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Text
metal
ADJUSTED EPS
It is common to use headline or adjusted EPS rather than basic EPS to get a better view of underlying performance and trends. The usual adjustment is reversing the effect on profits of exceptional items and other one-offs such as impairments.These are excluded because they do not help investors estimate future cashflows. ROIC - EFFICIENCY & PERFORMANCE - MONEYTERMS: INVESTMENT ROIC = EBITA ÷ ( A - C - X + W) where A is total assets (equivalent to debt plus equity ), C is cash holdings, X is non-interest bearing current liabilities, and. W is the cost of assets that have been written off. It can sometimes be useful to refine this further by replacing EBITA with EBITA × (1 - tax rate).CAPITALISATION
Capitalisation is the addition to the balance sheet as an asset of an amount that could otherwise have been treated as an expense.. For example, if a part of R & D expenditure is capitalised it will be added to the balance sheet as an intangible asset, and then amortised.If it is not capitalised, then it will simply be shown as acost on the P & L.
CASH COST - MINING - MONEYTERMS: INVESTMENT, FINANCE AND Cash costs, in mining, are the costs of production, at site level, per unit of output. Cash costs include operational cash costs at site level. This: includes transport, refining and administration costs and royalties. excludes non-cash costs such as depreciation and amortisation. excludes costs not at site level (such as head officecosts).
NON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new HEDONIC PRICING MODEL Hedonic pricing model. A hedonic model of prices is one that decomposes the price of an item into separate components that determine the price. A simple, and common, example is that the price of a house may depend on its size, its location and other factors. It possible to construct a better model (especially when trying toconstruct a
MORTGAGE BACKED SECURITY (MBS/RMBS/CMBS) Mortgage backed securities (MBS) are a type of asset backed security.As should be obvious from the name, the asset that they are backed with are mortgages: more USING AND ADJUSTING WACC Using and adjusting WACC WACC is usually used within companies to calculate the NPV of cash flows for decision making: e.g. choosing between one project and another.. This is fine as long as the risk of the alternatives is same as each other, and as the riskiness of the business as a whole. TREATMENT AND REFINING COSTS Treatment and refining costs. In the mining sector, treatment and refining costs are the main costs of extracting metal from ore. Treatments costs are those of the smelting process which uses heat to melt metal in order to extract it mechanically from the ore. Refining costs are those of electro-refining processes, the output of which ismetal
ADJUSTED EPS
It is common to use headline or adjusted EPS rather than basic EPS to get a better view of underlying performance and trends. The usual adjustment is reversing the effect on profits of exceptional items and other one-offs such as impairments.These are excluded because they do not help investors estimate future cashflows. ROIC - EFFICIENCY & PERFORMANCE - MONEYTERMS: INVESTMENT ROIC = EBITA ÷ ( A - C - X + W) where A is total assets (equivalent to debt plus equity ), C is cash holdings, X is non-interest bearing current liabilities, and. W is the cost of assets that have been written off. It can sometimes be useful to refine this further by replacing EBITA with EBITA × (1 - tax rate).CAPITALISATION
Capitalisation is the addition to the balance sheet as an asset of an amount that could otherwise have been treated as an expense.. For example, if a part of R & D expenditure is capitalised it will be added to the balance sheet as an intangible asset, and then amortised.If it is not capitalised, then it will simply be shown as acost on the P & L.
CASH COST - MINING - MONEYTERMS: INVESTMENT, FINANCE AND Cash costs, in mining, are the costs of production, at site level, per unit of output. Cash costs include operational cash costs at site level. This: includes transport, refining and administration costs and royalties. excludes non-cash costs such as depreciation and amortisation. excludes costs not at site level (such as head officecosts).
NON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new HEDONIC PRICING MODEL Hedonic pricing model. A hedonic model of prices is one that decomposes the price of an item into separate components that determine the price. A simple, and common, example is that the price of a house may depend on its size, its location and other factors. It possible to construct a better model (especially when trying toconstruct a
USING AND ADJUSTING WACC Using and adjusting WACC WACC is usually used within companies to calculate the NPV of cash flows for decision making: e.g. choosing between one project and another.. This is fine as long as the risk of the alternatives is same as each other, and as the riskiness of the business as a whole.IN-SITU VALUE
In-situ valuation is a fairly straightforward method of valuing miners. In essense it is simply the value of all mineral resources (measured + indicated + inferred) that mining company owns.. Of course the value of a company is not simply the value of the resources it owns in their mined and processed state.CAPITALISATION
Capitalisation is the addition to the balance sheet as an asset of an amount that could otherwise have been treated as an expense.. For example, if a part of R & D expenditure is capitalised it will be added to the balance sheet as an intangible asset, and then amortised.If it is not capitalised, then it will simply be shown as acost on the P & L.
