【正文】 a shortterm Treasure Bill. These issue thus provide the opportunity for increase in dividend payments. Adverse Selection Problem（逆選擇問(wèn)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。金融行業(yè)中英文詞匯對(duì)照匯總作者：日期：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)) The option of terminating an investment earlier than originally planned. Abandonment value（清算價(jià)值） The value of a project if the project39。s contractual agreements with creditors and shareholders. Agency (theory)（代理理論） A branch of economics relating to the behavior of principals (such as owners) and their agents (such as managers). Agency bonds(機(jī)構(gòu)債券） Bonds issued by some federal agencies and federal sponsored agencies .These agencies borrow funds and use the proceeds to make loans to specific types of borrowers . Agent (s)（代理人） Individual (s) authorized by another person. called the principal, to act in the latter39。s earnings prospect ,because management has more information than anyone else .The situation is referred to as Asymmetric Information. At the Money Option （平價(jià)期權(quán) ） An option is at the money if the strike price of the option is equal to the market price of the underlying security. Auction market(拍賣市場(chǎng)) Such markets as the NYSE and the AMEX are called “Auction markets ”，In these markets all the traders assembled in one place to buy or sell a kind of assets. Auction rate preferred stock (ARPS) (拍賣利率優(yōu)先債券（英國(guó)）) Floatingrate preferred stock, whose dividend is adjusted every seven weeks through a Dutch auction. Authorized shares （核定股本） Number of shares authorized for issuance by a firm39。s assets is transferred from the stockholders to the bondholders. Barrier options（障礙期權(quán)） Option contracts with trigger points that, when crossed, automatically generate buying or selling of other options. These are exotic options. Barrier to Entry (進(jìn)入壁壘) Base period （基期） A particular period of time used for parative purposes when measuring economic data. Basic rate(基本匯率) Basis(基差) The basis is the difference between the current cash price of a modity and the futures price of a particular contract on the modity. Basis point （基點(diǎn)） In the bond market, the smallest measure used for quoting yields is a basis point. Each percentage point of yield in bonds equals 100 basis points. Basis points also are used for interest rates. An interest rate of 5% is 50 basis points higher than an interest rate of %. Basis risk(基差風(fēng)險(xiǎn)) Risk resulting from the uncertainty of the difference between the the current cash price of a modity and the futures price of a particular contract on the modity. Basket （一攬子，一籃子） Applies to derivative products. Group of stocks that is formed with the intention of either being bought or sold all at once, usually to perform index arbitrage or a hedging program. Basket options（一攬子期權(quán)） Packages that involve the exchange of more than two currencies against a base currency at expiration. The basket option buyer purchases the right, but not the obligation, to receive designated currencies in exchange for a base currency, either at the prevailing foreign exchange market rate or at a prearranged rate of exchange. Multinational corporations with multicurrency cash flows frequently use basket options because it is generally cheaper to buy an option on a basket of currencies than to buy individual options on each of the currencies that make up the basket. Bear market（熊市) Any market in which prices exhibit a declining trend. For a prolonged period, usually falling by 20% or more. Bear spread (熊市價(jià)差) Applies to derivative products. Strategy in the options market designed to take advantage of a fall in the price of a security or modity, usually executed by buying a bination of calls and puts on the same security at different strike prices in order to profit as the security39。s offering or bid prices to move to a more realistic, tight level where execution is more feasible. Often done to trim one39。 may be expressed in units or in sales dollars. Breaking the syndicate （終止承銷） Terminating an agreement among underwriters, specifically the investment banking group assembled to underwrite the issue of a security. Breakout （突破） A rise in a security39。s securities. The investment bankers do not mit to purchase any unsold securities. Beta(β系數(shù)) An index of systematic risk. It measures the sensitivity of a stock39。s currency for a specific time period and repay the other39。 checks are deposited in an escrow(第三方托管的）account until the issue is fully subscribed. If sufficient shares are not sold the issue is canceled and the buyers39。or alternatively. its opportunity value if the assets were employed elsewhere in the firm. ABC agreement A contract between an employee and a brokerage firm outlining the rights of the firm purchasing an NYSE membership for that employee. ABC method of inventory control（存貨控制的ABC方法） Method which controls expensive inventory items more closely than less expensive items. Ability to pay（償債能力） Refers to the borrower39。s ability to meet current liabilities with its most liquid (quick) assets. Acquisition (收購(gòu)) When a firm buys another firm. Acquisition cost(收購(gòu)成本) Refers to the price (including the closing costs) to purchase another pany or property. In the context of investments, refers to price plus brokerage missions, of a security, or the sales charge applied to load funds. Across the board （全盤） Movement or trend in the stock market that affects almost all stocks in all sectors to move in the sa