; nie Wash Sale ~ A dece; repurchases the same or identical securities almost Operatiune de recumpirare imediata — Tranzacti care vinzdtorul de hirlii de valoare reeumpara accle valoare sau uncle aproape ime 126 s full coverage. Upon death or a spee- of the policy is paid to the policyholder or ca urmare a unei conomice Profit neasteptat ~ Profit {iuni ce iese din sfera de conte the end of quarter or year that cli ders au anului care avantajoasa Withholding ~ Deduction from salary payments to satisly an indi: ventory ~ A total of units and value of partially atea si respectiv valoarea 7Working Capital - Current assets and current liabilities Fond de rulment (capital circulant) ~ Active curente gi pasive cus rente, Working Control ~ Theoretically, ownership of 51 percent of a com- pany's voting stock is necessary (0 control Controlul asupra activititii unei firme ~ Teoretic, dreptul de pro- prietate asupra a 51% din pachetul de actiuni cu drept de vot al firmei, care genereaza dreptul de control asupra activitatii firme’ Worksheet ~ A “spreadsheet” designed to minimize errors and to provide data for the financial statements Tabel (fisa de operatii diverse) ~ Un ,desfdsurdtor" care are ca scop 84 minimis i sa furnizeze date pentru situatiile financiare World Bank — Helps finance mostly third-world countries’ commer cial and building projects Banca Mondiala ~ Finanteaza in special proiectele comerciale si de constructii din {arile lumit a tr Write-Off — Charging an asset amount (0 an expense or loss Amortizare ~ Cheltuiala reprezentind uzura unui activ Writer — Person who sells options and collects the premium Agent — Persoana care vinde optiuni §i incaseaza prima Yield ~ Actual return received by an investor in a secu Rentabilitate ~ Venitul efectiv primit de u valoare y or la o hirtic de Yield Curve ~ Market interest rates on similar-risk secu time Curba rentabilitatii ~ Evolu hirtii de valoare cu rise similar ies over Yield to Maturity ~ Rate of return which equates the price to the future cash flows of a bond Rentabilitatea la scaden¢a ~ Rata rentabilitafii la care. pre obligatiuni este egal cu uxul de valori viitoare actu H une’ 128 Zero-Beta Portfolio - Any equity portfolio that has positive variance but zero correlation with the market portfolio are dispersia pozitiva si indicele de corclatie cu portofoliu! pietei zero Zero Coupon Bond ~ Discount bond making no coupon payments Obligatiuni cu cupon zero — Obligajiuni cu valoare redusa la care nu se fac plaqi de cupon Zero Sum ~ A set of transactions in which the winners’ gains exactly the loser: le cigtigatorilor sintINTERNATIONAL TERMS ‘TERMENI INTERNATIONALI A.B. (Aktiebolag) ~ Swedish word for incorporated or stock company A.B. (Aktiebolag) ~ Termen suedez care defineste 0 socictate sau 0 companie pe actiuni A.G. (Aktiengesel company AG. (Aktiengesellschaft) ~ Termen german care defineste 0 s fate sau o companie pe actiuni 0) = German word for incorporated or stock Accounting Exposure ~ Problem of changes of foreign currency foreign affiliates on the reporting currency of the parent’s consoli- dated statements Expunere (prezentare) contabila — Problema transformarilor de va- luta straina le straine in moneda de raportare din situatiile financiare ale corporatiei de baza Ad Valorem Duty ~ A customs duty levied as a percentage of the assessed value of a product Taxd vamala ad valorem ~ Taxa vamala percepu valoarca stabilité a produst ca procent di Appreciation — The rise in value of the home currency in a foreign currency Apreciere (sporire a valorii) — Cresterea in valoare a monedei terne in raport cu cea a monedei externe ion (o Back-to-Back Loan ~ A loan in which (wo companies in sey rate countries borrow each other's currency for a specific period of time, and repay each other's currency at an agreed maturity Imprumut acoperit reciproe ~ Tip de imprumut care se caracteri- zeaza prin faptul ca doud companii din {ari diferite igi imprumuta valuta una alleia pentru o perioada de timp dala gi rambursarea valutei se face la 0 scaden{a convenita de ambele parti ra imposed rates. The spread between the black- icial gover posed (pegged) rate indicates the market pus de guvernul oficial, Diferenta di mpus de guvern imiting of the transfer of foreign exchange out de val rea transfer in afara compa created the gold ex change standard, fixed exchange rates in relation to the dollar, and the establishment of the International Monetary Fund and the World Bank Acordul de la Bretton Woods ~ Acord e pe bara infa de plati care ernational, public gi reign based clicat firm ines reasons\l everyone gains if ea: nation specializes in the production of those goods that it produces relatively most efficiently and imports those goods that other coun- tries produce relatively most effi iv - Teorie conform carcia tofi cistiga daca fiecare natiune se specialize: celor bunuri care se prod comparativ, cel mai cficient gi daca importa acele bunuri pe care {ari le produc, comparatiy, ia modul cel mai eficient Countertrade — A type of international trade in which parties ex- change goods directly rather than for money, hence a type of barter Countertrade ~ Tip de comer{ international bunurile in mod direct, nu prin intermes este un tip de barter Country Risk ~ The possibility that unexpected events within a host country will influence a clieat firm's or a government's ability to repay aloan Riscul tarii ~ Posibilitatca ca evenimente neasteptate din tara gazd sé influenteze capacitatea unei firme sau a unui guvern de a rambu creditul Covered Interest Arbitrage - The process of earning riskless pro! through forcign exchange transactions, borrowing and investing, ‘covering through the forward market Arbitraj cu dobind’ acoperita ~ Proces de ob{incre a profit fara rise, prin tranzactii de valute, luare cu fmpri de acoperire prin piaa viitoace lor nut si investire, si Cross Rate ~ Exchange rate between two currencies deter their common relationship to a third currency Curs de schimb intermediar - Cursul de schimb intre doua v lute, determinat prin raportarea lor comuna la 0 a treia valuta Currency Risk ~ Risk of unexpected change in foreign exchange alter the home currency value of repayment of loans by Rise valutar ~ Riscul modificarilor neprevazute in cursurile v strdine va determina modificari in valoarca monedlei interne pentru rambursarea creditclor de ctre client straini Currency Swap — Agreement of two fi amount of two different recording is made on Operatiuni de swap valutare — Acord intre doua firme privind schimb (ati echivalente de do} Current Account ~ The portion of the measures the net flow of goods, services, Cont lor in moneda de raportare din situatiile eursul de schimb curent Current/Noncurrent Method ~ A means of converting foreign ex- change affiliates’ balance sheet statements of current accounts at the © historical exchange rate into the parent's reporting currency statements Metoda curenti/nonDirect Quote - The price o the home country’s currency Curs direct ~ Projul unitayii de valuta exprimata in moneda interna a (ei init of foreign exchange expressed in irty Float ~ A system of market-detcrmined exch which the government intervenes from time to tims to foreign exchange value of its currency Fluctuatie dirijata ~ Un sistem al cursurilor de schimb determinate fn functie de piata, intervine din timp in timp pentru ge rates in influence the ayn the parent of the forcign affiliate Res pania-mama a idends out of earnings to adclor in cfg Dumping ~ The practice of offer market al a price that is lower thai home market or a third country Dumping ~ Practica de a oferta bunuri goods for sale in a foreign of the same prod! piata interna sau a unci terte {ari Economic Exposure ~ The potential for a change in expected flows and thus in value of a foreign affiliate as a result of an unex- pected change in exchange Expunere economic& — P -US dollars deposited Eurodotar - Dolari $.U.A. depozitati la banci din afara Statelor Unite European Currency Unit (ECU) — Composite currency created by the European Monetary System to function as a reserve currency numéraire Unitate monetard europeand (ECU) - Moneda compusa creata de Sistemu! Monetar European, menita s4 functioneze ca o rezerva de numerar monetar 134 Exchange Rate ~ The expressed in terms of Curs de ual unity surrency of some other country de moneda al unei {ari Factor Market Imperfec s of factors of production of foreign parent corporation wl It in foreign Imperfectiunile factorului de piata — Avantajele factorilor de pro- ducjie ai unci societati centrale (mama) stedine care se pot materia- 4 Tntr-o investifie steaind terest rates in each country I rate of return to the investor plus ed amount of inflation ~ Teorie conform cAreia ratcle nominale ale dobinzii din ficeare (ara cu rata de rentabil ‘orului plus compensarca pentru valoarea estimata a inflajici nute cu sets, such as ‘oreign Direct Investment ~ Purchase of physica lant and equipment, in a foreign ci lea central (mama) choique of arranging medium-term financing iscounting longer-term promissory notes Reducere ~ Tehnica de realizare a finan{arii pe termen mediu prin diseontarea (reducerca) biletelor la ordin eu termen mai mare orward Differential ~ The difference between spot and forward Les expressed as an annual percentage 7 ferenta in timp a cursurilor de schimb — Diferenta intro cursurile schimb actuale $i cele viitoare exprimata ca un procent anual nsForward Rate ~ An exchange rate quoted today for settlement at some future date Curs de schimb viit lao anumita b cotat azi pentru decontarca ry into which forcign goods may be brought duty free, often for purposes of add ture, inventory, storage, or packing Zona libera de comert ~ Zona dia cadrul unei {ari in care bunurile strdine pot fi aduse cu seutire de vama, adesea in scopul unei pre- lucrari ulterioare, stocdri, depozitari sau ambalari Freely Floating Exchange Rates - Exchange rates determined i free market without government interference Cursuri de schimb cu Motatie libera - Cursuri de schimb determi- nate pe o pias liberd fara interventia guvernului Loan ~ A parent-to-affiliate loan channeled through a ermediary such as a large international bank Imprumut principal ~ imprumut acordat de societatea pi ei sale printr-un intermediar financiar, cum ar fio banca international mare Functional Currency ~ The currency of the primary economic en- vironment in which a foreign affiliate operates and in which it gen- erates cash flows Valuta funct ionala - Valuta intr-un mediu economic de baza in care care aceasta genereazé fluxuri de nume- G.m,b.H. (Gesellschaft mit beschraenkter Haftung) ~ German term for limited liability company ~~ G.m.b.H. (Gesellschaft mit beschraenkter man pentru 0 societate cu raspundere aftung) ~ Termen ger- ta tariff barriers, and sculc trade disputes Acordul General de Tarife si Comert ~ Cadru de legi 6 ‘A money transfer system operated by a Giro Transfer System ~ c tate the transfer of a high volume of transferul unui volum -A sume mici de bat Gold E: currency in terms of gold Schimb de valuta pe baza etalonului aur — Declaratia oficiala a unei {iri privind valoarea ls paritate a monedei sale in functie de aur change Standard ~ Country declaring a par value of its quota of a country in the Gold Tranche — A percentage of U national monetary fund paid in gold ‘Tranga (cota) in aur ~ Procentul reprezentind cota de participare a nei (ari le Fondul Monetar {nternation to major t Valuta forte Inc. - Incorporated. Termen englez pentru oa corporatie of a unit of tey's currency rect ~ Protul unit Indirect Quote ~The p ome currency expressed in de moneda internd expri- a diferentele in ratele e cu rise si scadenta cursului de schimb 137{nternational Bank for Reconstruction and Development (IBRD or World Bank) - International development bank owned by member nations that makes development loans (o member countries Banca Internationala pentru Reconsteuctie si Dezvoltare (BIRD sau Banca Mondiali) ~ Banct de dezoltare internatio apartinind natiunilor membre, care acorda ercdite de dezvoltare {arilor membre International Fisher