CASH COST - MINING - MONEYTERMS: INVESTMENT, FINANCE AND Cash costs, in mining, are the costs of production, at site level, per unit of output. Cash costs include operational cash costs at site level. This: includes transport, refining and administration costs and royalties. excludes non-cash costs such as depreciation and amortisation. excludes costs not at site level (such as head officecosts).
CONSTANT EXCHANGE RATES If a company sells in a foreign currency that means that underlying trends in its sales and profits can be obscured by foreign currencymovements.
STOCK TURNOVER
Stock turnover measures how well a company coverts stock into revenues. It is closely similar to asset turnover and is also a measure of efficiency. It is: annual sales ÷ stocks. Stock turnover is more specific than asset turnover. It measures how well the company is making use of the part of its working capital that has beeninvested in stock.
TERMINAL VALUE
The terminal value may be calculated using a valuation ratio, or by assuming a constant growth rate and using: PV = CF/ (r-g) where PV is the present value as at the terminal date (it will have to be further discounted in the DCF itself), CF is the actual final year cash flow, g is the growth rate after the final year and. r is the discount rate. TECHNICAL INSOLVENCY Technical insolvency. If a company (or person) is technically insolvent that merely means that it has a negative net asset value; its liabilities are greater than its assets. The significance of technical insolvency depends on circumstances: it may be an indicator of serious problems that may lead to actual insolvency, or it may beperfectly
CONCENTRATE
Concentrate. In mining, concentrate is partially purified ore. It is produced by mixing ground ore with water and blowing air bubbles through the water. These carry mineral particles to the surface. This is the final purely mechanical step in the process, and is the outputof mining as such.
CAPITALISATION: PROBLEMS, ADVANTAGES & STANDARDS The decision whether to capitalise a cost of not is, ideally, a matter of deciding which of the accounting principles of accrual or prudence are more relevant or important in the circumstances. It also, like all such decisions, presents on opportunity to shift accounting profits between years, and is one of many techniques that can make profit numbers lower or higher. MORTGAGE BACKED SECURITY (MBS/RMBS/CMBS) Mortgage backed securities (MBS) are a type of asset backed security.As should be obvious from the name, the asset that they are backed with are mortgages: more USING AND ADJUSTING WACC Using and adjusting WACC WACC is usually used within companies to calculate the NPV of cash flows for decision making: e.g. choosing between one project and another.. This is fine as long as the risk of the alternatives is same as each other, and as the riskiness of the business as a whole. TREATMENT AND REFINING COSTS Treatment and refining costs. In the mining sector, treatment and refining costs are the main costs of extracting metal from ore. Treatments costs are those of the smelting process which uses heat to melt metal in order to extract it mechanically from the ore. Refining costs are those of electro-refining processes, the output of which ismetal
ADJUSTED EPS
It is common to use headline or adjusted EPS rather than basic EPS to get a better view of underlying performance and trends. The usual adjustment is reversing the effect on profits of exceptional items and other one-offs such as impairments.These are excluded because they do not help investors estimate future cashflows. ROIC - EFFICIENCY & PERFORMANCE - MONEYTERMS: INVESTMENT ROIC = EBITA ÷ ( A - C - X + W) where A is total assets (equivalent to debt plus equity ), C is cash holdings, X is non-interest bearing current liabilities, and. W is the cost of assets that have been written off. It can sometimes be useful to refine this further by replacing EBITA with EBITA × (1 - tax rate).CAPITALISATION
Capitalisation is the addition to the balance sheet as an asset of an amount that could otherwise have been treated as an expense.. For example, if a part of R & D expenditure is capitalised it will be added to the balance sheet as an intangible asset, and then amortised.If it is not capitalised, then it will simply be shown as acost on the P & L.
