A Dictionary of Finance and Banking

By Brian Butler; David Butler et al. | Go to book overview

X, Y, Z

xd Abbreviation for ex dividend (seeEX-).

xu A monetary unit of Vietnam, worth one hundredth of a *dông.

Yankee bond A *bond issued in the USA by a foreign borrower.

yard1. An informal word for one billion. 2. An informal name for 100 dollars.

yearling bond A UK local-authority bond that is redeemable one year after issue.

year of assessmentSeeFISCAL YEAR.

Yellow Book The colloquial name for Admission of Securities to Listing, a book issued by the Council of the * London Stock Exchange that sets out the regulations for admission to the *Official List and the obligations of companies with *listed securities.

yellow sheets A US daily bulletin giving updated prices and other information on bonds. ComparePINK SHEETS.

yen (¥) The standard monetary unit of Japan, (formerly) divided into 100 sen.

yield1. The income from an investment expressed in various ways. The nominal yield of a fixed-interest security is the interest it pays, expressed as a percentage of its *par value. For example, a £100 stock quoted as paying 8% interest will yield £8 per annum for every £100 of stock held. However, the current yield (also called running yield, earnings yield, or flat yield) will depend on the market price of the stock. If the 8% £100 stock mentioned above was standing at a market price of £90, the current yield would be 100/90 x 8 = 8.9%. As interest rates rise, so the market value of fixed-interest stocks (not close to redemption) fall in order that they should give a competitive current yield. The capital gain (or loss) on redemption of a stock, which is normally redeemable at £100, can also be taken into account. This is called the yield to redemption (or the redemption yield). The redemption yield consists approximately of the current yield plus the capital gain (or loss) divided by the number of years to redemption. Thus, if the above stock had 9 years to run to redemption, its redemption yield would be about 8.9 + 10/9 = 10%. The yields of the various stocks on offer are usually listed in commercial papers as both current yields and redemption yields, based on the current market price. However, for an investor who actually owns stock, the yield will be calculated not on the market price but the price the investor paid for it. The annual yield on a fixed-interest stock can be stated exactly once it has been purchased. This is not the case with *equities, however, where neither the dividend yield (seeDIVIDEND) nor the capital gain (or loss) can be forecast, reflecting the greater degree of risk attaching to investments in equities. Yields on fixed-interest securities and equities are normally quoted gross, i.e. before deduction of tax. 2. The income obtained from a tax.

yield curve A curve on a graph in which the *yield of fixed-interest securities is plotted against the length of time they have to run to maturity. The yield curve usually slopes upwards, indicating that investors expect to receive a premium for holding securities that have a long time to run. However, when

-377-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
A Dictionary of Finance and Banking
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • A 1
  • B 23
  • C 48
  • D 91
  • E 112
  • F 131
  • G 152
  • H 164
  • I 168
  • J 190
  • K 192
  • L 194
  • M 211
  • N 233
  • O 247
  • P 258
  • Q 288
  • R 291
  • S 313
  • T 345
  • U 361
  • V 368
  • W 372
  • X, Y, Z 377
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 378

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.