Effect - A should change by an amount e: between two countries Efectul international Fisher ~ Teorie conform carci Schimb curent trebuie s& se modifice cw 0 sumé egal ratele dobinzii dintre doua ari heory that the spot exchange r: ial to the difference in interest rales International Monetary Fund (IMF) ~ An internat tion created in 1944 to promote post-war exchange rate stability Fondul Monetar International (FMI) ~ Organizatie internationala creatd in 1944 in vederea promovari stabilitalii cursului de schimb postbelic pylemational Monetary Markets (IMM) ~ A division of the Chicago Mercantile Exchange Piege Valutare Internationale ~ Diviziune a Bursei Comerciale de la Chicago Irrevocable Letter of Credit ~ A letter of credit that obligates the issuing bank to honor drafts drawn in compliance with the credit and Gan be neither canceled nor modified without consent of all parties Scrisoare de credit (acreditiv) irevocabila - Scrisoare de credit care obliga banca emitttoare sa onoreze tratcle emise in conformitate cu creditul si care nu poate fi nici an ici modificata fica Consimgamintul tuturor pactitor Joint Venture - A business venture that is owned by two or more other businesses from foreign countries Societate mixta - Socictate economica apartinind a doi agenti economici din (ari straine mai multi ne traded commodities pre{ ale marfurilor Licensing - A contra ny to manufacture or sell a domestic company’s products Acordare de licent A ~ Contract care pern sf vinda produse ale unei compan unei companii straine imerne y company ry/Nonmonetary Method — A method of tr da de raportare a monetare sint transfor pentru procesul € prin conside-Multilateral Netting — A means of ceducing the settlement cost of a large number of separate crossing forcign exchange transactions between affifiates Posibititati de cistiguri nete mult costului de decontare intre comerciale valutare soparate aterale ~ Mijloc de reducere a le fa un mare numar de tranzacii Nominal Exchange Rate ~ Actual exchange unadjusted for intl Curs de schimb nominal — Cursul de schimb actual neajustat eu rata inlay comer exterior s: ratiunea comercia Nontariff Barrier ~ Trade res (arifls, Examples are import quote: levies, and special health regulations Barierd netarifara ~ Practici restrictive comerciale, alte fele vamale. De exemplu cote de import, restrict ,,vol moduri variabile de percepere a taxelor $i reglementari spec privind sanatatea es other ‘voluntary” rest Outright Quotation ~ The another currency Cotatie directa ~ Pre altd valuta price in one curroney, of au complet exp Overall Balance - The sum of all autonomous t be financed by the use of official reserves or of ot official transactions. It is a measure of ire on an ex rate Balanta global (de ansamb nome care trebuié finanate pri altor tranzactii oficiale firs folosirca re: nii asupra cursului de schimb = Suina (uturor tr 140 ed only as the num- 5) by which it differs ion ~ A forward quotation expr y four decimal po ber of deci Occ ic ~ Posibilitatea ca evenimentele pol bunastarea economic a firme’ ds — Methods used to move funds in foreign h reduce the risk of foreign devaluation, forcign tax, and foreign profit lor pe profituri straine Price Blasticity of Demand ~ Measure of the percentage change in for a given percentage le or policy intended to inhibit or eign goods and services ‘sing Power Parity ~ A price of internationally d commodities shou! ime in every country, hence the Inge rate between the (wo currencies should be the ratio of 3 in the two countries prew sa fie ace- mport of a supra impor- produsReal Exchange Rate — Spot forcign exchange relative price level changes since a base period Curs de schimb real ~ Cotafic actual a valutclor, ajustata cu modi- ficarile corespunzatoare in nivelul prejurilor fata de o perioada de baza ed for Reporting Currency - The currency in which a parent firm prepares its own financial statements Moneda de raportare ~ Moneda in care firma central (mama) igi alcatuieste situaiiile financiare Revaluation ~ A rise inthe forcign exchange value of a currency that is pegged to other currencies or (o gold Reevaluare ~ Crestere ia cursul de schimb al unei valute stab Faport cu alte valute sau in raport cu aurul S.A. ~ Société Anonyme or corporal S.A. ~ Société Anonyme sau corpor: SARL ~ Société a Responsabi liability (in French) SARL ~ Société & Responsal dere limitata (in limba franceza) té Limitée o a company of limited € Limitée sau companie cu raspun- Soft Currency —A currency whose change rate by government intervention and will mos! value Valut neconvertibita — Valuta al carei curs de schimb este sustim artificial prin interventia guvernului si care este supusi cu o mare probabilitate deprecierii sau devalorizirii Propped artificially likely depreciate or de- Tariff - A duty or (ax on importers that can be either a percentage of cost or a specific amount per unit of import ‘Tarif ~ Tax vamala sau impozit perceput importatorilor, care poate A caleulat fie ca o cota procentuala din cost, fie ca suma specificata per unitate de import ‘Trade Balance - The net exports and imports of merchandise on the balance of payments account Balanta comercial’ ~ Exporturile si importurile nete de macfuri din balanta conturilor de play or it change in the value of nS entered into prior to ‘Transaction Exposure — The pote contractual outstanding financial obl change in exchange rates Expunerea tranzacti or fi Unbiased Predictor - A theory that spot prices at some future date will be equal to today’s forward rates Previziune obiectiva ~ Teoric conform carcia prejurile actuale lao data viitoare vor fi cgale cu cursurile viitoare prevazute la momentul actual ‘Unbundling — Dividing of cash flows from an affiliate to a parent into their many separate components to prevent disturbance of the funds during economically difficult times Desprindere (disociere) ~ Divizarea Quxurilor de numerar de la 0 a unei socictafi centrale (mama) in mai multe pair{i compo- nente separate pentru a preveni perturba(ii priviad fondurile, in perioade dificile din punct de vedere economic Value-Added Tax (VAT) ~A national sales tax collected at each stage of production and sales ‘| ‘Taxa pe valoarea adaugaté ~ Impozit national pe vinzAri, colectat la fiecare stadiu al productici si vinzarilor Y¥.K. — Yugen-Kaisha, The Japanese term for limited liability com- pany Y.K,~ Yugen-Kais! limba japonezd) sau Societate cu raspundere limitata (termen inINVESTMENT TERMS TERMENI INVESTITIONALT Absolute Risk Aversion - Amount of dollars an investor wou up in order to avoid a risky investment alternative Aggressive Asset ~ An asset that ha: Activ agresiv — Activ care are un coc! Aggressive Investment Manager — A portfolio manager who looks for undervalued and overvalued securities and buys and sells these securities in order to maximize trading profits Manager investitional agresiv — Manager de portofoliu care cauté hirtii de valoare subevaluate fe si le cumpara in vede- tea maximizarii profiturilor comerciale American Depository. Receipts ~ Certificates which represent the shares of a foreign common stock and can be purchased in dollars for non-dotlar dominated foreign stock Certificate americane de depuneri - Documente care reprezinta actiuni dintr-un pachet de acyiuni comune straine si pot fi cumparate in dolati in schimbul unor actiuni strAine in alte valute Anomalies in Efficient Markets ~ Occurrence of certain conditions of stock variables or time of the year that produces returns greater than the market return Anomalii pe piete eficiente ~ actiunile sau perioada de mai mari decit ven Arrow-Debreu Security ~ An asset thal pays $1in one of nature and zero in all other states Hirtie de valoare Arrow-Debren ~ Un activ care produce 18 anumild stare a naturii $10 fn alte sta Asset Allocation ~ Attainment of the optimal stock-bond mix for the an performance velor ~ Atingerea unei combinayii optime a far Charts — At sents the stock pri ighest price and the bottom of the bar is the lowest pi as a small cross on the bar de reprezentare grafica in care fiecare Partea de de jos a re este reprezentat he day. The top of the bar is the ce. The Index ~ Is the ratio o shest-grade bonds over the average yicl Dow Jones 40 bond index. The ratio is supposed to reveal how willing investors arc to take investment risks re venitul mediu al Barron givenitul Dow Jones. Raportul asume un rise some exercise ata higher exercise ade si cumpararea mn pre| de exerions Theory - Term structure of interest rates theory ¢ future expected forward rates include a liquidity Teoria estimirilor preferent ratei dobinzii confo: s Model ~ and call options Modelul Black-Schotes - Formul valoritor op(iunilor ¢ Block Positioner ~ A broker who deals in only blocks of stocks (100 shares) Block Positioner ~ Broker care come! 100 de acy lizeazd numai pachete de Bull Spread An option created by buying a call at a certain exercise 1¢ while also s¢ ‘i de pret avantajoasi - Optiune ereata prin cumpararea unci opiuni de a cumpara fa un anumit prot deexcrcigiu rea simultand au Butterfly Spread — A combi same underlying secur rent de pret combinata - Com nafie intre optiunile rezultate din diferenjele de pret avantaj dezavantajoase penteu acceasi hirtie de valoare de Buy-and-Hold Strategy ~ Invest and holding the security to obtain long-run price appreciation and dividend payments Strategia ,,cumpara si pistreazii* — Investire prin cumpararea unci hirti de valoare $i pistrarea ei in voderca objincrii unci cresteri pre{ului pe termen lung si a platilor de dividend 146 ny desired model dorit de mit orders rough the CLOB, ine toate comenzile limita tiilor pentru con: doud momente Hirt cistigu de valoa:Continuous Markets ~ A financial market executed any time during the trading day Piete continue ~ Piefe financiare care per zac{iile) comerciale 54 fie executate oricind comerciale it ca opera decursul Convexity — Second derivative of the bond valuation equation. A means to improve the duration strategy of a bond Convexitate ~ Derivata a doua a ecuatici de evaluare a ob i Un mod de a imbunatati strategia duratei de viata a unei obligatiuni Corning the Market — Illegal practice of purchasi of a commodity in order to control the price Acapararea pietei — Practica ilegala de a cumpara toate valoare ale unui produs, pentru a controla piata the securities le de Cumulative Average Residuals (CAR) ~ Summation over time of a stock or portfolio’s excess return, Tracking CARs can i whether a stock experienced an abnormal re Valori reziduale medii eum i lui de venit a! unci acfiuni sau al unui portofol liza acestor valori poate indica daca actiunea a inrogistrat un venit anormal Day-of-the-Week Effects ~ Rise in stock prices on Fri stock prices on Monday Efectelé zilelor siptimi de vineri si scdderea lor in lay and fi ~Cresterea cursurilor unei ac{i a de huni Day Orders ~ An order from a customer to bi for the day itis brought (o the exchange floor Ordine zilnice ~ Ordin dat de un client de a cumpara sau a vinde o ine dar num: or sell stock but only Dedicated Portfolios — A method of synchronizing a fund’s cash inflows and outflows, analyzing the fund's tempting to reduce the cost of funding Portofolii dedicate ~ Metoda dle sincronizare a intratilor gi in numerar ale unui fond, analiza pasivelor viitoare gi incer. reduce costul finan|air Defease - (1) means of fully funding expected future liability on a least cost basis for a pension fund; (2) borrower sets aside cash or bonds sufficient to service the borrow’s debt (borrow’s debt and offsetting debt are not on the balance sheet) Anulare ~ (1) mijloace de finanfare completa a unui pasiv viitor mic cost pentru fondul de pensii; (2) debitorul pastreaza suficient numerar sau suficiente obligajiuni pen- tru achitarea datorici (datoria debitorului gi datoria de compensare nu sint trecute in bilan{) Defensive Asset ~ An asset with a beta less than the market Activ defensiv — Activ cu valoares coeficientului beta mai mica decit cea a piclei Defined Benefit Pian - A pension plan where the employer promises to pay each qualified employce a specified amount