CASH COST - MINING - MONEYTERMS: INVESTMENT, FINANCE AND Cash costs, in mining, are the costs of production, at site level, per unit of output. Cash costs include operational cash costs at site level. This: includes transport, refining and administration costs and royalties. excludes non-cash costs such as depreciation and amortisation. excludes costs not at site level (such as head officecosts).
NON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new HEDONIC PRICING MODEL Hedonic pricing model. A hedonic model of prices is one that decomposes the price of an item into separate components that determine the price. A simple, and common, example is that the price of a house may depend on its size, its location and other factors. It possible to construct a better model (especially when trying toconstruct a
MORTGAGE BACKED SECURITY (MBS/RMBS/CMBS) Mortgage backed securities (MBS) are a type of asset backed security.As should be obvious from the name, the asset that they are backed with are mortgages: more USING AND ADJUSTING WACC Using and adjusting WACC WACC is usually used within companies to calculate the NPV of cash flows for decision making: e.g. choosing between one project and another.. This is fine as long as the risk of the alternatives is same as each other, and as the riskiness of the business as a whole. TREATMENT AND REFINING COSTS Treatment and refining costs. In the mining sector, treatment and refining costs are the main costs of extracting metal from ore. Treatments costs are those of the smelting process which uses heat to melt metal in order to extract it mechanically from the ore. Refining costs are those of electro-refining processes, the output of which ismetal
ADJUSTED EPS
It is common to use headline or adjusted EPS rather than basic EPS to get a better view of underlying performance and trends. The usual adjustment is reversing the effect on profits of exceptional items and other one-offs such as impairments.These are excluded because they do not help investors estimate future cashflows. ROIC - EFFICIENCY & PERFORMANCE - MONEYTERMS: INVESTMENT ROIC = EBITA ÷ ( A - C - X + W) where A is total assets (equivalent to debt plus equity ), C is cash holdings, X is non-interest bearing current liabilities, and. W is the cost of assets that have been written off. It can sometimes be useful to refine this further by replacing EBITA with EBITA × (1 - tax rate).CAPITALISATION
Capitalisation is the addition to the balance sheet as an asset of an amount that could otherwise have been treated as an expense.. For example, if a part of R & D expenditure is capitalised it will be added to the balance sheet as an intangible asset, and then amortised.If it is not capitalised, then it will simply be shown as acost on the P & L.
CASH COST - MINING - MONEYTERMS: INVESTMENT, FINANCE AND Cash costs, in mining, are the costs of production, at site level, per unit of output. Cash costs include operational cash costs at site level. This: includes transport, refining and administration costs and royalties. excludes non-cash costs such as depreciation and amortisation. excludes costs not at site level (such as head officecosts).
NON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new HEDONIC PRICING MODEL Hedonic pricing model. A hedonic model of prices is one that decomposes the price of an item into separate components that determine the price. A simple, and common, example is that the price of a house may depend on its size, its location and other factors. It possible to construct a better model (especially when trying toconstruct a
USING AND ADJUSTING WACC Using and adjusting WACC WACC is usually used within companies to calculate the NPV of cash flows for decision making: e.g. choosing between one project and another.. This is fine as long as the risk of the alternatives is same as each other, and as the riskiness of the business as a whole.IN-SITU VALUE
In-situ valuation is a fairly straightforward method of valuing miners. In essense it is simply the value of all mineral resources (measured + indicated + inferred) that mining company owns.. Of course the value of a company is not simply the value of the resources it owns in their mined and processed state.CAPITALISATION
Capitalisation is the addition to the balance sheet as an asset of an amount that could otherwise have been treated as an expense.. For example, if a part of R & D expenditure is capitalised it will be added to the balance sheet as an intangible asset, and then amortised.If it is not capitalised, then it will simply be shown as acost on the P & L.
CASH COST - MINING - MONEYTERMS: INVESTMENT, FINANCE AND Cash costs, in mining, are the costs of production, at site level, per unit of output. Cash costs include operational cash costs at site level. This: includes transport, refining and administration costs and royalties. excludes non-cash costs such as depreciation and amortisation. excludes costs not at site level (such as head officecosts).
CONSTANT EXCHANGE RATES If a company sells in a foreign currency that means that underlying trends in its sales and profits can be obscured by foreign currencymovements.
STOCK TURNOVER
Stock turnover measures how well a company coverts stock into revenues. It is closely similar to asset turnover and is also a measure of efficiency. It is: annual sales ÷ stocks. Stock turnover is more specific than asset turnover. It measures how well the company is making use of the part of its working capital that has beeninvested in stock.
