금융 용어

[ABS] asset backed securities 자산유동화증권

= 자산 담보 채무

 

[accrue] 누적하다

 

[acquisition/disposition] 매입/매각

 

[administration fee] 관리비

 

[ADR] American Depository Receit 주식예탁증서

국내 기업으로는 삼성전자가 1991년 룩셈부르크에 상장한 것이 DR의 효시이다. 미국에는 1994년 4월 삼성전자가 사모의 형태로 발행됐지만, 뉴욕거래소에 정식으로 상장된 것은 1994년 포항제철이 처음이다. 발행절차는 발행회사(포철)가 현지의 예탁기관(뉴욕은행)과 계약을 하고 국내보관기관(증권예탁원)에 주식을 맡기면, 예탁기관은 현지통화(달러)로 표시된 보관영수증을 발행해 일반 주식처럼 유통시장에 내놓게 된다. 

 

[amortization] 상각 

무형(intangible)자산 

-Patents and trademarks, Franchise agreements, Proprietary processes, such as copyrights etc

-정액법

 

[annual total return]

 

[assumption] 인수

 

[balance sheet] 대차대조표

*financial statement 재무제표

*income statement 손익계산서

*cash flow 현금흐름표

Balance Sheet Definition (investopedia.com)

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders.

 

The balance sheet is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Assets=Liabilities+Shareholders’ Equity

 

 

[BEA} bureau of economic analysis 상무부 산하 경제분석국

 

[book value] carrying value

장부가액 = 취득원가 - 감가상각비

 

[buywrite index] 

The term buy-write is used because the investor buys stocks and writes call options against the stock position. The writing of the call option provides extra income for an investor who is willing to forego some upside potential.

 

[BW] bonds with warrant 신주인수권부사채

-채권과 신주인수권 분리 가능

-공모BW 경우 신주인수권만 거래 가능

 

[CAGR] compounded annual growth rate

*CAGR=(EV/BV​)^(1/n)​−1 * 100%

where:EV=Ending value BV=Beginning value n=Number of years​

 

[CapEx] capital expenditure 자본지출

 

[capital gain] 시세차익

 

[Capital Gains Tax] 양도소득세

 

[capital share]

Capital shares are a share class offered by a dual purpose fund. In a dual purpose fund, investors can invest in either capital shares for gains or income shares for dividends.

 

[capital structure by Seniority] 우선순위에 따른 자본구조

senior secured debt

senior debt

subordinated debt

convertible bonds

preferred equity

common equity

 

[cash credit]

[cash overdraft]

Cash credit and overdraft are two types of short-term financing that financial institutions provide to their customers. Both are used to prevent checks from bouncing or debit cards from being declined when there are insufficient funds in checking accounts. The primary difference between these forms of borrowing is how they are secured.

Business accounts are more likely to receive cash credit, and it typically requires collateral in some form. Overdrafts, on the other hand, allow account holders to have a negative balance without incurring a large overdraft fee.

 

[cash flow statement] 현금흐름표

 

[CB] convertible bonds 전환사채

-전환 가격을 치르고 채권을 주식으로 교환

-채권과 신주인수권이 동시에 작동 : 신주인수와 동시에 채권 소멸

*option

refixing - 70%까지

put - 채권자의 원리금 상환 요구 put 

call - 채무자의 채무 변제 요구 call

 

[CBOE] Chicago Board Options Exchange 시카고 옵션거래소

 

[CD] certificate of deposit 양도성예금증서

*채권과 거의 유사

은행의 정기예금 중에서 해당 증서의 양도를 가능하게 하는 무기명 상품으로 은행에서 발행되고 증권사와 종금사를 통해 유통된다.

만기는 30일 이상이며 주로 91일(3개월물)이나 181일(6개월물) 금리가 대표적이다. 단기간에 정기예금 수준의 이자를 받으면서도 필요 시 매매해 현금화할 수 있다.

CD금리는 매일 금융투자협회에서 고시한다. 금융투자협회는 오전, 오후 한 번씩 10개 증권사로부터 적정 CD금리를 통보받고 최고, 최저 금리 2개를 제외한 8개를 평균해 고시금리를 결정한다.

