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1 (1+r)^-N,is the reciprocal of the future value factor,(1+r)^N

2 18-year Cycle n

the 18-year cycle is most often mentioned in connectionwith real estate prices,but it can also be found in euitiesand other mar!ets

" a buildin# bloc! of m$t b$ ph%n c&a' a concern in n s c li*n uan,chu m$t phn trch nhi.m

/ a consumer mi#htderive utility out of being know by others to consume a so-called hi#h status #ood0 a contribution to n s n# #p a contributory factor in

83 correlation of 4 (uncorrelated variables) indicates an absence of any linear(strai#ht-line) relationshipbetween the variables

5 a credible threat of entry n

143 cross-hatchto the ri#h indicatesthe closin# price n

113 double bottom is considered to be a more si#nificant pattern than a sin#le bottom because traders havestepped in on two occasions to haltdeclines

123down-and-out call option on stoc! become worthless and terminates if the price of the underlyin# stoc!moves down and touches a prespecified point durin# the life of the call

1" 3European Depositary Receiptis a ne#otiable certificate issued by a depositary ban! in one country a#ainsteuity that is traded on the stoc! e6chan#e of another country

1' 3 European-stye option orEuropean optionis a option e6ercisable only at maturity1/ a fairly standard set of

10a fi6ed plant si7e-technolo#y-physical capital base n

1 a healthy correction n when the lon#-term mar!et trend does not chan#e

183 hypothesistestin# uestion is "Is the value of the paraeter!saythe population ean#$%!or soeother specific value#&"he assertion 9the population mean is '/9 is a hypothesis

15 a !ey determinant of

243 !ey tenet of technical analysis is that the euity mar!et moves rou#hly si' onthsahead of inflectionpoint in the broad econoy:

21 a ma;or factor associated with the economic downturn was the sharp fall in housin# prices

223 pension fund mana#er estimates that his corporate sponsorwill ma!e a

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common #oal(e:#:,military units,sports teams,or business decision ma!ers)"/ 3 supply-and-demand effect is alsoat work "0 3 test based on a t-statistic is more conservativethan a 7-statistic test" 3 trading desk evaluatesblock brokers "8 3 tradin# strate#y ofbuying on golden crosses and selling on dead crosseswould have been profitable

"5 a uniform price n'4 a variety of'1 a viable business entity n

'2 a vicious cycle n

vMn# lun unOa situation in which one problem causesanother problem which then ma!es the first problemworse

'"3 wholesale club implements a store format dedicated mostly to bul! sales in warehouse-si)ed storestocustomers who pay membership dues

'' abnormal a; !hc thDPn#,!hQn# bRnh thDPn#

'/abnoral profit !or supernoralprofit# n

eual to accountin# profit less implicit opportunity costsnot included in total accountin# costsOthe differencebetween total revenue(S) and total cost(T)

'0 abolition n s h&y bL

' abrasive a; chKt m>i mMn,U m>i mMn

'8 absolute a;

e6istin# or measured independently and not in relation tosth elseAlthough prices are fallingin absolute terms ,energy is still expensive.Beauty cannot be measured byany absolutestandard

'5 absolute advantage n

a country has an absolute advantage inproducin# a#ood (or service) if it is able to produce that #ood at alower cost or use fewer resources in its production than itstradin# partner

/4 absolute dispersion nthe amount of variability present without comparision toany reference point or benchmar!

/1 absolute fre*uency nthe number of observations in a #iven interval(for #roupeddata)

/2 absorption n sD thu hVt

/" absorption approach nfocuses on the impact of e6chan#e rates on a##re#atee6penditure=savin# decisions

/' 3cademic economists n// academician n vi.n sW/0 accelerometer n an instrument for measurin# acceleration/ accessible site n land::

/8 accommodative monetary policy n

a central ban! policy desi#ned to stimulate economic#rowth by lowerin# short term interest rates,ma!in#money less e6pensive to borrow :also call loose credit oreasy monetary policy:opposite of ti#ht monetary policy

/5 accord with v phX hEp vGi,thBn# nhKt vGi

04 accounting !or eplicit#costs npayments to non-owner parties for services or resourcethey supply to the firm

01 accounting loss n when accountin# profit is ne#ative02 accrue v t?ch lYy lHi(lEi nhu%n::)0" accrue from v sinh ra (tZ),do[::m> ra0' accrue to v \ d]n vF(ai::)0/ accrued interest n interest earned but not yet paid00 accumulator n n#DPi t?ch lYy

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0 act in herds id h>nh $n# theo by >n08 action lag n delay from policy decisions to implementation05 active a; ch& $n#

4+ctive and ,assitve Crawling,egs n

usually a#ainst a sin#le currency,such as the :_ dollar-were common in the 1584s in `atin 3merica,particularlyra7il,durin# the hi#h infation periods:o prevent a run on

the :_ dollar reserves,the e6chan#e rate was ad;ustedfreuently(wee!ly or daily) to !eep pace with the inflationrate:_uch a system was called a passive crawl:3nadaption used in 3r#entina,Thile,and ru#uay was theactive crawlthe e6chan#e rate was pre-announced for thecomin# wee!s with chan#es ta!in# place in small steps tomanipulate e6pectations of inflation:ecause the domesticprices of many #oods were directly tied to importprices,announced chan#es in the e6chan#e rate wouldeffectively si#nal future chan#es in the inflation rate ofthese #oods

1+ctivity ratio!or ,articipationratio# n

ratio of labor force to total population of wor!in#a#e(e,#:,between 10 and 0' years of a#e)

2 ad hoc a; c bi.t" ad hoc rule n' 3dam _mith n the economist/ add value n

0 addition rule for probabilities n

a principle startin# that the probability that 3 or (bothoccur) euals the probability that 3 occurs,plus thprobability that occurs,minus the probability that both 3and occur

additive a;,n U th*m v>o,chKt ph #ia,t?nh th*m v>o8 adept in (at) a;,n #iLi,thHo n#hF5 administer v thc hi.nOuJn l84 adopter n

81 adoption n s thQn# ua82 advanced economies n8" advanta#eous a; c lEi,thu%n lEi8' adversary n Bi th&8/ advocate of n s bi.n h$,s b>o cha80 affiliatedentities n t\ chgc th>nh vi*n8 aforementioned a; !U tr*n, ni tr*n, !U trDGc jy88 after the fact id after st is finished or final85 a##re#ate n,a;,v t\n#,!@t hEp lHi54 a#in#=a#ein# n s ha #i>51 a#rarian a; thu$c ru$n# Kt

52 a#ribusiness n !inh doanh nQn# n#hi.p5" airwave n sn# pht thanh5' a!in a; hki #iBn#,b> con5/ albeit con; mc dX,dX,du50 al#ebraic a; thu$c Hi sB5 al#ebraically av theo phDkn# php Hi sB58 al#orithm=al#orithmic n thu%t ton55 3ll security prices are considered on an intradaybasis,but this practice has #iven way to usin# closin# prices

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only144 all that id and other similar thin#s141 allocator n nh> phjn b\142 alon#side av,pr ]n# thPi,dc theo14" alternatin# a; lujn phi*n,6en !

14' alternative hypothesis nthe hypothesis accepted when the null hypothesis isre;ected

14/ ambitious a; c nhiFu tham vn#140 amend n sa ]i(vn !i.n),cJi thi.n,cJi tHo

143merican 3ssociation of qndividual qnvestors(33qq)

1483mon# the terms used for the effective annual return on interest-bearin# ban! deposits areannualpercentage yield!+,# in the nited _tates and e*uivalent annual rate!E+R#ib the nited in#dom

145 amorti7ation n s trJ dn(nE)114 amorti7ed loans n such as mort#a#es and car loans111 amplitude n $ lGn

1123n active trader,for instance,may find 14-minute,/-minute,or eventick-by-tick data useful,but other technicalanalysts may prefer daily or wee!ly data:

11"

3n+erican Depositary Receipt !+DR#is a ne#otiable certificate issued by a depositary ban! thatrepresents ownership in a non-_:companyCs deposited euity(i:e,euity held in custody by the depositaryban! in the companyCs home mar!et)

11' an econoic loss of 1.. occurs

11/3n economy with a current account decifit is effectivelyiporting present consuption and e'portingfuture consuption

110 an even pace id bDGc i Fu Fu,vn# chc

11 an upward bias idthe overestimation or overstatement by a statiscalmeasure of the event

1183nalo#ous to itscounterpart in a cournt of law,the reuired standard of proof can chan#e accordin# to thenature of the hypotheses and the seriousness of the conseuences of ma!in# a mista!e

115 analogousto=with somethin# a; tDkn# t

124 analo#y n s tDkn# t121 analytical a;122 anchor n mL neo12" ancillary a; ph thu$c,l. thu$c12' and budin# up financial claisa#ainst overseas economies(positive trade balance,(-)4)12/ and more120 and so forth av vjn vjn

12 anecdotalevidence a;

based on anecdotes and possibly not true oraccurate OAnecdotal evidence suggests there wereirregularities at the polling station on the day of theelection

128 anecdote n

1 a short, interestin# or amusin# story about a real person

or event amusing anecdotesabout his brief career as anactor2 a personal account of an event Ohis research isbased on anecdote,not fact:

125 animate v sth to ma!e sth more lively or full of ener#y;A smilesuddenly animatedher face.

1"4 anne6e=anne6 n phn th*m v>o,ph chDkn#,ph lc

1"1 annual percentage rate!+,R# measures the cost of borrowin# e6pressed as a yearlyrate(in _3)

1"2 annuali7e v Note that the calculator or spreadsheet will #ive the qSS

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as a periodic rate:qf the periods are not annual,weannuali7e the periodic rate

1"" annuali7ed a;

calculated for a period of a year but based on the amountsfor a shorter period O!n "une, inflation stood at anannualizedrate of #.# per cent.