when they retire Planul definit al beneficiului - Un plan de pensii conform caruia patronul promite sa pliteascd fecdrui angajat calificat 0 anumit ‘A cind va iegi Defined Contriby contributes a specified amount into a segregated fund 1 employees’ retirement benefits Planul definit al contributiei - Un plan de pensie conform cAruia patronul coatribuie cu o sum anumita la un fond separat in bene! angajatilor iesigi lk pensie 1 — A pension plan where the employer is for the and horizontal option spreads Diagonal Spread ~ Mixture of verti ie expiration dates and which may include options in which both exercise prices differ Optiune rezultata prin diferente de pret in dingonala - Combin: cren(ele de pret orizontale $i verticale; se pot include opyiuni pentru care difera atit datele de expirare cit gi preturile de exercitiu Discount Broker ~ A broker who secks to attract clients by offering lower brokerage commissions with no investment advice reste SA atraga privind investiDollar Cost Averaging - A system of intervals with a fixed dollar amount Costu! mediu ($) - Sistem de cumparare a h or de valoare la intervale regutatc cu o suma fixa de bani (S) Double Taxation ~ Two taxes applied to corporate dividends Impozitare dubia — Dowd taxe ap! idendele corporatici Dow Theory ~ A theory of market analysis based on the performance of the Dow Jones indu 1d Dow Jones transportation stock price index average ‘Teoria Dow ~ Teorie de a izarea medivi ‘ntre indicele Dow J I si indicele Dow Jones al prejului de transport ai actiunil Dual Trading ~ Act of executing for broker's account as well as a customer's account Comert dual - Act de operare fin al clicntului in contul agentului de burst, cit si ion of essential fact to the in- vestor in underwriting a sect Violarea dreptului investitorului de a cunoaste situatia financiard a firmei ~ Omisiunea unui {apt esential investitorului, in garantarca de valoare hasa Embedded Options - Op convertible bond Optiuni continute ~ Optiune continua ar fio obligatiune convert contained in another security ta hirtic de valoare cum Equal Weighted Index - Each security is represeated equally by itself Indice de ponderare egal ~ Ficcare hirtic de valoare este reprezen- ata in mod egal de ea insagi Ex Ante ~ Expected outcomes Ex ante - Rezultate estimate Ex Post — Past outcomes Ex post ~ Rezultate din treeut 150 ctor Analysis ~ A statistical method of determining factors which in most of the var ty - Cor between the benefactor and the Respo te Fiduciard ~ C tutclei (curator, custode) tre donator si manager ‘ilter Rules ~ Means of buying and selling siock in order to make profits based on certa firm Commitment ~ The underwriter of securities assumes ful responsibility for the securities that are not sold tiilor de valoare isi asuma dept ntiile dc valoare care nu sint vindute Fiscal Year — A corporation's accounting year An fiseal ~ An contabil al corporatiei val rate of interest her = Aju ini — Pre ‘o obliga(iune care include considerarcaFree Cash Flow - Co cash flow from opera sheet adjustments Flux de numerar extins ~ Evaluare cuprinaatoar rar care include fluxul de numerar din operatiuni ca gi pe cel surse de finanjare ions as well as other financing and off balance a luxului de nume- alte Full Service Broker ~ A (rained broker who offers the clients advice, monthly statements, tax accounting of securities, and other services Broker cu atributii complete - Broker specializat care ofera are, impozitele calculate pe hirtile de vatoare gi alte servici outstand: le execu- Fully Diluted Earnings per Share — Earnings ing stock plus the conversion of bonds to stock tion of warrants and stock options Cistiguri per actiune complet micsorate ~ Cistiguri assets are paid their legal claims Creditor general - Drepturi ramase asupra activelor dupa ce au fost onorate drepturile legaie asupra activelor garantate General Obligation Municipal Bonds ~ Bonds backed by wali power {0 tax property to mect their obligation and promise without limitations Geographically Cons tire world are executed on the floor of the exchange Piete consoli baza proqul ntreaga lume pe Geographically Fragmented Markets — Trades mac different geographic markets are combined in computer-centralized market Piete fragmentate geografic — Tranzactiile facute pe diferite pice geogralice sint combinate pe o piata centralizatd prin computer ‘anceled Order (GTC) or Open Order ~ An order to 1d-Uni fas in effect until it is either executed or buy or sell which 1 inceled Bun pind Ja anularea sau ordin deschis - Un ordin de a cumpara sau a vinde care rémine valabil pind cind este executat sau anulat analysis of formation hat stocks which have Mead-and-Shoulders Top (HST) ~ A tech of stock prices which is supposed to si reached a top will decline in the ft : Metoda de calcul al scAderii pretului ~ Analiza tchnicd a formarii jor actiunii, care si izeze Faptul cA ns un vir! vor fiin scadere in vitor I investors share Homogencous Expectations ~ Assumption t the same risk and return percep i investitor Horizontal Spreads ~ A spread option having different expiration dates but the same exercise price (time spreads or calendar spreads) ne rezultaté rente de pret orizontale - Opsiune cu diferite date de expirare dar cu acetagi pre{ de exercijiu (diferente de p sau diferente de calendar) loan angie a unui jon ~ Pled jotecare — Promilerea de hi prumut ing securities as coll i de valoare drept has the legal Pools An association of two or more persons whi ipulating prices and profiting therefrom Jegale ~ Asocia(ii de dou’ sau mai multe persoane care au a pre(urilor In-and-Out ~ Purchase and sale of the same security witInadequate Disclosure ~ Failure to deliver an SEC-approved pro- spectus prior to or during the time that a broker or dealer sol wade Divulgare (dezvaluire) neadecvaté - Nelivrarea unui prospect bat inainte sau pe perioada in care agentul de schimb sc tranzactie Incomplete Markets ~ Failure to have unique securities in all states of nature Piete incomplete ~ Lipsa unor hirtii de naturii Index Arbitrage - Capitalizing on the disparity between the actual stock market index price andJhe stock market futures price Arbitraj indexat ~ Valorificarea diferenjei dintre prejul actual in- dexat la bursa si cel viitor (pe pia{a livrarilor la termen) Index Funds ~ Portfolios that buy and hold the securities that com- prise some security market index Fonduri indexate~ Portofolii care includ | bursa de valoare indexate la Industry Risk ~ Part of total risk related to events that affect the products and firms that make up the industry Riscul industriei — Parte din riscul total, referitoare la evenimente care afecteaza produsele si firmele care aicatuiese indust December January Effects ~The decl nd the rise of stock prices in January Efectele lunii ianuarie ~ Sciderea cursu cembrie si cresterea lor in luna ianuarie in stock p fF actiunilor in luna de- Jensen’s Alpha —Regressi is used to determine the performance of a portfolio in rel ic market portfolio Coeficientut alfa al lui Jensen ~ Cocficicntul de regresie alfa este folosit pentru determinarca performanici unui portofoliu in raport cu cea a portofoliului pietei Keogh Plans ~ Self-employed tax-deferred retirement plan Planuri Keogh — Plan de pensionare esalonata penteu angaja(ii fir mei 154 folios of the capital market line where iskless rate asset and the market port b forma de imprumut -~ Portofol re prestipun cé investifia se n portafolit al pieyei Portfolios of the capital market line where borrowing is at the riskless rate and investment is in the market portfolio se regaseste in portofoliul pi Limit Buy Order —Scts the maximum price (o pay for some quantity of a given security Ordin de cumphrare limi torn! doreste si-1 phat de valoare im pe care inves- tate dintr-o hirtic sc pentru 0 anumitd can Limit-Order Books - If the prices in the limit sell or limit buy cannot bbe met, limit order is recorded in the market maker’s books ile stabilite prin the investor is unity of a given see Ordin de vinzare limitatd — Fixeaz& pre{u m la care investitorul doreste s4 vind’ o anumit’ cantitate dintr-o hirtic de valoare Liquid Market ~ Ability of a market to possess varying degrees of depth, breadth, ai Playa Tichi Low P/E Stock Anomaly Effect ~ Finding a low P/E stock with higher returnsMake a Market — The monopolistic control of certain stocks by a specialist A forma piata - Controlul monopolist detinut asupra anumitor aciiuni de cdtre speci 1 pic{ei Manipulation - Buying and selling a security (o give the impression of active trading and induce others to purchase or sel Manipulare - Cumpararea gi vinzarea unei hirtii de valoare pentru a asa impresia unei activitaji comerciale asidue, in vederca stimularii cclorlalti de a cumpara sau a vinde Margin Call - Demand upon a ci ities with the broker on stocks th: payment (margin) Apel de marji - Conditic impusa clientului de a pune la dispozitia broker-ului bani sau hirti de valoare pentru acjiumi care se cumpara ‘numai cu plata fa numerar (marja) tomer fo put up money or secur ith only a down Markowitz Diversifiers ~ Combination of assets which arc less than perfectly positively correlated in order to" without sacrificing portfolio returns Diversificatori Markowitz ~ Combinarea activelor care nu sint per- fect pozitiv corelate in vederea reducerii riscului portofoliului [ars sacrificarea veniturilor portofc Matched and Lost ~ When (wo bids to buy the same stock arrive simultaneously, so coin is flipped to decide who will buy Egalat si pierdut ~ Situajic in care sosesc simultan doua cereri de a cumpara aceeasi aciiune, ast{el ineft este necesar si sc dea cu peniry a decide cumparator Mixed Market - A financial market where one group of stocks is traded continuously for a period of time, then a different group of stocks is traded continuously for a period of time. This pattern continues until all stocks are traded Pint mixta ~ Piata financiard pe care un grup de ac| le conti- ‘uu comercializat pe 0 perioads de timp. Acest model continua pina cind toate actiunile sint comerci 156 Strategy — A portfolio of investme: by an nformed investor who picked a diversified list of assets and ignored all new information. These types of constructed portfolios are uscd as stan- dards of comparison against which more informed and aggressive si past - Un portofoliu de inves informat care ia | ignord orice al losite ca standarde ine informate si mai Aceste tipu de comparagic eu strat agresive de firma neglijatt ~ nali $i care adue venituri m Net se ~ The change in price of a security from the closing price ‘on one day to the closing price on the following day on which U stock is traded idends Noncum: are lost Noncumulativ ~ Actiune prefere sint pierdute, npaid iendele neplatite Normal Backwardation — View that future prices will be lower than the spot prices and difference is an insurance (ce for hedgers Ipoteza normal privind sciderea in viitor a preturilor (subesti- mare normal) ~ Ipotez conform careia prejurile viitoare vor fi mai scdzute decit preturile iar diferenja este o taxd de asigurare contr.Normal Firms ~ Firms with few growth opportu internal rate of return equals their cost of Firme normale ~ Firme cu pujine ganse de crestere si cu sata de Fentabilitate interna egala cu costul capitalulut Odd-Lot Theory ~ Assumes that small investors are usual wrong, and itis therefore advantagcous to pursue strategies that are ‘oppo- site of what odd-tot investors are doing Teoria lotului de dimensiune redusa~Presupune cd m mresese de obicei si de accea este avantajos s& se adopte sin egiile Opuse acestui mod de gindire Option Pool ~ Mlegal associ ing prices of stocks Purchased under opt ercfrom Cartel de optiuni ~ Asocierea ilegalt pentru ae de valoare pe avanlajoase Overbought - Belief (hat Comparat in cantitati foarte mart crescut la un nivel ncjustificat n unreasoy Parerea cao Oversold ~ Betict level Vindut in cantitati prea mari ~ Parorea c& o hivti¢ de valoare a scézut la un nivel nejustificat seeurity has de ed (0 an unreasonable Paper Profits - Unrealized profit on a security sf Profits might occur when the