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Terms starting with 'E'
E
A NASDAQ stock symbol specifying that the stock has been delinquent in required filings with the SEC.

Early Exercise
When an option or other security is exercised prior to its maturity date.

Earned Income
Income derived from active participation in a trade or business, including wages, salary, tips, commissions, and bonuses.

Earned Income Credit
A tax credit for low-income workers, even if no income tax was withheld from the worker's pay.

Earning Assets
Any income-earning asset owned by a company.

Earnings
The net income of a company during a specific period. Generally, but not necessarily, referring to after-tax income.

Earnings Before Interest & Tax - EBIT
An indicator of a company's financial performance calculated as revenue minus expenses excluding tax and interest. Also referred to as operating earnings.

Earnings Before Interest After Taxes - EBIAT
An indicator of a company's financial performance calculated as:

Earnings Before Interest, Tax, and Depreciation - EBITD
An indicator of a company's financial performance calculated as:= Revenue - Expenses (excluding tax, interest, and depreciation)

Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR
An indicator of a company's financial performance calculated as:

Earnings Before Interest, Taxes, Depreciation, and Amortization - EBITDA
An indicator of a company's financial performance calculated as:


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Earnings Before Tax - EBT
An indicator of a company's financial performance calculated as:

= Revenue - Expenses (excluding tax)

Earnings Estimate
An analyst's estimate for a company's future quarterly or annual earnings.

Earnings Multiplier
The estimated price-earnings ratio adjusted for the current level of interest rates.

Earnings per Share - EPS
The portion of a company's profit allocated to each outstanding share of common stock. Calculated as:
Illustration for Earnings per Share - EPS

Earnings Season
The months in which a majority of quarterly corporate earnings are released to the public.

Earnings Surprise
When the earnings reported in a company's quarterly or annual report are above or below analysts' earnings estimates.

Earnings Yield
The earnings per share for the most recent 12 months divided by market price per share.

Earnout
A contractual provision stating that the seller of a business is to obtain additional future compensation based on the business achieving certain future financial goals.

Easy-To-Borrow List
A list of securities deemed to be available for borrowing in short selling transactions because their delivery is assured. Availability is usually due to their accessible nature and/or high number of outstanding shares.

Eat Well, Sleep Well
An adage that, referring to the risk/return trade-off, says that the type of security an investor chooses depends on whether he or she wants to eat well or sleep well.


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Eat Your Own Dog Food
An expression describing the act of a company using its own products for day-to-day operations.

Eating Someone's Lunch
Aggressive competition that results in one company taking portions of another company's market share.

Eating Stock
Purchasing stock not because you desire it but because you are forced to do so.

Echo Bubble
A post-bubble rally that becomes another, smaller bubble.

Eclectic Paradigm
A theory that provides a three-tiered framework for a company to follow when determining if it is beneficial to pursue direct foreign investment.

Econometrics
The application of statistical theories to economic ones for the purpose of forecasting future trends.

Economic Moat
A figurative term that Warren Buffett coined to refer to the competitive advantage one company has over other companies in the industry.

Economic Profit (or Loss)
The difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.

Economic Refugee
A person seeking refugee status in another country for purely economic reasons.

Economic Value Added - EVA
A measure of a company's financial performance based on the residual wealth calculated by deducting cost of capital from its operating profit (adjusted for taxes on a cash basis). The formula for calculating EVA is as follows: = Net Operating Profit After Taxes (NOPAT) - (Capital * Cost of Capital)


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Economics
The study of how people use their limited resources in an attempt to satisfy unlimited wants.

Economies of Scale
An economic theory stating that a plant's marginal cost of production decreases as the plant's operation increases.

Economies of Scope
An economic theory stating that the average total cost of production decreases as a result of increasing the number of different goods produced.

Economy
A set of interrelated economic production and consumption activities.

ECS
In currencies, this is the abbreviation for the Ecuador Sucre.

Edge Act Corporation
A federally-chartered U.S. corporation that is only allowed to engage in international banking or other financial transactions related to international business.

Education IRA
A savings plan for higher education. Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18.

EEK
In currencies, this is the abbreviation for the Estonian Kroon.