1"' annuali7ed rate n

1"/ annuity n a finite set of level seuential cash flows

1"0 annuity due nan annuity due havin# a first cash flow that is paidimmediately

1" anomaly n s !hQn# bRnh thDPn#,s d thDPn#1"8 anonymous a; nc danh,vQ danh

1"53nother decline follows but on diinishingvolume

1'43nother form of line #raph is the cuulative fre*uency distribution:_uch a #raph can plot either thecumulative absolute or cumulative relative freuency a#ainst the upper interval limit

1'1 3nti#ua n

3nti#ua and arbuda Oa country consistin# of three smallislands in the Taribbean: 3nti#ua and arbuda wereritish colonies from the early 1th century until theybecame fully independent and a member of theTommonwealth in 1581 : ost of the countryxs populationlive on 3nti#ua:

1'2 antitrust a; chBn# $c uyFn,chBn# trust1'" apparatus n my mc,dn# cOck uan1'' appeal to v to ma!e a serious and ur#ent reuest1'/ appetite for n lMn# ham muBn,s !hao !ht1'0 appreciate v l*n #i,tn# #i1' appreciate in value v nh #i Vn# #i tr1'8 appropriateness n s th?ch hEp1'5 appro6imation n 6Kp 6

1/4 arb n

someone who en#a#es in arbitra#e(who purchases

securities in one mar!et for immediate resale in another inthe hope of profitin# from the price differential

1/1 arbitra#e n

s buQn bn chgn# !honOthe practice of buyin# sth (fore6ample, shares or forei#n money) in one place andsellin# it in another place where the price is hi#her

1/2 arbitrarily av c uyFn

1/" arbitrary nda tr*n !i@n hoc tXy hgn# c&a c nhjn(chg !hQn#phJi theo l tr?)Ochuy*n uyFn,$c on

1/' arbitrary a; bKt !z,tXy (ton hc)1// arc n hRnh cun#

1/0 arc elasticity n

we mi#ht not have the entire demand function or demandcurve,but we mi#ht have ;ust two observations on priceand uantity

1/ archetypical a; n#uy*n mu,n#uy*n hRnh1/8 3re a security/s bid-ask spreads related to the number of dealers ma!in# a mar!et in the security{1/5 ar#uably av ta c thU ni r|n#104 ar#ue v ch r}101 arithmetic a;,n thu$c sB hc

102 arithetic ean nthe sum of the observations divided by the number ofobservations

10" armed forces n lc lDEn# vY tran#

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10' +rs inde'!(RI0# n

a flow of funds indicator applied to a broad stoc! mar!etinde6 to measure the relative e6tent to which money ismovin# into or out of risin# and declinin# stoc!s

10/ arose v past tense of arise100 arrest v hm lHi,chn lHiObt #i10 3rthur affer n the :_:economist

108 3s a conseuence105 as a result14 3s a result,scale values can be added and subtracted eaningfully11 3s predicted nhD d on12 3s price isbounded frobelow at 7ero and sales are non-ne#ative,the lowest possible ~=_ is 4

1"3s Sobert `:ahn of the qnstitute for _ocial Sesearch (3nn 3rbor,ichi#an)has written,"(he ill of sciencegrinds only when hypothesis and data are in continuous and abrasive contact"

1'3s used in this volume and by many writers,holdin# period yield is a bond mar!et synonym for holdin# periodreturn,total return,and hori7on return

1/ as well off but no better off than

10ascending price auctionEnglishauction n

in which an auctioneer is sellin# a sin#le item in a face-to-face arena where potential buyers openly reveal their

willin#ness to buy the #ood at prices that are called out byan auctioneer

1 ascribe to v \ tHi,\ choO#n cho,uy cho18 assert that v !hn# nh,6c nh%n r|n#15 assess v nh thu@184 assi#n to v ch nh,uy cho

181 assortment of na collection of different thin#s or of different types of thesame thin#Oan assortment of e$uipment and hand tools

182 assume v Jm Dkn#,#nh vc18" asymptotic a; ti.m c%n(ton hc)18' at (the) most pro nhiFu nhKt,tBi a,!hQn# hkn18/ at a favorable time thPi iUm thu%n lEi180 at an unfavorable time thPi iUm !hQn# thu%n lEi

18 at one end of the scale

means you have a wide variety of options and you #aveone that is very far one way and now you will say the onethat is very far the other way

188 at some point id it means sth it will eventually happen185 at someonedisposal n tXy s dn#154 at the other end of the scale on the other hand151 attendantwa#e pressure a; i !m,!m theo152 auctioneer n n#DPi iFu !hiUn cu$c bn Ku #i15" 3ussie n 3O_=315' austerity n s !h\ hHnh,s !hc !h\Os m$c mHc chjn phDkn#

15/ 3ustralasian mar!ets(3ustralia and Newealand)150 autarkic price n

15 autarky na state in which a country does not trade with othercountries

158 authoritative a; c cn cg 6c thc155 authority n nh> chgc trch244 automated euipment n241 3utomated euipmentlease for 8.. v

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per week

242 autoatic stabli)er na countercyclical factor that automatically comes into playas an economy slows and unemployment rises

24" autonomous a; t tr24' avalance n d]n d%p;avalanceprocess24/ average cost should be understood to meanaverage total cost

240 aversion n s !hQn# muBn,#hAt24 a6iom n ti*n F,chjn l248 a6is n trc,tia245 bac! v support214 bac! and forth id tGi lui,ua lHi

211 bac! out id

bac! out (of sth) to decide that you are no lon#er #oin# tota!e part in sth that has been a#reed O%e lost confidenceand backed out of the deal at the last minute.

212 back siulation n

another term for the historical method of estimatin#3S:his term is somewhat misleadin# in that the methodinvolves not a simulation of the past but rather whatactually happenedin the past,sometimes ad&usted to

reflect the fact that a different portfolio may have existedin the past than is planned for the future

21" bac!drop nck s,nFn tJn#(m$t s vi.c)OtKm m>n v cn# sau sjn!hKu

21' balance n sB dD

21/ 2alance of payents !23,# n

is a double-entry boo!eepin# system that summeri7es acountryCs economic transaction with the rest of the worldfor a particular period of time,typically a calendar uarteror year

210 balance of trade deficit n

when the domestic economy is spendin# more on forei#n#oods and services than forei#n economies are spendin#on domestic #oods and services

21 balance sheet n

a written statement showin# the amount of money and

property that a company has and listin# what has beenreceived and paid out

218 balanced with respect to a #overnment bud#et,one in whichspendin# and revenues (ta6es) are eual

215 balanced mutual fund n224 bancaire n n#jn h>n#

221 bank discount basis na uotin# convention that annuali7es,on a "04-dayyear,the discount as a percenta#e of face value

222 ban! of In#landCs tar#et is T~q inflation within 4516. percentage point of 2:422" ban! reserves n22' ban! run n run on the ban!Os rVt tiFn h>n# loHt !hLi m$t n#jn h>n#22/ ban!-to-client mar!ets n

220 bar chart n

a dia#ram that uses lines or narrow rectan#les ( bars) ofdifferent hei#hts (but eual widths) to show differentamounts, so that they can be compared

22 bar chart n

a price chart with four bits of data for each time interval-the hi#h,low,opennin#,and closin# prices:3 vertical lineconnects the hi#h and low:3 cross-hatch left indicates theopenin# price,and a cross-hatch ri#ht indicates the close:

228 barter n s trao \i h>n# lKy h>n#225 barter econoy n an economy where economic a#ents as house-

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holds,corporations,and #overnments 9pay9 for #oods andservices with another #oods and service

2"4 base memory chip n

2"1 base rates nthe reference rate on which a ban! bases a lendin# ratesto all other customers

2"2 basis points (bps) n a basis point is one-hundredth of 1 percent(4:41 percent)

2"" 2aye/s 7orula n

#iven a set of prior probabilities for an event of interest,ifyou receive new information,the rule for updatin# yourprobability of the event is updated probability of event#iven the new information

2"' be better off a; !hKm !h hkn,phon# lDu hkn2"/ be buffeted by v b >y a,vXi d%p(n#ha bn#)2"0 be characteri7ed in v biUu th c iUm,mQ tJ c iUm2" be doomed to v phJi chu(sB !i@p,a >y,!@t t$i::)2"8 be driven from v b y ra !hLiOthey maybe driven fromthe market2"5 be endowed with v DEc phV cho m$t gc t?nh,!hJ nn#2'4 be left to v U mc,U tXy(ai uy@t nh)2'1 be under way v an# din ra

2'2 bear in mind id bear=!eep somethin# in mind

2'" bear mar!et na period durin# which people are sellin# shares, etc:rather than buyin#, because they e6pect the prices to fall

2'' bear on v li*n uan tGi2'/ bearish a;2'0 ecause #eometric mean returns use time series,we use a subscripttinde6in# time as well2' ecause RI is a price-based oscillatorthe trader can also apply trend lines to analy7e it

2'8ecause the sellers are often dominated by lon# investors e6itin# positions!as opposed to short sellerscreating new short positions#,the pressure to sell diminishes once the sellers have sold the security:

2'52ecause they are price basedmomentum oscillators also can be analy7ed by usin# the same toolstechnicians use to analy7e price,such as the concepts of trend,support,and resistance

2/4 behavioral e*uations n

i:e: supply fuction,demand fuction because they model th

behavior of respectively,buyers and sellers2/1 behavioural=behavioral a; thu$c vF cch cD 62/2 behemoth n con v%t !@ch 6X2/" ei#e oo!

2/'

bein# able to affordmore-expensive,yetmore-efficientequiptmentand adapt the latestin technologythat increasesproductivity av yet(gn# trDGc cc tZ cKp so snh)OlHi cMn,n#ay cJ

2// el#ium n 2/0 belli#erent n,a; nDGc tham chi@nOtham chi@n2/ bell-shaped a;

2/8 enelu6 na name for el#ium, the Netherlands and `u6embour#,when they are thou#ht of as a #roup

2/5 2ernoulli rando variable n a ramdom variable havin# the outcomes 4 and 1204 2ernoulli trial n an e6periment that can produce one of two outcomes201 better-uality picture n202 beyond pr vDEt 6a hkn,vDEt u20" 2eyondsuch interest rate effects n#o>i ra20' bias n th>nh !i@n

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20/ bid up v tn# #i200 bidder n n#DPi trJ #i20 biddin# war n208 bi# bo6 retailers

205 i# ac inde6 nwhich shows the relative price of this standardi7edhambur#er in different countries

24 bilateral a; hai b*n,son# phDkn#21 binomal n,a; nh thgc(ton hc)

22 binoal odel na model for pricin# options in which the underlyin# pricecan move to only one of two possible new prices

2" binoal rando variable n

the number of success in n ernoulli trials for which theprobability of success is constant for all trials and the trialsare independent

2' binoal tree n

the #raphical representation of a model of asset pricedynamics in which,at each priod,the asset moves up withprobability p or down with probability (1-p)

2/ inomal trees can value options even more comple6the +erican callson stoc!20 bloc n !hBi(ch?nh tr)

2 blur v l>m cho lP mP,!hQn# r} r>n#

28 2ollinger 2ands n

a price-based technical analysis indicator consistin# of amovin# avera#e plus a hi#her line representin# themovin# avera#e plus a set number of standard deviationsfrom avera#e price(for the same number of periods asused to calculate the movin# avera#e)and a lower line thatis a movin# avera#e minus the same number of standarddeviations

25 bond n mBi uan h.,r>n# bu$c(n#ha bn#)284 2ond inde'ingis one area in which stratified samplin# is freuently applied

281 bond arket vigilantes nbond mar!et participants who mi#ht reduce their demandfor lon#-term bonds,thus pushin# up their yields

