Dr. Harvey's Financial Glossary

Saturday, May 19, 2012

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PHP: The ISO 4217 currency code for the Philippines Peso.
Physical asset: Actual property such as precious metals or real estate. Also called real or tangible assets.
Physical commodity: See Also: Commodity
Physical completion: The state in which a project is physically functioning, but not yet fully generating cash flow.
Physical option: An option whose underlying security is a physical commodity that is not stock or futures. The physical commodity itself (a currency, treasury debt issue, commodity) - underlies that option contract. See also index option.
Physical verification: A procedure auditors use to ensure that inventory recorded in the book is correct by actually checking out the physical inventory.
PIBOR: See: Paris Interbank Offer Rate
Pickup: The gain in yield that occurs when a block of bonds is swapped for another block of higher-coupon bonds.
Pickup bond: A bond with a relatively high coupon that is close to the date at which it is callable, meaning that a fall in interest rates will most likely cause early redemption of the bond at a premium.
Picture: Describes bid and asked prices a broker quotes for a given security. Used for listed equity securities. Bid and ask prices and quantity information from a specialist or from a dealer regarding a particular security (i.e., "IBM's 1/4 to 1/2, 5m by 10m").
Pie model of capital structure: A model of the debt-equity ratio of the firms, graphically depicted in slices of a pie that represent the value of the firm in the capital_market.
Piece: Apply mainly to convertible_security. Increment of bonds that trade in portions of $1000 minimum. Not all bonds can be traded in "pieces," and the increments can vary.
Pier: A man made structure extending from the shore against which vessels may lie to load or unload cargo.
Piggyback registration: When a securities underwriter allows existing holdings of shares in a corporation to be sold in combination with an offering of new public shares.
Piggybacking: A broker who trading stocks, bonds or commodities in a personal account following a trade just made for a customer. The broker assumes that the customer is making the trade on valuable insider_information.
PIK: See: Payment-in-kind bond
PIK (Payment-in-kind) securities: Highly bonds or preferred stock that pay interest or dividends through additional bonds or preferred stock.
Pink sheets: Refers to over-the-counter trading. Daily publication of the National Quotation Bureau that reports the bid and ask prices of thousands of OTC stocks, as well as the market_maker who trade each stock.
Pip: Used for listed equity securities. Smallest unit of a currency (i.e., cents for US dollars).
PIPE: See: Private Investment in Public Equity
Pipeline: The underwriting process that must be completed with the SEC before a security can be offering for sale to the public.
Pit: A specific area of the trading floor that is designed for the trading of commodities, individual futures, or options_contract.
Pit committee: A committee of the exchange that determines the daily settlement price of futures_contract.
PITI: Stands for principal, interest, taxes, and insurance, the four main parts of monthly mortgage obligations.
Pivot: Price level established as being significant by market's failure to penetrate or as being significant when a sudden increase in volume accompanies the move through the price level.

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