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T Fifth letter of a Nasdaq stock symbol indicating that the stock has warrants or rights. Tactical Asset Allocation (TAA) (策略性资产分配） Portfolio strategy that allows active departures from the normal asset mix according to specified objective measures of value. Often called active management. It involves forecasting asset returns, volatilities, and correlations. The forecasted variables may be functions of fundamental variables, economic variables, or even technical variables. Tail (尾部差额） (1) The difference between the average price in Treasury auctions and the stopout price. (2) A future money market instrument (one available some period hence) created by buying an existing instrument and financing the initial portion of its life with a term repo. (3) The extreme ends under a probability curve. (4) The odd amount in an MBS pool. Tail hedge(有尾避险) Tailgating Purchase of a security by a broker after the broker places an order for the same security for a customer. The broker hopes to profit either because of information which the customer has or because the customer's purchase is of sufficient size to affect security prices. This is an unethical practice. Take the offer Buy stock by accepting a floor broker's (listed) or dealer's (OTC) offer at an agreed-upon volume. Takeover(接管) The acquisition of another company that may (from the viewpoint of the acquired firm's management) take the form of a "friendly" or "unfriendly" merger. Tan book(红皮书) Tangible assets(有形资产) An asset whose value depends on particular physical properties. These include reproducible assets such as buildings or machinery and non-reproducible assets such as land, a mine, or a work of art. Also called real assets. Tap(随时发行) Tape (1) Service that reports prices and sizes of transactions on major exchanges-ticker tape. (2) Dow Jones and other news wires. Taplet(小额后续发行) Tariff （关税） A tax on imports or exports. Target company （目标公司） Often used in risk arbitrage. Firm chosen as an attractive takeover candidate by a potential acquirer. The acquirer may buy up to 5% of the target's stock without public disclosure, but it must report all transactions and supply other information to the SEC, the exchange the target company is listed on, and the target company itself once the 5% threshold is hit. Targeted repurchase （目标回购） Buying back of a firm's stock from a potential acquirer, usually at a substantial premium, to forestall a takeover attempt. Tax anticipation bills (TABs) （预期捐税国库券） Special bills that the Treasury occasionally issues that mature on corporate quarterly income tax dates and can be used at face value by corporations to pay their tax liabilities. Tax Anticipation Notes (TANs) （预期捐税票据） Notes issued by states or municipalities to finance current operations in anticipation of future tax receipts. Tax basis （税基）
In the context of finance, the original cost of an asset less depreciation
that is used to determine gains or losses for tax purposes. Tax credit （税收信用证） A direct dollar-for-dollar reduction in tax allowed for expenses such as child care and R&D for building low-income housing. Tax differential view (of dividend policy) （（股利政策中的）避税考虑） The view that shareholders prefer capital gains over dividends, and hence low payout ratios, because capital gains are effectively taxed at lower rates than dividends. Tax evasion Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters. Tax free acquisition（无税并购） A merger or consolidation in which (1) the acquirer's tax basis on each asset whose ownership is transferred in the transaction is generally the same as the acquiree's, and (2) each seller who receives only stock does not have to pay any tax on the gain realized until the shares are sold. Tax loss carryback, carryforward A tax benefit that allows business losses to be used to reduce tax liability in previous and or following years. Tax shield(抵税) A tax-deductible expense. The expense protects (shields) an equivalent dollar amount of revenue from being taxed by reducing taxable income. Tax straddle Technique used in futures and options trading to create tax benefits. For example, an investor with a capital gain takes a position creating an artificial offsetting loss in the current tax year and postponing a gain from the position until the next tax year. Tax umbrella （税收伞） Tax loss carryforwards from previous business losses that form a tax shelter for profits earned in current and future years. Taxation risk(税收风险) Teaser
rate Technical
analysis (技术分析） Technical correction(技术盘整） TED spread Difference between U.S. Treasury bill rate and Eurodollar rate; used by some traders as a measure of investor/trader anxiety or credit quality. Telegraphic Transfer (T/T)(电汇) Temporary working capital(短期营运资本) The amount of current assets that varies with seasonal requirements. Tender offer(招标回购股权) An offer to buy current shareholders' stock at a specified price, often with the objective of gaining control of the company. The offer is often made by another company and usually for more than the present market price. Tender offer premium （招标回购溢价） The premium offered above the current market price in a tender offer. Tender panel(投标小组) Terminal warehouse receipt(外围仓库收据) A receipt for the deposit of goods in a public warehouse that a lender holds as collateral for a loan. Term bonds（定期债券） Bonds whose principal is payable at maturity. Often referred to as bullet-maturity bonds or