Cfa 3000

Fibonacci English
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1 (1+r)^-N,is the reciprocal of the future value factor,(1+r)^N
2 18-year Cycle n
the 18-year cycle is most often mentioned in connection
with real estate prices,but it can also be found in euities
and other mar!ets
" a buildin# bloc! of m$t b$ ph%n c&a
' a concern in n s( c) li*n uan,ch+u m$t ph,n tr-ch nhi.m
/ a consumer mi#ht derive utility out of being know by others to consume a so-called hi#h status #ood
0 a contribution to n s( 1)n# #)p
2 a contributory factor in
8
3 correlation of 4 (uncorrelated variables) indicates an absence of any linear(strai#ht-line) relationship
between the variables
5 a credible threat of entry n
14
3 cross-hatch to the ri#h indicates
the closin# price n
11
3 double bottom is considered to be a more si#nificant pattern than a sin#le bottom because traders have
stepped in on two occasions to halt declines
12
3 down-and-out call option on stoc! become worthless and terminates if the price of the underlyin# stoc!
moves down and touches a prespecified point durin# the life of the call
1"
3 European Depositary Receipt is a ne#otiable certificate issued by a depositary ban! in one country a#ainst
euity that is traded on the stoc! e6chan#e of another country
1' 3 European-stye option or European option is a option e6ercisable only at maturity
1/ a fairly standard set of
10
a fi6ed plant si7e-technolo#y-
physical capital base n
12 a healthy correction n when the lon#-term mar!et trend does not chan#e
18
3 hypothesis testin# uestion is "Is the value of the paraeter!say"the population ean#$%!or soe
other specific value#&"8he assertion 9the population mean is '/9 is a hypothesis
15 a !ey determinant of
24
3 !ey tenet of technical analysis is that the euity mar!et moves rou#hly si' onths ahead of inflection
point in the broad econoy:
21 a ma;or factor associated with the economic downturn was the sharp fall in housin# prices
22
3 pension fund mana#er estimates that his corporate sponsor will ma!e a <14 million contribution five years
from now:(he rate of return on plan assets has been estimated at 5 percent per year
2" 3 pooled estiate is an estimate drawn from the combination of two different samples
2' a poor=#ood trac! record th>nh t?ch y@u !Am,th>nh t?ch tBt
2/
3 positive technical trend may appear in such cases as investors who hold short positions buy shares to
close out their positions
20 a priori probability n
a probability based on lo#ical analysis rather than on
observation or personal ;ud#ement
22 a publicly listed share
28 a rule of thumb id
a practical method of doin# or measurin# sth, usually
based on past e6perience rather than on e6act
measurement;As a rule of thumb, you should cook a
chicken for 20 minutes for each pound of weight.
25 3 sample can also be biased because of the removal (or delisting# of a companyCs stoc! from an e6chan#e
"4 a set dollar limit sB lDEn# tiFn #iGi hHn
"1 a sharp fall in
"2
a simple al#ebraic anipulation of Iuation ' yields the bud#et constraint in the form of an intercept and
slope
"" a slip of paper n m$t mJnh #iKy nhL
"' a strategic gae is any interdependent behavioral choice employed by individuals or #roups that share a
1
Fibonacci English
common #oal(e:#:,military units,sports teams,or business decision ma!ers)
"/ 3 supply-and-demand effect is also at work
"0 3 test based on a t-statistic is more conservative than a 7-statistic test
"2 3 trading desk evaluates block brokers
"8 3 tradin# strate#y of buying on golden crosses and selling on dead crosses would have been profitable
"5 a uniform price n
'4 a variety of
'1 a viable business entity n
'2 a vicious cycle n
vMn# luNn uNnOa situation in which one problem causes
another problem which then ma!es the first problem
worse
'"
3 wholesale club implements a store format dedicated mostly to bul! sales in warehouse-si)ed stores to
customers who pay membership dues
'' abnormal a; !h-c thDPn#,!hQn# bRnh thDPn#
'/
abnoral profit !or supernoral
profit# n
eual to accountin# profit less implicit opportunity costs
not included in total accountin# costsOthe difference
between total revenue(8S) and total cost(8T)
'0 abolition n s( h&y bL
'2 abrasive a; chKt m>i mMn,1U m>i mMn
'8 absolute a;
e6istin# or measured independently and not in relation to
sth else Although prices are falling in absolute terms ,
energy is still expensive.Beauty cannot be measured by
any absolute standard
'5 absolute advantage n
a country has an absolute advantage in producin# a
#ood (or service) if it is able to produce that #ood at a
lower cost or use fewer resources in its production than its
tradin# partner
/4 absolute dispersion n
the amount of variability present without comparision to
any reference point or benchmar!