TERMINAL VALUE
The terminal value may be calculated using a valuation ratio, or by assuming a constant growth rate and using: PV = CF/ (r-g) where PV is the present value as at the terminal date (it will have to be further discounted in the DCF itself), CF is the actual final year cash flow, g is the growth rate after the final year and. r is the discount rate. TECHNICAL INSOLVENCY Technical insolvency. If a company (or person) is technically insolvent that merely means that it has a negative net asset value; its liabilities are greater than its assets. The significance of technical insolvency depends on circumstances: it may be an indicator of serious problems that may lead to actual insolvency, or it may beperfectly
CONCENTRATE
Concentrate. In mining, concentrate is partially purified ore. It is produced by mixing ground ore with water and blowing air bubbles through the water. These carry mineral particles to the surface. This is the final purely mechanical step in the process, and is the outputof mining as such.
CAPITALISATION: PROBLEMS, ADVANTAGES & STANDARDS The decision whether to capitalise a cost of not is, ideally, a matter of deciding which of the accounting principles of accrual or prudence are more relevant or important in the circumstances. It also, like all such decisions, presents on opportunity to shift accounting profits between years, and is one of many techniques that can make profit numbers lower or higher. MONEYTERMS: INVESTMENT, FINANCE AND BUSINESS EXPLAINED Do not know who to hire to develop your website? Trying to work out whether you should use a CRM, which one to use, or even uncertain exactly what a CRM is? TREATMENT AND REFINING COSTS Treatment and refining costs. In the mining sector, treatment and refining costs are the main costs of extracting metal from ore. Treatments costs are those of the smelting process which uses heat to melt metal in order to extract it mechanically from the ore. Refining costs are those of electro-refining processes, the output of which ismetal
POST-MODERN PORTFOLIO THEORY (PMPT) Post-modern portfolio theory (PMPT) differs from modern (Markowitz) portfolio theory (MPT) in both how risk is measured and in how returns are distributed. The two theories are closely related and PMPT is a generalisation of MPT: MPT is PMPT with normally distributed returns and variance as the measure of risk.. As PMPT is more general than MPT there is no single formula: there is more thanNON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. RE-RATING - FINANCIAL THEORY - MONEYTERMS: INVESTMENT Re-rating. When the market changes its view of a company sufficiently to make calculation ratios such as PE substantially higher or lower, this a re-rating. Price movements, particularly large ones can be looked at by being broken down into two components: rating. A share price goes up (or down) either because the profits (or cash flows)have
TECHNICAL INSOLVENCY Technical insolvency. If a company (or person) is technically insolvent that merely means that it has a negative net asset value; its liabilities are greater than its assets. The significance of technical insolvency depends on circumstances: it may be an indicator of serious problems that may lead to actual insolvency, or it may beperfectly
PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new DISCRETE TIME FINANCIAL MODELS Financial economics and quantitative finance uses models of securities prices that must assume that either:. Time is continuous: i.e. there is no smallest moment of time; Time changes in discrete jumps; Discrete time models assume trades take place instantaneously, there is then a very short period of no trading, then trades take placeagain etc.
CONSTRUCTIVE LIABILITY Constructive liability. A constructive obligation is an obligation to pay that arises out of conduct and intent rather than a contract. A constructive obligation may need to be shown on the balance sheet as a liability. A constructive obligation typically occurs from pastconduct.
CONCENTRATE
Concentrate. In mining, concentrate is partially purified ore. It is produced by mixing ground ore with water and blowing air bubbles through the water. These carry mineral particles to the surface. This is the final purely mechanical step in the process, and is the outputof mining as such.
