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累计期权，英文名称Accumulator，是一种以合约形式买卖资产（股票、外汇或其它商品）的金融衍生工具，为投资银行（庄家）与投资者客户的场外交易，一般投行会与客户签订长达一年的合约。涉及股票的累计期权称为累计股票期权，简称累股期权。 [@more@] 累计期权合约设有“取消价”(英文：Knock Out Price) 及“行使价”(英文：Strike Price)，而行使价通常比签约时的市价有折让。合约生效后，当挂钩资产的市价在取消价及行使价之间，投资者可定时以行使价从庄家买入指定数量的资产。当挂钩资产的市价高于取消价时，合约

对冲基金（hedge fund），是指由金融期货（financial futures）和金融期权（financial option）等金融衍生工具（financial derivatives）与金融组织结合后以高风险投机为手段并以盈利为目的的金融基金。[@more@]对冲基金常用的投资策略多达20多种，其手法可以分为以下五种：（一）长短仓，即同时买入及沽空股票，可以是净长仓或净短仓；（二）市场中性，即同时买入股价偏低及沽出股价偏高的股票；（三）可换股套戥，即买入价格偏低的可换股债券，同时沽空正股，反之亦然；（四）环球宏观，即由上至下分析各地经济金融体系，按政经事件及主

Pip The smallest price change that a given exchange rate can make. Since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point - for most pairs this is the equivalent of 1/100th of one percent, or one basis point. For example, the smallest move the USD/CAD currency pair can make is $0.0001, or one basis point.[@more@]BPS: A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point

Generally Accepted Accounting Principles (GAAP) -- 通用会计准则Financial accounting information must be assembled and reported objectively. Third-parties who must rely on such information have a right to be assured that the data are free from bias and inconsistency, whether deliberate or not. For this reason, financial accounting relies on certain standards or guides that are called "Generally Accepted Accounting Principles" (GAAP).[@more@]GAAP （Generally Accepted Accounting Principle

是指美国两大住房贷款机构房利美(Fannie Mae)和房地美(Freddie Mac)。麦凯恩/佩林提出的“接管计划”，被评价为“是又一项令人愤怒但又非常必要的措施。”[@more@]看到居然提到“中国人”http://chinese.wsj.com/gb/20080910/mst120612.asp?source=article，真是讶异。

Dollar-Cost Averaging.定投？The technique of buying a fixed dollar amount of a particular investment on a regular schedule, regardless of the share price. More shares are purchased when prices are low, and fewer shares are bought when prices are high.Also referred to as a "constant dollar plan". [@more@] Eventually, the average cost per share of the security will become smaller and smaller. Dollar-cost averaging lessens the risk of investing a large amoun

这个原理是常识，需要记住这个说法儿而已。The principle that potential return rises with an increase in risk. Low levels of uncertainty (low risk) are associated with low potential returns, whereas high levels of uncertainty (high risk) are associated with high potential returns. According to the risk-return tradeoff, invested money can render higher profits only if it is subject to the possibility of being lost. [@more@]Because of the risk-return tradeoff, you must be aware of your pers

The S&P/Case-Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan regions across the United States.These indices use the repeat sales pricing technique to measure housing markets. First developed by Karl Case and Robert Shiller, this methodology collects data on single-family home re-sales, capturing re-sold sale prices to form. sale pairs. This index family consists of 20 regional i

LIBOR-London InterBank Bid Offered Rate,伦敦同业拆借利率,是指在伦敦的第一流银行借款给伦敦的另一家第一流银行资金的利率。现在LIBOR已经作为国际金融市场中大多数浮动利率的基础利率,作为银行从市场上筹集资金进行转贷的融资成本,贷款协议中议定的LIBOR通常是由几家指定的参考银行（Citigroup,WestLB、HBOS PLC,J.P. Morgan Chase & Co,UBS AG等）,在规定的时间(一般是伦敦时间上午11:00)报价的平均利率。最常使用的是3个月和6个月的LIBOR。[@more@]同业拆借利率指银行同业之间的短期资金借贷利率。同业拆借利率有两个,拆进利率(

A note that grants the holder the right to convert a specific amount of one currency to another at a given exchange rate until it expires. A currency certificate is a bearer certificate in that there is no registered owner. Currency certificates are a useful tool for hedging foreign exchange risk. [@more@]For example, suppose that Company XYZ is based in America but also has operations in Canada. The company will be receiving Canadian dollars from sales, but will want them to be exchanged for U.