security is sold Profituri fiduciare — Profit nerealizat la o hirtie de valoare efinuta. Profiturireale pot aparea la inzarea htici de sulence Actual ctl Pareto Optimality ~ The resource allocation that i s perior to 2 other resource allocations because any of the others weld sean a reduction of happiness for at least one person Frincipiul optimalitatii lui Pareto ~ Mod de slocare a resurselor Superior tuturor celorlalte moduri de alocare a restrselor Oricare dintre acestea din urma ar avea bunastarii cel pujin penteu o persoand 158 0 divide the total 4 imparfirea disper exhaustive iny investors arc. and some degree of consensus exists about most intrinsic values, then do ysis and trading le and involves (oo many risks. As a Hy investors invest in special portfolios culled index funds Strategie de investire pasiva - Pornind sint 8 exista intr-o oarecare masurd un consens cece ale unci parti majoritare a hirtiilor de tile de valoare probleme gi ris- n portofolii numite fon- area unci anal p-limit orders to prevent de- ted portfolio will aot carn Pretului ~ O problema de cca rezultat execularea nedorita a lor sa cumpararilor Penny Stocks ~ Low-price issues, often highly speculative, any selling at less than $1.00, A cupiurd ~ Emisiuni de actiuni la prequri re spee is a pre| sub 1$ Perfect Hedge ~ Arrangem g long and short posi- s where the profit and losses from these two positions sum up 10 ¥ value of the market price jarea a doua pozitii compensatoare de avinde astfel ineit suma profitului si pierdcrilor acestor i sd fie 2er0 pentru orice pret al pielei Performance Measures ~ Use of risk and return to assess © performance of « portfolio ¢ performantei portofoliul evalaarca performanjei ret losirea riscul © a portofoliului i a veni-Position ~ Either futures or cash purchase of a security Pozitie~ Cumparare in numerar (cash) sau valoare Preferred Habitat Theory—A mcat ure of interest rates based on the segmentation of investors to confine themselves to certain maturity classes of the yi the investors may venture from their maturity con! observe a most favourable investment opportunity ‘Teoria habitatului preferat ~ O modalitate de explicare temporale a ratei dobinzii bazat& pe impar{irea inve: rea incadrarii lor in anumite clase de termenc de pe curba ran investitorié pot risca s& iasi din fim atunci cind se observa 6 opor Price-Yield Curve ~ Val rate Curba pret-randament ~ Valoarea unci obliga(i rata dobinzii pe pinta of a bond in relation to the mark: in corelatie cu Privileged Subscriptions - The right of oxisting stockh ceive the first oppo! 1 of the public on the purchase of new stock issues Subseriptii privilegiate - Dreptul aclionarifor exist legiayi fag& de public la cumparacea noilor ac Program Trading ~ Portfolio insurers sel futures short and/or buying protective put options w! prices decline. If the market rises, the portfolio insurers buy futures and write puts Tehnicd de calcul comerciald — AsigurAtorul portofotiului vinde hirt de valoare la termen din indexul de actiuai al pic{ci gi/sau cumpara optiuni protectoare de a vinde cind preturile pie(ci sint fn scadere, Daca piaja este in crestere asiguritorul portofoliulai cumpara de valoarc la termen si vinde opti vinde ff Purchasing Power Risk — Variability of reiuens an investor § because of inflation Riscul puterii de cumpirare ~ Va un investitor din cauza inflajici ven turilor pe care o sufe 160 it aproximative a ca optiunii de a Pyramiding of Debt ~ Purchase by speculators of securities with small cash margins and borrowing the rest and! subsequent borrowing on paper profits of the securities. This pyramiding is disastrous when securities’ prices decline significantly Piramida ci de catre speculatori a birtiilor de ru rest gi cu impru are ale hirtiilor de va- inci cind cursurile Rally — A brisk rise following a decline in the m gener Redemption Price ~ The price at which a bond may be redeemed before maturity, at the option of the issuing company Pret de rambursare ~ Cursul la care o obligatiune poate fi rambur- inainte de scaclenta, la cererea companici emifatoare ic price of a security value by information Bariere reflectoare - Devieri de la curs: valoare care sint reflect ctre agengii de inform ~ A bond ‘ered on the books of the 1g company in the name of the owner, unlike a bearer bond Optiune inregistrat, - Optiune care se react in registrele oare pe numele detinatorului, spre deosebire de nea ta purtator 161isk Aversion ~ The percentage of weaith that an investor would give up in order to avoid the risky investment alternative Ponderea aversiunii fata de cise - Procentul de venit la care inyesti- forul renunia fn vederea evitaril alternativei investitionale cu rise Abordarea comparativa a puterii ~ Analiza tehnicd care suger. A prelurile unor hirtii de valoare crese relativ mai repede dct ale altora pe 0 pia{a in crestere si relativ mai incct pe o pia(a in scadere Residual. Variance ~ The standard error squared of statistical re- gression analysis which serves as an unsystematic risk measurement Of the total risk Dispersie reziduala ~ Broarea patratica Resiliency of a Market ~ Property of a liquid market in which new ‘orders pour in immediately temporary order imbalances Elasticitatea pietei — Proprietatea unei picte lichide de a raspunde imediat la modificarile de preturi datorate unor dezechilibre tempo- rare de comenzi response to price changes caused by Resistance Level ~ According to technicians, itis a price area where the stock price will turn down due to heavy supply from owners who bought the stock prior to a decline and are waiting for it to return to this level : Nivel de rezistenta - fn opinia tehnicienilor, este un domeniu al Prefului: cursul actiunii va scadea datorita ofertei masive din partea actionarilor care au cumparat actiuni inaintea declinului gi agteapta acum revenirea Ig acest nivel Revenue Bond ~ A municipal bond backed by the revenues of the project it financed Obligatiune cu cistiguri- Obligatiune municipala sustinuta de veni- turile proiectului finangat 162 - Tal futures market to avoid delivery Risturn: i poritii ~ Adoptarea unci povitii opuse pe piata ‘arilor la termen pentru evitarca livrai Riding the Yield Curve - Capital gains from purchasing a yield instrument and selling it at lower yield curve with a higher price Dominarea curbei randamentului ~ Cistigurile de capital obtinute din cumpararea unui instrument producator d un nivel mai scazut pe curba randamentu Roll-Out ~ Close-out of future conteact by tr hat has livery d iderea unui cont jar care are. Compensare ~ pozigii cu alta sim Seale Order ~ An order to buy (or sell) total amount to be bought (or sold) and t sold) at specified prices Ordin ta scara ~ Ordin de a cumpara (sau a vinde) o hirtic de valoare care specifica cantitaten ce se va cumpara (sau vinde) si canti- (Ca ¢c se va cumpara (sau vinde) la anumite pre{u amount to be bought (or Seat ~ Membership on an organized exchange Membru al unei burse - C; a de membru al unci Ise organi- heory ~ A theory of the teri structure of interest rales which asserts that lenders and borrowers confine themselves to i — Teorie privind structura temporala a ratei dobinzii care afirma ca creditorit si debitorii se incadreaza in anu- mite clase de termene (scadentc) 1g Short against the Box — A method of hedging against antici- pated price decline of @ security by holding the stock in a safety deposit box and s short Vinzare a hirtiilor de valoure nedetinute - Mctoda de asigurare impotriva unui dectin anticipat al i unci hirtii de valoare prin enia de a 0 ree i iu a on premSensitivity Coefficient — A regression coeffici variable Coeficient de sensibi pendeate nt of the independent ate ~ Coefi nt de regresic al variabitet incle- Serial Correlation - Measures the correlation coefficient between a series of numbers with lagged numbers in the same series; zero serial correlation means the numbers are random Gradul de corelatie al unei serii - Masoara coeficientul de corel i de numere si numerele ajustate din cadrul aceleiasi ser Coeficientul de coreiajie zero indica faptul c4 numercle sint aleatoare Sharp's Portfolio Performance - Measurement of performance equal to the risk premium divided by the total risk Performanta portofoliului Sharp ~ Masurarea performan(ei egal cu prima de rise imparjita la riscul total Size-of-the-Firm Effect ~ Sm: larger firms Efectul dimensiunii firmei - Firmele d rentabilitate mai bune deci firmele ma firms earn better rates of return than dimensiuni mici au rate de Specialist - A broker who buys and sells for his own account and who acts as a representative of other brokers Specialist — Un agent de schimb (curtier) care cumpara si vinde pe cont propriu si actioneazA ca reprezer enji de sel (curtieri Speculative Blowoft — A high volume of buying that pushes prices up toa peak. It indicates the end of a bull market ‘Tranzactie speculativ’ ~ Un yolum mare de cumpirari care impinge cursurile eatre un virl. Indicd sfirgtul pieci in crestere Standby Basis ~ An agreement with the underwriter to support the Price of the stock above the exercise price of the warrant to insure full subscription Acord standby ~ Un acord cu asigurdtorul pentru a mentine cursul ac{iunii peste prequl de exercitiu al optiunii de a vederea asigurarii unei subseripsii totale 164 nature Model preferengial States of Nature ~ Vector of the different ment eritclor trasat aC which a stock customer is wil Ordin-limits = Ordin c re fix cit gi un pret limit care clientul doreste st cumpere sau sa vinda o ac{iune Stop Order ~ A means of protecting existing profit or limit potential losses of purchased stock. Also called stop-loss order Ordin de oprire — Mijloc de protejare a profitului existent s pierdes le actiunilor cumpiirate. Mai este it si ordin pierderilor \eously purchasing an cq hat have the same exercise price with on the same underlying security cumpararea ic gi de a cumpara, Straddie— An opti number of puts and calls same Operatiuni in sa (cor de op ‘are aw acelagi pret de exercitiu cu acSuperfluous Diversification ~ Selection of more than 10 to 15 assets in a portfolio versificare superficiala ~ Sele dela 10 pind la 15 active unui numar loare si cumpararea alicia Synthetic Option — Options created with combina and long and short futures positions Optiune sinteticd ~ Optiune creat prin combindri de optiuai cu vinzari si cumparari de actiuni la termen ions of options Technical Indicator - A term applied to various internal market indicators such as short interest, volume, and sustained price direc- tion Indi = Termen aplicat lor indicatori specifici Pic{ei cum ar fi dobinda pe termen scurt, volumul si directia sustiauia a preqului ear sum of the first three moments ie standardization of the moment by division of the standard deviation cubed Al treilea moment statistic ~ Suma liniara a primelor (rei momente din jurul originil. Asimetria este standardizarea momen impérjirea la abaterea standard ridicata la cub ‘Ticks — Minimum price cbs Ticks ~ Schimbari in nivelul minim al cursului unci hictii de valoare ‘Time Preference Theory ~ Examination of how individual investors decide whether to invest or consume their income Teoria preferintei temporale ~ Examinarea deci individuali de a investi sau de a consuma venitul lor investitorilor ‘Troughs ~ Low point of the market over the business cycle Albie~ Punctul inferior al pietei in ciclul economic Unauthorized ‘Trading - Transaction made without client's author- ization Comert neautorizat - Tranzactie fAcutA far& autorizatia clientului 166 Unit Normal Variable ~ Probabil and standard deviati Variabili de Broker who has not passed appro exams and/or is not registered with the NASD. Curtier (broker) necalificat — Curtier (broker) care nu a promovat examencle necesare si/sau nu este inregistrat ia NASD g to a clicnt of an investment inappropriate to age, risk, and other ci neadecvate aspecte Upstairs Market — A trading area or large blocks which is removed from the trading floor Bursa - Arie comerciala pentru pachete mari de actiuni care porneste de fa un nivel comercial mi ry about how people maximize