Effective Annual Interest Rate
An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following:
Illustration for Effective Annual Interest Rate

Effective Duration
A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.


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Effective Tax Rate
The rate a taxpayer would be taxed at if taxing was done at a constant rate, instead of progressively.

Effective Yield
The yield of a bond, assuming that you reinvest the coupon (interest payments) once you have received payment.

Efficiency Ratio
A ratio used to calculate a bank's efficiency. Not all banks calculate the efficiency ratio the same way. We've seen the ratio calculated as all of the following:

1. Non-interest expense divided by total revenue less interest expense

2. Non-interest expense divided by net interest income before provision for loan losses

3. Non-interest expense divided into revenue

4. Operating expenses divided by fee income plus tax equivalent net interest income.

For all versions of the ratio, an increase means the company is losing a larger percentage of its income to expenses. If it is getting lower, it is good for the bank and its shareholders.

Efficient Frontier
A line created from the risk-reward graph, comprised of optimal portfolios.
Illustration for Efficient Frontier

Efficient Market Hypothesis - EMH
An investment theory that states that it is impossible to 'beat the market' because prices already incorporate and reflect all relevant information. Also known as "market efficiency," it is related to the Random Walk Theory.

EGP
In currencies, this is the abbreviation for the Egyptian Pound.

Elasticity
A measure of sensitivity of one variable to another. More specifically, the degree to which consumers respond to price changes.
Illustration for Elasticity

Election Period
The period of time during which an investor who owns an extendable or retractable bond must indicate to the issuer whether or not he or she will exercise his or her option.

Elective Deferral Contribution
A cash or deferred contribution arrangement of an employer-sponsored retirement plan under which participants can choose to set aside part of their pre-tax compensation as a contribution to the plan.

Electronic Commerce - eCommerce
When a person or business uses the Internet as part of their business model.


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Electronic Communication Network - ECN
An electronic system that attempts to eliminate the role of a third party in the execution of orders entered by an exchange market maker or an over-the-counter market maker, and permits such orders to be entirely or partly executed.

Electronic Data Gathering, Analysis, and Retrieval - EDGAR
The Securities and Exchange Commission's electronic system. It is used by all publicly-traded companies for submitting their required filings to the SEC.

Electronic Filing - e-File
The process of submitting your tax forms over the Internet, using computers and tax preparation software.

Elephants
Slang for large institutions that make trades in very high volumes.

Elevator Pitch
A slang term referring to the 20-60 seconds an entrepreneur has to interest a venture capitalist (VC) in his or her business idea.

Eligible Rollover Distribution
A distribution from an IRA, qualified plan, 403(b) plan or 457 plan that is eligible to be rolled over to another eligible retirement plan.

Elliott Wave Theory
Theory named after Ralph Nelson Elliott, who concluded that the movement of the stock market could be predicted by observing and identifying a repetitive pattern of waves.

Elves
A slang term for guests appearing on the PBS television show "Wall Street Week."

Embedded Option
An option that is an inseparable part of another instrument. Compare this to a normal (or bare) option, which trades separately from the underlying security.

Embedded Value
A common valuation measure used outside North America particularly in the insurance industry. It is calculated by adding the adjusted net asset value and the present value of future profits of a firm.


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Emerging Industry
An industry that is in the early stages of growth. Investors may see companies in this industry to be speculative because they have yet to establish themselves.

Emerging Issues Task Force - EITF
An organization formed in 1984 by the Financial Accounting Standards Board-FASB to provide assistance with timely financial reporting. The EITF holds public meetings in order to identify and resolve accounting issues occurring in the financial world.

Emerging Market Economy
Countries that are starting to participate globally by implementing reform programs and undergoing economic improvement.

Emerging Market Fund
A mutual fund investing a majority of its assets in the financial markets of a developing country, typically a small market with a short operating history.

Employee Benefits Security Administration - EBSA
A division of the Department of Labor (DOL), charged with enforcing the rules governing the conduct of plan managers, investment of plan assets, reporting and disclosure of plan information, enforcement of the fiduciary provisions of the law, and workers' benefit rights.