MONEYTERMS: INVESTMENT, FINANCE AND BUSINESS EXPLAINED Do not know who to hire to develop your website? Trying to work out whether you should use a CRM, which one to use, or even uncertain exactly what a CRM is? TREATMENT AND REFINING COSTS Treatment and refining costs. In the mining sector, treatment and refining costs are the main costs of extracting metal from ore. Treatments costs are those of the smelting process which uses heat to melt metal in order to extract it mechanically from the ore. Refining costs are those of electro-refining processes, the output of which ismetal
POST-MODERN PORTFOLIO THEORY (PMPT) Post-modern portfolio theory (PMPT) differs from modern (Markowitz) portfolio theory (MPT) in both how risk is measured and in how returns are distributed. The two theories are closely related and PMPT is a generalisation of MPT: MPT is PMPT with normally distributed returns and variance as the measure of risk.. As PMPT is more general than MPT there is no single formula: there is more thanNON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. RE-RATING - FINANCIAL THEORY - MONEYTERMS: INVESTMENT Re-rating. When the market changes its view of a company sufficiently to make calculation ratios such as PE substantially higher or lower, this a re-rating. Price movements, particularly large ones can be looked at by being broken down into two components: rating. A share price goes up (or down) either because the profits (or cash flows)have
TECHNICAL INSOLVENCY Technical insolvency. If a company (or person) is technically insolvent that merely means that it has a negative net asset value; its liabilities are greater than its assets. The significance of technical insolvency depends on circumstances: it may be an indicator of serious problems that may lead to actual insolvency, or it may beperfectly
PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new DISCRETE TIME FINANCIAL MODELS Financial economics and quantitative finance uses models of securities prices that must assume that either:. Time is continuous: i.e. there is no smallest moment of time; Time changes in discrete jumps; Discrete time models assume trades take place instantaneously, there is then a very short period of no trading, then trades take placeagain etc.
CONSTRUCTIVE LIABILITY Constructive liability. A constructive obligation is an obligation to pay that arises out of conduct and intent rather than a contract. A constructive obligation may need to be shown on the balance sheet as a liability. A constructive obligation typically occurs from pastconduct.
CONCENTRATE
Concentrate. In mining, concentrate is partially purified ore. It is produced by mixing ground ore with water and blowing air bubbles through the water. These carry mineral particles to the surface. This is the final purely mechanical step in the process, and is the outputof mining as such.
MONEYTERMS: INVESTMENT, FINANCE AND BUSINESS EXPLAINED Do not know who to hire to develop your website? Trying to work out whether you should use a CRM, which one to use, or even uncertain exactly what a CRM is? POST-MODERN PORTFOLIO THEORY (PMPT) Post-modern portfolio theory (PMPT) differs from modern (Markowitz) portfolio theory (MPT) in both how risk is measured and in how returns are distributed. The two theories are closely related and PMPT is a generalisation of MPT: MPT is PMPT with normally distributed returns and variance as the measure of risk.. As PMPT is more general than MPT there is no single formula: there is more than USING AND ADJUSTING WACC Using and adjusting WACC WACC is usually used within companies to calculate the NPV of cash flows for decision making: e.g. choosing between one project and another.. This is fine as long as the risk of the alternatives is same as each other, and as the riskiness of the business as a whole. MORTGAGE BACKED SECURITY (MBS/RMBS/CMBS) Mortgage backed securities (MBS) are a type of asset backed security.As should be obvious from the name, the asset that they are backed with are mortgages: moreCREATIVE ACCOUNTING
Creative accounting, also called aggressive accounting, is the manipulation of financial numbers, usually within the letter of the law and accounting standards, but very much against their spirit and certainly not providing the “true and fair” view of a company that accounts are supposed to.. A typical aim of creative accounting will be to inflate profit figures. EXCHANGE MARKET SIZE Exchange market size is for all trading related purposes a synonym for normal market size. It is set for each each listed security.The main importance of the normal market size is for market maker quotes on quote driven trading systems. A market maker is obliged to continually quote bid and offer prices that are firm for deals up to the exchangemarket size.