/1 absolute fre*uency n
the number of observations in a #iven interval(for #rouped
data)
/2 absorption n sD thu hVt
/" absorption approach n
focuses on the impact of e6chan#e rates on a##re#ate
e6penditure=savin# decisions
/' 3cademic economists n
// academician n vi.n sW
/0 accelerometer n an instrument for measurin# acceleration
/2 accessible site n land::
/8 accommodative monetary policy n
a central ban! policy desi#ned to stimulate economic
#rowth by lowerin# short term interest rates,ma!in#
money less e6pensive to borrow :also call loose credit or
easy monetary policy:opposite of ti#ht monetary policy
/5 accord with v phX hEp vGi,thBn# nhKt vGi
04 accounting !or eplicit#costs n
payments to non-owner parties for services or resource
they supply to the firm
01 accounting loss n when accountin# profit is ne#ative
02 accrue v t?ch lYy lHi(lEi nhu%n::)
0" accrue from v sinh ra (tZ),do[::m> ra
0' accrue to v 1\ d]n vF(ai::)
0/ accrued interest n interest earned but not yet paid
00 accumulator n n#DPi t?ch lYy
2
Fibonacci English
02 act in herds id h>nh 1$n# theo b,y 1>n
08 action lag n delay from policy decisions to implementation
05 active a; ch& 1$n#
24
+ctive and ,assitve Crawling
,egs n
usually a#ainst a sin#le currency,such as the ^:_ dollar-
were common in the 1584s in àtin 3merica,particularly
ara7il,durin# the hi#h infation periods:8o prevent a run on
the ^:_ dollar reserves,the e6chan#e rate was ad;usted
freuently(wee!ly or daily) to !eep pace with the inflation
rate:_uch a system was called a passive crawl:3n
adaption used in 3r#entina,Thile,and ^ru#uay was the
active crawlbthe e6chan#e rate was pre-announced for the
comin# wee!s with chan#es ta!in# place in small steps to
manipulate e6pectations of inflation:aecause the domestic
prices of many #oods were directly tied to import
prices,announced chan#es in the e6chan#e rate would
effectively si#nal future chan#es in the inflation rate of
these #oods
21
+ctivity ratio!or ,articipation
ratio# n
ratio of labor force to total population of wor!in#
a#e(e,#:,between 10 and 0' years of a#e)
22 ad hoc a; 1cc bi.t
2" ad hoc rule n
2' 3dam _mith n the economist
2/ add value n
20 addition rule for probabilities n
a principle startin# that the probability that 3 or a(both
occur) euals the probability that 3 occurs,plus th
probability that a occurs,minus the probability that both 3
and a occur
22 additive a;,n 1U th*m v>o,chKt phd #ia,t?nh th*m v>o
28 adept in (at) a;,n #iLi,thHo n#hF
25 administer v th(c hi.nOuJn le
84 adopter n
81 adoption n s( thQn# ua
82 advanced economies n
8" advanta#eous a; c) lEi,thu%n lEi
8' adversary n 1Bi th&
8/ advocate of n s( bi.n h$,s( b>o chfa
80 affiliated entities n t\ chgc th>nh vi*n
82 aforementioned a; 1h !U i tr*n,1h n)i tr*n,1h !U trDGc 1jy
88 after the fact id after st is finished or final
85 a##re#ate n,a;,v t\n#,!@t hEp lHi
54 a#in#=a#ein# n s( h)a #i>
51 a#rarian a; thu$c ru$n# 1Kt
52 a#ribusiness n !inh doanh nQn# n#hi.p
5" airwave n s)n# ph-t thanh
5' a!in a; hki #iBn#,b> con
5/ albeit con; mcc dX,dX,dlu
50 al#ebraic a; thu$c 1Hi sB