A figure that represents the net number of jobs provided from newly started businesses (births) and business closings (deaths) during a period of time, typically a month in conjunction with government-sponsored jobs reports. Birth-death figures are put out by the Bureau of Labor Statistics (BLS) as part of the monthly employment report; they use a rolling average to determine the monthly total based on historical averages over the past several years.[@more@]The birth-death ratio is a major compo

An issue of bonds, preferred stock or other securities that represents the first priority lien on the issuer's assets or earnings. Senior issues have a higher priority claim on a firm's dividends, interest payments, or in case of a bankruptcy, the value salvaged from a iquidation.[@more@]Priority levels may change in the subordinated debt structure. An issue that is considered senior may lose that title in certain situations. For example, if a firm claims bankruptcy and begins acting as a

A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique contends that a portfolio of different kinds of investments will, on average, yield higher returns and pose a lower risk than any individual investment found within the portfolio. Diversification strives to smooth out unsystematic risk events in a portfolio so that the positive performance of some investments will neutralize the negative performance of others. Therefore, t

An economic condition, similar to a duopoly, in which there are only two large buyers for a specific product or service. Members of a duopsony have great influence over sellers and can effectively lower market prices for their supplies. Also known as "buyer's duopoly". 指一种经济条件，类似于双寡头，在一种商品或服务的买卖中只有两个大买家。买方对卖方有重大影响，并且能影响供应的市场价格。也称为"买方的双头垄断" 。[@more@]For example, a town only has two operating restaurants. As

The power the government has to obtain the property of an individual even without the person's full consent. In most countries, including the U.S., the land owner will be compensated for the land at fair market value. This power allows the government to seize land to be used in public enterprises such as roads, schools, or utilities installations. Eminent domain is generally found in some form in most common law nations. Also known as "compulsory purchase" (U.K, New Zealand and Ireland

A type of risk that occurs when a financial model used to measure a firm's market risks or value transactions does not perform the tasks or capture the risks it was designed to. Model risk is considered a subset of operational risk, as model risk mostly affects the firm that creates and uses the model. Traders or other investors who use the model may not completely understand its assumptions and limitations, which limits the usefulness and application of the model itself. [@more@]Any model is a

A type of loan investors give to a company in exchange for convertible debt(可转债), which, like convertible bonds, typically has provisions that allow investors to convert the bonds into stock at below-market prices. This can cause the original shareholders to lose control of the company. [@more@]This type of loan is undertaken by companies that desperately need cash. It is called a death spiral because companies' stocks often plunge drastically after they take on these types of loans. It is im

Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to the high costs associated with certain operations, such as research and development. Most analysts expect zombie companies to be unable to meet their financial obligations.Also known as the "living dead" or "zombie stocks". [@more@]Because a zombie's life expectancy tends to be highly unpredictable, zombie stocks are extremely risky and are not suitable for

The act of transferring ownership from the private sector to the public sector. Deprivatization often occurs when a government attempts to maintain the stability of its critical infrastructure during periods of economic distress. This can occur in various segments of the economy. Also known as nationalization". -- 也被称作“国有化”[@more@]Deprivatization generally occurs in the areas of transportation, electricity generation, natural gas, water supply and healthcare because governments wan

The negative effect felt by a company when shareholders and the investment community find out that is has done something that is not in accordance with good business practices. Although typically not expressed in a dollar amount, badwill can play out in the form of decreased revenue, loss of clients or suppliers, loss of market share and federal indictments for any crimes committed. [@more@]There are several cases in which badwill caused a severe downturn in company stock, such as Tyco, Adelphia