piness. Consumers’ decisions between investment and consumption use utility isoquants of equal ulility called indifference curves ‘Teoria utilitatii - Teorie economica despre maximizarea feri lor. Decizia intre investifie gi consum foloseste izocuante de te egale numite curbe de indiferenya ut Value-Weighted Index — Weight assigned to security in an index based on its price and number of shares of stock Vatoarea indexata ~ Ponderea atribuitd unei hirtii de valoare inte-un index bazat pe pretul ci si pe numaral de actiuai din pachetul de actinai Whip-Sawed ~ Selling of a security with a future of long-run price appreciation that is in a temporary decline Vinzare de hirtii de vi re (,,Wwhip-sawed"*) — valoare carc are o tendin{a de crestere a curs care temporar este in declin inzarea unei hirtii de pe termen lung, darENGLISH INDEX A A.B. (Aktiebolag) 130 ABC Inventory Control System SI Absolute Risk Aversion 14 Accelerated Cost Recovery Sys- tem (ACRS) 51 Accelerated Depreciation 51 Accept-Reject Approach 51 Accommodating Flows 19 Accounts Payable 51 Accounts Receivable 51 Account Receivable Turnover 52 Accounting Constraints 5 Accounting Exposure 130 Accounting Information Proces- sing Cycle 5 Accounting Princ (APB) 5 Accounting Rate cf Return (Average Rate of Return) 52 Accrual Basis 52 Accruals 52 : Accumulatéd Depreciation 52 Acid-Test Ratio (Quick Ri 52 Acquisition Premium 52° Actuary 53 Ad Valorem Duty 130 Adjustable Rate Mortgage (ARM) 53 Adjusted Present Valuc 53 Adjusting Entry 5 ‘Advance Premium Mu Advances 19 Affiliate 53 AG. (Aklienges: les Board Agencies Securities 19 Agency Theory 53 Aggressive Asset 144 Aggressive Investment Manager 4 Aggressive Working Capital Pol icy 53 Aging of Accounts 53 Allocation of Factory Overheads Sa ‘crest Doubtful Ac- counts S4 American Depository Ree 144 American Institute of Certified Public Accountants (AICPA) 5 American Option 54 Anomalies in Efficient Markeis 144 Anticipated Income Theory 19 on 54, 130) Arbitrage 55 Blue-Chip Company 58 Blue Sky Laws 58 Board of Directors 58 zed Shi (APN) 20 Autonomous Flows 20 Bond 58 k-to-Back Loan 130 Debt Expense 56 Borrowed Reserves 24 Branch Banking 21 wlth of the Market 59 Bull Spread 14 Burden 22 Business Cycle 60 Seta Coefficient 57 ased Expect 146 Biekanel Ask Li Model ory 2),ain at Capital Impaicment 22 Capital Lease (Financial Lease) 61 Capital Market 61 Capital Market Line 61 Capital Notes 22 Capital Rationing 61 Capital Structure 61 Capitalism 62 Captive Sales panies 22 Carrying Costs 62 Carrying Value 6 Cash 62, Cash Basis 62 Cash Budget 62 Cash Cycle 62 Cash Disbursement Schedule 62 Cash Discount 63 Cash Dividend Anomaly 147 Cash Dividends 63 Cash Equivatent 6 Cash Flows 63 Cash Flows from ities 6 Cash Flows from Investing Act- ivities 6 Cash Flows from Operating Acti vities6 Cash Reecipts Journal 7 Cash Receipts Schedule 63 Cash (Spot) Market 22 : Cash Turnover 63 Caveat Emptor, Caveat Sub- Finance Com- inancing Act- Central Bank 23 Central Liquidity Fund 23 Certainty Equivalents 63 Certificate of Deposit 63 Certified Management Account- ant (CMA) 7 v0 Certified (CPA)7 Chart of Acco Charter 64 Chartist 64 ‘Check Register 7 Chicago Board of Trade 23 Chicago Mercantile Ex Churning 147 Clayton Act 23 Clearinghouse 23 Clientele Effect 64 Close a Position 64 Closed-End Mutual Fund 64 Closely Held Company 64 Closing Entries 7 Coefficient of Variation 64 Collateral 64 Collateralized Mortgage Obliga- tion (CMO) 23 Commercial Loan Theory (Real Bills Doctrine) 24 Commercial Paper 64 ‘Commercial Risk 131 Commitment Fee 65 Commitice on Accounting Pro- cedure (CAP) 8 Commodities 147 Commodities Market 24 Common Stock 65 Comparative Advantage 132 Comparative Statements 65 Comparative Quali Compensating Balance 65 Complete Markets 147 Compound Interest 65 ‘Compound Sum of an Annuity 65 : Compounding 65 Comptroller of the Currency 24 Concentration Ratio 24 Confirmed Letter of Credit 24 Conglomerate. Merger 66 lic Accountant ts 7 jated Financial State~ 8 lated Limit Order Book (CLOB) 147 ‘Constant Payout Ratio 66 Consumer Price Index 24 Consumption Investment Op- Contingent Liabilities 8 Continuous Compounding 66 nuous Markets 148 0 66 Contra Account 8 Contrib, Convenience and Needs Test 25 Conventional Mortgage 67 Conversion Price 67 Correspondence Banking 25 Cost of Capital 68 Cost of Goods Sold 68 Countertrade 132 Country Risk 132 Co Covariance 68 Covenant 69 Coverage Ratios 69 Covered Interest Arbitrage 132 Covered Option 69 Credit 9 Credit Analysis 25 Credit Card 69 Credit Policy 69 Credit Purchase Journal 9 Credit Risk Characteristics 25 Credit Sales Journal 9 Gross Hedge 25 Cross-Sectional Analysis 69 Crossover Rate 69 Cross Rate 132 Crowding-Out 69 Cum Dividends 70 Cum Rights 70 Cumulative Average Resi (CAR) 148 Cumulative Preferred Stock 70 Currency Risk 132 rrency Swap 133 Current Account 133 Current Assets 70 als Current Portion of Long-Term Debt 70 Current-Rate Method 133 Current R: Current Yi Current/Noncurrent Method 133 Cyclical Industries 26 D Date of Record 70 Day-of-the-Week Effects 148 Day Orders 148 De Sure 26 De Novo Branching 26 De Facto 26Dealer 71 Debeature 71 Det Debit Card 26, 71 Debt 71 Debt Capacity 71 Debt — Equity Ratio 71 Debt Ratio 71 Declaration Date 71 Decreasing Term Insurance 26 Dedicated Portfolios 148 Deductions 9 Deep Discounts 26 Default Risk 72 Default Risk Premium 26 Defease 149 Defensive Asset 149 Deferred Charge (Pre-Paid Ex. pense) 72 Deferred Charges 9 Deferred Income 72 Deficient Reserves 26 Deficit 72 Defined Benefit Plan 27, 149, Defined Contribution Plan 27, 149 Delinquency 72 Demand Deposit 72 Depletion 10 Deposit Expansion Process 27 Depreciation Expense 72 Depression 72 Devaluation 73, 133 Diagonal Spread 149 Dilution 73 Direct Investment and Other Long-Term Capital 133 Direct Method 10 Direct Placement 73, Direct Quote 73, 134 Dirty Float 134 Discount Bond 73, ” Discount Rate (Yield) 73 Discount Window 27 Discounting 73 Discrete Probability Function 74 ! Disinterme Diversifiable Risk (Unsystematic : Risk) 24 Diversification 74 ' Divesture 74 Dividend Irrelevance Proposi tion 74 Dividend Payout Ratio 74 Dividend Remittance 134 Dividend Signaling Theory 74 Dividend Yield 74 Dividends in Arrears 75 Dividends per Share (DPS) 75 Dollar Cost Averaging 150 Dollar Gap 27 Dominance Rules 75 Double Entry 10 Double Taxation 150 Dow Theory 150 Draft 75 Du Pont Method 75 Dual Banking 75 Dual Trading 150 Due Diligence Violation 150 Dumping 134 Dunning Notice 76 Duration 76 E Earnings alter Taxes (EAT) 76 Earnings Available for Common (EAC) 76 Earnings before Interest and ‘Taxes (EBIT) 76 ings before Interest and es - Earnings per Share indifference Point (EBIT- EPS Indifference Point) 76 Earnings before Taxes (ELT) 76 ings per Share (EPS) 77 Economic Exposure 134 co: mic Risk 77 nomies of Seale 27 Edge Act Offices 28 Effective Rate of Interest 77 Effective-Interest. Amortization Equity Multiplicr 78 Escrow 78 European Curreney Unit (ECU) 78,134 European Option 78 Ex Ante 150 x Dividend 78 ‘ost 150 nge Risk 78 Exercise Pri Expected Return 79 Explicit Costs 79 fatement 10 Extraordinary Items 10 ry Repairs LL wc (Par Value) 79 ‘or Analysis 151 \clor Market Imperfections 135 ictoring 79 Federal Funds 79 Federal Home Loan Mortgage Corporation (Freddie Mac) 2B Federal National Mortgage As- sociation (Fannie Mac) 28 Federal Reserve System 29 Federal Unemployment (FUTA) 11 Tax incial Accounting Standards Board (FASB) 11 Financi I Breakeven 79 Futures 29 Indicators 29 Intermediary 80 Leverage 80 Financial Markets 80 Risk 8¢ Financial Structure 80 Finished Goods Inventory 80 Firm Commitment 151 Fiscal Policy 80 Fiscal Ye Fisher Effect 135, 151 Fixed Asset Turnover 80 Fixed Charge Coverage Ratio 81 Fixed Exchange Rates 135 1ST ImFloat 29 Floating Costs 81 Floating Rates of Interest 29 Flow of Funds 29 Folio 11 Foreign Direct Investment 135 Forfeiting 81, 135 Forward Differential 135 Forward Discount or Premit 81 Forward Exchange Rate 81 Forward Market 81 Forward Rate 136 Forwardation 151 Fractional Reserve System 30 Fraud 82 Free Cash Flow 152 Free on Board (FOB) 82 Free Trade Zone 136 Freely Floating Exchange Rates 136 Fropt End Load 82 Fronting Loan 136 Full Service Broker 152 Fully Diluted Earnings per Share 152 Fully Participating and Cumulat- fe Preferred Stock 11 Functional Currency 136 Fundamental Analysis 82 Funds 82 Future Contract 30 Future Value Interest Factor 82 Futures Market 82 G GmbH. (Gesellschaft mit be- schraenkter Haftung) 136 Gap Management 30 General Agreement on Tariffs and Trade 136 174 General Creditor 152 General Obligation Municipal Bonds 152 Geographically Consolidated Markets 152 Geographically Fragmented Markets 152 Giro Transfer System 137 Glass-Steagall Act 30 Gold Exchange Standard 137 Gold Tranche 137 Golden Parachute 83 Good-Until-Canceled Order (GTC) or Open Order 153 Goodwill 83 Gordon Growth Model 83 Government Mortgage National ion (Ginnie Mae) 30 Gross Fixed Assets 83 Gross National Product (GNP) 83 Gross Profit Margin 83 Guaranteed Bonds 31 u Hands-Off Approach 31 Hard Currency 137 Head-and-Shoulders Top (HST) 153 Hedge Ratio 84 ‘Hedging 84 Historical Cost 84 fing Companies 31 ng Period Return 84 Home Equity Loan 31 Homogencous Expectations 153 Horizontal Integration 84 Horizontal Spreads 153 Hostile Takeover 84 Humped Yield Curve 31 Hurdle Rate 84 Hypothecation 153 1 legal Pools 153, legal So i Implementing Assumptions 11 Implementing Principles 12 Implicit Costs 85 In Money Option 85 lequate Disclosure 154 Jne. 137 Income before Extraordinary ems 12 Income Bonds 85 Income Statement 85 Income Tax 85 Incomplete Markets 154 Incremental Cash Flows 85 Indenture 86 Independent Projects 86 Index Arbitrage 154 Index Fund 86 Index Punds 154 Indirect Method 12 Indirect Quote 86, 137 1 Retirement Accounts (IRA) 31 al and Loans (1&C) 31 Industry Risk 154 ion 86 Public Offering (IPO) 86 der 86 Ind Commercial In Insolvency 86 Instrument 87 Intangible Assets 87 Interest Expense 87 Interest Rate Mlusion 32 Interest Rate Inflationary Pre~ mium 32 Interest Rate Parity 87, 137 Rate Risk 87 Intermarket Spread (Quality) Swap 32 Internal Rate of Return (IRR) 88 International Bank for Recon. struction and Development (IBRD or World Bank) 138 International Fisher Effect 138 International Monetary Fund (IMF) 88, 138, International Monetary Markets (IMM) 138 Interstate. Banking 32 Intrinsic Value 88 Inventory Costing Methods 12 Inventory Shrinkage 12 Inventory Turnover 88 Inventory Valuation 88 Investment Accounting Cost Method 12 Investment Accounting Equity Method 13 Investment Accounting Lower of Cost or Market 13 Investment Banker 88 Investment Opportunity Sched- ule 89 Inward Arbitrage 32 Irrevocable Letter of Credit 138 Issued Stock 89 J January Effects 154 Jensen's Alpha 154 Joint Venture 138 Journal 13) Junk Bonds 89 175K Keogh Plans 154 Keynesian Economics 89 L Ladder of Maturities 32 Laissez Faire 89 Land 13 Law of One Price 139 Lay-Away 89 Lease 89 Ledger 13 Legal Reserve Requirements 32 Lending Portfolios 155 Lessee 89 Lessor 89 Letter of Credit 90 Leveraged (Borrowing) Port- folios 155 Leveraged Buy-Out 90 Liability Insurance 33 Liability Management 33 icensing 139 + Limited Liability 90 Line of Credit 90 iquid Assets 90 liquid Market 155 Liquidity 90 Liquidity Measure of Money Supply (L) 33 Preference 90 Preference Theory 33 Liquidity Premium 91 Liqui Premium Theory (Biased Expectations) 33 176 Liquidity Risk 33, Loan 91 Loan Amortization Schedule 91 icing Model 34 ‘ion Office 34 London Interbank Offering Rate (LIBOR) 91 Long (Future) 34 Long Sale 91 Low P/E Stock Anomaly Effect 155 Ltd. (Limited) 139 M Maintenance Call 91 Make a Market 156 Mani Margin 92 Margin Call 156 Margin Loan 34 Margin Requirement 34 Margin Risk 34 Marginal Analysis 92 Marginal Cost of Capital 92 Marginal Tax Rate 92 Market Portfolio 92 Market Risk Premium 92 Market Segmentation Theory 35 Market Weights 92 Markup 13 Matched and Lost 156 Mismatch) 35 Merger 93 Mixed Market 156 fied Du Pont Method 93 Monetary/Nonmonetary Method 139 Money Market 93 Money Market Funds 93 Moncy Multiplier 94 Money Supply 95 Money Supply Measure One (M1) 35 Money Supply Measure Three (M3) 35 Money Supply Measure (M2) 36 Monte Carlo Simulation 94 wo Mortality Tables 36 1e-Backed Securities 36 se Bond 94 Mortgage Graduated Payment 36 Mortgage Loan Points 36 e Reverse Annuity 36 Mortgage Rewrite Programs 37 Mortgage Wraparound 37 k Holding Company 37 ral Netting 140 posit 95, lc Order of Withdra’ red Position 38 Net Fixed Assets 95 Net Free Reserves 39 Net Income 95 Net Income Profit Margin 95 Net Interest Rate Spread 39 Net Investment 95 Net Present Value 95 Net Realizable Value 14 Net Sales (Net Revenue) 95 Net Working Capital 96 Net Worth (Equity) 96 No-Load Fund 96 Nominal Exchange Rate 140 Nominal Interest Rate 96 Non-Bank Bank 39 Noncash Expense 14 h Investing and Financing S14 Noncompletion Risk 140 Noncumulative 157 Nonrecourse 96 Backwardation 157 Firms 158 Probability Distribution 7ae el li fil a sh — — il, i i ali Nt ll Not Sufficient Funds 39 Overvalued 99 Note 96 of Goods 14 Political Risk 102, 141 Prospectus 104 Pooling of Interest Method 15 _Protectionism 141 yy of Pension Plans 42 Proxy 105 o P ig ly Held Corporation 105 Obligations and Surplus Funds Paid in Capital 100 Of Life Insurance ‘Companies Paper Prats 158 aoe Performance Measures Pirchatnarovet e eae ona ‘Theory 158 Par Value (Face Value) 100 Hl Position 160 Purchasing Power Risk 160 Odd Lots 97 jioning of Funds 141 Pure-Play Method 105 Off Balance Sheet Financing 97 | Pure Yield oe (Coupon) Offer 97 ee 39 | Expenses 102 0 3 Open-End Consumer Loans 40 ary Balance 102 7 Open-End Funds 40 Pass-Through Securitics 100 ! 