52 al#ebraically av theo phDkn# ph-p 1Hi sB
58 al#orithm=al#orithmic n thu%t to-n
55 3ll security prices are considered on an intraday basis,but this practice has #iven way to usin# closin# prices
3
Fibonacci English
only
144 all that id and other similar thin#s
141 allocator n nh> phjn b\
142 alon#side av,pr 1]n# thPi,dmc theo
14" alternatin# a; lujn phi*n,6en !n
14' alternative hypothesis n
the hypothesis accepted when the null hypothesis is
re;ected
14/ ambitious a; c) nhiFu tham vmn#
140 amend n soa 1]i(vpn !i.n),cJi thi.n,cJi tHo
142
3merican 3ssociation of qndividual qnvestors
(33qq)
148
3mon# the terms used for the effective annual return on interest-bearin# ban! deposits are annual
percentage yield!+,-# in the ^nited _tates and e*uivalent annual rate!E+R# ib the ^nited rin#dom
145 amorti7ation n s( trJ d,n(nE)
114 amorti7ed loans n such as mort#a#es and car loans
111 amplitude n 1$ lGn
112
3n active trader,for instance,may find 14-minute,/-minute,or even tick-by-tick data useful,but other technical
analysts may prefer daily or wee!ly data:
11"
3n +erican Depositary Receipt !+DR# is a ne#otiable certificate issued by a depositary ban! that
represents ownership in a non-^_:companyCs deposited euity(i:e,euity held in custody by the depositary
ban! in the companyCs home mar!et)
11' an econoic loss of 1.. occurs
11/
3n economy with a current account decifit is effectively iporting present consuption and e'porting
future consuption
110 an even pace id bDGc 1i 1Fu 1Fu,vfn# chsc
112 an upward bias id
the overestimation or overstatement by a statiscal
measure of the event
118
3nalo#ous to its counterpart in a cournt of law,the reuired standard of proof can chan#e accordin# to the
nature of the hypotheses and the seriousness of the conseuences of ma!in# a mista!e
115 analogous to=with somethin# a; tDkn# t(
124 analo#y n s( tDkn# t(
121 analytical a;
122 anchor n mL neo
12" ancillary a; phd thu$c,l. thu$c
12' and budin# up financial clais a#ainst overseas economies(positive trade balance,(t-u)v4)
12/ and more
120 and so forth av vjn vjn
122 anecdotal evidence a;
based on anecdotes and possibly not true or
accurate OAnecdotal evidence suggests there were
irregularities at the polling station on the day of the
election
128 anecdote n
1 a short, interestin# or amusin# story about a real person
or event amusing anecdotes about his brief career as an
actor 2 a personal account of an event Ohis research is
based on anecdote, not fact:
125 animate v
w sth to ma!e sth more lively or full of ener#y;A smile
suddenly animated her face.
1"4 anne6e=anne6 n ph,n th*m v>o,phd chDkn#,phd ldc
1"1 annual percentage rate!+,R#
measures the cost of borrowin# e6pressed as a yearly
rate(in ^_3)
1"2 annuali7e v Note that the calculator or spreadsheet will #ive the qSS
4
Fibonacci English
as a periodic rate:qf the periods are not annual,we
annuali7e the periodic rate
1"" annuali7ed a;
calculated for a period of a year but based on the amounts
for a shorter period O!n "une, inflation stood at an
annualized rate of #.# per cent.