IMPORTANCE OF GOODWILL Goodwill is a non-cash item, so there is a strong case for simply saying it does not matter and investors are usually well advised to ignore it, so why not simply eliminate it from the balance sheet?. There are two simple alternatives to goodwill: FTK/CTK (FREIGHT/CARGO TONNE KILOMETRES) Freight Tonne Kilometres (FTK) measures actual freight traffic. Some airlines disclose Cargo Tonne Kilometres (CTK) which explicitly includes unaccompanied baggage and mail, avoiding ambiguity. COV-LITE - CAPITAL MARKETS - MONEYTERMS: INVESTMENT Cov-lite debt is borrowing, usually a syndicated bank loan, that is raised without offering the covenants that usually give lenders some protection by restraining risk taking by the borrower.. A good deal of cov-lite financing goes to fairly high risk borrowers, such as private equity firms carrying out leveraged buy-outs. This makes the lack of covenants even riskier.COMMODITISATION
A commodity is a product that is completely undifferentiated. If a product becomes less differentiated, so that buyers care less about who they buy from, this change is called commoditisation. The key effect of commoditisation is that it reduces the pricing power of the producer: if products become more alike from a buyer's point of view they will tend to buy the cheapest. MONEYTERMS: INVESTMENT, FINANCE AND BUSINESS EXPLAINED Do not know who to hire to develop your website? Trying to work out whether you should use a CRM, which one to use, or even uncertain exactly what a CRM is? TREATMENT AND REFINING COSTS Treatment and refining costs. In the mining sector, treatment and refining costs are the main costs of extracting metal from ore. Treatments costs are those of the smelting process which uses heat to melt metal in order to extract it mechanically from the ore. Refining costs are those of electro-refining processes, the output of which ismetal
POST-MODERN PORTFOLIO THEORY (PMPT) Post-modern portfolio theory (PMPT) differs from modern (Markowitz) portfolio theory (MPT) in both how risk is measured and in how returns are distributed. The two theories are closely related and PMPT is a generalisation of MPT: MPT is PMPT with normally distributed returns and variance as the measure of risk.. As PMPT is more general than MPT there is no single formula: there is more thanNON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. RE-RATING - FINANCIAL THEORY - MONEYTERMS: INVESTMENT Re-rating. When the market changes its view of a company sufficiently to make calculation ratios such as PE substantially higher or lower, this a re-rating. Price movements, particularly large ones can be looked at by being broken down into two components: rating. A share price goes up (or down) either because the profits (or cash flows)have
TECHNICAL INSOLVENCY Technical insolvency. If a company (or person) is technically insolvent that merely means that it has a negative net asset value; its liabilities are greater than its assets. The significance of technical insolvency depends on circumstances: it may be an indicator of serious problems that may lead to actual insolvency, or it may beperfectly
PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new DISCRETE TIME FINANCIAL MODELS Financial economics and quantitative finance uses models of securities prices that must assume that either:. Time is continuous: i.e. there is no smallest moment of time; Time changes in discrete jumps; Discrete time models assume trades take place instantaneously, there is then a very short period of no trading, then trades take placeagain etc.
CONSTRUCTIVE LIABILITY Constructive liability. A constructive obligation is an obligation to pay that arises out of conduct and intent rather than a contract. A constructive obligation may need to be shown on the balance sheet as a liability. A constructive obligation typically occurs from pastconduct.
CONCENTRATE
Concentrate. In mining, concentrate is partially purified ore. It is produced by mixing ground ore with water and blowing air bubbles through the water. These carry mineral particles to the surface. This is the final purely mechanical step in the process, and is the outputof mining as such.
MONEYTERMS: INVESTMENT, FINANCE AND BUSINESS EXPLAINED Do not know who to hire to develop your website? Trying to work out whether you should use a CRM, which one to use, or even uncertain exactly what a CRM is? TREATMENT AND REFINING COSTS Treatment and refining costs. In the mining sector, treatment and refining costs are the main costs of extracting metal from ore. Treatments costs are those of the smelting process which uses heat to melt metal in order to extract it mechanically from the ore. Refining costs are those of electro-refining processes, the output of which ismetal
POST-MODERN PORTFOLIO THEORY (PMPT) Post-modern portfolio theory (PMPT) differs from modern (Markowitz) portfolio theory (MPT) in both how risk is measured and in how returns are distributed. The two theories are closely related and PMPT is a generalisation of MPT: MPT is PMPT with normally distributed returns and variance as the measure of risk.. As PMPT is more general than MPT there is no single formula: there is more thanNON-VOTING SHARES
Non-voting shares are, as their name implies, equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares: although prefs do not have votes, they receive a fixed dividend.. The most typical rights for non-voting share are identical to those of ordinary shares apart from the lack of a vote at company AGMs and EMGs. RE-RATING - FINANCIAL THEORY - MONEYTERMS: INVESTMENT Re-rating. When the market changes its view of a company sufficiently to make calculation ratios such as PE substantially higher or lower, this a re-rating. Price movements, particularly large ones can be looked at by being broken down into two components: rating. A share price goes up (or down) either because the profits (or cash flows)have
TECHNICAL INSOLVENCY Technical insolvency. If a company (or person) is technically insolvent that merely means that it has a negative net asset value; its liabilities are greater than its assets. The significance of technical insolvency depends on circumstances: it may be an indicator of serious problems that may lead to actual insolvency, or it may beperfectly
PVNBP - INSURANCE - MONEYTERMS: INVESTMENT, FINANCE AND PVNBP. Present value of new business premiums (PVNBP) is a measure of sales that forms part of the European Embedded Value accounting principles that have been adopted in order to provide uniform measures for all European insurers. PVNBP is, like annual premium equivalent (APE), a way in which the values of single and regular premium new DISCRETE TIME FINANCIAL MODELS Financial economics and quantitative finance uses models of securities prices that must assume that either:. Time is continuous: i.e. there is no smallest moment of time; Time changes in discrete jumps; Discrete time models assume trades take place instantaneously, there is then a very short period of no trading, then trades take placeagain etc.
