【正文】 s operating ine (EBIT). Butterfly spread （蝴蝶價(jià)差） Applies to derivative products. Complex option strategy that involves selling two calls and buying two calls on the same or different markets, with several maturity dates. One of the options has a higher exercise price and the other has a lower exercise price than the other two options. The payoff diagram resembles the shape of a butterfly. Buyandhold strategy （買券持有策略） A passive investment strategy with no active buying and selling of stocks from the time the portfolio is created until the end of the investment horizon. Buyandwrite strategy （買券賣權(quán)策略） An options strategy that calls for the purchase of stocks and the writing of covered call options on them. Buyer39。 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 offering or bid prices to move to a more realistic, tight level where execution is more feasible. Often done to trim one39。 a stock price39。s cost minus its accumulated depreciation。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 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 bank. Bank Discount Basis( 銀行貼現(xiàn)基準(zhǔn)) A convention used for quoting bids and offers for Treasury bills in terms of annualized yield, based on a 360day year. Bank Insurance Fund (BIF) (銀行保險(xiǎn)基金) A unit of the Federal Deposit Insurance Corporation (FDIC) that provides deposit insurance for banks excluding thrifts. Banker39。 initial principal ,to pay current ine and to promote longterm growth of both this principal and ine. Balance sheet(資產(chǎn)負(fù)債表) A summary of a firm39。s currency for a specific time period and repay the other39。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）) 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 funds should be distributed among the major classes of assets in which it may invest. Assetbased borrowing（資產(chǎn)抵押貸款） A loan mortagaged by tangible assets. Asset turnover rate（資產(chǎn)周轉(zhuǎn)率） This rate equates sales amount divided by assets ,means how many sales amount can one dollar asset bring in. Assimilation The public absorption of a new issue of stocks once the stock has been pletely sold by underwriter. Asymmetric Information（信息不對(duì)稱） Usually pared to the firm39。s regular taxable ine. increased by certain tax benefits. collectively referred to as tax preference items. The taxpayer pays the larger of the regularly determined tax or the AMT. American Depository Receipts (ADRs)(美國股票存托憑證） An ADRs is a domestic traded security that represents a claim to shares of foreign stocks. It is like a stock certificate and held in the vault of a US bank. With an ADRs the investor is entitled to all dividends and capital gains associated with the stock. American Stock Exchange (AMEX)（美國股票交易所） Stock exchange with the third highest volume of trading in the . Located at 86 Trinity Place in downtown Manhattan. The bulk of trading on AMEX consists of index