simply bullet bonds. Term Fed funds （定期联邦基金） Fed funds sold for a period of time longer than overnight. Term loan（定期贷款） A bank loan, typically with a floating interest rate, for a specified amount that matures in between one and ten years, and requires a specified repayment schedule. Term repo(长期回购) A repurchase agreement with a term of more than one day. Term to maturity （到期期限） The time remaining on a bond's life, or the date on which the debt will cease to exist and the borrower will have completely paid off the amount borrowed. Term structure of interest rates(利率的期限结构) Relationship between interest rates on bonds of different maturities, usually depicted in the form of a graph often called a yield curve. Harvey shows that inverted term structures (long rates below short rates) have preceded every recession over the past 30 years. The Money Of Account(记帐货币) The Money Of Payment(支付货币) The theory of purchasing power parity(购买力平价理论) The theory of absorption approach(吸收分析理论) Theory of international indebtedness(国际借贷说) Thin market A market in which trading volume is low, and consequently bid and asked quotes are wide and the instrument traded is not very liquid. Very little stock to buy or sell. Illiquid. Third market （第三市场） Exchange-listed securities trading in the OTC market. Third-party repurchase agreement(第三方回购协议） Threshold for refinancing （再融资门槛） The point when the weighted-average coupon of an MBS is at a level to induce homeowners to prepay the mortgage in order to refinance to a lower-rate mortgage, generally reached when the weighted-average coupon of the MBS is 2 percentage points or more above currently available mortgage rates. Throughput agreement （生产协议） An agreement to put a specified amount of product per period through a particular facility. An example is an agreement to ship a specified amount of crude oil per period through a particular pipeline. Tick （码） Refers to the minimum change in price a security can have, either up or down. Tick indicator A market indicator based on the number of stocks whose last trade was an uptick or a downtick. Used as an indicator of market sentiment or psychology to try to predict the market's trend. Tick-test rules SEC-imposed restrictions on when a short sale may be executed, intended to prevent investors from destabilizing the price of a stock when the market price is falling. A short sale can be made only when either (1) the sale price of the particular stock is higher than the last trade price (referred to as an uptick trade) or (2) if there is no change in the last trade price of the particular stock, the previous trade price must be higher than the trade price that preceded it (referred to as a zero uptick). Tier 1 and Tier 2 capital（一级和二级资本） Descriptions of the capital adequacy of banks. Tier 1 refers to core capital while Tier 2 refers to items such as undisclosed resources. TIGER Tight market A market in which volume is high, trading is active and highly competitive, and consequently spreads between bid and ask prices are narrow. Tight money When a restricted money supply makes credit difficult to secure. The antithesis of tight money is easy money. Time leg(时滞) Time deposit （定期存款） Interest-bearing deposit at a savings institution that has a specific maturity. Related: Certificate of deposit. Time premium （时间价值） Also called time value, the amount by which an option price exceeds its intrinsic value. The value of an option beyond its current exercise value representing the optionholder's control until expiration, the risk of the underlying asset, and the riskless return. Time spread strategy （时间分散策略） Buying and selling puts and calls with the same exercise price but different expiration dates, and trying to profit from the different premiums of the options. Time until expiration （到期期限） The time remaining until a financial contract expires. Also called time to maturity. Time value of an option （期权的时间价值） The portion of an option's premium that is based on the amount of time remaining until the expiration date of the option contract, and the idea that the underlying components that determine the value of the option may change during that time. Time value is generally equal to the difference between the premium and the intrinsic value. Related: In the money. Tobin's Q(托宾Q） Market value of assets divided by replacement value of assets. A Tobin's Q ratio greater than 1 indicates the firm has done well with its investment decisions. Named after James Tobin, Yale University economist. Toehold purchase Often used in risk arbitrage. Accumulation by an acquirer of less than 5% of the shares of a target company. Once 5% is acquired, the acquirer must file with the SEC and other agencies to explain its intentions and notify the acquiree. Tom next （一整个明日） Means to "tomorrow next.". In the interbank market in Eurodollar deposits and the foreign exchange market, the value (delivery) date on a tom next transaction is the next business day. Tombstone Advertisement listing the underwriters of a security issue. Tombstone advertisement(简明债券发行公告) An announcement placed in newspaper and magazines giving just the most basic details of a security offering. The term reflects the stark, black-bordered look of the ad. Total asset turnover （总资产周转率） The ratio of net sales to total assets. Total capitalization （总资本） The total long-term debt and all types of equity of a company that constitutes its capital structure. Total firm risk(公司总风险) The variability