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Call option

Call options are contracts that give the purchase the right to buy from the contract seller a given number of shares of stock at a predetermined price on or before a predetermined date.

Call provisions

Call provisions provide a means for bonds issuers to redeem their bonds before maturity if interest rates fall significantly. These clauses in the contract are designed to limit the bond issuers obligations to pay well above market rates of interest for long periods of time. Call provisions are always a negative from the point of view of an investor.

Cap rate

The cap rate (capitalization rate) is the percentage return used to value real estate holdings. The value of the property is equal to the net income divided by the cap rate (in decimal form). For example, if the cap rate is 10% (or 0.10) and the building produces a net income of $1,000,000, then the building is "worth" $1,000,000/0.10 or $10,000,000.

Capital gain or loss

The difference between the sales price and the purchase price of a capital asset. When that difference is positive, the difference is referred to as a capital gain. When the difference is negative, it is a capital loss.

Capitalization

Capitalization is the total dollar value of the outstanding common stock in a company. It is found by multiplying the number of shares issued by the current market price for those shares.

Cash surrender value

The amount that an insurance policyholder is entitled to receive when he or she discontinues coverage. Policyholders are usually able to borrow against the surrender value of a policy from the insurance company. Loans that are not repaid will reduce the policy's death benefit.

Certified Financial Planner (CFP)

A designation granted by the CFP Board of Standards (Denver, CO) to individuals who complete a comprehensive curriculum in financial planning, pass a written examination, and have qualify experience. This curriculum includes risk management, tax planning, employee benefit, investment and estate planning.

Certified Public Accountant (CPA)

A professional license granted by a state board of accountancy to an individual who has passed the Uniform CPA Examination (administered by the American Institute of Certified Public Accountant) and has fulfilled that state's educational and professional experience requirements for certification.

Chartered Financial Consultant (ChFC)

A designation granted by the American College (Bryn Mawr, PA) to individuals who pass a series of written examinations on topics related to insurance, taxation, economics and estate planning.

Commodities

The generic term for goods such as grains, foodstuffs, livestock, oils and metals which are traded on national exchanges. These exchanges deal in both "spot" trading (for current delivery) and "futures" trading (for delivery in future months)

Common stock

Common stock refers to an instrument that represents ownership in a corporation and a right to a share of the profits. Usually it conveys voting rights at annual meetings as well.

Compound interest

Interest that is computed on the principal and on the accrued interest. Compound interest may be computed continuously, daily, monthly, quarterly, semiannually or annually.

Consumer Price Index

The U.S. Department of Labor's main indicator of inflation. The Consumer Price Index is calculated each month from the cost of some 400 retail items in urban areas throughout the United States.

Convertible arbitrage

Convertible arbitrage is a strategy whereby the manager purchases a convertible bond while simultaneously short selling the stock of the same company. The objective is to capture any mispricing of one or the other security. Convertible arbitrage differs from pure arbitrage in that the convertible bond is subject to interest rate risks in addition to the price movement of the stock.

Convertible bonds

Convertible bonds are lower grade corporate bonds that give the holder the option of exchanging the bonds at any time for a specified number of shares of stock. Convertible bonds therefore have characteristics of both stocks and bonds. As the price of the associated stock (underlying issue) rises the convertible behaves more like the stock. When the price of the stock is low, the convertible behaves more like a bond.

Convertible preferred stock

Convertible preferred stock is a preferred stock that can be converted into a share or shares of common stock at a predetermined ratio.

Correlation

Correlation is the measure of how closely two series of numbers, events, patterns of returns, etc. move together. If the two patterns move together perfectly, then the correlation is 1.00. If they move completely independently, then the correlation is 0.00.

Cumulative rate of return

The cumulative rate of return is the effective rate of return achieved over an extended period of time. It is found by linking together the rates of return of several short periods of time.

Custodian

The custodian is the guardian or keeper of the assets, usually stocks and bonds. The custodian is normally a bank or brokerage house. The duties of custodian are to safeguard the securities, effect the actual purchases and sales, collect dividends and coupons, and place uninvested funds into a money market account (optional).

   
 

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