2 Open-End Mutual Fund 97 Passive Investing Strategy 159 Preferred Habitat Theory 42, 160 Open Interest 97 Path-Dependent Strategy 159 Preferred Stock 103 Q Ch a Open-Market Operations 97 Payback Period 100 aay, a a en Seat Operating Costs 97 Pecking Order Theory 100 Sa eye cica cattle Operating Lease 98 Pegging 101 aeRO Operating Leverage 98 Penny Stocks 159 Price Elasticity of Deman a Operating Profit Margin 98 Pension Fund 101 ; Pace el Cone 1° od Opportunity Cost 98 Pension Funds Reserves 41 ' mae ieee ue Bd Raeiee Opportunity Set 98 Percentage of Sales Method 101 Pena 3 fenian Walctos Optimal Capital Structure 98 Perfect Competition 101 rime Rate 103 Lee Option 98 Perfect Hedge 41, 159 eee Option Poo! 158 Periodic Inventory 14 Rate Gosche occtist estas Option Writer sO Permanent Curren Assets 101 wines rdinary Tax Rate Inventory 14, 101 poe iets Pexpetil enory Profan pate ais 0 Origination Fee 40 Physical Inventory 14 | 10. io ity 104 Raw Mater Other Income 2) ifferentiation 42 Real Assets 43 Out-of-the-Money Option 99 Pledging of Accounts Receivable Product ( jon Product Life Cycle 42 Real Exchange Rate 142 Outright Quotation 240 ao Production Mix 104 Real Rate of Interest 106 Outstanding Stock 99 Plug Figure 102 | Recapitalization 108 Outward Arbitrage 40 Points Quotation 141 Recanture of Depreci Over-the-Counter Markets 99 Poison Pill 102 Recincneaisah Overall Balance 140 Policy Loans of Life Insurance Reconciliation of Beginning and Overbought 158 Policies 41 ! Program Trading 160 Ending Cash Balances 15 Overhang 99 Rolicy Reserves tT Progressive Tax 104 Recourse 107 Oversold 158 pan Policy Reserves of Life Insur- Promissory Note 104 Recovery of Unrealized Loss 16 Oversubscription Privilege 99 ‘ance Companies 41 Property Insurance 43 Red Herring 107 178 199Redemption Price 161 Refinancing 107 Reflecting Barriers 161 Refunding 107 Registered Bond 161 Registration 107 Regression Analysis 107 Regressive Tax 44, 107 Reinvestment Rate 107 Relative Risk Aversion 162 Relative Strength Approach 162 Renewal Privilege of Term In- surance 44 Reorganization 108 Repairs and Maintenance 16 Reporting Currency 142 Repurchase Agreement (REPO) 108 Required Rate of Return 108 Required Reserves 44 Reserve Requirement 108 Reserves for Loan Losses 44 Residual Dividend Theory 108 idual Value 16 Residual Variance 162 Resiliency of a Market 162 Resistance Level 162 Restructuring Debt 44 Retail Banks 44 Retained Earnings 108 Retirement of Debt 109 Return of Equity (ROE) 109 Return on Investment or Return on Assets (ROL or ROA) 109 Revaluation 109, 142 Revenue 109 Revenue Bond 162 Revenue Expenditures 16 Reverse Repurchase (R-REPO) “4 Reversing Entries 16 Reversing Out of a Position 163 180) ing Credit Agreement 109 Riding the Yield Curve 163 Rights Offing 109 Risk 109 Risk-Adjusted Discount Rate 10 Risk Adverse 110 Risk-Free Rate 110 Risk Premium 110 Risk Taker 110 Round Lot 110 Rule of Absolute Priority 110 Rule of 72111 s S.A. 142 SARL 142 Safety Stock 111 Sale-Leaseback Agreement L11 Sales Forecast 111 Sales Returns and Aflowances 16 Sales Trade Discounts 16 Salvage Value 111 Scale Order 163 Schedule Approach 17 Seat 163 Secondary Market 111 Secondary Reserves 45 Secured Loan or Bond 111 Secu Security Exchanges 111 Security Market Line 112 Segmentation Theory 163 lective Credit Controls 45 Self-Liquidating Loan 112 Selling Short against the Box 163 Semistcong-Form Efficioat Mar- ket 112, Ser able Costs 112 Senior Debt 45, 112 Analysis 112 y Coolficient 164 Serial Bond 112 $112, Performance ration 113 Shiflability Theory 45 Short Interest 113 Short Sale 113 Short-Term Investment 17 13 ignaling Theory 113, Simple Interest 113 Sinking Fund 113 e-Firm Effect 164 ‘Skewed Distribution 113, Social Inflation 45 Sofi Currency 142 Sole Proprictorship 114 Solvency 14 Source and Use of Punds 114 Source Document 17 Sovereign Risk 45 Special Drawing Rights (SDR) 14 lation 46, 114 ve Balance 114 Preference Theory 46 “Spin-Off 114 pontancous Accounts 115 pot Exchange Rate 115 pread 115 pread Management 46 Spreadsheet Approach 17 n lis fe Motive in Liquidity Subord ard Cost 115 ion 115 Standby Agreement L15 andby Basis 16 Preference Model 165 ed Value 115 jement of Cash Flow (SCF) 17 States of Nature 165 Stochastic Process Risk 165 Stock Dividend 116 Stock Life Insurance Company 46 Stock-Out Costs 116 jurchase 116 Stockbroker 116 fop-Limit Order 165 Stop Order 165 I 116, 165 Strangle 165 Strap 116 Stretching of Accounts Receiv- able 117 Stiike Price 117 Strip 117 Stripped Bonds 117 Strong-Form Eff 47 Subchapter $ Corporation 17 Subscription Price 118 Subsidiary Ledgers 18 Substitution (Price) Bond Swap 14Supplemental Contracts 46 Supply Side Economics 118 Supply Side Theory 47 Surety Bond 47 Swap 118 Switching 166 Syndication 118 Synthetic Option 166 T T-Accounts 18 Tax Bond Swap 47 ‘Tax-Exempt Security 119 Tax-Free Equivalent Yields 47 Tax Shelter 119 Tax Shield 119 Technical Analysis 119 Technical Indicator 166 Temporary Current Assets 119 Temporary (No 18 Tender Offer 119 Term 120 ‘Term fosurance 47 ‘Term Loan 47,120 Term Structure of Interest Rates 48, 120 Terminal Value 120 ‘Thin Market 120 ‘Third Market 120, ‘Third Statistic Moment 166 Ticks 166 ‘Time Deposits 48 ‘Time Draft 120 Time Preference Theory 166 Total Risk 120 Trade Balance 143 Trade Credit 121 Trader 48 ‘Transaction 121 Transaction Analysis 18 ‘Transaction Balance 121 Transaction Costs 121 Transaction Exposure 143 ‘Transaction Loans 48 ‘Transaction Motive in Li Preference Theory 49 ‘Transaction Risk 121 mn Risk 121. Treasurer 121 1 ‘Treasury Bill 49, 121 t Treasury Bonds 49 ‘Treasury Stock 121 | Treasury Tax and Loan Account ! 49 Trend Analysis 122 Trial Balance 18 ‘Triple Witching Hour 122 Troughs 165 Trust Receipt 122 Trustee 122 u Unadjusted Trial Balance 122 Unauthorized Trading 166 Unbiased Expectations Theory 49, 122 Unbiased Predictor 122, 143 Unbundling 123, 143 Unissued Stock 123 Unit Banking 123 Unit Normal Variable 123, 167 Unqualified Salesperson 167 Unsecured Debt 124 Unsuitability 167 Upstairs Market 167 Usury Laws 124 ty Function 124 'y Theory 167 Valuation 124 Value-Added Tax 124 Spreads 126 50, 126 ile 126 Volume 126 Wash Sale 126 Pax (VAT) 143 Weighted Average Inventory ‘Method 127 Whip-Sawed 167 Banks 50 fe Insurance 50 je Life Insurance Poli a Wholesale Banks 127 Windfall Profit 127 Window Dressing 127 Worker's Com Working Cay Working Control 128 Worksheet 128 World Bank 128 OF 128 Curve 128 Yield to Maturity 128 Zz Zero-Beta Portfolio 129 Zero Coupon Bond 129 Zero Sum 129INDICE DE TERMENI ROMAN A A.B, (Aktiebolag) 130 Abaterea standard 115 Abordare planificata 17 Abordarea comparativa a puterii 162 Acapararea pic{ci 67, 148 Accept bancar 57 Acopcrirca unci lizate 16 Acord de recumparare 44, 108 Acord periodic de credit 109 ‘Acord standby 115, 164 Acord vinzare-inchirieré 111 Acordare de licen{a 139 Acordarea _portofolillor sub forma de impramut 155 Acordul-de la Bretton Woods picrderi nerea- General de Tarife si Co- mert 136 Activ agresiv 144 ‘Activ defensiv 149 Active curente 70 Active curente temporare 119 Active de capital (active fixe) 60 Active financiare 79 Active fixe brute 83 Active fixe nete 95 Active intangibile 87 Active lichide 90 Active permanente curente 101 Active si pasive sensibile ta rata dobinzii 43 Active reale 43 Active tangibile (materiale) 118 tai financiare si de inves- care nu implic& numerar Activitati industriale ciclice 26 Actualizare (discontare) 73 izarea perioad rioare 15 Actuar 53 ‘Actul Clayton 23, Actul Glass-Steagall 30 une deschisi 97 une de tezaur 121 une neemisa 123 Aciune preferentiala cumulativa sicu participare depling 11 Aciiune —privilegiata (prefe- ren(iala) 103 Actiuni comune 65 Actiuni cu valoare de mica cu- piura 159 Acfiuni de capital autorizate 56 Acgiuni emise 89 ‘Actiuni expirate 99 Actiuni prefereniiale de partici- pare 100 Adaos comercial (marja comer- ciala) 13 A forma piaa 156 AG. (Aktiengesellschalt) 130 Agent 128 Albic 166 ante- Aloca(ii pentru crean(e nesigure 54 Alte venituri (Elemente de veait ‘extraordinare) 99Aminarea conturilor de datorii 7 Amortizare 54, 128 Amortizare liniard (constanté) 7 Amortizarea calculata pe b ratei efective a dobinzii 10 An fiscal 151 Analiza creditului 25 Analiza factoriala 151 Analiza fundamental 82 Analiza in sectune transversala Analiza marginala 92 Analiza mediei mobile 157 Analiza prin rapoarte 106 Analiza punctului critic al renta- analiza pragului de rentabilitate) 59 Analiza tehnicd 119 Analiza tranzac{i 18 Analiza trendului 122 Angajament 86 Angajament scris in pastrarea © valoare scézuta a raportului pref/cistiguri 155 . Anomalia privind plata ia nume- rar a dividendului 147 Anomalii pe piete eficiente 144 Anuitate 54, Anuitate datorata 54 Anuitatea reversa (opusa) ipote- ci 36 Amuitati perpetue 101 Anulare 149 ‘Apel de marja 156 Apel de mentinere 91 Apelarea nei obligatiuni 60 186 Apreciere 54 Apreciere (sporire a valorii) 130 Aranjament frm 151 2} 55 raj cu dobind’. acoperita 132 Axbitraj extern 40 Axbitraj indexat 154 Axbitraj intern 32 Ad Arbitraj sate ,,Arbitraj cu rise m 3S Axticulare 5 Asigurare contra unor riscuri ple 37 Asigurare cu termen des- erescator 26 Asigurare la termen 47 Asigurare pe intreaga viaga 50 Asigurare perfecta 159 Asigurare perfect contra riscu- lor 41 Asigurarea proprietaii 43 Asigurarea unei obligatii 33 Asociajia Federald Nalionala de Ipotecare (Fannie Mae) 28 Asociajia Najionalé Ipotecara Guvernamentala (Ginnie Mae) 30 itegale 153 Asociere 100 Atenfie cumpirator, vinzdtor 63 Audiere 6 ‘Avansuri 19 Avantaj comparativ 132 Aversiune fala de o investitie eu rise absolut 144 atentie B Balanta comerciala 56, 142 Balanja de baza 131 Balanja de compensare 65 Balanja de plati 56 Balan(a de verific Balanta de verificare vata 122 Jobals (de ansamblu) re 15, 18 actuali~ Banca Internationala pentru Re- constructic si Dezvoltare (BIRD sau Banca Mondials) 138 ca Mondial 128 Reciproca de Economit 1 Banca Centrabi 23 A nctarifard 140 Baza monetara 35, Baza numerar 62 ‘comercial pentru acti- uw amanuotul 44 comerciale (pentru co- jicata) 50. Banci Najional Banci pentru activitaicu ridicata Bilan{ 56 Bicoul de credite al productiei 34 Block Positioner 146 Biue-Chip Company 58 Bon de tezaur (pe termen scurt) 49, 121 Bonificaie pentru plata in nume- rar 3 Broker cu atributii complete 152 Broker cu atributii restrinse 149 Buget de casi (numerar) 62 Bun pind la anularea ordinul sau ordin deschis 153 Bursa comerciala din Chicago 23 Bursi 167 comparativa 8 ntitate de aciuni vindute pen- tra firecumparate (short in- Capital adecvat 