Employee Contribution Plan
A company-sponsored retirement plan where employees make deposits (contributions) to an account. Contributions are deducted from employee's pay, and some companies match those payments.

Employee Retirement Income Security Act - ERISA
The Employee Retirement Income Security Act of 1974 (ERISA) protects the retirement assets of Americans, by implementing rules that qualified plans must follow to ensure that plan fiduciaries do not misuse plan assets.

Employee Share Ownership Trust - ESOT
A program that facilitates the acquisition and distribution of a company's shares to its employees.

Employee Stock Option - ESO
Stock options granted to specified employees of a company. ESOs carry the right, but not the obligation, to buy a certain amount of shares in the company at a predetermined price.

Employee Stock Ownership Plan - ESOP
An organized plan for the employees of a company to buy shares of its stock. These plans are becoming increasingly popular.


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Employment Cost Index - ECI
A quarterly report from the Department of Labor that measures the growth of compensation (wages and benefits). The index is based on a fixed group of occupations.

Encumbrance
A claim against a property by another party. Encumbrance usually impacts the transferability of the property.

Ending Inventory
A book value of goods, inputs, or materials available for use or sale at the end of an inventory accounting period.

Endowment
Assets, funds, or property donated to an institution, individual, or group as a source of income.

Enduring Purpose
Similar to a corporate mission statement, enduring purpose is a combination of a company's goals, attitudes, and beliefs.

Enterprise Multiple
A ratio used to determine the value of a company. The enterprise multiple looks at a firm as a potential acquirer would, because it takes debt into account - an item which other multiples like the P/E ratio do not include. Enterprise multiple is calculated as:
Illustration for Enterprise Multiple

Enterprise Value - EV
A measure of a company's value. Calculated as market capitalization plus debt and preferred shares, minus cash and cash equivalents.

Envelope
A trading band composed of two moving averages, one of which is shifting upwards and the other shifting downwards.

Equalization Reserve
A long-term reserve that an insurance company keeps for the purpose of preventing cash-flow depletion in the event of a significant unforeseen catastrophe.

Equalizing Dividend
An additional dividend paid to eligible stockholders when their divided income is reduced due to a change the board of directors makes to the dividend payment schedule.


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Equilibrium
The state in which market supply and demand balance each other and, as a result, prices become stable.

Equipment Trust Certificate
A debt instrument that is secured by equipment or physical assets. When the debt is paid off, the equipment becomes the property of the issuer.

Equity
1. A term describing stock, or any security, representing an ownership interest.

2. On the balance sheet, equity refers to the value of the funds contributed by the owners (the stockholders) plus the retained earnings (or losses).

3. In the context of margin trading, equity is the value of securities minus what has been borrowed from the brokerage.

Equity Accounting
A method of accounting whereby a corporation will document a portion of the undistributed profits for an affiliated company in which they own a position.

Equity Financing
The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation.

Equity Fund
A mutual fund that invests in a broad, well-diversified group of stocks.

Equity Income
Income that is earned by a company as a result of their subsidiaries.

Equity Linked Foreign Exchange Option - ELF-X
A put or call option that protects an investor from foreign-exchange risk for a future sale or purchase of a specified foreign-equity portfolio.

Equity Linked Note - ELN
An instrument whose return is determined by the performance of a single equity security, a basket of equity securities, or an equity index.

Equity Market Neutral
A hedge fund strategy that seeks to exploit differences in stock prices by being long and short in stocks within the same sector, industry, market capitalization, country, etc. This strategy creates a hedge against market factors.


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Equity Multiplier
A measure of financial leverage calculated as: Total Assets / Total Stockholders' Equity. Like all debt management ratios, the equity multiplier is a way of examining how a company uses debt to finance its assets. Also known as the financial leverage ratio or leverage ratio.

Equity Risk Premium
The extra return that the stock market provides over the risk free rate to compensate for market risk.

Equity Unit Investment Trust
A registered trust in which investors purchase units from a fixed portfolio of equities, which are chosen and passively managed by a professional money manager.

Equivalent Annual Cost - EAC
The annual cost of owning an asset over the its entire life. Calculated as:
Illustration for Equivalent Annual Cost - EAC

Erasure Guarantee
A guarantee, made by accredited institutions, as to the legitimacy and accuracy of changes made to bonds and securities.