282 bondholder n28" boo n

an e6pansionary phase characteri7ed by economic #rowth9testin# the limits9 of the economy

28' borderline n DPn# ranh #iGi28/ bore=borne v !bear 280 borrower n n#DPi i vay28 borrowin# n s vay mDEn

288oth arithmetic and #eometric means have a role to play in investment mana#ement,and both are oftenreported for return series

285 bottlenec! n sJn 6uKt Rnh tr.,c\ chai

254 bottom-up a;

( of a plan, pro;ect, etc: ) startin# with details and thenlater movin# on to more #eneral principles Oa bottom-upapproach to tackling the problem

251 bound v uy nh,#iGi hHn

252 bound-e*uivalent yield n

a calculation of yield that is annuali7ed usin# the ratio of"0/ to the number of days to maturity:ond euivalentyield allows for the restatement and comparision ofsecurities with different compoundin# periods

25" bowl-shaped pattern n25' branch off v phjn nhnh25/ breadth n bF r$n#

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250 breadth of n s r$n#(uan iUm,tD tDn#,!i@n thgc::)25 brea!even a; hMa vBn

258 brea!even point n

the number of units produced and sold at which thecompanyCs net income is 7ero(revenuestotal costs)Oin thecase of perfect competition,the uantity whereprice,avera#e revenue,and mar#inal revenue eual

avera#e total cost255 brevity n t?nh !hVc chi@t,vn tt"44 brin# forth v sJn sinh,#jy ra"41 S` n ra7ilian real

"42 broad oney nencompasses narrow money plus the entire ran#e of liuidasset that can be used to ma!e purchases

"4" broad-base a;based on a wide variety of people, thin#s or ideasO notlimited Obroad-basedsupport

"4' bro!era#e n n#hF mQi #iGi,s mQi #iGi

"4/budget constraint !or incoeconstraint# n

a constraint on spendin# or investment imposed by wealthor income

"40 bud#etary a; thu$c n#jn sch

"4 bud#et-conscious"48 buffer n v%t .m,#iJm 6c

"45 buget surplusdeficit nthe difference between #overnment revenue ande6penditure for a stated fi6ed period of time

"14 build n s 6jy dn#"11 buildin# bloc! n !hBi l>m sn U 6jy dn#"12 bul! n tJi trn# h>n# ha

"1" bull mar!et na period durin# which share prices are risin# and peopleare buyin# shares

"1' bulldo7er n my &iOs e da

"1/ bullet point n

an item in a list in a document, that is printed with asuare, diamond or circle in front of it in order to show that

it is important: he s$uare, etc. is also called a bulletpoint ."10 bullish a;"1 urns and itchellCs definition n business cycles"18 bushel n #iH("0l)

"15usiness confidence(an!an_urvey) n

"24 business day n"21 business savin# n retained earnin#s and depreciation"22 business sentiment n"2" but the !nowled#e that"2' 2ut to its horrorthe manufaturer finds out that there is no e6tra demand for televisions

"2/ buyin# power n

"202y 9..:,each of the three sectors was dis-savingrou#htly 2 percent of :_:~ v>o nm 2440

"2 y contrast n#DEc lHi"28 by definition theo nh n#ha"25 by means of b|n# cch""4 by more than hkn l>""1 y the same to!en id vR th@ cho n*n,vJ lHi

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""2 by virtue if vki tD cch""" by way of n nhD thU l>,coi nhD l>,nhD thU""' bypass v,n i vMn#,DPn# vMn#""/ byproduct n sJn phm ph""0 calculable a; c thU @m DEc,c thU t?nh DEc

"" calculate and interpret a holding period return!total return#""8 calculus n phAp t?nh""5 calendar time n"'4 calibrate v nh c,6c nh DPn# !?nh(nMn sVn#,Bn#[)"'1 call n a decision"'2 call out v #i to

"'" caller q n

a system that uses a device on your telephone to identifyand display the telephone number of the person who iscallin# you

"'' camp n phe,phi(ch?nh tr)

"'/ cancel out id

cancel sth out if two or more thin#s cancel out or onecancels out the other, they are eually important but havean opposite effect on a situation so that the situation doesnot chan#e O'ecent losses have cancelled outany profitsmade at the start of the year. he advantages anddisadvantages would appear to canceleach other out.

"'0 candlestick chart n

a price chart with four bits of data for each time interval:3candle indicates the openin# and closin# price for theinterval:he body of the candle is shaded if the openin#price was hi#her than the closin# price,and the body isclear if the openin# price was lower than the closin#price:ertical lines !nown as wic!s or shadows e6tendfrom the top prices for the interval

"'Tandlestic! chart trace their rootstoapan v c n#u]n #Bc tZ

"'8 capability n nn# lc tiFm t>n#,!hJ nn#"'5 capacitor n ci t i.n

"/4 capacity utili)ation na measure of how fully an economyCs production capacityis bein# used

"/1 capital n vBn,tD bJn"/2 capital account n that measures transfer of capital

"/" capital budgeting nthe allocation of funds to relatively lon#-ran#e pro;ects orinvestment

"/'capital consuption allowance!CC+# n

a measure of the wear and tear(depreciation)of thecapital stockthat occurs in the production of #oods andservices

"// capital deepending investent n increases the stoc! of capital relative to labor "/0 capital e'penditure n e6penditure on physical capital(fi6ed assets)"/ capital flight

"/8

Tapital flows are at least asimportant as trade flows indeterminin# nominal e6chan#e rates n

"/5 capital #ains n"04 capital #ains ta6es n"01 capital #oods n tD bJn phmOc&a cJi dXn# U tHo ra nhn# c&a cJi !hc"02 capital arkets n financial mar!ets that trade securities of lon#er

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duration,such as bounds and euities

"0" capital restrictions n

are defined as controls placed on forei#nersC ability to owndomestic assets and=or domestic residentsC ability to ownforei#n assets

"0' capital spendin# n

"0/ capital stock n

the accumulated amount of buildin#s,machinery,and

euipment used to produce #oods and services

"00 capital structure n

the mi6 of debt and euity that a company uses to financeits businessOa companyCs specific mi6ture of lon#-termfinancin#

"0 capital transfers n

sub-accounts of the capital account include debfor#iveness and mi#rantsC transfers(#oods and financialassets belon#in# to mi#rants as they leave or enter thecountry):qt also include the transfer to title to fi6ed assetsand transfer of funds lin!ed to the sale or acuisition offi6ed assets,#ift and inheritance ta6es,deathduties,uninsured dama#e to fi6ed assets,and le#acies

"08 capital-intensive firm n"05 capitalist n,a; nh> tD bJn,tD bJn ch& n#ha

"4 capitali7e v lEi dn#"1 carbonated bevera#e n soft drin!"2 cardinal ran!in#"" career-lon#"' carry forward Da ra ph?a trDGc"/ case n v !i.n"0 cash flow additivity principle n" cash flow uncertainty n

"8 cashless a;done or wor!in# without usin# cashO(e are movingtowards the cashlesssociety.

"5 casin# n vL bc,vL bao

"84 cast doubt!s# on (someone orsomethin#) id to cause someone or somethin# to be doubted"81 catalyst n chKt 6Vc tc"82 catastrophic a; thJm !hBc,th* thJm

"8" catch-up n

1 uncountable the act of tryin# to reach the same levelor standard as sb who is ahead of you 2 countable ,sin#ular an occasion when two or more people meet todiscuss what has happened since the last time they met

"8' causal relationship n mBi uan h. nhjn uJ"8/ causality n thuy@t nhjn uJ

"80 caveat n

(formal, from `atin)a warnin# that particular thin#s need tobe considered before sth can be doneAny discussion oflegal action must be preceded by a caveaton costs.

"8 C23E ;olatility Inde'!;I

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"52 center on=centre on v"5" Tentral 3frican Sepublic n

"5' central banks nthe dominant ban! in a country,usually with official orsemi-official #overnmental status

"5/Tentral ban!s can implement monetary policy almost completely independent of #overnment interference andinfluence at one end of the scale,or simply as the a#ent of the #overnment at the other end of the scale

"50 central limit theorem n

states that the sum(and mean) of a lar#e number ofindependent random variables is appro6imately normallydistributed

"5 certainty n s chc chn"58 certificates of deposit (Ts) n"55 ceteris paribus latin all other thin#s bein# eual'44 T(chief financial officer) n

'41 change in polarity principle n

a tenet of technical analysis that once a support level isbreached,it becomes a resistance level:he same holdstrue for resistance levelsOonce breached,they becomesupport levels:

'42 change in *uantity supplied n result from a chan#e in this productCs own price

'4" change in supply n the supply curve has shifted both vertically andhori7ontally'4' chan#in# environment n'4/ chaotic a; hn l$n,hn loHn,l$n 6$n'40 chapter n F t>i,vKn FOchDkn#'4 characteristically av nAt c trDn#'48 charter n hi@n chDkn#

'45 chartered a;c & tD cch phX hEp vGi cc uy tc c&a mQt hQi n#hFn#hi*p DEc cQn# nhjn tron# mQt hi@n chDkn# ho>n# #ia

'14 Tharts are the #raphical display of price and volume data,and the display maybedone in a nuber of ways6'11 Chebyshev/s Ine*uality

'12

Thica#o ed National 3ctivity

qnde6(TN3q) n'1" Thica#o ercantile I6chan#e(TI) n'1' Thina and emer#in# 3sia(TN+I3)

'1/ chokesth off v

bp c\1 to prevent or limit sth O%igh prices have chokedoff demand: 2 to interrupt sthO to stop sth O%er screamswere suddenlychoked off.

'10 circulatin# a; tun ho>n,lDu thQn#'1 circulation n s lDu thQn#(tiFn t.)'18 cite v tr?ch dn'15 claim n uyFn Mi'24 clarity n s r} r>n#'21 class n loHi,hHn#

'22 classify v phjn loHi,sp 6@p c h. thBn#'2" clear a; ho>n to>n

'2' close out idto sell #oods very cheaply in order to #et rid of themuic!ly

'2/ closed econoy n'20 clout n power and influenceOpolicy)financial clout'2 cluster v tm lHi,#$p lHi'28 clutter n s l$n 6$n

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'25 coalition #overnment n ch?nh ph& li*n hi.p'"4 coefficient n h. sB'"1 coefficient of variation !C;# '"2 cohort n $i ujn,nhm n#DPi'"" coin v tHo ra,t ra(m$t thu%t n#)

'"' coinfident econoic indicators n

turnin# points that are usually close to those of the overalleconomy,they are belived to have value for identifyin# theeconomyCs present state

'"/ collateral n ] ! uW'"0 collaterali7ed a; ! uW

'" collective na #roup of people who own a business or a farm and run itto#etherO the business that they run

'"8 collectively av chun#,t%p thU'"5 collusion n s cju !@t,s thQn# ]n#''4 combat v chi@n Ku

''1 cobination na listin# in which the order of the listed items does notmatter

''2Coercial paper !C,#is unsecured short-term corporate debt that,li!e :_ reasury bills,is characteri7edby a sin#le payment at maturity

''" coon arket n

is the ne6t level of economic inte#ration that incorporatesall aspects of the customs union and e6tends it byallowin# free movement of factors of production amon#members

''' coon value auction n

in which there is some actual common value that willultimately be revealed after the auction is settledOane6ample of a common value auction would be biddin# ona ;ar containin# many coins

''/ commonplace a;

done very often, or e6istin# in many places, and thereforenot unusual O*omputers are now commonplacein

primary classrooms.