1"' annuali7ed rate n
1"/ annuity n a finite set of level seuential cash flows
1"0 annuity due n
an annuity due havin# a first cash flow that is paid
immediately
1"2 anomaly n s( !hQn# bRnh thDPn#,s( d+ thDPn#
1"8 anonymous a; ncc danh,vQ danh
1"5
3nother decline follows but on diinishing
volume
1'4
3nother form of line #raph is the cuulative fre*uency distribution:_uch a #raph can plot either the
cumulative absolute or cumulative relative freuency a#ainst the upper interval limit
1'1 3nti#ua n
3nti#ua and aarbuda Oa country consistin# of three small
islands in the Taribbean: 3nti#ua and aarbuda were
aritish colonies from the early 12th century until they
became fully independent and a member of the
Tommonwealth in 1581 : uost of the countryxs population
live on 3nti#ua:
1'2 antitrust a; chBn# 1$c uyFn,chBn# trust
1'" apparatus n m-y m)c,ddn# cdOck uan
1'' appeal to v to ma!e a serious and ur#ent reuest
1'/ appetite for n lMn# ham muBn,s( !hao !h-t
1'0 appreciate v l*n #i-,tpn# #i-
1'2 appreciate in value v 1-nh #i- 1Vn# #i- tr+
1'8 appropriateness n s( th?ch hEp
1'5 appro6imation n 6Kp 6y
1/4 arb n
someone who en#a#es in arbitra#e(who purchases
securities in one mar!et for immediate resale in another in
the hope of profitin# from the price differential
1/1 arbitra#e n
s( buQn b-n chgn# !ho-nOthe practice of buyin# sth (for
e6ample, shares or forei#n money) in one place and
sellin# it in another place where the price is hi#her
1/2 arbitrarily av c) uyFn
1/" arbitrary n
d(a tr*n e !i@n hocc tXy hgn# c&a c- nhjn(chg !hQn#
phJi theo le tr?)Ochuy*n uyFn,1$c 1o-n
1/' arbitrary a; bKt !z,tXy e(to-n hmc)
1// arc n hRnh cun#
1/0 arc elasticity n
we mi#ht not have the entire demand function or demand
curve,but we mi#ht have ;ust two observations on price
and uantity
1/2 archetypical a; n#uy*n mlu,n#uy*n hRnh
1/8 3re a security/s bid-ask spreads related to the number of dealers ma!in# a mar!et in the security{
1/5 ar#uably av ta c) thU n)i r|n#
104 ar#ue v chy r}
101 arithmetic a;,n thu$c sB hmc
102 arithetic ean n
the sum of the observations divided by the number of
observations
10" armed forces n l(c lDEn# vY tran#
5
Fibonacci English
10' +rs inde'!(RI0# n
a flow of funds indicator applied to a broad stoc! mar!et
inde6 to measure the relative e6tent to which money is
movin# into or out of risin# and declinin# stoc!s
10/ arose v past tense of arise
100 arrest v hhm lHi,chcn lHiObst #if
102 3rthur àffer n the ^:_:economist
108 3s a conseuence
105 as a result
124 3s a result,scale values can be added and subtracted eaningfully
121 3s predicted nhD 1h d( 1o-n
122 3s price is bounded fro below at 7ero and sales are non-ne#ative,the lowest possible ~=_ is 4
12"
3s Sobert `:rahn of the qnstitute for _ocial Sesearch (3nn 3rbor,uichi#an)has written,"(he ill of science
grinds only when hypothesis and data are in continuous and abrasive contact"
12'
3s used in this volume and by many writers,holdin# period yield is a bond mar!et synonym for holdin# period
return,total return,and hori7on return
12/ as well off but no better off than
120
ascending price auction1English
auction n
in which an auctioneer is sellin# a sin#le item in a face-to-
face arena where potential buyers openly reveal their
willin#ness to buy the #ood at prices that are called out by
an auctioneer
122 ascribe to v 1\ tHi,1\ choO#-n cho,uy cho
128 assert that v !hn# 1+nh,6-c nh%n r|n#
125 assess v 1-nh thu@
184 assi#n to v chy 1+nh,uy cho
181 assortment of n
a collection of different thin#s or of different types of the