Escheat
When property and/or an estate is transferred to the government because a person has died without a will or an heir to his or her estate.

Escrow
A financial instrument held by a third party on behalf of others until their written or oral instructions or obligations have been fulfilled.

Escrow Agreement
A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank.

ESP
In currencies, this is the abbreviation for the Spanish Peseta.

Estate
All of valuable things an individual owns, such as real estate, art collections, collectibles, antiques, jewelry, investments, and life insurance.


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Estate Planning
The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death.

Estate Tax
A tax levied on an individual's estate or valuables if they amount to over $600,000. This tax does not apply between spouses, who can leave any amount to one another upon death--a right known as the unlimited marital deduction. Therefore, the estate tax is mostly imposed on assets left to heirs.

ETB
In currencies, this is the abbreviation for the Ethiopian Birr.

EUR
In currencies, this is the abbreviation for the Euro.

Euro Interbank Offer Rate - EURIBOR
The rate of interest at which panel banks borrow funds from other panel banks, in marketable size, in the EU interbank market.

Euro LIBOR
LIBOR denominated in euro.

Euro Medium Term Note - EMTN
A flexible medium-term note issued and traded outside of Canada and the U.S.

Euro Overnight Index Average - EONIA
The weighted average of overnight Euro Interbank Offer Rates for inter-bank loans.

Eurobank
A financial institution that readily accepts foreign currency denominated deposits and makes foreign currency loans.

Eurobond
A bond that is denominated in a different currency than the one of the country in which the bond is issued.


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Eurocheck
A check from a European bank that can be cashed at over 200,000 banks around the world displaying the "European Union" crest.

Euroclear
One of two principal clearing houses for securities traded in the Euromarkets.

Eurocurrency
Currency deposited by national governments or corporations in banks outside their home market.Applies to any currency and to banks in any country.For example, Korean won deposited at a bank in South Africa, is considered Eurocurrency.

Eurodollar
U.S. dollar-denominated deposits at foreign banks or foreign branches of American banks. By locating outside of the United States, eurodollars escape regulation by the Federal Reserve Board.

Euroequity
A term used to describe an IPO occurring simultaneously on more than one national market.

Euromarket
Refers to the European Union as a single market in terms of money market such as Eurocurrency or Eurobonds.

Europe Australia Far East - EAFE
A term that refers to the area of the world that includes all these regions.

European Currency Quotation
An indirect quotation in the foreign exchange markets, whereby the value of a foreign currency is stated as a per unit measure of the U.S. dollar.

European Option
An option that can only be exercised at the end of its life.

Even Lot
Quantities established by futures exchanges as benchmarks for quoting commodity prices.


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Event Driven Strategy
A hedge fund strategy in which the manager takes significant positions in a certain number of companies with "special situations."

Event Risk
1. Unpredictable risk due to unforeseen events partaken by or associated with a company.

2. The risk associated with changing portfolio value due to large swings in market prices.

Evergreen Funding
1. A British term describing the gradual infusion of capital into a new or recapitalized enterprise.

2. In American banks, an evergreen loan is a short-term loan which is continually renewed rather than repaid.

Evergreen Option
An employee option plan that grants additional shares to the plan every year.

Ex Works-EXW
A trade term requiring the seller to deliver goods at his/her own place of business. All other transportation costs and risks are assumed by the buyer.

Ex-Ante
Another term for "expected or forecasted returns."

Ex-Date
The date on or after which a security is traded without a previously declared dividend or distribution. After the ex-date, a stock is said to trade ex-dividend.

Ex-Dividend
The trading of shares when a declared dividend belongs to the seller rather than the buyer.

Ex-Legal
Municipal bonds that are delivered without a legal opinion from a bond law firm.

Ex-Post
Another term for actual returns.


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Ex-Rights
The period when a new purchaser of stock is not entitled to participate in the recently declared rights offering.

Ex-Warrant
The trading of shares when a warrant has been declared but not distributed.