''0 compact notation n ! hi.u nhL #n'' comparability n so snh''8 comparable ;obs n

''5 coparative advantage n

a country has a coparative advantagein producin# a#ood (or service) if its opportunity cost of producin# that#ood is less than of its tradin# partner

'/4 compatibility n t?nh tDkn# hEp'/1 compellin# euity valuations n nh #i bt bu$c'/2 competency n nn# lc,!hJ nn#'/" competitiveness n t?nh cHnh tranh'/' compiliation n s bi*n soHn'// complementary a; bX,b\ sun#

'/0 copleents n

said of #oods which tend to be usedto#etherOtechnically,two #oods whose cross-price elasticityof demand is ne#ative

'/ coplete preferences n

the assumption that a consumer is able to ma!e acomparison between any two possible bundles of#oodsOthat is,#iven bundles 3 and ,she must be able tosay either that she prefers 3 to ,or she prefers to 3,orshe is indifferent betweent the two

'/8 completeness n t?nh y &,t?nh trMn vn

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'/5 compliance n s b|n# lMn#'04 composite a;,n h\n hEp

'01Coposite =eading Indicator'indices!C=I# n

'02 copounding n the process of accumulatin# interest on interest'0" compress v Ap,nAn,OcQ n# lHi( n#h,lPi ni[:)

'0' compromise v l>m hHi,l>m t\n thDkn#OthoJ hi.p'0/ comptroller=controller n n#DPi uJn l?,!iUm sot'00 computation n s t?nh ton'0 computer-controlled euipment n'08 concave a; l}m,hRnh chJo'05 conceivable a; c thU hiUu DEc'4 conceivably av'1 conceive of v hiUu'2 conceptual a; thu$c vF uan ni.m,thu$c vF nh%n thgc'" conceptuali7e v !hi ni.m ha'' conceptually av related to or based on ideas

'/ concerned with a; F c%p @n ci #R,li*n uan @n ci #R'0 concession outlet n ca h>n# tHi cc nh> #a' concrete a; c thU'8 concurrent a; cXn# lVc,]n# uy

'5 conditional e'pected values nthe e6pected value of a stated event #iven that anotherevent has occurred

'84 conditional probability nthe probability of an event #iven(conditioned on) anotherevent

'81 conditional variances n the variance of one variable,#iven the outcome of another'82 confer v trao hoc tn# vn b|n#,tDGc v

'8" confidence in n

uncountable (in sb=sth) the feelin# that you can trust,believe in and be sure about the abilities or #ood ualities

of sb=sth Ohe players all have confidence in theirmanager.

'8' confiscation n s tch thu,s sun# cQn#'8/ confused people n nhn# n#DPi bBi rBi,lVn# tVn#

'80Ton#estion areas,where a security trades up and down in a narrow ran#e,are evidenced by a series of shortcolumns of Cs and Cs spannin# rou#hly the same price ran#e

'8 connectivity n !@t nBi'88 connotation n n#ha r$n#O n#ha(c&a m$t tZ)'85 Tonsensus Turrent I~_'54 Tonsensus Turrent ~=I'51 conseuent a;,n hEp l,lo#ic,l> !@t uJ c&a

'52 consistency estiator n

is one for which the probability of estimator close to the

value of the population parameter increases as samplesi7e increases

'5" consistent a;( approvin# ) always behavin# in the same way, or havin#the same opinions, standards, etc:on a consistentbasis

'5' consistent n

with reference to estimators,describes an estimator forwhich the probability of estimates close to the value of thepopulation parameter increases as sample si7e increases

'5/ consolidation n s thBn# nhKt,s cYn# cB'50 conspicuous consuption n consumption of hi#h status #oods,such as a lu6ury

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automobile or a very e6pensive piece of ;ewelry'5 conspire with v jm mDu vGi

'58 constant a;!hQn# thay \i,bKt bi@nOtotal revenue increases by theprice level,which is constant tothe firm

'55 constant returns of scale nthe characteristic of constant per-unit costs in thepresence of increased production

/44 constant-cost industry nwhen the firms in the industry e6perience no chan#e inresource costs and output prices over the lon# run

/41 constant-proportion strate#y n/42 consulate n tMa lnh s

/4" consuer choice theory nthe theory relatin# to consumer demand curves toconsumer preferences

/4'consuption bundle orconsuption basket n

a specific combination of the #oods and services that aconsumer wants to consume

/4/ conta#ion n s ljy lan

/40 continous copounded return n

the natural lo#arithm of 1 plus the holdin# period return,oreuivalently,the natural lo#arithm of the endin# price overthe be#innin# price

/4 continuation pattern na type of pattern used in technical analysis to predict theresumption of a mar!et trend that was in place prior to theformation of a pattern

/48 continuity n s li*n tc

/45 continuous rando variable n

a random variable for which the ran#e of possibleoutcomes is the real line (all real numbers between -8 and+8 or some subset of the real line)

/14 continuous tie ntime thou#ht of as advancin# in e6tremely smallincrements

/11 continuous unifor distribution n is the simplest continuous probability distribution/12 contour map bJn ] DPn# ]n# mgc/1" contract v,n nhim(b.nh)Othu nhL,rVt #n,hEp ]n#/1' contractibility n t?nh c thU thu nhL lHi/1/ contractionary n,a; s tht cht/10 contractionary n tendin# to cause the real economy to contract/1 contractionary fiscal policy n fiscal policy aimed at achievin# real economic ontract/18 contradict n ph& nh%n,ci lHi,mju thun/15 contradiction n s mju thun/24 contrary to pr tri n#DEc vGi/21 contrast v Bi chi@u(U l>m n\i b%t nhn# iUm !hc nhau)/22 controller n uJn l,n#DPi !iUm sot/2" convention n uy DGc,tiFn l.,thLa thu%n n#m/2' conventional monetary policy n/2/ conventionally av theo thi thDPn#,nhD vn uy DGc

/20 conver#ence n s h$i t

/2 convergence n

the tendency for differences in output per capita acrosscountries to diminish over timeOin technical analysis,a termthat describes the case when an indicator moves in thesame manner as the security bein# analy7ed

/28 conversely av n#DEc lHi/25 convertibility n !hJ nn# chuyUn \i(tiFn th>nh v>n#:)/"4 conve6 a; l]i(ton hc)

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/"1 conve6ity n $ l]i/"2 conviction n s tin chc/"" convinced a; tin chc,oan chc/"' cool down v bRnh tnh lHi/"/ co-ops n hEp tc 6

/"0 coordination ns !@t hEp,s phBi hEpOthe ability to control yourmovements well

/" Tore inflation nrefers to the inflation rate calculated based on a priceinde6 of #oods and services e6cept food and ener#y

/"8 cornerstone n ck sk,nFn tJn#O tJn#/"5 corollary n !@t uJ tKt y@u

/'4 corporate accounts n

(buy side)Torporations of all si7es underta!e transactions durin# cross-border purchases and sales of#oods and services:any of their flows can also berelated to cross-border investment flows--such asinternational 3 transactions,investment of corporatefunds in forei#n assets,and forei#n currency borrowin#

/'1 correction n s hi.u chnh,s sa cha

/'2 corrective n,a; hi.u chnh,iFu hMa/'" corrective wave n adown,bup and cdown/'' correctness n s ch?nh 6c/'/ correlate v tDkn# uan/'0 correlation n s tDkn# uan

/' correlation n

a number between -1 and +1 that measures thecomovement(linear association)between two randomvariables

/'8 correspondin#ly av tDkn# gn#/'5 corruption n s tham nhYn#//4 cost averaging n the periodic investment of a fi6ed amount of money//1 cost structure n the mi6 of a companyCs variable costs and fi6ed cost

//2 cost-minimi7in# behavior n//" cost-minimi7in# mi6 n

//' cost-push ntype of inflation in which risin# costs,usuallywa#es,compel businesses to raise prices #enerally

/// counter ar#ument n tranh ci Bi l%p//0 counter to pr n#DEc lHi,tri lHi// counteract v chBn# lHi,!hn# c//8 counter-ar#ument n l l phJn bc//5 countercyclical a; chBn# lHi chu !z/04 counterpart n bJn saoOBi tc

/01 countervailin# duties nare duties that are levied by the importin# country a#ainstsubsidi7ed e6ports enterin# the country

/02 Cournot assuption n

two-firm duopolymar!etOassumption in which each firmdetermines its profit-ma6imi7in# production level assumin#that the other firmsC output will not chan#e

/0" courtesy of=by courtesy of sb=sth n nhP s #iVp c&a

/0' covariance atri' na matri6 or suare array whose entries arecovariancesOalso !nown as a variance-covariance matri6

/0/ covenant n iFu !hoJn,hi.p DGc/00 creative destructionprocess 100 volume 2

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/0 credential ndocuments such as letters that prove that you are who youclaim to be, and can therefore be trusted

/08 credible a; n# tin DEc,tin DEc/05 credit v cQn# trHn#,danh ti@n#

/4credit card payment involves adefferedpayment n

/1 creditor n ch& nE/2 critical a; tGi hHn(ton hc)/" critiue v,n ph* bRnh,Da ra !i@n nh #i

/' cross price elasticity chan#e in uantity demanded = chan#e in price ofrelated #ood

// cross price elasticity 4 related #ood is a complement/0 cross price elasticity 4 related #ood is a substitute/ cross-board comparison n/8 crosshatched a; !hc DPn# chAo

/5 crossover n

the process or result of chan#in# from one area of activityor style of doin# sth to another;he album was an exciting

&a++pop crossover.

/84 crossover discount rate n/81 cross-price n

/82 cross-sectional data nobservations over individual units at a point in time,asopposed to time-series data

/8" cross-sectional re#ression analysis n/8' crowd out v !hQn# cho v>o(vR u Qn#)

/8/ crowding out the thesis that #overnment borrowin# may divert privatesector investment from ta!in# place

/80 crudedescription a; thQ thiUn,chDa #t #iYa,mGi phc ua/8 cube v l%p phDkn#/88 cultivate v cKy,tr]n# trtOnuQi dDn#(tRnh cJm)Otu dDn#(tr? tu.)

