【正文】 nternational Settlements (BIS) （國際清算銀行） An international bank headquartered in Basel, Switzerland, which serves as a forum for monetary cooperation among several European central banks, the Bank of Japan, and the . Federal Reserve System. Founded in 1930 to handle the German payment of World War I reparations, it now monitors and collects data on international banking activity and promulgates rules concerning international bank regulation. Bankruptcy（破產(chǎn)） Inability to pay debts. In bankruptcy of a publicly owned entity, the ownership of the firm39。s currency at an agreedupon maturity. Backwardation（期貨負(fù)價(jià)） A market condition in which futures prices are lower in the distant delivery months than in the nearest delivery month. This may occur when the costs of storing the product until eventual delivery are effectively subtracted from the price today. Bad debt （壞賬） A debt that is written off and deemed uncollectible. Balanced funds(平衡型基金) Balanced funds have a portfolio mix of bonds, preferred stocks and mon stocks. They generally have a threepart investment objective: to conserve the investors39。s management ,the majority of stockholders in publicly traded firms are relatively uninformed about the firm39。 checks are returned. All or none order An allor none order is attached to a multipleunit trade (more than 100 shares) and instructs the broker to obtain the total number of shares requested when the order is taken to the floor. If that is not possible, the order is canceled. Alligator spread(鱷魚價(jià)差) The term used to describe a spread in the options market that generates such a large mission that the client is unlikely to make a profit even if the markets move as the investor anticipated. Allotment(分配) The number of securities assigned to each of the participants in an underwriting syndicate. Alternative minimum tax (AMT) An alternative, separate tax calculation based on the taxpayer39。s financing minus any flotation costs. Adjustablerate preferred stock (ARPs)（浮動股利優(yōu)先股） An ARPs provides the holder with dividend rates that are tied to some interest rate ,such as a shortterm Treasure Bill. These issue thus provide the opportunity for increase in dividend payments. Adverse Selection Problem（逆選擇問題） Refers to a situation in which sellers have relevant information that buyers lack (or vice versa) about some aspect of product quality. Afterhours dealing or trading(閉市后交易) Securities trading after regular trading hours on organized exchanges. Agency costs（代理成本） Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm39。s ability to make interest and principal payments on debts. Abnormal return（超?；貓?bào)） The ponent of the return that is not due to systematic influences (marketwide influences). In other words, abnormal returns are above those predicted by the market movement alone. Absolutepriority rule（絕對優(yōu)先權(quán)準(zhǔn)則）　 The rule in bankruptcy or reorganization that claims of a set of claim holders must be paid, in full before the next. junior. set of claim holders may be paid anything. Absorbed Used in context of general equities. Securities are absorbed as long as there are corresponding orders to buy and sell. The market has reached the absorption point when further assimilation is impossible without an adjustment in price. Accelerated depreciation（加速折舊） Methods of depreciation that write off the cost of a capital asset faster than under straightline depreciation. Acceptance（匯票） Contractual agreement instigated when the drawee of a time draft accepts the draft by writing the word accepted thereon. The drawee assumes responsibility as the acceptor and for payment at maturity. Acmodative monetary policy(適應(yīng)性貨幣政策) Federal Reserve System policy to increase the amount of money available to banks for lending. Accounts Payable （應(yīng)付賬款 ） Amounts of money owed to other firm because buying goods or services on credit from the firm. A current liability, the accounts payable is also called payables. Accounts receivable（應(yīng)收賬款） Amounts of money owed to a firm by customers who have bought goods or services on credit. A current asset, the accounts receivable account is also called receivables. Accounts receivable turnover (應(yīng)收賬款周轉(zhuǎn)率) The ratio of net credit sales to average accounts receivable, which is a measure of how quickly customers pay their bills. Account statement(賬戶表) In the context of banking, refers to a summary of all balances. In the context of securities, a summary of all transactions and positions (long and short) between a broker/dealer and a client. Accounting earnings (會計(jì)利潤) Earnings of a firm as reported on its ine statement. Accounting insolvency(資不抵債) Total liabilities exceed total assets. A firm with a negative net worth is insolvent on the books. Accretion (of a discount) (增值) In portfolio accounting, a straightline accumulation of capital gains on a discount bond in anticipation of receipt of par at maturity. Accrual basis(應(yīng)收應(yīng)付制) In the context of accounting, practice in which expenses and ine are accounted for as if they are earned or incurred, whether or not they have been received or paid. Antithesis of cash basis accounting. Accrual bond(一次還本付息債券) A bond on which interest accrues but is not paid to the investor during the time of accrual. The amount of accrued interest is added to the remaining principal of the bond and is paid at maturity. Accrued expenses(累積費(fèi)用，應(yīng)計(jì)費(fèi)用) Amounts owed but not yet paid for wages. taxes, interest, and dividends. The accrued expenses account is a shortterm liability. Accrued interest (應(yīng)計(jì)利息) Applies mainly to convertible securities. Interest that has accumulated between the most recent payment and the sale of a bond or other fixedine security. At the time of sale, the buyer pays the seller the bond39。金融詞匯之一Abandonment(棄權(quán)) Controlling party giving up rights to property voluntarily. Abandonment option(清算期權(quán)) Th