CONSTRUCTIVE LIABILITY Constructive liability. A constructive obligation is an obligation to pay that arises out of conduct and intent rather than a contract. A constructive obligation may need to be shown on the balance sheet as a liability. A constructive obligation typically occurs from pastconduct.
CONCENTRATE
Concentrate. In mining, concentrate is partially purified ore. It is produced by mixing ground ore with water and blowing air bubbles through the water. These carry mineral particles to the surface. This is the final purely mechanical step in the process, and is the outputof mining as such.
MONEYTERMS: INVESTMENT, FINANCE AND BUSINESS EXPLAINED Do not know who to hire to develop your website? Trying to work out whether you should use a CRM, which one to use, or even uncertain exactly what a CRM is? POST-MODERN PORTFOLIO THEORY (PMPT) Post-modern portfolio theory (PMPT) differs from modern (Markowitz) portfolio theory (MPT) in both how risk is measured and in how returns are distributed. The two theories are closely related and PMPT is a generalisation of MPT: MPT is PMPT with normally distributed returns and variance as the measure of risk.. As PMPT is more general than MPT there is no single formula: there is more than USING AND ADJUSTING WACC Using and adjusting WACC WACC is usually used within companies to calculate the NPV of cash flows for decision making: e.g. choosing between one project and another.. This is fine as long as the risk of the alternatives is same as each other, and as the riskiness of the business as a whole. MORTGAGE BACKED SECURITY (MBS/RMBS/CMBS) Mortgage backed securities (MBS) are a type of asset backed security.As should be obvious from the name, the asset that they are backed with are mortgages: moreCREATIVE ACCOUNTING
Creative accounting, also called aggressive accounting, is the manipulation of financial numbers, usually within the letter of the law and accounting standards, but very much against their spirit and certainly not providing the “true and fair” view of a company that accounts are supposed to.. A typical aim of creative accounting will be to inflate profit figures. EXCHANGE MARKET SIZE Exchange market size is for all trading related purposes a synonym for normal market size. It is set for each each listed security.The main importance of the normal market size is for market maker quotes on quote driven trading systems. A market maker is obliged to continually quote bid and offer prices that are firm for deals up to the exchangemarket size.
IMPORTANCE OF GOODWILL Goodwill is a non-cash item, so there is a strong case for simply saying it does not matter and investors are usually well advised to ignore it, so why not simply eliminate it from the balance sheet?. There are two simple alternatives to goodwill: FTK/CTK (FREIGHT/CARGO TONNE KILOMETRES) Freight Tonne Kilometres (FTK) measures actual freight traffic. Some airlines disclose Cargo Tonne Kilometres (CTK) which explicitly includes unaccompanied baggage and mail, avoiding ambiguity. COV-LITE - CAPITAL MARKETS - MONEYTERMS: INVESTMENT Cov-lite debt is borrowing, usually a syndicated bank loan, that is raised without offering the covenants that usually give lenders some protection by restraining risk taking by the borrower.. A good deal of cov-lite financing goes to fairly high risk borrowers, such as private equity firms carrying out leveraged buy-outs. This makes the lack of covenants even riskier.COMMODITISATION
A commodity is a product that is completely undifferentiated. If a product becomes less differentiated, so that buyers care less about who they buy from, this change is called commoditisation. The key effect of commoditisation is that it reduces the pricing power of the producer: if products become more alike from a buyer's point of view they will tend to buy the cheapest.Got it!
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