Dr. Harvey's Financial Glossary

Thursday, March 18, 2010

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Underwriting Commission: The fee investment_bank charge for underwriting a security issue.
Underwriting fee: The portion of the gross underwriting spread that compensates the securities firms that underwrite a public offering for their services.
Underwriting income: For an insurance company, the difference between the premiums earned and the costs of settling claims.
Underwriting spread: The income that is generated by the underwriting syndicate and the selling group, which is essentially the difference between the amount paid to the issuer of securities in a primary distribution and the public offering price.
Underwriting syndicate: A group of investment_bank that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter.
Underwritten offering: A purchase and sale.
Undigested securities: Newly issued securities that are not purchased because of lack of demand during the initial public offering.
Undiversifiable risk: Related: Systematic risk
Unearned income (revenue): Income received in advance of the time at which it is earned, such as prepaid rent.
Unearned interest: Interest that has been received on a loan, but that cannot be treated as a part of earnings yet, because the principal of the loan has not been outstanding long enough.
Unemployment rate: The percentage of the people classified as unemployed as compared to the total labor force.
Unencumbered: Property that is not subject to any claims by creditors. For example, securities bought with cash instead of on margin and homes with mortgages paid off.
Unequal Voting: These provisions limit the voting rights of some shareholders and expand those of others. Under time-phased voting, shareholders who have held the stock for a given period of time are given more votes per share than recent purchases. Another variety is the substantial shareholder provision, which limits the voting power of shareholders who have exceeded a certain threshold of ownership.
Unfavorable Balance of Trade: The value of a nation's imports in excess of the value of its exports.
Unfunded debt: Debt maturing within one year (short-term debt). See: Funded debt.
Unfunded pension plan: Provides for the employer to pay out amounts to retirees or beneficiaries as and when they are needed. There is no money put aside on a regular basis. Instead, it is taken out of current income.
Unified tax credit: A federal tax credit that reduces tax liability, dollar for dollar, on lifetime gifts and asset transfers at death.
Uniform Commercial Code: Collection of laws dealing with commercial business.
Uniform Customs and Practices (Brochure 500): International Chamber of Commerce rules (commonly referred to as UCP 500 or ICC 500), that are used for Letters of credit. These letters then become legally binding when written into the text of the letter.
Uniform Gifts to Minors Act: Legislation that provides a tax-effective manner of transferring property to minors without the complications of trusts or guardianship restrictions.
Uniform practice code: Standards of the NASD prescribing procedures for handling over-the-counter securities transactions, such as delivery, settlement date, and ex-dividend date.
Uniform Rules for Collections: International Chamber of Commerce rules on the handling of documentary and clean collections.
Uniform securities agent state law examination: A test required in some states for registered representatives who are employees of member_firm of the NASD or over-the-counter brokers.
Uniform Transfers to Minors Act: A law similar to the Uniform Gifts to Minors Act that extends the definition of gifts to include real estate, paintings, royalties, and patents.
Unilateral transfers: Items in the current account of the balance of payments of a country's accounting books that correspond to gifts from foreigners or pension payments to foreign residents who once worked in the particular country.

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