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FinRAD_Financial_Readability_Assessment_Dataset

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1
terms
stringlengths
1
156
definitions
stringlengths
3
4.2k
source
stringclasses
15 values
assigned_readability
int64
0
1
flesch_reading_ease
float64
-301.79
121
flesch_kincaid_grade
float64
-3.5
55.6
smog_index
float64
0
26.5
coleman_liau_index
float64
-33.81
51.4
automated_readability_index
float64
-6.9
65
dale_chall_readability_score
float64
0.1
35.3
linsear_write_formula
float64
-0.5
73
gunning_fog
float64
0.4
56
bank discount yield
An annualized interest rate assuming simple interest, a 360-day year, and using the face value of the security rather than purchase price to compute return per dollar invested.banker™s acceptance An order to a bank by a customer to pay a sum of money at a future date.
zvi
0
23.77
21.6
0
10.4
24.3
10.34
30.5
23.91
baseline forecasts
Forecast of security returns derived from the assumption that the market is in equilibrium where current prices reflect all available information.
zvi
0
24.78
15
0
17.23
17.3
12.95
14.5
16.02
basis
The difference between the futures price and the spot price.
zvi
0
78.25
4.8
0
10.24
7.6
5.71
5
4
behavioral finance
Models of financial markets that emphasize implications of psychological factors affecting investor behavior.
zvi
0
-17.87
19
0
24.64
20.2
16.43
12.5
23.66
benchmark error
Use of an inappropriate proxy for the true market portfolio.
zvi
0
52.87
8.4
0
10.24
7.6
8.87
6
12
benchmark portfolio
Portfolio against which a manager is to be evaluated.
zvi
0
45.42
9.2
0
9.31
6.6
7.59
6.5
12.49
bid price
The price at which a dealer is willing to purchase a security.
zvi
0
67.76
6.8
0
6.02
4.6
8.18
6
8.13
abnormal return
Return on a stock beyond what would be predicted by market movements alone. Cumulative abnor-mal return @CAR@ is the total for the period surrounding an announcement or the release of information.
zvi
0
38.82
11.7
0
12.53
11.5
10.52
11.25
13.94
accounting earnings
Earnings of a firm as reported on its income statement.
zvi
0
69.79
6
0
7.34
5.2
10.45
5
8
active management
Attempts to achieve portfolio returns more than commensurate with risk, either by forecasting broad market trends or by identifying mispriced sectors of a market or particular securities.
zvi
0
18.69
17.4
0
17.18
20.1
12.58
19.5
19.69
active portfolio
In the context of the Treynor-Black model, the portfolio formed by mixing analyzed stocks of perceived nonzero alpha values. This portfolio is ultimately mixed with the passive market-index portfolio.
zvi
0
48.3
10.1
0
15.54
13.8
13.07
8.75
9.94
adjusted alphas
Forecasts for alpha that are modulated to account for statistical imprecision in the analyst™s estimate.
zvi
0
13.95
15
0
16.52
14.3
12.8
12.5
19.33
agency problem
Conflicts of interest among stockholders, bondholders, and managers.
zvi
0
29.52
11.1
0
22.4
18.5
13.9
6
18.2
algorithmic trading
The use of computer programs to make trading decisions.
zvi
0
53.88
8
0
10.58
7.7
11.1
5.5
12.49
alpha transfer
A strategy in which you invest in positive alpha positions, hedge the systematic risk of the investment, and finally establish market exposure where you want it using passive indexes. @See
zvi
0
24.11
17.4
0
13.3
18.5
12.49
24
22.67
alpha value
The abnormal rate of return on a security in excess of what would be predicted by an equilibrium model like the CAPM.
zvi
0
49.15
11.9
0
7.78
10.1
9.75
15
16.07
American depositary receipts ADRs
Domestically traded securities representing claims to shares of foreign stocks.
zvi
0
10.56
14.3
0
21.26
16.5
16.76
7
16
European option
American option An American option can be exercised before and up to its expiration date. Compare with a , which can be exercised only on the expiration date.
zvi
0
40.85
10.9
0
9.62
8.2
6.06
9
8.36
announcement date
Date on which particular news con-cerning a given company is announced to the public. Used in event studies, which researchers use to evaluate the eco-nomic impact of events of interest.
zvi
0
56.25
9.1
0
11.53
10.7
11.22
10.5
10
annual percentage rate APR
Interest rate is annualized using simple rather than compound interest.
zvi
0
27.49
11.9
0
16.62
12.8
10.45
7
12
anomalies
Patterns of returns that seem to contradict the efficient market hypothesis.
zvi
0
34.93
11.1
0
15.81
12.3
11.36
7.5
15.31
appraisal ratio
The signal-to-noise ratio of an analyst™s forecasts. The ratio of alpha to residual standard deviation.