22 deteriorat (in declin) 85 net circulant 96 Capitalism 62 Capitalut actionarilor 78 Caracteristici calitative 15 le de rise ale credi- Caracterul portabil al. planulti de pensie 42 Carte de credit 69 Carte de debit 26, 71 Cartea Mare 13 Cartel de optiuni 158 Casiere automate 20 Mari auxiliare (an: ) 18 Certificat de depunere 63 Certificat fiscal (bon fiscal) 119 Centificate americane de depu- neri 144 Cettificate negociabile de depo- zit 95 Chartist (expert in previziunea prejului actiunii) 64 la care au implic& nume- rarid Cheltuiala reprezentind dobinda Ch i cu reparatii extraordi~ are 1 187Cheltuicli de amortizare 72 Cheltuieli ocazionale 16 Cheltuicli si venituri aminate 9 Churning 147 Ciclul activitajii economice 60 Ciclul de prelucrare a infor- matiei contabile 5 Ciclul de viaa al produsului 42 Ciclul numerarului 62 Cistigut sau pierderea de capital 6 Cistiguri disponibil aciuni comune 76 Cistiguri dupa plata impozitclor 6 pentru Cistiguri inainte de plata dobinzi si impozitelor (beneficiul net de expl Cistiguri i telor 76 Cistiguri nerepartizate 108 Cistiguri per actiune 77 uri per actiune complet iegorate 152, inte de plata impozi- zate 139 Clauze de protect Coeficient de sensi Coeficicntul de corelatie 68 - Coeficientul de variatie 64 Comer dual 150 Comer neautorizat 166, Comitetul privind Procedurile de Contabilitate 8 Companie de asigurare mutuala 38 188 Oe Companic de acorda prime Companie de tip reciproc 43 Companie financiard pentru a tena vinzarilor 22, Companie holding care define controll banear 20 Companie mullibancara de tip holding 37 Companie pe actiuni de asiguriri care. Companii de tip holding 31 Compensare 163 Compensarca muncitor Com perfecta 101 Conducerea (controlul) prin d ferenga dintre termenele sca- dente 35 Conduccrea operatiunilor de spread” 46 Conducerea pasivelor 33 Conducerca prin active-pasive 58 Confiscarea unci garan(ii 81 Conosament $8 Consignatii 8 Consiliul Comertutui din Chica- 30.23, : Consiliul de Administ Consiliul de Standarde ciar-Contabile U1 50. loarea inferioara sau.a pielei 13 Contra cont 8 Contract de garantare 123 jul curent 133, Conturi de cre Conturi de datori jamente) de pensionare ierala 18 i spontane 115 Conturi temporare (nom 18 Conventic 69 ie deschise consumalorului case 3t de valoare 45 Convexitate 148 Corelatie 68 Corporatia Federala pentru Cre~ Ipotecare Interne s direct 73, 134 crestere (A la hausse) 59 92 nul 16le schimb fixe 135 Curtier 116 Curtier (broker) necalificat 167 Custodie 89 D Data declararii 71 Data faregistrasii 70 Datorie 71 Datorie neasigurata 124 Datorie preferential 112 Datorie senioara 45 Datorie subordonata, secundar’ uy Dealer 71 Debit 9 Decalaj in dolari 27 De facto 26 Deficit 72 Deficit de rezerve 26 De jure 26 Delincvenya 72 Depozit (depunere) la cerere 72 Depotite esentiale 25 Depozite externe ale firmei 79 Depozite la termen 48 Depreciere acumulata 52 Depreciere (amortizare) accele- rata 51 Depreciere constant 116 Deprecierea raportata la rezulta- tele produ Depresiune 72 Desprindere (disocicre) 123,143 Deteriorarea capitalului 22 Devalorizare 73, 133 Dezintermediere 27 (amortizare) 199, Dezinvestire 74 Diferenta de termene scadente 35 Diferenta in rata neta a dobinzii a tn timp a cursurilor de schimb 135 Diferenticrea produselor 42 vare 73, Dispersie (varianta) 125 Dispersie reziduala 162 Distribujia normali de proba- Distributie Distributie de probabilitate continua 66 Diversificare 74 Diversificare superficialt 166 Diversificatori Markowitz 156 Dividende in numerar 63 Dividende per actiune 75 ivideende restante 75 Dividendul-actiune 116 Divizarea actiunilor 116 Divulgare (dezvaluire) neadec- vala 154 Dobinda compusa 65 Dobinda simpla 113 Dobindirca unor polite de asi rare pe viala 28 Document-sursa 17 Dominarea curbei randamentu- lui 163 Drept de autor 8 Dreptul de a participa } buirea cfstigurilor unei firme 126 Dreptul de emisiune 81 Dreptul de preempfiune 102 Dreptul de proprictate asupra bunuritor 14 Drepturi cum 70 Drepturi in perspectiva 109 Drepturi speciale de emisiune 4 Dumping 134 Durata 76 E Echivalen(ele certitudinii 63 Echivalentul numerarului 6 Economie keynesista 89 conomii la scara 27 Efect de compensare 39 Efect multiplicator 37 Efecte de comert (titluri de cre- dit) 64 Efectcle hunii ianu: Bfectel Efectul Fisher 135, 151 Efectul international Eficienta —investitillor consum 147 Bfortul cel mai avantajos 145 Egalat gi pierdut 156 Elasticitate 28 fatea pietei 162 pentru Epuizare 10 Estimari omogene 153 Esalonarea scaden(elor 32 Eurodolar 78, 134 Evaluare 124 Evaluarea capitalului 61 Evaluarea stocului 88 Evaluarea unei oblig: Ex ante 150 Ex dividend 78 Ex post 150 Bxcedent de valoare al unei ac{iuni in momentul emisiunii acesteia (,,paid capital") 100 Expunere (prezentare) contabila 130 Expunere economic 134 Expunerea tranzacjiei 143 Extinderea pie{ei 59 Factor de dobinda pentru valori viitoare 82 Factorizare 79 iment 57 FIFO (first in-first out) 11 33 bancara 21 le Edge Act 28 afara_resurselor inscrise in bilan 97 Firme normale 158 Fluctuatic 106 Fluctuatie dirijata 134 Flux de fonduri 29 Flux de numerar 63 Plax de numerar extins 152 Fluxuri ajustate 19 Fluxuri autonome 20 Fluxuri de aumerar din acti tea de exploatare 6 muri de numerar din activitayi de investitie 6 de numerar le financiare 6 Folio 11 Fond de amortizare a datoriei 113 Fond indexat 86 Fond de rulment (capital circu- ant) 128 Fond fara taxa de tranzactic 9% Fond mutual deschis 97Fond mutuat (fond bazat pe actiuni) 94 Fond mutual inchis 64 Fondul de lichiditate central 23, Fondul de pensic 101 Fondul de rulment necesar 66 Fondul Monetar International (F-M.1) 88, 138 Fonduri 82 Fonduri blocate 131 Fonduri deschise 40 Fonduri federale 79 Fonduri indexate 154 insuficiente 39 piefei valutare 93 Frauda 82 Free on board (FOB) 82 Frontiera eficientei 77 Funcjia de alocare a ratelor dobinzii 19 Funcjia de probabilitate discret 14 Funcjia de utilitate 124 Fuziune 93 Furiune de conglomerat 66 G Garantarea_cu conturile de creante 101 Garantie 64, 90 Gestionarea activelor 20 Ghigeu de scont 27 G.mbH. (Gesellschaft_mit_be- schraenkter Haftung) 136 Goodwill (suprabeneficiu) 83 Gradul de corelatic al unci serit 164 Grafic cu coloane 145 Greenmail 83 a Hint Hirt Hirtie de Hirtic de 124 Hirtic de valoare scutita de im- pozite 119 Hirtii de valoare ale ageniilor 19 Hittii de valoare derivate 147 Hittii de valoare garantate 41 Hintii de valoare garantate prin ipotect 36 Hirtii de valoare municipale 37 Hirtii de valoare transmise 100 Imperfecti factorului de piala 135 Impozit de tezaur si cont de imprumut 49 Impozit pe venit 85 Impozit progresiv 104 Imporit regresiv 44, 107 Impozitare dubla 150 Imunizare 85 In-and-out 153 Ine. 137 Incertitudine 123 Indice de incredere Barron 145 Indice de ponderare egal le de pret al consu lui 24 Indiccle de profital Inflaic 86 Inflatie sociala 45 ban- tate ( cara 20 itutul American al Contabili- ici Atestati 5 faliment) Institutie de cliring 23, Instrument (act juridic) 87 Integrare orizontala 84 Integrare vertical’ 125 Inte: fina Non-Bank Bank 39 Intervale verticale 126 Investitor institugional 87 Investitie necorespunzatoare 167 Investifie neta 95 Investitie pe termen scurt 17 directe straine 135 directe si alte tipuri de capital pe termen lung 133 Ipotecare 153 Ipoteca conventionala 67 Ipotecd invaluitoare 37 {poteza normala privind scdde- rea in viitor a pre{urilor (sub- estimare normals) 157 Ipoteza privind cresterea in viitor a prequrilor (supraestimare) 151 1 fmprumut 91 Imprumut acoperit reciproc 130 Impeumut asigurat cu un stoc 126 prumul asigurat sau obli- gafiune asiguraté 111 imprumut eu autolichiditate 112 Amprumut fn rate 87 imprumut ta termen 47, 120 imprumut punte 59 Imprumuturi de polije din fon- durile de asigurare pe via(a 41 imprumuturi industriale si co | merciale 31 imprumuturi pentru tranzactii 48 imprumuturi sintetice 47 Inchiriere 89 nchiriere de bunuri de capital | (inchiriere financiara) 61 indosariere 113 Inregistrare 107 Incegistrare actualizata 5 inregistrari de incheiere a pe- _ Hioadei 7 fnregistrari inversate 16 Intreprindere — (filiala) pendenta 114 inviorare 161 inde- J Jurnal contabil 13 Jurnalul aprovizionarilor pe cre- it Jurnalul .casarilor in numerar 7 Jurnalul vinzarilor pe credit 9 L Laissez faire 89 Legea pre{ului unic 139 Legi impotriva cametei (speculei cu bani) 124 Legislatic contra emisiunilor Trauduloase de actiuni 58 Lessec 89 Lessor 89 Lichidarea unei pozifii 64 Lichiditate 90 Lichiditate bancaré 20 LIFO (last in-first out) 13Linia pietei histiilor de valoare 112 Linic de credit 90 Lista de prioritati privind opor- tunitatea investijici 89 London Interbank Offering Rate (LIBOR) 91 Lot rotund 110 Lid. (Limited) 139 M Manager 144 Mandat (imputernicire) 105 Manipulare 156 Marginal 34 Marja 92 Marja de contribusic 66 investifional age Marja de profit brut 83 Marja de ris 34 Marja de variagie 125 Matrice varian|-covarianta 125 Marluri 147 Masura a doua a ofertci de bani (M2) 36 Masura a treia a ofertei de bani (M3) 35 Masura lichiditayii ofertei de bani 33 Masura unu a ofertei de bani (M1) 35 Masuri ale performanjei porto- foliului 159 Mecanismul ofertei ca instru- ment de rezistenta impotriva preluarii 102 Membru al unei burse 163, 194 Mers aleatori tending’ aleato- Metoda costului contabi vestifiei 12 Metoda curent4/noneurenta 133 Metoda cursului de schimb cu- reat 133 Mctoda de acceptare-respingere. Sl Metoda de amortizare (depre- ciere) prin fnsumarca anilor 18 Metoda de inventaricre a stocu- in identilicarea specifics Metoda desfaguratorului 17 Metoda directa 10 Metoda Du Pont 75 Metoda Du Pont modificata 93 Metoda indirect 12 Metoda jocului pur 105 Metoda mediei ponderate a sto- cului 127 Metoda monetari/nonmonetara 139 Metoda posturilor tranzitorii 52 Metoda procentului din vinzare 101 Metoda de calcul al scaderi pretului 153, Metoda de cumparare 15 Metode de evahiare a stocului 12 Micgorarea stoculn Model preferential in funcie de stare 165 Modelarea preturitor activelor de capital 60 ack-Scholes 146 de crestere Gordon 83 de evaluare a creditului raportare 142 Motive penteu investi e139 1 speculativ fn teoria pre- Serinjei lichiditatii 46 Motival tranzactici in teoria pre- Necesarul Rezervei Legale 32 Nerespectarca primei de rise 26 Nivel de rezi Nota actualizata (redusa) 73 Nota Dunning 76 Nota 96 Note de capital 22 Numarul de contracte expirate (open interest) 97 Numerar 62 igaliune in serie 112 igajiune subscrisa 59 igaliuni cu cupon zero 129 igafiuni cu rise mare 89 jescoperite 117 le Lezaur (pe termen antate 31 Obligaliuni municipale cu carac- ter general 152 Obligayiuni purtitoare de venit 85 Obligaiuni si fonduci suptimen- tare ale companiilor de asigu- rare pe viata 39 Oferta 97 Oferta de Oferta publica 86 Oferta reala (licitagie) 119 94 OF ede recumparare ime- diaia 126 Operagiune de swap la 0 obli- ne 21 de inchiricre 98 Operajiuai de reducere a riscului a4 Operatiuni de swap din diferen- tele (calitative) dintre piete 32 Operatiuni de swap la impozitele obligatiunilor 47 Operatiuni de swap la obligati cu preferarca celci cu venit mai mare 43 Operatiuni de swap prin substi- tuire de obligagiuni 46 Operatiuni de swap (schimb de valute) 118 Operaiuni de swap valutare 133 Operafiuni in ga (combinate) 116, 165Operatiuai pe piata livrarilor la termen 34 Operatiuni pe piata deschisa 97 Opfiune 98 Optiune acoperita 69 Optiune americana 54 Optiune cu venit imediat 85 Optiune de apel 60 Opfiune descoperita 95, Opfiune europeans 78 Optiune fara venit imediat 99 Optiune inregistrata 161 Optiune rezultata din diferente de pret orizontale 153 Optiune rezultata in condi avantajoase (printr-o dife- ren{a de pret dezavantajoasa) 145 ine sezultata prin diferente de pret in diagonala 149 Optiune rezultata printr-o dife- rena de pref avantajoasd 146 ne rezultata printr-o dife- ren{a de pret combinata 146 Optiune sintetica 166 Optiune strangulata 165 Optiunea de a vinde 105 Optiunea pentru independents 31 Optiuni conginute 150 Ordin de cumparare limitata 155 Ordin de oprire 165 Ordin de vinzare limitata 155 Ordin la scara 163 Ordin-limita 165 Ordin negociabit de retragere 38 Ordine zilnice 148 Ordonare 