/85 cuulative distribution function na function #ivin# the probability that a random variable isless than or eual to a specified value

/54 cuulative relative fre*uency n

for data #rouped into intervals,the fraction of totalobservations that are less than the value of the upper limitof a stated interval

/51 curent governent spending n

with respect to #overnment e6penditures,spendin# on#oods and services that are provided on are#ular,recurrin# basis includin# health,education,anddefense

/52 currency n tiFn t.Os lDu h>nh,s thnh h>nh/5" Turrency board system(T_) n/5' current account n that measures the flow of #oods and services/5/ curtail v ct bGt

/50 curvature n $ con#/5 customary a; theo thi thDPn#,nhD vn uy DGc

/58 custos union n

e6tends the 3 by not only allowin# free movement of#oods and services amon# members but also creatin# acommon trade policy a#ainst non-members

/55 cut bac! v ct #iJm

044 cutoff na point or limit when you stop sth;he governmentannounced a cut-off in overseas aid.

041 cyclical a; theo chu !z

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042 cyclical copanies n

companies with sales and profits that re#ularly e6pandand contract with the business cycle or state of economy(for e6emple,automobile and chemical companies)

04" dampen v l>m nJn ch?,l>m ct hgn#Ol>m m,l>m DGt04' data converter n

04/ data-ining!data snooping# n

the practice of determinin# a model by e6tensive

searchin# throu#h a dataset for statistically si#nificantpatterns

040 dataset n04 avid Sicardo n the economist

048 de facto a;

usually before noun ( from `atin , formal ) e6istin# as afact althou#h it may not be le#ally accepted as e6istin#Ohe #eneral too! de facto control of the country Ode factoadverb %e continued to rule the country de facto.

045 dead cross n

a technical analysis term that describes a situation wherea short-term movin# avera#e crosses from above alon#er-term movin# avera#e to below itOthis movement isconsidered bearish

014 deadwei#ht loss

011 deadweight loss nhe reduction in consumer and producer surplus due tounderproduction or overproduction

012 debatable a; c thU tranh ci01" debilitatin# a; l>m y@u sgc,l>m suy nhDEc01' debilitatin# impact n01/ debit card n010 debt for#iveness n01 debtor n con nE018 decelerate v #iJm tBc015 decennial a; 14 nm m$t ln

024 Decennial ,attern n

the pattern of avera#e stoc! mar!et returns(based on the

q3)bro!en down on the basis of the last di#it in theyear:ears endin# with a 4 have had the worstperformance,and years endin# with a / have been by farthe best:(he D>I+ was up every year ending in a % fro188% until 1??%but it declined .6: percent in 9..%

021 deceptively av d nhm ln,dBi tr022 deciles n uantiles that divide a distribution into ten eual parts02" decipher n,v #iJi m02' decision n uy@t n#h02/ decision ma!in# ra uy@t nh020 decompose v phjn t?ch,phjn chia,phjn ly,phjn h&y

02 decreasing-cost industry n

an industry in which per-unit costs and output prices are

lower when industry output is increased in the lon# run028 decree n sc l.nh025 decummulation n oppaccummulation0"4 default n,v v nE

0"1default risk !or defaultprobability# n

the probability that a borrower defaults or fails to meets itsobli#ation to ma!e full and timely payments of principaland interest,accordin# to the terms of the debt security

0"2 Default risk preiu n an e6tra return that compensates investors for thepossibility that the borrower will fail to ma!e a promised

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payment at the contracted time and in the contractedamount

0"" defaut-free interest rates n0"' defeatin# a; thKt schOt chuBc lKy thKt bHi(vF !@ hoHch,hoHt $n#)0"/ defense n uBc phMn#

0"0 defensive copanies n

companies with sales and profits that have little sensitivity

to the business cycle or state of economy (fore6emple,food and pharmaceutical companies)

0" defensive stratery n chi@n lDEc phMn# th&0"8 deficiency n s thi@u ht,s !Am cLi0"5 deficient n s thi@u ht0'4 deflate v hH #iO#iJm lHm pht0'1 deflation n #iJm pht0'2 deflator n #iJm pht

0'" Degree of confidence nthe probability that a confidence interval includes theun!nown population parameter

0'' degrees of freedo!df# n the number of independent observations used0'/ dele#ate to v &y thc,&y uyFn,#iao ph0'0 deletion n s 6a bL0' deliberately av cjn nhc,th%n trn#Oc ch& 0'8 delve v n#hi*n cgu sju

0'5 deand and supply ananlysis nis the study of how buyers and sellers interact todetermine transaction prices and uantities

0/4 demand deposit nfunds in a ban! account that may be withdrawn ondemand of the customer:

0/1 deand shock na typically une6pected disturbance to demand,such asune6pected interruption in trade or transportation

0/2 deand-pull n

type of inflation in which increasin# demand raises price#enerally,which then are reflected in a businessCs costs aswor!ers demand wa#e hi!es to catch up with the risin#

cost of livin#0/" demo#raphic a; thu$c nhjn !hu hc

0/' denominate v sth (in sth) to e6press an amount of money usin# aparticular unit ;he loan wasdenominatedin- dollars

0// denominator n mu sB0/0 density n m%t $,t trn#0/ epartment of Tommerce n b$ thDkn# mHi0/8 departure n tr.ch hDGn#,s chuyUn hDGn#

0/5 dependent n

with reference to events,the property that the probability ofone event occurrin# depends on (is related to) theoccurrence of another event

004 depiction n s mi*u tJ,s minh ha

001 depositor n n#DPi #i ] v%t,n#DPi #i tiFn002 depository receipt n00" depreciate v st #i,nh #i thKp00' depreciation n s st #i,s #iJm #iOs ch* bai,nh #i thKp,!hKu hao00/ depress v l>m #iJm(#i)000 depression n tRnh trHn# trR tr.Otrm cJm00 dere#ulate v bi bL uy nh008 deregulatedmar!et n

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005 derivative of Ho h>m04 derive from v nh%n DEc tZ01 descendin# a; i 6uBn#

02

descending price or Dutch

auction n

the auctioneer be#ins at a very hi#h price--a price so hi#hthat no bidder is believed to be willin# to pay it:heauctioneer then lowers the called price in increments until

there is a willin# buyer of the item bein# sold0" descriptive statistics n the study of how data can be summari7ed effectively0' destabili7e v l>m mKt \n nh0/ deteriorationin economy n s tr n*n 6Ku hkn00 determinant n nh thgc(ton hc)Oy@u tB uy@t nh0 devaluation n s ph #i08 devalue v #iJm #i tr,st #i,mKt #i,ph #i05 developed countries n084 developer n nh> pht triFn(l thuy@t)lOn#DPi ra Jnh081 developin# countries n082 deviate from v tr.ch hDGn#

08" deviation from n s tr.ch hDGn#08' diabetic n n#DPi b b.nh i DPn#08/ dictate v ra l.nh,sai !hi@n080 differential a;,n s ch*nh l.ch08 differentiate v phjn bi.tOlKy vi phjn(ton hc)088 differentiation n s phjn bi.tOphAp lKy vi phjn(ton hc)

085 diffusion inde6 nreflects the proportion of the inde6Cs components that aremovin# in a pattern consistent with the overall inde6

054 di#iti7e v sB ha

051 diinishing arginal productivity ndescribes a state in which each additional unit of inputproduces less output than previously

052 dire a; !hBc li.t,!inh !h&n#

05" direct ta'es n ta6es levied directly on income,wealth,and corporateprofits05' disadvanta#e n,v s bKt lEi,th@ bKt lEi05/ disa##re#ate v phjn tch050 discernible a; c thU nh%n thKy05 discount v !hQn# @m 6a,coi thDPn#OhH #i

058 discount

to reduce the value of a future payment in allowance forhow far away it is in timeOto calculate the present value ofsome future amount:3lso,the amount by which aninstrument is priced below its face value

055 discount rate nwith reference to :_ ban!in#,the rate for member ban!sborrowin# directly from the :_ ederal Seserve _ystem

44 discouraged worker n person who has stopped loo!in# for a ;ob41 discrete a; rPi rHc, ri*n# rOdiscreterandom variables

42 discrete rando variable na random variable that can ta!e on at most a countablenumber of possible values

4" discretion n s th%n trn# suy 6At Vn# nOs l>m theo mRnh4' discretionary usually before noun ( formal )decided accordin# to the

;ud#ement of a person in authority about what isnecessary in each particular situationO not decided byrules Oou may be eligible for a discretionarygrant for

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your university course.

4/ discretionary #oods n40 discretionary trades n

4diseconoies of scale !ordecreasing returns to scale# n

increase in cost per unit resultin# from increasedproduction

48 disincentive n s nJn lMn#,s l>m nht ch?

45 disinflation n s #iJm lHm pht14 disinvest n thu h]i vBn11 dispersion n s phjn tn12 Dispersion n the variability around the central tendency1" displacement n s thay th@1' disposable income n thu nh%p sau thu@ v> bJo ph?1/ disproportionately av !hQn# tDkn# 6gn#,!hQn# cjn Bi10 disruptive a; %p #y,ph v1 dissemination of information s ph\ bi@n18 dissimilar a; !hQn# #iBn#,!hc15 dissipate v ti*u tan

24 distasteful a; !h chu,!hQn# vZa

21 distil=distill v

@ sth !frointo sth# ! foral # to get the essentialeaning or ideas fro thoughts inforatione'periences etc AThe notes made on my travels weredistilledinto a book.