 

[change of control] 

 

[COGS] 

Cost of goods sold. The direct costs associated with producing goods. Includes both direct labor costs, and any costs of materials used in producing or manufacturing a company’s products.​(인건비, 원료비)

 

[collateral] 담보

 

[Common Stock] 보통주

 

[comparable store sales] comps 동일 매장 매출

 the revenue generated by a retail location in the most recent accounting period relative to the revenue it generated in a similar period in the past.

 

[comparable store sales growth] 동일 매장 매출 성장률

(당기 매출 - 전년도 분기 매출) / 전년도 분기 매출

 

[compounding period] 복리계산기간[ABS] asset backed securities 자산유동화증권

 

= 자산 담보 채무

 

 

 

[accrue] 누적하다

 

 

 

[acquisition/disposition] 매입/매각

 

 

 

[administration fee] 관리비

 

 

 

[ADR] American Depository Receit 주식예탁증서

 

국내 기업으로는 삼성전자가 1991년 룩셈부르크에 상장한 것이 DR의 효시이다. 미국에는 1994년 4월 삼성전자가 사모의 형태로 발행됐지만, 뉴욕거래소에 정식으로 상장된 것은 1994년 포항제철이 처음이다. 발행절차는 발행회사(포철)가 현지의 예탁기관(뉴욕은행)과 계약을 하고 국내보관기관(증권예탁원)에 주식을 맡기면, 예탁기관은 현지통화(달러)로 표시된 보관영수증을 발행해 일반 주식처럼 유통시장에 내놓게 된다. 

 

 

 

[amortization] 상각 

 

무형(intangible)자산 

 

-Patents and trademarks, Franchise agreements, Proprietary processes, such as copyrights etc

 

-정액법

 

 

 

[annual total return]

 

 

 

[assumption] 인수

 

 

 

[balance sheet] 대차대조표

 

*financial statement 재무제표

 

*income statement 손익계산서

 

*cash flow 현금흐름표

 

Balance Sheet Definition (investopedia.com)

 

 

Balance Sheet

 

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time.

 

www.investopedia.com

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders.

 

 

 

The balance sheet is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

 

Assets=Liabilities+Shareholders’ Equity

 

 

 

 

 

[BEA} bureau of economic analysis 상무부 산하 경제분석국

 

 

 

[book value] carrying value

 

장부가액 = 취득원가 - 감가상각비

 

 

 

[buywrite index] 

 

The term buy-write is used because the investor buys stocks and writes call options against the stock position. The writing of the call option provides extra income for an investor who is willing to forego some upside potential.

 

 

 

[BW] bonds with warrant 신주인수권부사채

 

-채권과 신주인수권 분리 가능

 

-공모BW 경우 신주인수권만 거래 가능

 

 

 

[CAGR] compounded annual growth rate

 

*CAGR=(EV/BV​)^(1/n)​−1 * 100%

 

where:EV=Ending value BV=Beginning value n=Number of years​

 

 

 

[CapEx] capital expenditure 자본지출

 

 

 

[capital gain] 시세차익

 

 

 

[Capital Gains Tax] 양도소득세

 

 

 

[capital share]

 

Capital shares are a share class offered by a dual purpose fund. In a dual purpose fund, investors can invest in either capital shares for gains or income shares for dividends.

 

 

 

[capital structure by Seniority] 우선순위에 따른 자본구조

 

senior secured debt

 

senior debt

 

subordinated debt

 

convertible bonds

 

preferred equity

 

common equity

 

 

 

[cash credit]

 

[cash overdraft]

 

Cash credit and overdraft are two types of short-term financing that financial institutions provide to their customers. Both are used to prevent checks from bouncing or debit cards from being declined when there are insufficient funds in checking accounts. The primary difference between these forms of borrowing is how they are secured.

 

Business accounts are more likely to receive cash credit, and it typically requires collateral in some form. Overdrafts, on the other hand, allow account holders to have a negative balance without incurring a large overdraft fee.

 

 

 

[cash flow statement] 현금흐름표

 

 

 

[CB] convertible bonds 전환사채

 

-전환 가격을 치르고 채권을 주식으로 교환

 

-채권과 신주인수권이 동시에 작동 : 신주인수와 동시에 채권 소멸

 

*option

 

refixing - 70%까지

 

put - 채권자의 원리금 상환 요구 put 

 

call - 채무자의 채무 변제 요구 call

 

 

 

[CBOE] Chicago Board Options Exchange 시카고 옵션거래소

 

 

 

[CD] certificate of deposit 양도성예금증서

 

*채권과 거의 유사

 

은행의 정기예금 중에서 해당 증서의 양도를 가능하게 하는 무기명 상품으로 은행에서 발행되고 증권사와 종금사를 통해 유통된다.