zvi
0
46.94
8.6
0
13.24
10.3
13.48
4.25
11
calendar spread
Buy one option and write another with a different expiration date.
zvi
0
51.85
8.8
0
10.54
8
7.05
7.5
8.04
call protection
An initial period during which a callable bond may not be called.
zvi
0
84.68
4.4
0
7.47
5.8
10.81
6
8.13
callable bond
A bond that the issuer may repurchase at a given call price in some specified period.
zvi
0
63.7
8.4
0
7.42
7.2
9.36
11
13.9
capital allocation decision
Allocation of invested funds between risk-free assets versus the risky portfolio.
zvi
0
26.47
12.3
0
17.9
14.4
15.67
7.5
15.31
capital allocation line CAL
A graph showing all feasible riskŒreturn combinations of a risky and risk-free asset.
zvi
0
49.82
9.5
0
13.5
11.5
14
7.5
11.35
capital gains
The amount by which the sale price of a security exceeds the purchase price.
zvi
0
74.19
6.4
0
7.82
6.8
7.71
7
8.46
capital market line CML
The capital allocation line that results when using the market index as the risky portfolio.
zvi
0
47.79
10.3
0
11.88
10.6
10.7
10.5
11.33
capital markets
Includes longer-term, relatively riskier securities.
zvi
0
-35.13
19.4
0
30.48
26.3
19.67
3.5
18
cash equivalents
Short-term money-market securities.
zvi
0
-75.4
24.5
0
32.43
31.9
9.05
2.5
14.53
cash flow matching
A form of immunization, matching cash flows from a bond portfolio with those of an obligation.
zvi
0
63.7
8.4
0
10.32
9.8
10.35
11
13.9
cash ratio
Measure of liquidity of a firm. Ratio of cash and marketable securities to current liabilities.
zvi
0
38.48
9.8
0
10.92
7.8
11.38
4.25
11
cash settlement
The provision of some futures contracts that requires not delivery of the underlying assets @as in agricultural futures@ but settlement according to the cash value of the asset.
zvi
0
26.14
16.6
0
13.47
17.8
10.66
20
18.34
cash/bond selection
Asset allocation in which the choice is between short-term cash equivalents and longer-term bonds.
zvi
0
57.27
8.8
0
16.12
14.2
9.97
8
11.31
certainty equivalent rate
The certain return providing the same utility as a risky portfolio.
zvi
0
51.85
8.8
0
11.06
8.5
9.92
7.5
15.31
certificate of deposit
A bank time deposit.
zvi
0
92.8
1.3
0
0
0.6
0.2
1
1.6
clearinghouse
Established by exchanges to facilitate transfer of securities resulting from trades. For options and futures contracts, the may interpose itself as a middleman between two traders.
zvi
0
41.36
10.7
0
15.76
13.1
12.18
8.5
14.43
closed-end mutual fund
A fund whose shares are traded through brokers at market prices; the fund will not redeem shares at their net asset value. The market price of the fund can differ from the net asset value.
zvi
0
79.09
6.6
0
7.42
8
8.11
7.75
7
collar
An options strategy that brackets the value of a port-folio between two bounds.
zvi
0
58.28
8.4
0
10.83
9.3
11.57
7.5
8.28
collateral
A specific asset pledged against possible default on a bond. Mortgage bonds are backed by claims on prop-erty. Collateral trust bonds are backed by claims on other securities. Equipment obligation bonds are backed by claims on equipment.
zvi
0
70.5
5.7
10.1
11.68
8.8
10.5
5.125
8.04
collateralized debt obligation CDO
A pool of loans sliced into several tranches with different levels of credit risk.bidŒask spread The difference between a dealer™s bid and ask price.
zvi
0
55.58
11.5
0
13
15.3
10.75
15
9.6
binomial model
An option-valuation model predicated on the assumption that stock prices can move to only two values over any short time period.
zvi
0
33.24
13.8
0
12.01
13.3
10.69
14.5
16.02
Black-Scholes pricing formula
An equation to value an option that uses the stock price, the exercise price, the risk-free interest rate, the time to maturity, and the standard deviation of the stock return.
zvi
0
41.03
15
0
10.57
16.6
9.86
19
17.33
blocks
A transaction of more than 10,000 shares of stock. Also referred to as a block sale.
zvi
0
88.74
2.9
0
4.31
2.9
8.97
3.5
5.7
bogey
The return an investment manager is compared to for performance evaluation.
zvi
0
26.47
12.3
0
15.29
11.9
9.92
8.5
15.31
bond
A security issued by a borrower that obligates the issuer to make specified payments to the holder over a specific period. A coupon obligates the issuer to make interest payments called coupon payments over the life of the , then to repay the
zvi
0
41.7
12.7
0
10.04
11.5
9.19
14.75
15.07
bond equivalent yield
Bond yield calculated on an annual percentage rate method. Differs from effective annual yield.