106 ‘Organizatie corespondent 68 Ostil faa de rise 110 Overhang 99 ° Opt P Pachet de 100 de actiuni 146 Pachet de acjiuni cumulative preferentiale 70 Paritatca optiunii de a vinde sia coptiunii de a cumpara 161 Paritatea puterii de cumparare 105, 141 87,137 Pasiv limitat 90 Pasive 90) Pasive curente 70 Pasive eventuale 8 Performan(a portofoliului Sharp 164 Perioada de recuperare 100 Perioada medic de rotatic a creantelor 56 Persoan care-si asumi riscul 110 Persuasiune morals 94 Piata capitaluh Piala de marfuri 24 Piata de mici propor Piata eficienta 77 Piala cficienta intr-o forma pu- ternica 117 Pia(a eficienta intr-o forma semi- puternica 112 Piafa intangibila 99 Piala in numerar (pe loc) 22 Piata livrarilor ta termen 82 Piata secundara 111 Pia(a terfiar& 120 Piata valutara 93 120 Pic{e consolidate geografic 152 Piefe continue 148 fe financiare 80 Picte fragmentatc gcografic 152 Piete incomplete 154 “ele Valutare Internationale 138 mida datoriei 161 ie de exploatare 98 Pirghie financiara 80 Planul definit al ben 149 Planul definit al contributi uului 27, 2, merar 63 Plasament (investire) 50 Plasament privat 103 Plasarea fondurilor 141 Plata graduala a ipotecii 36 Plata majora 57 Politica agresiva a capitalului cir- culant 53 ica de credit 69 ica maximizarit _profitului 104 Politica monetara 93 Polite de asigurare pe viata 127 Ponderea aversiunii fay de rise 162 Portofolii dedicate 148 Portofolii obtimute prin impru- mut 155 Portofoliu 102 Portofoliu eficient 77 Portofoliu zero-be Portofoliul pietei 92 129 Posibilitaji de cistiguri nete mul- tilaterale 140 Posturi tranzitorii 52 Pozilic 160 Porilic acoperita net 38 Prag minim de rentabilitate ac ceptats 84 Prea mare pentru a egua 48 Preferinia pentru lichiditatc 90 Preluare ostila 84 Pret de conversic 67 Pre{ de rambursare 161 Pre{ul actual al unei obligativni 151 Pretul de ecl Preul de oferta 5S Pregul subscriptiei 118 Previziunea vinzarilor 111 Prima de achizitie 52 Prima de apel 60 Prima de asigurare 42 Prima de inflatie la rata dobinzii de rise a piegei 92 ia suplimentara 97 14 de recompensa 83 ipii de inregistrare 12 suplimen- iul de reinnoire a terme- de asigurare 44 Procedura (mandat) 122 197al ial Proces de inlocuire a mijloacelor de plata a unci datorii 107 Procesul de dobinda continu 65 Procesul de extindere a depozi- tului 27 Procesul dobinzii compuse 65 Produs najional brut 83 Profit neasteptat 127 Profituri fiduciare 158 Pro forma 103 Programarea plajitor in numerar 62 Programul de imprumutului 91 Proiecte independiente 86 Proiecte reciproc exclusive 94 Proprietate unica 114 Pro rata 104 Prospect 104 Protectionism 141 Punete de credit asupra unci ipo- teci 36 Punctul critic de pe curba randa- mentului 31 Punctu! critic financiar 79 Punctul de indiferenya al rilor inainte de plata dobinzi- lor si impozitelor si cigtiguri- lor per actiune 76 Punere de acord intre soldut de casa dela inceputul gi sfirsitul perioadei 15 R Raider (invadator) 105 Ramificare limitata 33 Randamentul dividendelor 74 Rapoarte de apel 22 Rapoarte de rambursare 69 198 Raport de concentrare 24 Raport de conversie 67 Raport de plata constant 66 Raport de schimb 78 Raportul beneficiu-cost 57 Raportul datorie — capitalul actionarilor 71 Rapertul datoriei 90 Raportul marjei de contribuyic 6 Raportul preluri/cisliguri 103 Raportul (rata, indicele) de pl al dividendul Rata cuponul Rata datoriei 71 Rata de acoperire a ch fixe 81 Rata de actualizare aj riscul 110 Rata de actualizare neutra 69 Rata de actualizare sau rata de scont (rata de rentabilitate) B Rata de asigurare curilor 84 Rata de reinvestire 107 Rata de rentabilitate necesara 108 Rata efectiva a dol Rata fird rise 110 Rata impozitul Rata Rata lichiditaqii generale 70 Rata marginal a impozitului 92 Rata medic a impoz Rata nominala a dobinzii 96 Rata nominali a rentabilita (rata medic a rentabilitaqii) 52 Rata primei 103 Rata reala a dobinzii 106 Rata variabila a ipotecii 125 lata. Recuperarea depreci rea dividendelor 134 Reorganizare 108 Responsabilitale fiduciara Restructurarea inere 127. Refineri (popriri) 9 Rozerve exceden e28 Rezerve imprumutate 21 Rezerve necesare 44 Rezerve nete disponibile 39 Rezerve pentru pierderi din imprumuturi 44 Rezerve primare 42 Rezerve secundare 45 fe ale compa- Rezervele de polite de asigurare 4 Rezervele fondurilor de pensii 41 Rezervele nete uate cu impru- mut 38 Rise 109 Risc comercial 131 Risc cu proces stohastic 165 Rise de baza 57 Riscul neindeplinirii obligatiilor 72, 140 Riscul puterii de cumparare 160 Riscul tranzactiei 121 Riscul (ait 132 199S.A, 142 SARL 142 Scadenja 93. Schimb de valuta pe baza etalo- ului aur 137 Schimbare de hietii de valoare 166 Serisoare de credit 90 Scrisoare ‘de credit (acreditiv) irevocabila 138 Scrisoare de credit confirmata 24 Seutire de taxe 119 Set de oportunitate 98 Set posibil de dejinut 145 Simularea Monte Carlo 94 lizare (formarea unui consorjiu, a unui sindicat pa- tronal) 118 Sistem bancar cu activitate core- spondenta 25 Sistem bancar dual 75, Sistem bancar interstatal 32 Sistem de acte justificative 126 Sistem de rambursare accelerata a costului 51 Sistem de transfer Giro 137 Sisteme de evaluare a obligatiu- ni 21 Sistemul ABC de control al sto- curilor 51 Sistemul de Rezerva Federala 29 Sistemul de Rezervi Fractionat 30 Situatia (contul) capitatului 131 Situaia financiara externa 10 Situatia fluxului de numerar 17 Situatia veniturilor 85 Situatii _(conturi) consolidate 8 Situatii comparative 65 financiare 200 imitata Socictate ew raspunde a Socictate mixta 138 Societate pe actiuni 105 Sold de numerar pentru pro- tectie 102 Sold de numerar pentru specu: laie 114 Sold de numerar pentry tran- zac{ii 121 tare ilegala 153 46, 14 Speculatie de capital cu un grad inalt de rise 125 Stari ale natucii 165 Stoc continuu 14, 101 Stoc de materi prime 106 Stoc de productie neterminata 127 Stoc de siguranga 111 Stoc fizie 14 Stoc periodic 14 Stocuri de produse finite 80 Strategia ,cumpara gi pastreaza* 146 Strategia dependenta de fluc- pregului 159 Strategia diferenjci negative 38 Strategia diferentei pozitive 42 Strategie de investire pasiva 159 Barbell 21 a ,cumpard i 57 Steuctura activelar 55 Siructura capital Structura financiara 80 Structura optima a capitalului 98 Structura pie(et 92 Structura productiei 104 Structura temporali a ratelor dobinzii 48, 120 Structura valorii de inventar 59 Structurd de perspectiva a capi- Subevalnat 123 Subordonat 46 i privilegiate 160 101 26 Suma nula 129 Sume flotante 29 Supraevaluate 99 Tabloul conturilor 7 Taxa de angajament 65 Taxa de inifiere (de concepere) 40 Taxa federal de somaj 11 Taxa pe valoarea adaugati 124, 143 ‘Taxa vamalsi ad valorem 130 ‘Taxe platite in avans 82 Tebnic’ de calcul comercial’ 160 Teoria agentiei 53 Teoria cantitativa 43 Teoria de semnalare a dividen- delor 74 Teoria dividendelor reviduale 108 Teoria Dow 150 marii preferengiale 21 neprefe- 49, 122 imacilor preferentiale cestimarilor rationale 43 ‘Teoria fondurilor imprumutabile 1 Teoria habi 160 ‘Teoria imprumutului comercial (doctrina notelor de plata reale) 24 Teoria lotului de dimensiune re- usa 158 Teoria nerevelatoare despre di- preferat 42, de arbitraj 55 pentru fi ‘Teoria preferin tate 33 Teoria preferintei temporale 166 Teoria primei pentru lichiditate (estimarea tendintei) 33 Teoria segmentarii 163 Teoria segmentarii pietei 35 Teoria semnalarii 113, Teoria transferdrii 45 Teoria ulilitagi 167 Teoria venitului anticipat 19 Teren 13 Termen 120 ‘Termen de plata 124 Testul acid (Testul rapid, Rata imediate) 52 ‘Testul de confort si nevoi 25 Ticks 166 Timbrul rogu 107 Tip de asigurare impotriva riscu- Ini 25 201Titlu de crean(4 (promisiune de Valoarea de inventar (contabila) plata, cambie) 104 Titlul de creanta 71 Trader 48 ‘Transcrierea in Cartea Mare 15 ‘Tranga (cota) ia aur 137 ‘Tranzactic 121 Tranzactic speculativa 164 Tranzactii de hirtii de valoare i Tranzactii de optiuni (strap) 116 Tranzacti de optiuni (strip) 117 Trata (cambie, poliga) 75 Trata la termen 120 Trat la vedere 113 Trezorier 121 Tripla ora vrajita 122 Trucaj 127 Tutore 122 u Unitate bancara 123 Unitate’ monetard european (ECU) 78, 134 v Valoare actualizata 103 Valoare contabj 6 Valoare de conve: Valoare de echil Valoare finala 120 Valoare intrinsect 83 Valoare nominala (Par value) 79 Valoare ramasa 1 Valoare subscrisa (Valoarea no- minal) 100 Valoarea actualizata (ajustata) 53 Valoarea actualizata a obligatiy- sau prima obligaiiunii $3 Valoarea “compust a unej anuitayi 65 202 59 Valoarea indexata 167 Valoarea neta actualizata 95 Valoarea neta (Capitalul action narilor) 96 Valoarea neta realizabila 14 Valoarea reziduala (remanenta) 16 Valoarea stabilita prin statut 115 Valori reziduale medii cumula. tive 148 Valuta forte 137, Valuta functionala 136 Valuta neconvertibita 142 Vandabilitate 35 Varant 126 Variabila de tip normata 123, 167 Varsamintul curent al datori termen lung 70 Venit 109 Venit aminat 72 Venit national 38 Venit net 95 Venitul perioadei de caloul 84 Venituri din vinzari si toca 16 iri extraordinare 12 $i cheluuieli extraordi- nare 10 Violarea dreptului investitorului de a cunoaste situatia finan. ciara a firmei 150 Vileza de citculatie @ activelor fixe 80 Viteza de circutatie a banilor 125 Viteza de circulatic a numeraru lui 63 Viteza de rotatie a dobinzii 120 ita{i prea mari 158 Vinzare a hirtiilor de valoare nedoimute 163 Vinzare de hictii de valoare nede{inute 113 Vinzare de hirtii de valoare Gnwhip-sawed") 167 Vinzare in piramida 105 Vinzare viitoare de hittii de va- loare detinute 91 Vinzari cu reducere 16 inzari nete 95 Vinzatorul unei optiuni 40 Virsta conturilor 53 Volatil 126 Volum 126 Y Y.K,143 Zz Zona libera de comert 136BIBLIOGRAFIE, Brealey R. si Myers C., Principles of Corporate Finance, McGrow Hill, New York, USA, 1991 Cartianu V., Parea E. si Popescu A., Dictionar de management si marketing, englez-romdn, Editura tehnica, Bucuresti, 1973 Choi F. si Mueller G., Intemational Accounting, Prentice Hall, Engle- ‘wood Cliffs, NJ, USA, 1984 Copeland T. si Weston J.F., Financial Theory and Corporate Policy, Prentice Hall, Englewood Cliffs, NJ, USA, 1990 Cousin P.H., Dictionnai Frangais-Anglais, Hachette, Paris, 1987 *** Dictionar englez-romén, Editura Academici, Bucuresti, 1974 Eitan D.K. si Stonchill D-K., Multinational Business Finance, Addi- son-Wesley, Reading, MA, USA, 1989 Francis J.C,, Investments, Analysis and Management, McGraw Hill, New York, USA, 1991 Grup B., Management of Financial Institutions, Houghton-Miffin, Boston, USA, 1984 . Hornby A.S., Oxford Advanced Leamer’s Dictionary of Current Eng- lish, Oxford University Press, London, England, 1975 Kidwell DS. si Peterson R.L., Financial Instiutions, Markets, and Money, Dryden Press, Orlando, FL, USA, 1990 Levichi L. si Bantas A., Dicfionar englez-roman, Editura stiinifics, Bucuresti, 1971 Pérochon C., Tec nérale, Fouche Press, Par ques Quantitatives de Gestion: Comptabilité Gé- 1987 205| CONTENTS rauantart A. $i Zisswiller R, Théorie de la Finance, Presses Universi- cure ' laires de France, Paris, 1950 22 Radeliffe R., Invesioments, West, St.Paul, MN, USA, 1990 | PREFACE eee ee i i 3 Rose P., Money and Capital Markets, Business Publications, Plano, PREFATA : tee eee 7: ISA, 1! baeertis | ACCOUNTING TERMS/TERMENI CONTABILI. . . . . 5 Shay iro A., International Comorate Fin mce, Allyn and Bacon, Bos- ton, USA, 1990 : a BANKING TERMS/TERMENI BANCARI .... . . re) 1 ERMENI Fi PEs Shott D. $i Welsch G., Fundamentals °f Financial Accounting, Irwin, | FINANCIAL TERMS/TERMENI FINANCIARI ewood, IL, USA, | oe eet | INTERNATIONAL TERMS/TERMENI ron Sapien Y> Techniques Financiees Intemationales, Econom ca, Paris, | INTERNATIONALI..... sss. cece ee | INVESTMENT TERMS/TERMENIINVESTITIONALI . . 144 *** Collins Concise English Dictionar ’, Glasgow, Engla: id, 1990 Os Concise English Dictionary, Glasgow, Eoglan ENGLISH INDEX . . Se etebeieect et + 168 *** Les Marchés @ Terme. @ Instruments Financiéres, Gest ion/Econo- | 7 A mica, Paris, 1987 : | INDICE DETERMENIROMAN..............., 185 cece eee es 205 *** Webster's New Intemationat Dictionary Unabridged, Merriam, BIBLIOGRAFIE ..... sees . Springfield, MASS, USA, 1989 |