 

만기는 30일 이상이며 주로 91일(3개월물)이나 181일(6개월물) 금리가 대표적이다. 단기간에 정기예금 수준의 이자를 받으면서도 필요 시 매매해 현금화할 수 있다.

 

CD금리는 매일 금융투자협회에서 고시한다. 금융투자협회는 오전, 오후 한 번씩 10개 증권사로부터 적정 CD금리를 통보받고 최고, 최저 금리 2개를 제외한 8개를 평균해 고시금리를 결정한다.

 

 

 

[change of control] 

 

 

 

[COGS] 

 

Cost of goods sold. The direct costs associated with producing goods. Includes both direct labor costs, and any costs of materials used in producing or manufacturing a company’s products.​(인건비, 원료비)

 

 

 

[collateral] 담보

 

 

 

[Common Stock] 보통주

 

 

 

[comparable store sales] comps 동일 매장 매출

 

 the revenue generated by a retail location in the most recent accounting period relative to the revenue it generated in a similar period in the past.

 

 

 

[comparable store sales growth] 동일 매장 매출 성장률

 

(당기 매출 - 전년도 분기 매출) / 전년도 분기 매출

 

 

 

[compounding period] 복리계산기간

 

convertible debt 전환사채

 

[cost basis] 원금?

*current market value = capital gain + cost basis 

Cost basis is the original value of an asset for tax purposes, usually the purchase price, adjusted for stock splits, dividends, and return of capital distributions. This value is used to determine the capital gain, which is equal to the difference between the asset's cost basis and the current market value. The term can also be used to describe the difference between the cash price and the futures price of a given commodity.

 

DCA Dollar-Cost Averaging

 

depreciation 감가

유형(tangible)자산

-Buildings, Equipment, Office furniture, Vehicles, Machinery etc

-정액법, 정률법,...

*토지는 제외

 

[Dilution] 주식 희석

*IPO시 주식 희석

 

[distributions] 유통?

 

[dual-purpose fund]

A dual-purpose fund is a closed-end fund that holds both common shares and preferred stock shares. Investors in such funds seek the best of both worlds:

• Common stock shares are generally chosen by investors seeking growth in the value of their shares over time. They may or may not pay dividends to their shareholders.
• Preferred shares are for investors who want the regular dividend payments that these shares guarantee. This type of stock usually holds its value but does not increase much in price.

 

[EBIT] earnings before interest, tax 이자와 법인세 차감 전 순이익

*EBIT = 영업이익 - 영업외수익(nonoperating income) + 일회성비용(non-recurring expenses)

*FCF와 가장 비슷한 수치

 

[EBITDA] earnings before interest, tax, depreciation and amortization

*EBITDA/매출액 = EBITDA 마진율

*EBITDA - 감가상각 - 이자비용 = 영업이익

*영업이익율 = 영업이익/매출액

*EBITDA = EBIT + D + A

 

[EBITDAR] earnings before interest, tax, DA, rent ?

= EBITDA + rent ?

*임차인의 현금 흐름 판단 지표

 

[entity level tax] 재산세?

 

[equity capitalization] 지분율 구성

 

Equity Issuance 유상증자

 

[excise tax] 소비세

 

[exercise] 옵션 권리를 행사하다.

*X 행사가

 

[fair value]

In investing, it refers to an asset's sale price agreed upon by a willing buyer and seller, assuming both parties are knowledgable and enter the transaction freely. For example, securities have a fair value that's determined by a market where they are traded.

 

In accounting, fair value represents the estimated worth of various assets and liabilities that must be listed on a company's books.

 

[financial statements] 재무제표

 

[FCF] free cash flow 잉여현금흐름

*FCF = operation income - CaPEX

투자와 연구개발 등 일상적인 기업 활동을 제외하고 기업이 쓸 수 있는 돈이다.