same thin#Oan assortment of e$uipment and hand tools
182 assume v 1Jm 1Dkn#,#-nh v-c
18" asymptotic a; ti.m c%n(to-n hmc)
18' at (the) most pro nhiFu nhKt,tBi 1a,!hQn# hkn
18/ at a favorable time thPi 1iUm thu%n lEi
180 at an unfavorable time thPi 1iUm !hQn# thu%n lEi
182 at one end of the scale
means you have a wide variety of options and you #ave
one that is very far one way and now you will say the one
that is very far the other way
188 at some point id it means sth it will eventually happen
185 at someone disposal n tXy e so ddn#
154 at the other end of the scale on the other hand
151 attendant wa#e pressure a; 1i !m,!m theo
152 auctioneer n n#DPi 1iFu !hiUn cu$c b-n 1Ku #i-
15" 3ussie n 3Ô^_=3^
15' austerity n s( !h\ hHnh,s( !hsc !h\Os( m$c mHc chjn phDkn#
15/
3ustralasian mar!ets(3ustralia and New
ealand)
150 autarkic price n
152 autarky n
a state in which a country does not trade with other
countries
158 authoritative a; c) cpn cg 6-c th(c
155 authority n nh> chgc tr-ch
244 automated euipment n
241 3utomated euipment lease for 8.. v
6
Fibonacci English
per week
242 autoatic stabli)er n
a countercyclical factor that automatically comes into play
as an economy slows and unemployment rises
24" autonomous a; t( tr+
24' avalance n d]n d%p;avalance process
24/ average cost should be understood to mean average total cost
240 aversion n s( !hQn# muBn,#hAt
242 a6iom n ti*n 1F,chjn le
248 a6is n trdc,tia
245 bac! v support
214 bac! and forth id tGi lui,ua lHi
211 bac! out id
bac! out (of sth) to decide that you are no lon#er #oin# to
ta!e part in sth that has been a#reed O%e lost confidence
and backed out of the deal at the last minute.
212 back siulation n
another term for the historical method of estimatin#
3S:8his term is somewhat misleadin# in that the method
involves not a simulation of the past but rather what
actually happened in the past,sometimes ad&usted to
reflect the fact that a different portfolio may have existed
in the past than is planned for the future
21" bac!drop n
ck si,nFn tJn#(m$t s( vi.c)OtKm m>n vn cpn# sau sjn
!hKu
21' balance n sB dD
21/ 2alance of payents !23,# n
is a double-entry boo!eepin# system that summeri7es a
countryCs economic transaction with the rest of the world
for a particular period of time,typically a calendar uarter
or year
210 balance of trade deficit n
when the domestic economy is spendin# more on forei#n
#oods and services than forei#n economies are spendin#
on domestic #oods and services
212 balance sheet n
a written statement showin# the amount of money and
property that a company has and listin# what has been
received and paid out
218 balanced
with respect to a #overnment bud#et,one in which
spendin# and revenues (ta6es) are eual
215 balanced mutual fund n
224 bancaire n n#jn h>n#
221 bank discount basis n
a uotin# convention that annuali7es,on a "04-day
year,the discount as a percenta#e of face value
222 ban! of In#landCs tar#et is T~q inflation within 4516. percentage point of 2:4
22" ban! reserves n
22' ban! run n run on the ban!Os( rVt tiFn h>n# loHt !hLi m$t n#jn h>n#
22/ ban!-to-client mar!ets n
220 bar chart n
a dia#ram that uses lines or narrow rectan#les ( bars) of
different hei#hts (but eual widths) to show different
amounts, so that they can be compared
222 bar chart n
a price chart with four bits of data for each time interval-
the hi#h,low,opennin#,and closin# prices:3 vertical line
connects the hi#h and low:3 cross-hatch left indicates the
openin# price,and a cross-hatch ri#ht indicates the close:
228 barter n s( trao 1\i h>n# lKy h>n#