22 distinctly different r} r>n# ri*n bi.t2" distortion n tRnh trHn# !hQn# r} r>n#,s vn vo,mAo m2' distress n,v !i.t u.,!hBn cXn#,ni au !h\

2/ disturbin#ly avma!in# you feel an6ious and upset or shoc!ed Oadisturbingpiece of news

20 diver#e from v !hc nhau(bKt ]n# !i@n),phjn !z2 diver#ence n s phjn !z,s !hc nhau

28 divergence n

in technical analysis,a term that describes the case whenan indicator moves differently from the security bein#analy7ed

25 diver#ent a; bKt ]n#,!hc nhau( !i@n)Ophjn !z,chia r"4 diver#ent views n uan iUm !hc nhau"1 diversification n s a dHn# ha"2 diversion n l>m tr.ch hDGn#,trM ti*u !hiUn"" divestsomebody of v tDGc bL"' dividend n li c\ phn"/ dividend yield !D,# n annual dividends per share divided by share price"0 division of labor n s phjn chia lao $n#" divisor n DGc sB,sB chia

"8 q3 n"5 do;i n'4 dollari7ation n Q la ha'1 domain n phHm vi,lnh vc,lnh th\

'2 doestic content re*uireents n

stiplulate that some percenta#e of the value added orcomponents used in production should be of demeticori#in

'" domicile v nh nki thanh ton(hBi phi@u)

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'' dominated-by-bundle-a'/ dormant v ch@t(vBn)

'0 double bottos

in technical analysis,a reversal pattern that is formedwhen the price reaches a lowOrebounds,and then sells offbac! to the first low levelOused to predic a chan#e from andowntrend to a uptrend

' double coincidence of wants

a prereuisite to barter trades,in particular that botheconomic a#ents in the transaction want what the other issellin#

'8 double top n

in technical analysis,a reversal pattern that is formedwhen an uptrend reverses twice at rou#hly the same hi#hprice levelOused to predic a chan#e from an uptrend to adowntrend

'5 double-di#it=double-fi#ure a; only before nounOhai con sBOa double-digitpay raise/4 double-di#its=double-fi#ures n plural noun/1 ow ones qndustrial 3vera#e(q3) n Tharles ow,creator in 1850

/2 down transition probability nthe probability that an assetCs value moves down in amodel of asset price dynamics

/" down-and-out na person without money, a home or a ;ob, who lives on thestreets

/' down#rade v hH t?nh nhi.m// downside n nhDEc iUm/0 downsi7in# n,v/ downtrend n/8 downturn n suy thoi/5 drama n an e6citin# event04 drawbac! n mt hHn ch@,iFu tr n#Hi

01 drawdown n

(finance) the act of usin# money that is available to youOthe amount usedOa drawdownof cash from thecompany/s reserves

02 drawing on the work of the Nobel ~ri7e winner ilton riedmand,the natural rate of unemployment(N3S)0" drop the technically correct0' duopoly n tRnh trHn# th trDPn# do hai cQn# ty $c uyFn lYn# oHn0/ durin# this period,~ declined by the steepest amount in the post-Borld Bar II period

00 Dutch 2ook (heore a result in probability theory statin# that inconsistentprobabilities create profit opportunities

0 duty n thu@ nh v>o h>n# ha(nhKt l> h>n# 6uKt !hu)08 dwellin# unit n place of residence not for business purposes05 dynamic a;,n $n# lc4 dynamically av sQi n\i,nn# n\1 dysfunctional a; s rBi loHn chgc nn#2 earnin#s n tiFn li

" easin# n s #iJm au,s ln# du' ebb n thPi !z suy spOth&y triFu 6uBn#

/IT focuses onthe haronisedinde' of consuer!IC,# n

0 econic union n reuires an even #reater de#ree of inte#ration:(i:e:I) econometric a; thu$c ton !inh t@8 economic actors of every !ind5 econoic costs n all the remuneration needed to !eep a productive resource

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in its current employment or to acuire the resource forproductive useOthe sum of total accountin# costs andimplicit opportunity costs

84 econoic indicator na variable that provides information on the state of theoverall economy

81 econoic loss n

the amount by which accountin# profit is less than normal

profit82 economic moat n8" econoic profit n abnormal or supernormal profit

8' econoic rent n

the surplus value that results when a particular resourceor #ood is fi6ed in supply and mar!et price is hi#her thanwhat is reuired to brin# the resource or #ood onto themar!et and sustain its use

8/ econoic stabili)ation n reduction of the ma#nitude of economic fluctuations80 economically av vF mt !inh t@

8econoies of scale !or increasingreturns to scale# n

reduction in cost per unit resultin# from increasedproduction

88 economist n nh> !inh t@ hc,nh> ti@t !i.m

85 economyCs rate of sustainable#rowth n

54 effective annual rate!E+R# nthe amount by which a unit of currency will #row in a yearwith interest on interest included

51 Iffective annual yield was called the effective annual rate in the readin# on the time value of money

52 effective annual yield!E+# n

an annuali7ed return that accounts for the effect of intereston interestOI3 is computed by compoundin# 1 plus theholdin# period yield forward to one year,then subtractin# 1

5" efficacy n t?nh c hi.u uJ,hi.u lc

5'efficiency estiator !bestunbiased estiator# n

an unbiased estimator is efficient if other unbiasedestimator of the same parametor has a samplin#distribution with smaller variance

5/ efficiency-enhancin# pro;ect n

50 elastic a; co #in5 elastic response n

58 elasticities approach nfocuses on the effect of chan#in# the relative price ofdomestic and forei#n #oods

55 elasticity n $ co #in,t?nh co #in

844 elasticity of supply na measure of sensitivity of uantity supplied to a chan#e inprice

841 electoral a; thu$c(s bu c)Othu$c(c tri)842 electronic tradin# platform n84" elevated a; phKn !hi,hoan h

84' elicit v

sth (from sb) ( formal ) to #et information or a reactionfrom sb, often with difficulty O%er tears elicitedgreat

sympathy fromher audience.84/ Illiott wasan accountant by training

840 Elliott Bave theory na technical analysis theory that claims that the mar!etfollows re#ular,repeated waves or cycles

84 emanate from v pht ra,tLa ra,bt n#u]n tZ848 embar#o n,v cKm v%n

845 embed in v

sth (in sth) to fi6 sth firmly into a substance or solidob;ect ;an operation to remove glass that wasembeddedinhis leg

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814 embodiment n n#DPi hoc v%t l> hi.n thjn c&a ci #R811 embody v l> hi.n thjn c&a,bao #]m812 embrace v bao #]m81" emer#in# mar!et n developin# country

81' empirical a;

( formal ) based on e6periments or e6perience rather thanideas or theoriesOempiricalevidence!knowledge!research

81/ empirical estimates n

810 epirical probability nthe probability of an event estimated as a relativefreuency of occurrence

81 employer n ch&818 encompass v bao #]m,chga n#,bao ph&

815 end up (by) doin# stwind up (by) doin# stOto conclude st by doin# stOweendedup "by# goingback to my house

824 endin# point n iUm !@t thVc821 endo#eneity n n$i sinh822 endo#enous a; n$i sinh82" endowment n s hi@n tn#

82' endowment n

countable ,usually plural a uality or an ability that youare born with Oew people are blessed with her mentalendowments.

82/endowments,e6chan#e-tradedfunds(Is) n

820 endpoint n iUm !@t thVc82 endure v !Ao d>i,t]n tHiOcam chu,chu n#828 en#a#e in v ti@n h>nh,tham #ia v>o vi.c #R825 en#ineer v vHch ra,n#h ra8"4 en#ulf v nhKn chRm8"1 enhancement n s l>m tn#8"2 ensue v 6Jy ra sau 8"" entail v Da @n,Mi hLi,#jy ra

8"' enterprise ncQn# trRnh hoc cQn# vi.c !inh doanh (nhKt l> cQn# trRnh!h !hn Mi hLi s dYn# cJm)Os n#hi.pOhn#,6? n#hi.p

8"/ entirety n to>n b$8"0 entitlement outlays n Intitlement outlay drivin# _ deficit8" entity n s t]n tHi(c&a m$t v%t),thc thU8"8 entrepreneurial ris!-ta!in# ability8"5 entrepreneurship n uncountble nounOentrepreneur 8'4 Intries are number of funds !percent of row total in parentheses#8'1 entry fee n8'2 enumeration n s @m,s li.t !*,bJn# li.t !*

8'" envelope n hRnh bao uanh(ton hc)O!h? cuOphon# bROvL bao,m>n#bao(sinh v%t hc)8'' envisa#e v d t?nh,vHch ra(!@ hoHch::)OnhRn trDGc8'/ euality n n# thgc,trHn# thi b|n# nhau8'0 euali7e v l>m cho ci #R b|n# nhau8' euate v l>m cjn b|n#8'8 euate sth to v coi nhD n#an# nhau8'5 euation n phDkn# trRnh

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8/4 euilibrate v l>m cjn b|n#8/1 euilibrium n trHn# thi cjn b|n#8/2 euitable a; hEp tRnh hEp l(y*u sch[)OcQn# b|n#,vQ tD

8/" euity n plural ( finance ) shares in a company which do not paya fi6ed amount of interest

8/' euity universe n

8// euivalence n s tDkn# Dkn#8/0 euivalently av tDkn# Dkn#,tDkn# t8/ erosion n s n mMn,s 6i mMn8/8 errata n bJn ?nh ch?nh

8/5 erratic a;c Qn#, t?nh chKt hoc cch cD 6 thKt thDPn# hoc!hQn# FuO !hQn# n# tin cjyO DEc chn# hay chG

804 erratic thKt thDPn#

801 estiate nthe particular value calculated from sample observationsusin# an estimator

802 estiation nwith reference to statistical inference,the subdivisiondealin# with the value of a population parameter

80"

Estiationaddresses the uestions"Bhat is this paraeter/s !e6g6the population ean/s#value&"he

answer is in the form of a confidence interval built around a point estimate:80' estimator n n#DPi nh #i

80/ estiator n

an estimation formulaOthe formula used to compute thesample mean and other sample statistics are e6amples ofestimators

800 et al latin nhn# n#DPi hoc thg !hc

80 Iurone6t N n

a Iuropean electronic stoc! e6chan#e based in3msterdam,Netherlands,and with subsidiaries inel#ium,rance,Netherlands,~ortu#al and the

808 Iuropean I6chan#e Sate echanism(IS)

805Iuropean inancial _tabilityacility(I_) n

has been created by the I in 2414 to help I countriesin need

84 Iuropean onetary nion(I) n81 Iuropean nion(I) n82 euros=euro n ]n# tiFn chun# chju u8" Iurostat n the statistical office for the I

8' Iuro7one n( also Iuro land ) the countries in the Iuropean nionthat use the euro as a unit of money

8/ evade v trnh(thu@80 even a; Fu Fu

8 event nany outcome or specified set of outcomes of a randomvariable

88 ever-chan#e luQn thay \i85 evidence v transitive verbOchgn# minh,chgn# tL

884 evident v r} r.t,hiUn nhi*n881 evolution n s pht triUn,s ti@n ha882 evolve v 6uKt pht tZ,suy ra tZ(l thuy@t,s !i.n[)Oti@n ha88" e' ante harpe ratio 88' e' post or historical harpe ratio 88/ e6acerbate v l>m trm trn# th*m(b.nh t%t,au Gn[)880 e6ception n s phJn Bi,s loHi bL88 e'cess kurtosis n de#ree of pea!edness(fatness of tails) in e6cess of the

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pea!edness of the normal distribution888 e6chan#e n s>n #iao dch885 e6cheuer n !ho bHc uBc #ia,n#jn !hB uBc #ia854 e6cise duties n thu@ mQn b>i,thu@ h>n# ha851 e6cise ta6 n thu@ h>n# ha,thu@ mQn b>i

852 e6clusively av $c nhKt,d>nh ri*n#85" e6ecute v h>nh hRnh85' e6ercisable a; (ni vF uyFn h>nh)c thU s dn#,c thU h>nh s