잉여현금흐름은 배당금 또는 기업의 저축, 인수합병, 자사주 매입 용도로 사용할 수 있다. 그러나 잉여현금흐름이 적자로 전환하면 해당 기업은 외부에서 자금을 조달해야 한다.

 

[fiscal] 회계연도

 

[gain] 시세차익

 

[gross margin] 매출총이익

Gross Margin=Net Sales−COGS

Net Sales=revenue

the total amount of money generated from sales for the period.  It can also be called net sales because it can include discounts and deductions from returned merchandise. Revenue is typically called the top line because it sits on top of the income statement. Costs are subtracted from revenue to calculate net income or the bottom line.

 

[growth profit] = gross margin?

Gross Profit=Revenue−Cost of Goods Sold​

• materials
• direct labor, assuming it is hourly or otherwise dependent on output levels
• commissions for sales staff
• credit card fees on customer purchases
• equipment, perhaps including usage-based depreciation
• utilities for the production site
• shipping

Gross profit does not include fixed costs (that is, costs that must be paid regardless of the level of output). Fixed costs include rent, advertising, insurance, salaries for employees not directly involved in the production and office supplies.

 

[gross profit margin] = (revenue - COGS) / revenue

*gross profit margin = gross profit ratio?

 

[gross profit ratio] 매출총이익율

 

historical tangible book value

*pro-forma tangible book value

 

[inception] 개시

 

[income] 배당?

 

[income statement] 3년간 손익계산서

 

[insider transactions] 내부자 지분 매매

 

[IPO] initial public offering

 

[interest] 이자, 지분

 

[liability] debt 부채

 

[liquidity] 유동성

Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price. The most liquid asset of all is cash itself.

 

[Market Cap] market capitalization 

*Market Cap=Price Per Share×Shares Outstanding

 

[Merger Analysis] 실제로 인수합병이 가능한지 계산

 

[Mezzanine] 주식 연계 채권

-CB 신주교환 시 자본금 유입 - [채권 - 신주 교환] 하나 당 이미 설정된 전환가격 유입

-BW bonds with warrant 신주인수권부사채 - 신주인수 시 주식발행회사로 자금 유입

-EB exchangeable bonds 교환사채 신주교환 시 자본금 유입 안됨

 

[misery index]

misery index = unemployment rate + inflation(CPI)

 

[MLP]

Master limited partnerships (MLPs) are a business venture that exists in the form of a publicly traded limited partnership. They combine the tax benefits of a private partnership—profits are taxed only when investors receive distributions—with the liquidity of a publicly-traded company (PTP).

A master limited partnership trades on national exchanges. MLPs are situated to take advantage of cash flow, as they are required to distribute all available cash to investors. They can also help reduce the cost of capital in capital-intensive businesses, such as the energy sector.

 

The first MLP was organized in 1981. However, by 1987, Congress effectively limited the use of them to the real estate and natural resources sectors. These limitations were put into place out of a concern over too much lost corporate tax revenue since MLPs do not pay federal income taxes.

general partner - owner

limited partner - investor

- MLP는 share 대신 unit을 발행

 

 

MNPI material non-public information 주요 미공개 정보

 

[NAV] net asset value

*NAV = (total Assets - total Liabilities) / Total number of outstanding shares

• For an investment fund, NAV is calculated at the end of each trading day based on the closing market prices of the portfolio's securities. For firms, NAV can be construed as close to its book value.
• In the context of companies and business entities, the difference between the assets and the liabilities is known as the net assets or the net worth or the capital of the company.
• It is often the case that NAV is close to or equal to the book value of a business. Companies considered to have high growth prospects are traditionally valued more than NAV might suggest. NAV is most frequently compared to market capitalization to find undervalued or overvalued investments.
• Unlike a stock whose price changes with every passing second, mutual funds don’t trade in real-time. Instead, mutual funds are priced based on the end of the day methodology based on their assets and liabilities.
• The assets of a mutual fund include the total market value of the fund's investments, cash and cash equivalents, receivables and accrued income. The market value of the fund is computed once per day based on the closing prices of the securities held in the fund's portfolio. Since a fund may have a certain amount of capital in the form of cash and liquid assets, that portion is accounted for under the cash and cash equivalents heading. Receivables include items such as dividend or interest payments applicable on that day, while accrued income refers to money that is earned by a fund but yet to be received. The sum of all these items and any of their qualifying variants constitute the fund’s assets.
• The liabilities of a mutual fund typically include money owed to the lending banks, pending payments and a variety of charges and fees owed to various associated entities. Additionally, a fund may have foreign liabilities that may be the shares issued to non-residents, income or dividend for which payments are pending to non-residents, and sale proceeds pending repatriation. All such outflows may be classified as long-term and short-term liabilities, depending upon the payment horizon. The liabilities of a fund also include accrued expenses, like staff salaries, utilities, operating expenses, management expenses, distribution and marketing expenses, transfer agent fees, custodian and audit fees, and other operational expenses.

