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Passive investment management
Buying a well diversified portfolio to represent a broad-based market index without attempting to search out mispriced securities.
Passive investment strategy
See Also: Passive investment management
Passive management
See Also: Indexing
Passive portfolio
A market index portfolio.
Passive portfolio strategy
A strategy that involves minimal expectational input, and instead relies on diversification to match the performance of some market index. A passive strategy assumes that the marketplace will reflect all available information in the price paid for securities, and therefore, does not attempt to find mispriced securities. Related: Active portfolio strategy.
Pass-through coupon rate
The interest rate paid on a securitized pool of assets, which is less than the rate paid on the underlying loans by an amount equal to the servicing and guaranteeing fees.
Pass-through rate
The net interest rate passed through to investors after deducting servicing, management, and guarantee fees from the gross mortgage coupon.
Pass-through securities
A pool of fixed income securities backed by a package of assets (i.e., mortgages) where the holder receives the principal and interest payments. Related: Mortgage pass-through security
Patent
The exclusive right to use documented intellectual property in producing or selling a particular product or using a process for a designated period of time.
Path-dependent option
An option whose value depends on the sequence of prices of the underlying asset rather than just the final price of the asset.
Pattern
A technical chart formation used to make market predictions by following the price movements of securities.
Payable date
The date when dividends or capital_gain are paid to shareholders or reinvested in additional shares.
Payable through drafts
A method of making payment that is used to maintain control over payments made on behalf of the firm by personnel in noncentral locations. The payer's bank delivers the payable through draft to the payer, which must approve it and return it to the bank before payment can be received.
Payables
Related: Accounts payable
Pay-as-you-go basis
A method of paying income tax in which the employer deducts a portion of an employee's monthly salary to remit to the IRS.
Payback
The length of time it takes to recover the initial cost of a project, without regard to the time value of money.
Pay-down
In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that of those sold. In the context of general equities, paying a lower price in an accumulation of stock. Antithesis of pay-up.
Payee
A person receiving payment through any form of money transfer method.
Payer
The person making a payment to a payee.
Paying agent
An agent who makes principal and interest payments to bondholders on behalf of the issuer.
Payment
The amount required to repay a loan, including interest and fees.
Payment date
The date on which shareholders of record will be sent a check for the declared dividend.
Payment float
Company-written checks that have not yet cleared.
Payment-in-kind (PIK) bond
A bond that gives the issuer an option (during an initial period) either to make coupon payments in cash or in the form of additional bonds.
Payments netting
Reducing fund transfers between affiliates to only a netted amount. Netting can occur on a bilateral basis (between pairs of affiliates), or on a multi-lateral basis (taking all affiliates together).
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