zvi
0
38.99
9.6
0
13.17
9.7
13.01
5
14.23
bond indenture
The contract between the issuer and the bondholder.
zvi
0
63.36
6.4
0
11.56
8.5
9.95
4
8.2
bond reconstitution
Combining zero-coupon stripped securities to re-create the original cash flows of a coupon bond.
zvi
0
48.81
9.9
0
15.25
13.5
15.61
11
14.17
bond stripping
Selling bond cash flows @either coupon or principal payments@ as stand-alone zero-coupon securities.
zvi
0
41.36
10.7
0
18.84
17
14
8.5
11.35
book value
The net worth of common equity according to a firm™s balance sheet.
zvi
0
59.3
8
0
8.4
6.6
12.13
7
11.47
book-to-market effect
The tendency for stocks of firms with high ratios of book-to-market value to generate abnor-mal returns.
zvi
0
46.78
10.7
0
13.22
12.8
12.33
12
11.4
breadth
The extent to which movements in the broad market index are reflected widely in movements of indi-vidual stock prices.
zvi
0
43.73
11.9
0
12.65
12.8
11.23
11.5
11.81
brokered market
A market where an intermediary @a broker@ offers search services to buyers and sellers.
zvi
0
40.35
11.1
0
11.53
10.5
11.1
7
8.46
budget deficit
The amount by which government spending exceeds government revenues.
zvi
0
45.42
9.2
0
18.99
14.5
9.35
5.5
3.6
bull CD, bear CD
A bull CD pays its holder a specified percentage of the increase in return on a specified market index while guaranteeing a minimum rate of return. A bear CD pays the holder a fraction of any fall in a given market index.
zvi
0
28.85
19.7
0
8.2
19.8
9.1
13
20.61
bullish, bearish
Words used to describe investor attitudes. Bullish means optimistic; bearish means pessimistic. Also used in bull market and bear market.
zvi
0
64.67
5.9
7.8
12.82
9.7
9.5
3
6.68
bundling, unbundling
Creation of securities either by com-bining primitive and derivative securities into one composite hybrid or by separating returns on an asset into classes or tranches.
zvi
0
3.8
18.9
0
15.96
18.2
13.09
19.5
18
business cycle
Repetitive cycles of recession and recovery.Final PDF to printer˛ 3
zvi
0
27.49
11.9
0
14.3
10.9
16.76
7
16
cost-of-carry relationship
See spot-futures parity theorem.
zvi
0
-8.73
15.5
0
15.95
14.7
15.68
4
21.6
country selection
Asset allocation in which the investor chooses among investments in different countries.
zvi
0
33.92
11.5
0
18.55
14.8
12.13
8
11.47
coupon rate
A bond™s interest payments per dollar of par value.
zvi
0
53.88
8
0
8.03
5.6
14.61
4.5
8.04
covered call
A combination of selling a call option together with buying the underlying asset.
zvi
0
32.9
11.9
0
12.17
10.1
11.57
8.5
11.35
credit default swap CDS
An insurance policy on the credit risk of a corporate bond or loan.
zvi
0
66.74
7.2
0
5.9
5
11.57
8.5
14.43
credit enhancement
Purchase of the financial guarantee of another party to reduce the credit risk of a bond or loan.
zvi
0
53.21
10.3
0
7.89
8.5
10.67
12
11.64
credit risk
The risk that the bond will not make all of its promised payments; default risk.
zvi
0
98.55
3.2
0
6.89
6.8
9.64
6.5
6
cross-hedge
Hedging a position in one asset using futures contracts on another commodity.
zvi
0
25.46
12.7
0
13.27
10.5
13.44
8
11.47
cumulative abnormal return CAR
See abnormal return.
zvi
0
34.59
9.2
0
7.32
8.3
9.05
1.5
14.53
currency selection
Asset allocation in which the investor chooses among investments denominated in different currencies.
zvi
0
7.52
15.4
0
21.1
17.3
12.78
11.5
17.51
current ratio
Current assets/current liabilities. Measures the ability of the firm to pay off its current liabilities by liquidating current assets.
zvi
0
19.53
12.9
0
15.45
12.1
9.93
6.25
10.12
current yield
A bond™s annual coupon payment divided by its price. Differs from yield to maturity.
zvi
0
55.91
7.2
0
8.65
5.9
13.01
4
11.37
cyclical industries
Industries with above-average sensitiv-ity to the state of the economy.
zvi
0
27.49
11.9
0
15.46
12.8
12.03
8
20
dark pools
Electronic trading networks where participants can anonymously buy or sell large blocks of securities.
zvi
0
31.89
12.3
0
18.61
15.5
12.23
11
17.03
data mining
Sorting through large amounts of historical data to uncover systematic patterns that can be used as the basis of a trading strategy.