 

* asset, liability value는 전일 종가 기준으로 계산

의미-potential investment opportunities

 

[NAVPS] NAV per share NAV와 혼용됨

 

[notional amount]

레버리지 가능한 총액

Notional value is a term often used to value the underlying asset in a derivatives trade. It can be the total value of a position, how much value a position controls, or an agreed-upon amount in a contract. This term is used when describing derivative contracts in the options, futures, and currency markets.

• For example, a call option representing 100 shares of XYZ stock with a strike price of $40 may trade in the market for $1.20 per contract (100 x $1.20 = $120 market value), but represents a notional value of $4,000 (100 x $40).
•  

[open-end fund]

An open-end fund is a diversified portfolio of pooled investor money that can issue an unlimited number of shares. The fund sponsor sells shares directly to investors and redeems them as well. These shares are priced daily, based on their current net asset value (NAV). Some mutual funds, hedge funds, and exchange-traded funds (ETFs) are types of open-end funds.

 

[operating income] 영업이익

영업이익 = 매출 - 제품원가(COGS) - 일반판매비용 - 관리비용

EBIT = 영업이익 - 영업외수익(nonoperating income) + 일회성비용(non-recurring expenses)

 

[operation twist]

 

 

OTC over the counter 장외시장

 

[out-of-pocket] 사후 정산

 

[outstanding] 미해결된

 

[Over-allotment Option] = Greenshoe 초과배정옵션 

 

[par value] face value

 

[Portfolio turnover ratio]

The portfolio turnover ratio is the rate of which assets in a fund are bought and sold by the portfolio managers. In other words, the portfolio turnover ratio refers to the percentage change of the assets in a fund over a one-year period.

*portfolio turnover ratio = MIN{$buy,$sell}/average net assets % 100

 

[Preferred Stock] PFD 우선주

 

[principal] 원금

 

[Private Placement] 사모발행

 

Proceeds 조달한 자금?

 

[Pro Forma] 예상 견적

 

[Prospectus] 사업설명서, Offering Docs에 포함됨

의결권, 우선주 대 전환주, 배당금 등 설명

사업모델, 자금조달 계획, 재정 상태, 기본 증권 정보, 경영진 프로필, 기업 지배구조

 

[proxy battle] 주주총회 위임장 쟁탈전

 

[proxy statement] 주총 위임 권유서

 

[Quoted price]

A quoted price is the most recent price at which an investment (or any other type of asset) has traded. The quoted price of investments such as stocks, bonds, commodities, and derivatives changes constantly throughout the day as events occur that affect the financial markets and the perceived value of various investments. The quoted price represents the most recent bid and ask prices that buyers and sellers were able to agree on.

 

[realized] 실현된

 

[receivable] 미수

 

[reclaim receivable] 상환 미수? 

 

[redeem] 상환하다

 

[Reference Index] 기초 지수?

 

[Registration Statement] Offering Registraion(Offering Docs) & Trading Registration

*Trading Registraion은 OTC에서 거래하는 증권 등록에 필요한 공시 자료(Prospectus 미포함)

 

[regulated investment company RIC]

A regulated investment company (RIC) can be any one of several investment entities. For example, it may take the form of a mutual fund or exchange-traded fund (ETF), a real estate investment trust (REIT), or a unit investment trust (UIT). Whichever form the RIC assumes, the structure must be deemed eligible by the Internal Revenue Service (IRS) to pass through taxes for capital gains, dividends, or interest earned to the individual investors.

 

A regulated investment company is qualified to pass-through income under Regulation M of the IRS, with the specific regulations for qualifying as an RIC delineated in U.S. code, title 26, sections 851 through 855, 860, and 4982.

