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Partial Vote
When only a portion of the total shares in an account is voted. For example, a broker has 1,000 shares and sends out a card to each of four shareholder clients. If only three of the four client cards are returned to the broker, the broker will submit only 3/4ths(750 shares) of the total 1,000 shares to vote. If the fourth card arrives later, an additional vote can be counted.
Participant
A party of a funding. It usually refers to the lowest rank or smallest level of funding.
Participant risk
The risk associated with the credit of the participants and possibility of non-performance.
Participate but do not initiate
Used for listed equity securities. "Participate in the side of the market indicated by the order, but do not initiate the interest that causes the trade to take place." This kind of order can cause one to "miss stock" because the broker or investor is at the mercy of the player who does initiate the trade. See: Market order go along, percentage order.
Participating buyer/seller
Used for listed equity securities. (1) Customer willing to buy /sell in line with market. (2) Buyer /seller who go_along with another buyer/seller in a percentage order.
Participating convertible preferred stock
Preferred stock that can be converted into common stock at the option of the holder. In contrast, to the usual preferred stock, the value of the preferred stock is refunded to the holder. That is, one gets conversion plus the value of the stock.
Participating dividend
Dividend received from ownership of participating preferred stock.
Participating fees
The portion of total fees in a syndicated credit that go to the participating banks.
Participating GIC
A guaranteed investment contract whose policyholder is not guaranteed a crediting rate, but instead receives a return based on the actual experience of the portfolio managed by the life insurance company.
Participating life insurance policies
Life insurance that pays dividends to policyholders depending on the company's success as provided by few claims and profitable underwritings and investments.
Participating preferred stock
Preferred stock that provides the holder with a specified dividend plus the right to additional earnings under specified conditions.
Participation
The amount of loan or bond issue taken directly from another direct lender or underwriter.
Participation certificates (PC)
Used in the context of general equities. Investments representing an interest in a pool of funds or in other instruments, such as foreign securities, that allow participation in the rise or fall of a security or group of securities.
Participation loan
A large loan made by a group of lenders, that enables a borrower to obtain financing above the legal lending limit of an individual lender.
Partner
Business associate who shares equity in a firm.
Partnership
Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability with respect to obligations of the group. See: General partnership, limited partnership, and master limited partnership.
Partnership agreement
A written agreement among partners detailing the terms and conditions of participation in a business ownership arrangement.
Party in interest
An ERISA-specified individual—such as an administrator, officer, fiduciary, trustee, custodian, or counsel—who is prohibited from making certain transactions involving a qualified_retirement_plan. A trustee, for example, would be prohibited from using an IRA as collateral for a loan.
Pass the book
The process of transferring responsibility for a brokerage firm's trading account from one office to another around the world in order to benefit from trading 24 hours a day.
Passive
Income or loss from business activities in which a person does not materially participate, such as a limited partnership.
Passive Activity Loss (PAL)
A loss incurred in participating in passive investing.
Passive bond
A bond without any interest yield.
Passive income
Income (such as investment income) that does not come from active participation in a business. Specified by the U.S. tax code.
Passive Income Generator (PIG)
An investment that favors passive income, such as an income-oriented real estate limited partnership.
Passive investing
Putting money into a profitable business opportunity that is deemed passive by the IRS and thus benefits from tax_deduction.
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