see Leveraged buy-out.
see Option.
(economics) economic phases tend to repeat periodically; what changes is the rhythm of expansion/contraction in the activity of an entire country, represented by the value of its real GDP. Economists distinguish four phases in the cycle. Recovery GDP grows from the minimum point until it reaches the point of contact with the trend curve. Expansion, or economic boom, is growth that continues beyond the trend curve to the maximum point. Recession involves the reverse process. Finally, in a depression GDP falls below the trend line to its minimum point.
see Syndicated loans.
see Project financing.
see Dealer.
(accounting) this indicates the quantity of product sold, expressed as production or sales volumes, necessary to cover previously incurred costs, in order to close the reference period without a profit or loss.
see Lead manager.
see Project financing.
see Mutual fund.
see Warrant.
(finance) instruments used by authorized parties (mainly companies, entities, and international organizations) to raise capital. These instruments grant the holder the right to redemption of capital plus interest.
A company with share capital can be managed by an individual, who is the sole director, or by several people, who constitute the board of directors. The number of directors is specified by the shareholders, who formalize their decision in the articles of association, which must indicate the number of persons to be placed in charge of it. If the articles of association indicate only the maximum and minimum number of members on the board of directors, the ordinary shareholders’ meeting determines the exact number. The board of directors is the corporate body with exclusive responsibility under the law for management of the company and direction of the business activity.
see Regulated markets.
(finance) a block exists when a relatively large volume of securities (shares, bonds, and other financial instruments other than derivative products) is exchanged by two parties in a single transaction and at the price agreed to by those parties.
see Block agreement.
A block agreement (also called a shareholders agreement) is a shareholders agreement. A shareholders agreement is any agreement made by all or some of the shareholders of a company in order to govern their conduct as shareholders. It is a shareholders agreement and not simply a company-wide agreement, since it only binds those who are party to that agreement, but not also the company in its capacity as the holder of rights and obligations. Therefore, breach of the shareholders agreement does not invalidate the conduct that caused the breach, but entitles the other parties to the shareholders agreement to damages only. By entering into the block agreement, the participating shareholders undertake to comply with specific obligations for transfer of the shares that they own. For example, they may undertake to offer them in advance to the other parties of the agreement, or sell them to third parties only after the parties to the shareholders agreement have expressed their approval. Under this agreement, the parties may also undertake not to sell their shares for a certain period of time.
see Block trading market.
see Grey market.
Finance leasing.
see Market maker.
see Benchmark.
(finance) a standard, replicable, and objective basis of reference that is constructed by referring to financial indicators that are elaborated or certified by independent parties. Its principal advantage is that it offers the possibility of comparing the risk/yield of a product and that of the market or reference sector.
(finance) one one-hundredth of a percentage point.
see Benchmark.
see Option.
see Mutual fund.