85/ e6ercise vs dn# (t?nh !i*n nhn,lMn# !hoan dun#,s !iUmsot,uyFn lc::)

850 e6ert v s dn#(sgc mHnh::)85 e6ertion n s s dn#(sgc mHnh,Jnh hDn#::)858 e'hausitive n coverin# or containin# all possible outcomes855 e6haust v n#hi*n cgu h@t mi !h?a cHnh c&a vKn F544 e6hibit n ] th,biUu ]541 e6o#enous a; n#oHi sinh542 e6onerate v #iJi t$i(cho ai)

54" e6pansionary n,a; s m r$n#54' e'pantionary n tendin# to cause the real economy to #row54/ e'pantionary fiscal policy n fiscal policy aimed at achievin# real economic #rowth

540 e'pected inflation nhe level of inflation that economic a#ents e6pect in thefuture

54 e'pected value nthe probability-wei#hted avera#e of the possible outcomesof a random variable

548 e6planatory a; U #iJi th?ch,c t?nh #iJi th?ch545 e6plicit a; hi.n(ton hc)Or} r>n#,dgt !hot514 e6ponent n sB mY511 e6port-driven economy n apan[512 e6pose to v t v>o(nki n#uy hiUm[)

51" e6posure n uJn# co,h>nh $n# phki b>y51' e6pression n biUu thgc(ton hc)51/ e6pressly for av ch U,cBt U510 e6tent n uy mQ51 e6ternalities n nhn# ci b*n n#o>i

518 e'ternality nan effect of a mar!et transaction that is borne by partiesother than those who transacted

515 e6tract from v rVt ra tZ524 e6traction n s chi@t 6uKt

521 e6trapolate v

n#oHi suyOto estimate sth or form an opinion about sth,usin# the facts that you have now and that are valid forone situation and supposin# that they will be valid for thenew one

522 e6uberance n t?nh y ry

52" face value n

the amount of cash payable by a company to thebondholders when the bonds matureOthe promisedpayment at maturity separate from any coupon payment

52' face-to-face meetin# n

52/ facilities n plural buildin#s, services, euipment, etc: that areprovided for a particular purpose Osports)leisure facilities

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520 factor n thZa sB,h. sB52 factor arkets n528 factor of production n525 factorial n #iai thZa5"4 fade v mKt dn,mP dn

5"1 fair value n

the amount at which an asset could be e6chan#ed,or aliability settled,between !nowled#eable,willin# parties inan armCs-len#th transactionOthe price that would bereceived to sell an asset or paid to transfer a liability in anorderly transaction between mar!et participants

5"2 fairness a; s cQn# b|n#5"" faith n s tin c%y,lPi cam !@t5"' famine n nHn i,s !han hi@m5"/ fare v v>o tRnh trHn# n>o ,l>m n,sinh sBn#5"0 fashion creation n

5"7at tail can be modeled by a mi6ture of normal random variables or by a _tudentCs t-distribution with arelatively small number of de#rees of freedom

5"8 faulty a; mc li,thi@u st5"5 favourable for a; c lEi cho,tHo iFu !i.n thu%n lEi cho5'4 7DI0et Inflows 5'1 7DI0et 3utflows 5'2 fearful of a; sE hi,lo ln#

5'" federal funds ratefed funds rate nthe :_:interban! lendin# rate on overni#ht borrowin#s ofreserves

5''ederal pen ar!etTommittee(T) n

5'/ feed n cL !hQ,thgc n #ia sVc5'0 feedbac! effects n5' fiat oney n money that is not convertible into any other commodity

5'8 7ibonacci se*uence n

a seuence of numbers startin# with 4 and 1,and theneach subseuent number in the seuence is the sum ofthe two precedin# numbers:qn Illiot ave heory,it isbelieved that mar!et waves follow partterns that are theratios of the numbers in the ibonacci seuence

5'5 field n mL5/4 fi#ure n sB tiFnOhRnh v,sk ]

5/1inacial imes _toc!I6chan#e(_I) n

5/2 final sale price n

5/" final sales nif sales e6ceed current production,then ~ is less thanfinal salesby the amount of #oods sold out of inventory

5/' 7inancal risk is ris! relatin# asset prices and other financial variables

5// financial account n that records investment flows

5/0 financial assets abroad n

sub-accounts of the financial account Oa countryCs assetsabroad are further divided into official reserveassets,#overnment assets,and private assets:heseassets include #old,forei#n currencies,forei#nsecurities,the #overnmentCs reserve position in theq,direct forei#n investment,and claim reported byresident ban!s

5/ inancial _ervices 3uthority(_3) he : Se#ulatory authority

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5/8 financier na person who lends lar#e amounts of money tobusinesses

5/5 financin# n especially N3mIOfinace(rI)504 fine a; usually before noun of hi#h ualityO #ood Ofinewine501 innish a;,n ~hn `an502 fire sales n sales prices below the cost of production

50" firemen n l?nh cgu hLa

50' first price sealed bid auction n

the envelops containin# bids are opened simultaneouslyand the item is sold to the hi#hest bidder for the actual bidprice

50/ first-degree price discriination nwhere a monopolist is able to char#e each customer thehi#hest price the customer is willin# to pay

500 fiscal a; t>i ch?nh

50 fiscal ultiplier nthe ratio of a chan#e in national income to a chan#e in#overnment spendin#

508 fiscal policy nhe use of ta6es and #overnment spendin# to affect thelevel of a##re#ate e6penditures

505 7isher effect n

the thesis that the real rate of interest in an economy is

stable over time so that chan#es in nominal interest ratesare the result of chan#es in e6pected inflation

54 7isher inde' nthe #eometric mean of the `aspeyres inde6 and ~aascheinde6

51 fi6 v Kn nh (#i)

52i6ed income strate#ies such as cash flow matchin# could be used to offset or iuni)ethe

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common probability distributions,the operation correspondin# to summation is integration58/ for e6ample

580or other securities,such asortgage-backed securitieswith cople' ebedded options,onte Tarlosimulation is also an important modelin# resource

58or readers familiar with mathematical treatments of probability,_,a notation usually reserved for a conceptcalled the saple space,is bein# appropriated to stand for scenario

588 for short vi@t n#n #n585 or simplicity id U kn #iJn ha554 for the sa!e of id vR mc ?ch #R551 for the sa!e of ar#ument id to ta!e an instance to help us e6amine the point552 for the sa!e of brevity id55" forcefully av mHnh m,sinh $n#55' orecastin# error predicted value of variable - 3ctual value of variable55/ fore#one a; d t?nh trDGc,tKt y@u

550 foreign currency reserve nholdin# by the central ban! of non-domestic currencydeposits and non-domestic bonds

55 7oreign direct investent!7DI# n

refers to direct investment by a firm in one country(thesource country) in productive assets in a forei#ncountry(the host country)

558 forei#n e6chan#e dealin# ban! n

555 7oreign e'change!7i1442 forei#n-owned capital n

144" foreign-owned financial assets n

sub-accounts of the financial account Oforei#n-ownedassets in the reportin# country are further divided into

official assets and other forei#n assets:hese assetsinclude securities issued by the reportin# contryCs#overnment and private sectors,direct investment,andforei#n liabilities reported by the reportin# countryCsban!in# sector

144' foretell v d bo,bo trDGc144/ foreturnner n iFm bo1440 for#o v thQi,bL,!i*n#144 formation n s hRnh th>nh,!@t cKu1448 formidable a; d d$i,#h* #Gm,!h&n# !hi@p1445 for-profit company n1414 forthcomin# a; sp @n,sp tGi

1411 forward discount n1412 orward e6chan#e rates are typically uoted in term of points(also sometimes referred to as 9tips9)141" forward premium n141' foster v nuQi dDn#,thVc y,c\ vY141/ fractional a; phjn oHn

1410 fractional reserve banking n

ban!in# in which reserves constitute a fraction ofdepositsOthis practice of lendin# customerCs money toothers on the assumption that not all customers will wantall of their money bac! at any one time

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141 fra#mented a; phjn oHn1418 reddie ac and annie ae n hai ck uan bJo Jm cc !hoJn vay th@ chKp W

1415 free loat ad;usted

the term "free load adusted"means that the wei#hts ofcompanies in the inde6 refle6 the value of the sharesactually available for investment

1424 free trade n

1421 7ree trade areas!7(+# n

are one of the most prevalent forms of re#ional inte#rationin which all barriers to the flow of #oods and servicesamon# members have been eliminated

1422 frei#ht char#es n ph? chuy*n ch142" frei#ht truc! n

142' fre*uency distribution na tabular display of data summari7ed into a relatively smallnumber of intervals

142/ fre*uency polyon n

a #raph of a freuency distribution obtained by drawin#strai#ht lines ;oinin# successive points representin# theclass freuencies

1420 friction n r>o cJnOmar!et friction142 friction n s 6?ch m?ch,s va chHm,s c 6t

1428 rom a mar!et perspective,secondary offerings of shareshave the potential to change the supply-and-deand e*uation as uch as I,3s do1425 rom the standpointof today(t4),the future amount of

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14' #enerality n t?nh t\n# ut14'8 enerally spea!in# id14'5 #eneric a; c iUm chun#14/4 #eo#raphical a; thu$c a l14/1 #eometric mean n sB trun# bRnh nhjn

14/2 geoetric ean a measure of central tendency computed by ta!in# the nthroot of the product of nnon-ne#ative values

14/" #eometric pro#ression n cKp sB nhjn14/' ermany and apan(I+~N)14// #et closer to14/0 #et in each otherCs way v !@t hEp14/ #et substituted for v s thay th@

14/8 Fiffen goods na #ood that is consumed more as the price of the #oodrises

14/5 #ilt-ed#ed reasury bill n1404 gilts n bond issued by the ::#overnment1401 #ive rise to v to cause sth to happen or e6istOn#u]n #Bc,cn n#uy*n

1402 #ive sb a brea! id to #ive sb a chanceO to not ;ud#e sb too severelyO$ivethelad a break%it/s only his second day on the &ob.

140" #ive way to idto be replaced by sthOhe storm gave way to brightsunshine.