225 barter econoy n an economy where economic a#ents as house-
7
Fibonacci English
holds,corporations,and #overnments 9pay9 for #oods and
services with another #oods and service
2"4 base memory chip n
2"1 base rates n
the reference rate on which a ban! bases a lendin# rates
to all other customers
2"2 basis points (bps) n a basis point is one-hundredth of 1 percent(4:41 percent)
2"" 2aye/s 7orula n
#iven a set of prior probabilities for an event of interest,if
you receive new information,the rule for updatin# your
probability of the event is updated probability of event
#iven the new information
2"' be better off a; !hKm !h- hkn,phon# lDu hkn
2"/ be buffeted by v b+ 1>y 1ma,vXi d%p(n#ha b)n#)
2"0 be characteri7ed in v biUu th+ 1cc 1iUm,mQ tJ 1cc 1iUm
2"2 be doomed to v phJi ch+u(sB !i@p,1ma 1>y,!@t t$i::)
2"8 be driven from v b+ 1Ny ra !hLiOthey may be driven from the market
2"5 be endowed with v 1DEc phV cho m$t 1gc t?nh,!hJ npn#
2'4 be left to v 1U mcc,1U tXy(ai uy@t 1+nh)
2'1 be under way v 1an# din ra
2'2 bear in mind id bear=!eep somethin# in mind
2'" bear mar!et n
a period durin# which people are sellin# shares, etc:
rather than buyin#, because they e6pect the prices to fall
2'' bear on v li*n uan tGi
2'/ bearish a;
2'0 aecause #eometric mean returns use time series,we use a subscript t inde6in# time as well
2'2 aecause R8I is a price-based oscillator"the trader can also apply trend lines to analy7e it
2'8
aecause the sellers are often dominated by lon# investors e6itin# positions!as opposed to short sellers
creating new short positions#,the pressure to sell diminishes once the sellers have sold the security:
2'5
2ecause they are price based"momentum oscillators also can be analy7ed by usin# the same tools
technicians use to analy7e price,such as the concepts of trend,support,and resistance
2/4 behavioral e*uations n
i:e: supply fuction,demand fuction because they model th
behavior of respectively,buyers and sellers
2/1 behavioural=behavioral a; thu$c vF c-ch cD 6o
2/2 behemoth n con v%t !@ch 6X
2/" aei#e aoo!
2/'
bein# able to afford more-
expensive,yet more-efficient
equiptment and adapt the latest
in technology that increases
productivity av yet(1gn# trDGc c-c tZ i cKp so s-nh)OlHi cMn,n#ay cJ
2// ael#ium n ay
2/0 belli#erent n,a; nDGc tham chi@nOtham chi@n
2/2 bell-shaped a;
2/8 aenelu6 n
a name for ael#ium, the Netherlands and ù6embour#,
when they are thou#ht of as a #roup
2/5 2ernoulli rando variable n a ramdom variable havin# the outcomes 4 and 1
204 2ernoulli trial n an e6periment that can produce one of two outcomes
201 better-uality picture n
202 beyond pr vDEt 6a hkn,vDEt u-
20" 2eyond such interest rate effects n#o>i ra
20' bias n th>nh !i@n
8
Fibonacci English
20/ bid up v tpn# #i-
200 bidder n n#DPi trJ #i-
202 biddin# war n
208 bi# bo6 retailers
205 ai# uac inde6 n
which shows the relative price of this standardi7ed
hambur#er in different countries
224 bilateral a; hai b*n,son# phDkn#
221 binomal n,a; nh+ thgc(to-n hmc)
222 binoal odel n
a model for pricin# options in which the underlyin# price
can move to only one of two possible new prices
22" binoal rando variable n
the number of success in n aernoulli trials for which the
probability of success is constant for all trials and the trials
are independent
22' binoal tree n
the #raphical representation of a model of asset price
dynamics in which,at each priod,the asset moves up with
probability p or down with probability (1-p)
22/ ainomal trees can value options even more comple6 the +erican calls on stoc!