in earnings per share (EPS). It is the sum of business plus financial risk. Total (or combined) leverage(总杠杆) The use of both fixed operating and financing costs by the firm. Touch option(触摸期权） Touch（最优买卖价） Tracker fund(追踪基金） Tracking error (追踪差额） In an indexing strategy, the standard deviation of the difference between the performance of the benchmark and the replicating portfolio. Trade credit(商业信用) Credit granted from one business to another. Trade flat For convertibles, trade without accrued interest. Preferred stock always "trades flat," as do bonds on which interest is in default or is in doubt. In general, trade in and out of a position at the same price, neither making a profit nor taking a loss. Trade liabilities(商业负债) Money owed to suppliers. Trademark （商标） A distinctive name or symbol used to identify a product or company and build recognition. Trademarks may be registered with the U.S. Patent and Trademark Office. Traditional approach (to capital structure)(传统资本结构理论) A theory of capital structure in which there exist an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage. Trading dividends Maximizing a firm's revenues by purchasing stock in other firms in order to collect the maximum amount of dividends of which 70% is tax-free. Trading halt （中止交易） When trading of a stock, bond, option or futures contract is stopped by an exchange while news is being broadcast about the security. Trading paper CDs purchased by accounts that are likely to resell them. The term is commonly used in the Euromarket. Trading pattern Long-range direction of a security or commodity futures price, charted by drawing one line connecting the highest prices the security has reached and another line connecting the lowest prices at which the security has traded over the same period. Tranche （份额） One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. Transaction costs(交易成本) The time, effort, and money necessary, including such things as commission fees and the cost of physically moving the asset from seller to buyer Transaction exposure （交易风险） Risk to a firm with known future cash flows in a foreign currency, that arises from possible changes in the exchange rate. Transfer payments （转移支付） Payments from a government to its citizens, such as welfare and other government benefits. Transfer price （转移价格） The price at which one unit of a firm sells goods or services to another unit of the same firm. Transferable revolving underwriting facility(TRUF)(可转让循环承销便利) Translation （折算） Translation exposure （折算风险） Risk of adverse effects on a firm's financial statements that may arise from changes in exchange rates. Translation gain or loss(外汇损益) An accounting gain or loss arising from the translation of the assets and liabilities of a foreign subsidiary into the parent company's currency. Transnational corporation(跨国公司) Treasury bills (T-bills)(短期国债) Short-term, non-interest-bearing obligations of the U.5. Treasury issued at a discount and redeemed at maturity for full face value. Treasury bonds(长期国债) Long-term (more than 10 years' original maturity) obligations of the U.S. Treasury. Treasury notes(中期国债) Medium-term (2-10 years' original maturity) obligations of the U.S. Treasury. Treasury stock(库存股份) Common stock that has been repurchased and is held by the issuing company. Treynor Index A measure of the excess return per unit of risk, where excess return is defined as the difference between the portfolio's return and the risk-free rate of return over the same evaluation period and where the unit of risk is the portfolio's beta. Trickle down An economic theory that the support of businesses that allows them to flourish will eventually benefit middle- and lower-income people, in the form of increased economic activity and reduced unemployment. Triple net lease A lease providing that the tenant pay for all maintenance expenses, plus utilities, taxes, and insurance. This results in lower risk for investors, who usually form a limited partnership. Triple witching hour The four times a year that the S&P futures contract expires at the same time as the S&P 100 index option contract and option contracts on individual stocks. It is the last trading hour on the third Friday of March, June, September, and December, when stock options, futures on stock indexes, and options on these futures expire concurrently. Massive trades in index futures, options, and underlying stock by hedge strategists and arbitrageurs cause abnormal activity (noise) and volatility. Trustee(托管人) A person or institution designated by a bond issuer as the official representative of the bondholders. Typically, a bank serves as trustee. Trust receipt(信托收据) A security device acknowledging that the borrower holds specifically identified inventory and proceeds from its sale in trust for the lender. Two dollar broker Floor broker of the NYSE, who executes orders for other brokers having more business at that time than they can handle with their own private floor brokers or who do not have their exchange member on the floor. Two-fund separation theorem The theoretical result that all investors will hold a combination of the risk-free asset and the market portfolio. Two-sided market (双方市场） A market in which both bid and asked prices, good for the standard unit of trading, are quoted. When customers or market makers are lined up on both sides (buy and sell) of a stock. Two-way price(双向报价)
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