140' #iven a; cho, DEc ni r}, DEc nh sn140/ iven that assumin# that1400 #lean v lDEm lt(thQn# tin)140 #lobali7ation n to>n cu ha1408 #loomy a; Jm Hm,u m1405 #lossary n bJn# chV #iJi

144 #o-ahead a;willin# to try new ideas, methods, etc: and therefore li!elyto succeedA ago-aheadcompany

141 gold standard

with respect to a currency,if a currency is on the #oldstandard a #iven amount can be converted into aprespecified amount of #old

142 golden cross n

a technical analysis term that describes a situation wherea short-term movin# avera#e crosses from below a lon#er-term movin# avera#e to above itOthis movement isconsidered bullish

14" #oldsmith n thE !im ho>n,thE v>n# bHc14' #ou#in# lZa Jo14/ #overnment savin#s (_r) n140 #overnmentCs fiscal balance n14 overnor n thBn# Bc

148 ~_ vehicle monitorin# n145 #rain bin n1484 grand supercycle n ta!es place over centuries1481 #raphical=#raphic a; minh ha b|n# ] th1482 #rasp n,v nm vn#,hiUu thKu(vKn F)148" #reed n tham lam148' #rid n h. thBn# DPn# djy(i.n)148/ #rip on countable , usually singular @ !on sbsth# an act of

holdin# sb=sth ti#htlyO a particular way of doin# this O3eep

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a tight grip onthe rope

1480 #round in v truyFn th cho ai nhn# !i@n thDc vn# v>n#148 #rounded a; c ck s vn# chc1488 #rowin# a; an# lGn l*n1485 Frowth in potential FD, #rowth in technolo#y+#rowth in labor+#rowth in capital

1454 #rowth rate n # (n=~)^1=N - 11451 Frowth rate of =abor productivity n the percenta#e increase in productivity over a year

1452 #rowth stoc! n

are defines as those for which the mar!et price isrelatively hi#ht in relation to earnin#s per share,boo! valueper share,or dividends per share

145"uaranteed qnvestmentTontract(qT) n

an insurance company has issued a FICthat promises topay

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111' hi#h switchin# costs n111/ hi#her velocity,if the econmy is in euilibrium,will lead to hi#her prices1110 hi#her-yieldin# security n111 hi#h-return business investment1118 hi#h-ris! new products n

1115 hi!e v tn# $t 6uKt(tiFn thu* nh>)1124 histogra n

a bar chart of data that have benen #rouped into afreuency distribution

1121 historical siulation n bac! simulation1122 hoard n,v t?ch tr,d tr112" hoardin# n s t?ch tr

112' holding period return!DR# nthe return that an investor earns durin# a specified holdin#periodOa synonym for total return

112/ holding period yield!,# n

the return that an investor earns durin# a specified holdin#periodOholdin# period return with reference to a fi6ed-income instrument

1120 holiday airline travel n

112 hoe bias n

a term referrin# to the propensity of individuals to ma!efinancial investments in their home country rather than inforei#n mar!ets:his bias stron#ly influences investmentdecisions even when #reater diversification outside ofdomestic mar!ets mi#ht yield #reater profits and lessenris!

1128 homo#enous a;]n# nhKt,thun nhKtOconsistin# of thin#s or people thatare all the same or all of the same type

1125on# on# onetary

3uthority(3) n11"4 honour v thc hi.n Vn# hen(#iao !o)11"1 hori7on n phHm vi,tm nhRn(n#ha bn#)

11"2 hori)ontal deand schedule n

implies that at a #iven price,the response in the uantity

demanded is infinte11"" house brands n11"' ouse of Sepresentative n H vi.n W

11"/ households na person or a #roup of people livin# in the sameresidence,ta!en as a basic unit in economic analysis

11"0 human bein# n con n#DPi11" human brain n

11"8 huan capital nthe accumulated !nowled#e and s!ill that wor!ers acuirefrom education,trainin#,and life e6perience

11"5 human traffic!in# buQn bn n#DPi

11'4 hurdle rate nthe rate of return that must be met for a pro;ect to beaccepted

11'1 hybrid a;,n lai11'2 hybrid mar!et n monopolistic competition11'" hyperinflation n si*u lHm pht11'' hypotenuse n cHnh huyFn

11'/ hypothesis testing n

with reference to statistical inference,the subdivisiondealin# with the testin# of hypotheses about one or morepopulations

11'0 ideali7ation n s l tDn# ha11' identifiable a; c thU th>nh ]n# nhKt

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11'8 idle v l>m cho thKt n#hi.p

11'5

qf T~ ratin#s provide new information useful for euity valuation,the information should cause a chan#e instoc! prices and returns once it is available:nly one component of stoc! returns is of interestthe return ine6cess of that predicted #iven a stoc!Cs mar!et ris! or beta,call the abnormal return:

11/4 qf mean return addresses reward,dispersion addresses ris!

11/1

qf the correlation is 4,S1 a +bS2 +error,with b4,qf the correlation is positive,b4Oqf the correlation is

ne#ative,b4

11/2qf the population contains /44 members,we number themin se*uence withthree di#its,startin# with 441 abdendin# with /44

11/" qf we substitute the ris!-free rate,S ,for the critical level Sl,the 7Ratio becoes the harpe ratio11/' i#norin# ta6 implications n11// q` n qnternational abour r#ani7ation11/0 imbalance n s thi@u cjn b|n#11/ immaterial a; vQ hRnh,vn vt11/8 iediatenei#hbors a; #n #Yi,st cHnh11/5 imminent a; sp 6Jy ra

1104 ipact lag nthe la# associated with the result of actions effectin# theeconomy with delay

1101 impart v truyFn Ht,ph\ bi@n1102 impediment n s cJn tr110" qmperial a; thu$c ho>n# @,thu$c @ uBc110' implicit a; n(ton hc)

110/iplicit price deflator for FD,!orFD, deflator# n

a #au#e of prices and inflation that measures thea##re#ate chan#es in prices across the overall economy

1100 implosion n s sp \,ph sJn110 import duty n thu@ nh%p !hu1108 iport license n specifies the uantity that can be imported

1105 imported inflation nis associated with increasin# cost of inputs that come fromabroad

114 iposedreserve reuirement a; bt bu$c111 imposition n s bt bu$c,s nh thu@Os Mi hLi u n#112 imprecise a; mk h],!hQn# ch?nh 6c11" imprudent a; !hinh suKt,!hQn# th%n trn#11' impulse wave n 1up,2down,"up,'down and /up11/ impute v \ (t$i) cho,uy (t$i) cho110 imputed value uy #i tr11 in (to,for) perpetuity n mi mi,vnh vinOa v vnh vin,lEi tgc suBt Pi

118

qn 15"',en;amin raham published his seminal wor!,ecurity +nalysis,and three years later,he and severalothers founded one of the first societes devoted to fundamental analysis,the 0ew ork ociety of ecurity+nalysts6

115

qn 1584s concern arose in the nited _tates about the triple occurrence of stoc! option,inde6 option,andfutures e6piration on the same day durin# four months of the year:_uch days were !nown as "triple witchingday"6

1184qn a downtrend,supply is overwhelmin# demand:ver time,sellers are willin# to accept lower and lower pricesto e6itlong positions or enter new short positions

1181 in a fundamental sense tm lHi1182 in a loss situation tRnh trHn# thua l118" in advance of id 1 before the time that is e6pectedO before sth

happens O4eople were evacuated from the coastal regionsin advance ofthe hurricane: 2 more developed than

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sb=sth else O5alileo/s ideas were well in advance oftheage in which he lived.

118' in a##re#ate to>n b$,to>n thU,t\n# sB118/ in comparision to=with n so vGi1180 in compliance with n s l>m theo118 in con;unction with cXn# chun# vGi,chun# vGi(ai)

1188 in direction n vF phDkn# hDGn#,vF phDkn# di.n1185 in doin# so1154 in effect n thc t?nh1151 qn essence vF bJn chKt

1152qn fact,the mar!et reduces to a bloodless verdictall !nowled#e bearin# on finance,both domestic andforei#n:

115" in full115' in increentsof

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1218 in so doin#

1215qn some analytic wor! such as optimi7ation,the calculus operation of differentiation is important:ariance as afunction can be differentiated,but absolute value cannot

1224 qn synch with id ]n# b$ vGi1221 qn ta!in# a sample,the analyst hopes it is characteristic of the population1222 in term of id

122" in terms of id( mathematics ) each of the various parts in a series, aneuation , etc:

122' in the absence if n s thi@u,s !hQn# c122/ in the a##re#ate t?nh #$p,t?nh chun#,t?nh t\n# sB

1220qn the conte6t of portfolios,a positive wei#ht represents an asset held lon# and a ne#ative wei#ht represents anasset held short

122 qn the end id

1 after a lon# period of time or series of events O%e triedvarious &obs andin the end became an accountant: 2after everythin# has been considered O8ou can try yourbest to impress the interviewers butin the endit/s often

&ust a $uestion of luck.

1228

qn the event of a sharp price move and chan#e in trend,however,acontrarian strategybased on ollin#er

ands would be unprofitable1225 in the e6treme as much as possible12"4 in the face of id mc du12"1 in the first place trDGc h@t12"2 in the interest of vR lEi ?ch c&a

12""

qn the last decade (I,yieldsappear to have been artificiallydepressed by very stron# demandfrom pension funds tryin# to matchtheir liabilitiesat any cost n

12"' qn the lon# run we are all dead n the ritish economist eynes12"/ in the ma!in# n an# hRnh th>nh,an# nJy n,an# pht triUn

12"0 in the precedin# years

12" in the process of sth=doin# st nan# thc hi.n m$t nhi.m v n>o ,an# ti@n h>nh cQn#vi.c

12"8 in the pursuit of i tRm,u\i bt(ci #R)12"5 qn the reminder of12'4 in the sense of id vGi n#ha l>12'1 In the sense thateveryone has it12'2 in the theory of the firm,however,profit without further qualificationrefers to economic profit12'" in the wake of somethin# id theo #t,@n sau,theo sau12'' in theory12'/ in this re#ard n vF mt n>y,vF iUm n>y,vF lnh vc n>y12'0 in this=that=one re#ard n vF mt n>y=mt !ia

12' in turn=by turns=turn and turn about n ln lDEt12'8 qn word id din Ht b|n# lPi12'5 in(with) reference to n vF vKn F #R,c li*n uan tGi

12/4 in=over the course of[: id( used with e6pressions for periods of time ) durin#O%e/sseen many changesin the course ofhis long life

12/1 incipient a; mGi bt u,phQi thai,chGm12/2 Incoe before ta'es or preta' incoe qncome as reported on the income statement,in

accordance with prevailin# accountin# standards,before

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the provisions for income ta6 e6pense12/" incoe elasticity chan#e in uantity demanded = chan#e in income12/' income elasticity 4 #ood is an inferior #ood12// income elasticity 4 #ood is a normal #ood

12/0 incoe receipts n

sub-accounts of the current account include incomederived from ownership of asset,income on forei#n

investment12/ inconsistent a; mju thun12/8 qncreased #lobal interdependence has chan#ed the risk and return profilesof many countries

12/5 increasing arginal returns nwhere the mar#inal product of a resource increases asadditional units of that input are employed

1204 increasing-cost industry nan industry in which per-unit costs and output prices arehi#her when industry output is increased in the lon# run

1201 increasin#ly av1202 increment n $ lGn l*n,tiFn liOsB #ia,lDEn# #ia(ton hc)

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Cfa 3000

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