Exceptional Item
Charges incurred that must be noted on a company's balance sheet, in accordance with GAAP principles. Even though they are considered to be part of ordinary business charges, exceptional items must be disclosed due to their sheer size or frequency.

Excess Accumulation Penalty
The penalty a retirement account owner or the beneficiary of a retirement account must pay when he or she fails to distribute a minimum amount due for a year from the retirement account.

Excess Returns
Returns in excess of the risk-free rate or in excess of a market measure (such as an index fund).

Excess Spread
Remaining net interest payments from the underlying assets of an asset-backed security, after all payables and expenses are covered.

Exchange
A market in which securities, commodities, options, or futures are traded.

Exchange Distribution
A type of trade made on the floor of a securities exchange in which a large block of shares traded actually represents many buy and sell orders that have been pooled and executed as one transaction.

Exchange of Futures for Cash
A method by which opposite parties of a futures contract that has underlying cash commodities aim to close out their positions simultaneously.

Exchange Privilege
The opportunity given to a mutual-fund shareholder to exchange a fund for another within the same fund family at no additional cost.


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Exchange Rate
The price of one country's currency expressed in another country's currency. In other words, the rate at which one currency can be exchanged for another.

Exchange Traded Fund - ETF
A security that tracks an index and represents a basket of stocks like an index fund, but trades like a stock on an exchange, thus experiencing price changes throughout the day as it is bought and sold.

Exchangeable Debt
Similar to convertibles, except this type of debt can be converted into the shares of a company other than the issuing company (usually a subsidiary).

Exchangeable Security
A security that grants its holder the right to exchange it for the common stock of a firm other than the issuer.

Excise Tax
An indirect tax charged on the sale of a particular good.

Exclusion Ratio
The portion of the return on investments that is income tax exempt. It represents a payback of initial investments rather than capital gains.

Execution
The completion of a buy or sell order for a security.

Exempt Income
Certain types of income that are not subject to income tax.

Exemption
A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing.

Exemption Trust
A trust whose purpose is to drastically reduce or eliminate federal estate taxes for a married couple's estate. This type of estate plan sets up an irrevocable trust that will hold the assets of the first spouse to die.


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Exercise
An action by a stockholder taking advantage of a privilege offered by a company or other financial institution. This includes warrants, options, and other exotic financial instruments.

Exhaustion Gap
A drop that occurs after the rapid rise in a stock's price begins to tail off. An exhaustion gap usually reflects falling demand for a particular stock.

Exit Strategy
The method that a venture capitalist or business owner intends to use to get out of an investment that he or she has made.

Exotic Option
Any non-standard option.

Expectations Theory
A theory proposing that long-term interest rates can act as a predictor of future short-term interest rates.

Expected Return
The average of a probability distribution of possible returns.

Expense Ratio
The percentage of assets that are spent to run a mutual fund. Also referred to as the management expense ratio (MER).

Expenses
1. Money spent by a firm to continue its ongoing operations.

2. Money spent or costs incurred that are deductible and reduce your taxable income.

Expiration Date
The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.

Explicit Cost
A cost that is represented by lost opportunity in actual cash payments.


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Exponential Moving Average - EMA
A type of moving average that is similar to a simple moving average, except that more weight is given to the latest data.

Export
In reference to international trade, these are goods shipped from one country to another.

Expropriation
The act of removing property from an owner.

Extendable Bond
A bond issue with a maturity that can be extended to a longer period at the option of the issuer.

Extended IRA
An IRA that allows a second-generation beneficiary to continue to distribute the assets over the life expectancy used by the first-generation beneficiary, thereby extending the IRA.

Extension Risk
The risk of a security lengthening in duration due to the deceleration of prepayments.

Externality
A consequence of an economic activity that is experienced by unrelated third parties. An externality can be either positive or negative.

Extraordinary Item
Gains or losses included in a company's financial statements, which are infrequent and unusual in nature. These are usually explained further in the "notes to the financial statements."

Extraordinary Redemption
A provision which gives a bond issuer the right to call the bonds due to a one-time occurrence, as specified in the offering statement. The circumstances could range from natural disasters and cancelled projects to almost anything else.

Extrinsic Value
The difference between an option's price and the intrinsic value.





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