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White Noise
The audio equivalent of Brownian motion. Sounds that are unrelated and sound like a hiss. The video equivalent of white noise is "snow" in television reception.
White sheets
Lists of prices published by the National Quotation Bureau for Market Makers.
White squire
White knight who buys less than a majority interest.
Whitemail
Sale of a large amount of stock by a company that is the target of a takeover bid to a friendly party at below-market prices, so that the raider is forced to buy more of highly priced shares to accomplish the takeover.
White's rating
A rating of municipal securities, that uses market factors rather than credit considerations to find appropriate yields.
White-shoe firm
Broker-dealer firms that disdain practices such as hostile takeovers.
Whole life insurance
A contract with both insurance and investment components: (1) It pays off a stated amount upon the death of the insured, and (2) it accumulates a cash value that the policyholder can redeem or borrow against.
Whole loan
A term that distinguishes an investment representing an original mortgage loan from a loan representing a participation with one or more lenders.
Wholesale mortgage banking
The purchasing of loans originated by others, for the acquisition of the servicing rights.
Wholesaler
An underwriter or a broker-dealer who trades with other broker-dealers, rather than with the retail investor.
Wholly owned subsidiary
A subsidiary whose parent company owns virtually 100% of its common stock.
Whoops
A nickname for the Washington Public Power Supply System, which in the 1970s raised billions of dollars through municipal bond offerings, the projects that never materialized. WPPSS defaulted on the payments to bondholders.
WI
See Also: When issued
WI WI
Come from when issued. Treasury bills trade on a WI basis between the day they are auctioned and the day settlement is made. Bills traded before they are auctioned are said to be traded WI WI
Wide opening
Abnormally wide spread between the bid and asked_price of a security at the opening of a trading session.
Widow-and-orphan stock
A stock paying high dividends with a low beta and noncyclical business, that is an extremely safe investment.
Wiener B&#ouml;rse (Austrian Stock Exchange)
Established in 1771, the major securities market of Austria.
Wild card option
The right of the seller of a treasury_bonds futures contract to give notice of intent to deliver at or before 8:00 p.m. Chicago time after the closing of the exchange (3:15 p.m. Chicago time) when the futures settlement price has been fixed. Related: Timing option.
Williams Act
Federal legislation enacted in 1968 (and now constituting Rules 13d and 14d of the Security Exchange Act of 1934) that imposes requirements with respect to public tender_offer.
Wilshire indexes
Widely followed performance measurement indexes measuring performance of all U.S.-headquartered equity securities with readily available price data, created by Wilshire Associates, Inc.
Windfall profit
A sudden unexpected profit uncontrolled by the profiting party.
Window
A brokerage firm's cashier department, where delivery of securities and settlement of transactions take place.
Window contract
A guaranteed investment contract purchased with deposits over some future designated time period (the "window "), usually between 3 and 12 months. All deposits made are guaranteed the same credit rating. Related: Bullet contract.
Window dressing
Trading activity near the end of a quarter or fiscal year that is designed to improve the appearance of a portfolio to be presented to clients or shareholders. For example, a portfolio manager may sell losing positions so as to display only positions that have gained in value.
Winner's curse
Problem faced by uninformed bidders. For example, in an initial public offering uninformed participants are likely to receive larger allotments of issues that informed participants know are overpriced.
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