zvi
0
40.69
13.1
0
11.72
13.4
11.9
15
16.07
day order
A buy order or a sell order expiring at the close of the trading day.days™ receivables See
zvi
0
62.68
8.7
0
7.31
7.6
8.19
10.5
11.51
dealer market
A market where traders specializing in particular assets buy and sell assets for their own accounts.
zvi
0
46.78
10.7
0
12.87
11.6
9.36
9
11.4
debenture bond
A bond not backed by specific collateral. Also called anunsecured bond.
zvi
0
57.43
6.6
0
9.96
7.5
12.52
3.25
13.11
debt securities
Bonds; also called fixed-income securities.
zvi
0
15.64
12.3
0
20.04
17.8
16.52
3.5
10
dedication strategy
Multiperiod cash flow matching.
zvi
0
33.58
9.6
0
15.95
13.5
11.73
2
11.6
default premium
A differential in promised yield that compensates the investor for the risk inherent in purchasing a corporate bond that entails some risk of default.
zvi
0
47.12
12.7
0
13.47
15.5
12.72
17
17.93
collateralized mortgage obligation CMO
A mortgage pass-through security that partitions cash flows from underlying mortgages into classes called tranches that receive principal payments according to stipulated rules.
zvi
0
14.29
17
0
21.59
21.8
14.39
17.5
19.63
commercial paper
Short-term unsecured debt issued by large corporations.
zvi
0
30.53
10.7
0
18.97
15
13.01
4.5
14.23
common stock
Equities, or equity securities, issued as ownership shares in a publicly held corporation. Sharehold-ers have voting rights and may receive dividends based on their proportionate ownership.
zvi
0
24.44
13.1
0
17.33
14.8
13.39
11
15.97
comparison universe
The set of money managers employ-ing similar investment styles, used for assessing the relative performance of a portfolio manager.
zvi
0
26.81
14.2
0
16.3
16.1
12.89
17.5
20.23
complete portfolio
The entire portfolio, including risky and risk-free assets.
zvi
0
37.98
10
0
15.91
13.2
15.88
5
13.2
conditional tail expectation CTE
Expectation of a random variable conditional on its falling below some threshold value. Often used as a measure of downside risk.
zvi
0
52.36
8.6
0
10.82
8.3
10.17
5.25
8.01
confidence index
Ratio of the yield on top-rated corporate bonds to the yield on intermediate-grade bonds.
zvi
0
57.27
8.8
0
12.35
11.1
11.1
8
11.31
conservativism
Notion that investors are too slow to update their beliefs in response to new evidence.
zvi
0
64.71
8
0
9.97
9
10.7
7.5
8.67
constant-growth DDM
A special case of the dividend discount model that assumes dividends will grow at a constant rate.
zvi
0
54.22
9.9
0
10.03
9.8
10.98
10.5
11.51
contango theory
Holds that the futures price must exceed the expected future spot price.
zvi
0
76.22
5.6
0
10.83
8.5
10.81
6
8.13
contingent immunization
A mixed passive-active strat-egy that immunizes a portfolio if necessary to guarantee a minimum acceptable return but otherwise allows active management.
zvi
0
7.86
17.4
0
18.62
18.9
14.45
20.5
21.73
convergence arbitrage
A bet that two or more prices are out of alignment and that profits can be made when the prices converge back to proper relationship.
zvi
0
71.48
9.5
0
8.07
11.6
8.03
13.5
11.6
convergence property
The convergence of futures prices and spot prices at the maturity of the futures contract.
zvi
0
64.71
8
0
11.13
9.9
9.64
8.5
11.33
convexity
The curvature of the price-yield relationship of a bond.
zvi
0
62.34
6.8
0
10.58
8.2
11.1
5.5
12.49
corporate bonds
Long-term debt issued by private corporations typically paying semiannual coupons and returning the face value of the bond at maturity.
zvi
0
17.34
15.8
0
15.78
15.9
13.31
15
18
correlation coefficient
A statistic in which the covariance is scaled to a value between fi1 @perfect negative correla-tion@ and +1 @perfect positive [email protected] PDF to printer˝ 4
zvi
0
29.18
15.4
0
13.41
17.1
14.35
17.5
16.4
defensive industries
Industries with below-average sensitivity to the state of the economy.
zvi
0
2.11
15.5
0
15.46
12.3
10.45
8
20
deferred annuities
Tax-advantaged life insurance product. Deferred annuities offer deferral of taxes with the option of withdrawing one™s funds in the form of a life annuity.
zvi
0
42.38
10.3
0
13.04
10.5
12.13
8
14.8
defined benefit plans
Pension plans in which retirement benefits are set according to a fixed formula.
zvi
0
49.82
9.5
0
11.7
9.7
12.78
10.5
17.51