【正文】 isition (收購) When a firm buys another firm. Acquisition cost(收購成本) 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 same direction. Activity ratios(周轉率) Ratios that measure how effectively the firm is using its assets. Active portfolio strategy (積極投資組合策略) A strategy that uses available information and forecasting techniques to seek better performance than a buy and hold portfolio. Actuals (實貨) The physical modities underlying a futures contract. Cash modity, physical asset. Additional paidin capital Funds received by a pany in a sale of mon stock that are in excess of the par or stated value of the stock. Adjusted present value (APV)(調整凈現(xiàn)值） The sum of the discounted value of a project39。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 behalf. Aging accounts receivable（應收賬款賬齡分析） The process of classifying accounts receivable by their age outstanding as of a given date. Aggressive growth funds（急速增長型基金） A kind of mutual funds which seeks maximum capital gains as their investment objectives. Current ine is not a significant factor. All or none agreement(全部賣出或取消協(xié)議) In allornone arrangement, the agreement calls for the underwriter to sell the entire issue during a defined period at a specified price. During the selling period ,buyers39。 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。 while in an annuity due, payments or receipts occur at the beginning of each period. Announcement date (宣告日) Date on which particular news concerning a given pany is announced to the public. Annual percentage rate (APR)(簡單年利率) The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an . of 20%. Antitrust Laws （反托拉斯法 ） Legislation established by the federal government to prevent the formation of monopolies and to regulate trade. Arbitrage（套利） Finding two assets that are essentially the same and buying the cheaper and selling the more expensive. Arbitrage pricing theory (APT)（套利定價模型） A theory where the price of an asset depends on multiple factors and arbitrage efficiency prevails. Arm’slength Price （正常交易價格 ） The price at which a willing buyer and a willing unrelated seller would freely agree to transact. Arrearage（遞延款項） A late or overdue payment, which may be cumulative. Arithmetic mean return（算術平均報酬） An average of the subperiod returns, calculated by summing the subperiod returns and dividing by the number of subperiods. Asian option （亞洲期權） Option based on the average price of the underlying assets during the life of the option. Asked price(要價或賣方報價) In context of general equities, price at which a security or modity is offered for sale on an exchange or in the OTC Market. Assigned (or stated) value（名義價值） A nominal value assigned to a share of nopar mon stock that is usually far below the actual issuing price. Asset allocation decision (資產分配決策) The decision regarding how an institution39。s management ,the majority of stockholders in publicly traded firms are relatively uninformed about the firm39。s corporate charter. Autocorrelation (自相關) The correlation of a variable with itself over successive time intervals. Sometimes called serial correlation. Automated trading system（自動交易系統(tǒng)） Automated clearinghouse (ACH) electronic transfer （電子傳輸自動結算所） This is essentially an electronic version of the depository transfer check. Average accounting return （平均會計報酬） The average project earnings after taxes and depreciation divided by the average book value of the investment during its life. Average collection period, or days receivable (應收賬款平均回收期) This rate equates accounts receivable divided by sales amount.金融詞匯之二Back months （后到期月份） In the context of futures and options trading, refers to the months of contracts with expiration dates farthest away. Backtoback loan （背靠背借款） A loan in which two panies in separate countries borrow each other39。s currency at an agreedupon maturity. Backwardation（期貨負價） 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 stock