 

Regulated Investment Company (RIC) Basics

The purpose of utilizing pass-through or flow-through income is to avoid a double-taxation scenario as would be the case if both the investment company and its investors paid tax on company generated income and profits. The concept of pass-through income is also referred to as the conduit theory, as the investment company is functioning as a conduit for passing on capital gains, dividends and interest to individual shareholders.

 

 

[replacement cost] 갈아타는 비용

Replacement cost is a term referring to the amount of money a business must currently spend to replace an essential asset like a real estate property, an investment security, a lien, or another item, with one of the same or higher value.

 

[repurchase agreement] 

A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. In the case of a repo, a dealer sells government securities to investors, usually on an overnight basis, and buys them back the following day at a slightly higher price. That small difference in price is the implicit overnight interest rate. Repos are typically used to raise short-term capital. They are also a common tool of central bank open market operations.

 

For the party selling the security and agreeing to repurchase it in the future, it is a repo; for the party on the other end of the transaction, buying the security and agreeing to sell in the future, it is a reverse repurchase agreement.

자금수요자가 자금조달을 위해 하는 거래(주로 단기 자금 조달, 콜자금)

미국 등 주요 선진국에서는 Repo이율이 단기금융시장의 지표이율

환매 조건부 채권매매. 현물로 증권을 매도(매수)함과 동시에 사전에 정한 기일에 증권을 환매수(환매도)하기로 하는 2개의 매매 계약이 동시에 이루어지는 계약을 말한다. 자금 수요자가 자금을 조달하는 데 이용하는 금융거래 방식의 하나로 주로 콜자금과 같이 단기적인 자금수요를 충족하기 위해 생겼다. Repo거래는 선진국에서 가장 안전하고 효율적인 단기금융의 수단으로 인식되고 있으며, 채권시장 및 파생금융상품시장에서 그 활용도가 매우 높다. 특히 미국 등 주요 선진국에서는 Repo이율이 단기금융시장의 지표이율로 인식되고 있다. 우리나라의 Repo거래 형태는 한국은행 Repo, 금융기관의 대고객 Repo, 기관간 Repo가 있다. 한국은행은 통화량과 금리를 조정하기 위한 통화조절용 수단으로 시중은행에 Repo를 판매한다. 한국은행 Repo는 시중 단기자금 조절에 효과적이며 콜금리에 직접적인 영향을 미친다. 단기자금이 부족할 때 한은은 각 금융기관이 보유하고 있는 국채·지방채 등을 매입함으로써 시중에 자금을 공급하고 일정 기간 후 시중에 유동성이 풍부해지면 이 채권을 해당 은행에 정해진 가격으로 환매해 시중 유동성을 조절한다. 금융기관 Repo는 수신상품의 하나로 은행이나 증권회사가 일정 기간 후 다시 사들인다는 조건으로 고객에게 판매하는 금융상품이다. 대상 채권은 국채·지방채·특수채·회사채 등이다. 은행, 증권, 종금 등이 자체 보유 채권을 담보로 쌓아두고 담보 채권의 금액 범위에서 거래 고객에게 '일정 시점 이후 되사주는 조건으로 담보채권을 쪼개서 판매하는 거래방식'이다. 기관간 Repo는 금융기관이 일시적인 자금부족을 해소하고 유가증권의 활용도를 높이기 위해 다른 금융기관과 거래하는 Repo를 말한다. 즉 채권을 담보로 한 기관간 자금거래이며 그 동안 장외에서만 상대매매 형태로 이뤄졌으나, 2002년 2월 25일 증권거래소에 Repo 시장이 정식으로 개장됐다.

 

[revenue] 세입, 매출

 

[RevPAR] revenue per available room 객실당 매출

 

[ROC] return of capital 자본 환급, not 원금 상환 

*FIFO 개념 - investment에 따라 FIFO 처리하거나, 혹은 아닐 수도 있다.

               - 연금계좌는 FIFO 처리

*return of capital not-taxable

*return on capital(=capital gain?) taxable

Return of capital occurs when an investor receives a portion of their original investment that is not considered income or capital gains from the investment. Note that a return of capital reduces an investor's adjusted cost basis. Once the stock's adjusted cost basis has been reduced to zero, any subsequent return will be taxable as a capital gain.

