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YIELD TO MATURITY | A common method of measuring the YIELD on a COUPON-bearing SECURITY, computed as the percentage annualized return on a BOND until its final MATURITY. The general formula is given as:+ y)n(1where C is the COUPON INTEREST, y is the yield, n is the number of periods, and M is the redemption value of the bond at maturity (generally PAR VALUE). Also known as EFFECTIVE YIELD, GROSS REDEMPTION YIELD, PROMISED YIELD. See also YIELD TO CALL. | palgrave | 0 | 52.39 | 10.6 | 14.6 | 9.4 | 10.7 | 10.25 | 13.375 | 13.92 |
Z-BOND | See ACCRUAL BOND. | palgrave | 0 | 59.97 | 5.6 | 0 | 1.52 | 3.6 | 14.31 | 1.5 | 14.53 |
Z-SCORE | (1) A measure used to predict the likelihood of BANKRUPTCY. The model is based on a weighted average of five key financial ratios:1.2* WORKING CAPITAL/Total ASSETS +1.4* RETAINED EARNINGS/Total Assets +3.3* EARNINGS BEFORE INTEREST AND TAXES/Total Assets +0.6* MARKET VALUE of EQUITY/BOOK VALUE of DEBT +1.0* Sales/Total AssetsA z-score less than 2.675 is indicative of impending bankruptcy. The original z-score measure has been updated (though not supplanted) by a modified ZetaTM model with proprietary parameters. (2) A statistical measure that indi- cates how many STANDARD DEVIATIONS above or below the MEAN a par- ticular random variable lies; the standard deviation is therefore a unit measure of the z-score, and is given by:where x is the random variable to be standardized, μ is the population MEAN,σis the population STANDARD DEVIATION.(1) Additional reference: Altman (1968). | palgrave | 0 | 9.59 | 22.9 | 20.6 | 14.52 | 27.5 | 12.84 | 24 | 24.64 |
ZAIBATSU | [JPN] A Japanese corporate conglomerate with a central company controlling the ownership and activities of other companies. The zaibatsu structure was banned in the mid-1940s and replaced by the KEIRETSU. | palgrave | 0 | 39.33 | 11.5 | 0 | 15.01 | 13.5 | 12.8 | 12 | 16.67 |
ZAITECH | [JPN] Financial SPECULATION undertaken by many Japanese companies in order to boost nonoperating income. The practice was very widespread during the late 1980s and early 1990s, although it continues to feature to some degree. Transactions involving STRUCTURED NOTES and DERIVATIVES, often with LEVERAGED EQUITY and FOREIGN EXCHANGE RISKS, are popular vehicles for zaitech activities. | palgrave | 0 | 27.83 | 13.9 | 15.5 | 16.99 | 16.3 | 13.01 | 13.666667 | 17.57 |
ZERO COST COLLAR | An OPTION SPREAD consisting of a LONG POSITION in a CAP or CALL OPTION and a SHORT POSITION in a FLOOR or PUT OPTION, or vice versa. The sale of one option offsets the PREMIUM payable on the second option, resulting in “zero cost.” Also known as CYLINDER, RANGE FORWARD, TUNNEL. See also COLLAR. | palgrave | 0 | 61.67 | 9.1 | 10.5 | 7.54 | 8.7 | 8.04 | 10.666667 | 10.16 |
ZERO COUPON BOND | A deep-DISCOUNT BOND that is sold and traded at a DISCOUNT to PAR VALUE and pays no periodic COUPON interest during the life of the issue. The difference between the discounted value and the parREDEMPTION VALUE generates an implicit RETURN to the INVESTOR. The price of a coupon bond is typically computed as:P = M (1 + r )nwhere r is the DISCOUNT RATE, n is the number of periods, and M is the redemption value of the bond at MATURITY (generally par value). | palgrave | 0 | 43.77 | 13.9 | 15 | 8.59 | 13.8 | 10.19 | 18.333333 | 16.29 |
ZERO COUPON SWAP | An OVER-THE-COUNTER SWAP involvingtheexchange of periodic INTEREST payments by one party in return for receipt ofa single BULLET payment at maturity. A zero coupon swap acts as a de-factoLOAN for the party contracting to pay at maturity. | palgrave | 0 | 35.78 | 12.9 | 0 | 13.46 | 13.4 | 10.1 | 13.25 | 12.81 |
ZERO COUPON YIELD CURVE | A YIELD CURVE representing DISCOUNTRATES across maturities, starting from the present. The zero coupon curve isgenerally constructed from an observable PAR YIELD CURVE through a processknown as STRIPPING THE YIELD CURVE (or BOOTSTRAPPING). The zero cou-pon curve is then used to construct the IMPLIED FORWARD CURVE, which isused to price instruments requiring a forward estimate of rates. | palgrave | 0 | 52.19 | 10.7 | 14.1 | 15.66 | 15.5 | 10.95 | 13.166667 | 15.32 |
ZERO MINUS TICK | Sale of a SECURITY at the same price as the last transac-tion, but lower than the transaction prior to that one. A SHORT SALE cannotbe initiated on a zero minus tick. See also MINUS TICK, PLUS TICK, ZEROPLUS TICK. | palgrave | 0 | 66.74 | 7.2 | 10.5 | 6.83 | 6.2 | 9.14 | 7.166667 | 9.3 |
ZERO PLUS TICK | Sale of a SECURITY at the same price as the last transac-tion, but higher than the transaction prior to that one. A SHORT SALE can beinitiated on a zero plus tick. See also MINUS TICK, PLUS TICK, ZERO MINUSTICK. | palgrave | 0 | 66.74 | 7.2 | 10.5 | 6.54 | 6 | 8.73 | 7.166667 | 9.3 |
ZOMBIE | A company that is in technical INSOLVENCY but continues tooperate, pending the finalization of a RESTRUCTURING, REORGANIZATION,or bailout. | palgrave | 0 | -6.02 | 18.6 | 0 | 20.12 | 19.2 | 12.42 | 17 | 22.76 |