• Return of capital (ROC) is a payment, or return, received from an investment that is not considered a taxable event and is not taxed as income.
• Capital is returned, for example, on retirement accounts and permanent life insurance policies; regular investment accounts return gains first.
• Investments are composed of a principal that should generate a return; this amount is the cost basis. Return of capital is the return of the principal only, and it is not any gain or any loss as a result of the investment

When an individual invests, they put the principal to work in hopes of generating a return—an amount known as the cost basis. When the principal is returned to an investor, that is the return of capital. Since it does not include gains (or losses), it is not considered taxable—it is similar to getting your original money back.

 

 

 

[RP] repurchase agreements 환매조건부채권

 

 

[same store sales] SSS, identical store sales 동일 매장 매출

당기 매출-전년도 동일분기 매출

the difference in revenue generated by a retail chain's existing outlets over a certain period (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year.

 

[SEC] Securities and Exchange Commission

 

[securities lending] 

Securities lending is the practice of loaning shares of stock, commodities, derivative contracts, or other securities to other investors or firms. Securities lending requires the borrower to put up collateral, whether cash, other securities, or a letter of credit.

When a security is loaned, the title and the ownership are also transferred to the borrower. A loan fee, or borrow fee, is charged by a brokerage to a client for borrowing shares, along with any interest due related to the loan. The loan fee and interest are charged pursuant to a Securities Lending Agreement that must be completed before the stock is borrowed by a client. Holders of securities that are loaned receive a rebate from their brokerage.

 

Securities lending provides liquidity to markets, can generate additional interest income for long-term holders of securities, and allows for short-selling.

 

[share capital]

Share capital refers to the funds that a company raises from selling shares to investors. For example, the sale of 1,000 shares at $15 per share raises $15,000 of share capital. There are two general types of share capital, which are common stock and preferred stock. The characteristics of common stock are defined by the state within which a company incorporates. These characteristics are relatively standardized, and include the right to vote on certain corporate decisions, such as the election of a board of directors and the adoption of poison pill provisions to fend off potential acquirers. In the event of a corporate liquidation, the common stockholders are paid their share of any remaining assets after all creditor claims have been fulfilled. If a company declares bankruptcy, this usually means that the holdings of all investors are either severely reduced or completely eliminated.

Preferred stock is shares in the equity of a company, and which entitle the holder to a fixed dividend amount by the issuing company. This dividend must be paid before the company can issue any dividends to its common stockholders. Also, if the company is dissolved, the owners of preference shares are paid back before the holders of common stock. However, the holders of preference shares do not usually have any voting control over the affairs of the company, as do the holders of common stock.

 

[shared expenses] 할부?

 

[short cover] 공매도 포지션 청산을 위해 주식을 매수

 

[short sellers] 공매도 세력

 

[short sqeeze] 숏커버 폭주로 인한 주가 급등

 

[small cap] 시총 3~20억 달러

*mid-cap 20~100

*large cap 100달러 이상

 

[stake] 지분

 

[statement of changes in equity] 자본변동표

 

[strike price] 행사가 K

= exercise price X

 

[takeover bid] 주식시장 외에서 공개 매수하는 적대적 M&A

 

[targeted Fed's funds rate]

The fed funds rate is the interest rate banks pay for overnight borrowing in the federal funds market. The Federal Reserve uses it to influence other interest rates, such as credit cards, mortgages, and bank loans. It also affects the value of the U.S. dollar and other household and business assets. That makes it the most important interest rate in the world.1

 

The Fed sets a target range for the fed funds rate. It has a lower bound and an upper bound. Below are the most recent target ranges announced at Federal Open Market Committee (FOMC) meetings.

 

How Does the Fed Funds Rate Work and What Is Its Impact? (thebalance.com)

The Most Powerful Interest Rate in the World

 

[tax position]

 

 

[tax return] 소득신고서

A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. In most countries, tax returns must be filed annually for an individual or business with reportable income, including wages, interest, dividends, capital gains, or other profits.

 

Ticker = Symbol

 

[Underlying Index] 추종 지수

 

[Underwriters] IPO 주관사

 

[U.S. GAAP]U.S. generally accepted accounting principles

 

[volatility] 변동성

 

[VWAP] volume-weighted average price

*VWAP = SUM{단가 * 수량} / SUM{수량}

 

[withholding tax] 세금 원천징수