220 bloc n !hBi(ch?nh tr+)
222 blur v l>m cho lP mP,!hQn# r} r>n#
228 2ollinger 2ands n
a price-based technical analysis indicator consistin# of a
movin# avera#e plus a hi#her line representin# the
movin# avera#e plus a set number of standard deviations
from avera#e price(for the same number of periods as
used to calculate the movin# avera#e)and a lower line that
is a movin# avera#e minus the same number of standard
deviations
225 bond n mBi uan h.,r>n# bu$c(n#ha b)n#)
284 2ond inde'ing is one area in which stratified samplin# is freuently applied
281 bond arket vigilantes n
bond mar!et participants who mi#ht reduce their demand
for lon#-term bonds,thus pushin# up their yields
282 bondholder n
28" boo n
an e6pansionary phase characteri7ed by economic #rowth
9testin# the limits9 of the economy
28' borderline n 1DPn# ranh #iGi
28/ bore=borne v !bbear
280 borrower n n#DPi 1i vay
282 borrowin# n s( vay mDEn
288
aoth arithmetic and #eometric means have a role to play in investment mana#ement,and both are often
reported for return series
285 bottlenec! n sJn 6uKt 1Rnh tr.,c\ chai
254 bottom-up a;
( of a plan, pro;ect, etc: ) startin# with details and then
later movin# on to more #eneral principles Oa bottom-up
approach to tackling the problem
251 bound v uy 1+nh,#iGi hHn
252 bound-e*uivalent yield n
a calculation of yield that is annuali7ed usin# the ratio of
"0/ to the number of days to maturity:aond euivalent
yield allows for the restatement and comparision of
securities with different compoundin# periods
25" bowl-shaped pattern n
25' branch off v phjn nh-nh
25/ breadth n bF r$n#
9
Fibonacci English
250 breadth of n s( r$n#(uan 1iUm,tD tDin#,!i@n thgc::)
252 brea!even a; hMa vBn
258 brea!even point n
the number of units produced and sold at which the
companyCs net income is 7ero(revenuestotal costs)Oin the
case of perfect competition,the uantity where
price,avera#e revenue,and mar#inal revenue eual
avera#e total cost
255 brevity n t?nh !hVc chi@t,vsn tst
"44 brin# forth v sJn sinh,#jy ra
"41 aS` n ara7ilian real
"42 broad oney n
encompasses narrow money plus the entire ran#e of liuid
asset that can be used to ma!e purchases
"4" broad-base a;
based on a wide variety of people, thin#s or ideasO not
limited Obroad-based support
"4' bro!era#e n n#hF mQi #iGi,s( mQi #iGi
"4/
budget constraint !or incoe
constraint# n
a constraint on spendin# or investment imposed by wealth
or income
"40 bud#etary a; thu$c n#jn s-ch
"42 bud#et-conscious
"48 buffer n v%t 1.m,#iJm 6)c
"45 buget surplus1deficit n
the difference between #overnment revenue and
e6penditure for a stated fi6ed period of time
"14 build n s( 6jy d(n#
"11 buildin# bloc! n !hBi l>m sn 1U 6jy d(n#
"12 bul! n tJi trmn# h>n# h)a
"1" bull mar!et n
a period durin# which share prices are risin# and people
are buyin# shares
"1' bulldo7er n m-y &iOs( 1e dma
"1/ bullet point n
an item in a list in a document, that is printed with a
suare, diamond or circle in front of it in order to show that
it is important: he s$uare, etc. is also called a bullet
point .
"10 bullish a;
"12 aurns and uitchellCs definition n business cycles
"18 bushel n #iH("0l)
"15
ausiness confidence(8an!an
_urvey) n
"24 business day n
"21 business savin# n retained earnin#s and depreciation
"22 business sentiment n
"2" but the !nowled#e that
"2' 2ut to its horror"the manufaturer finds out that there is no e6tra demand for televisions
"2/ buyin# power n
"20
2y 9..:,each of the three sectors was dis-
saving rou#htly 2 percent of ^:_:~ v>o npm 2440
"22 ay contrast n#DEc lHi
"28 by definition theo 1+nh n#ha
"25 by means of b|n# c-ch
""4 by more than hkn l>
""1 ay the same to!en id vR th@ cho n*n,vJ lHi
10
Fibonacci English
""2 by virtue if vki tD c-ch
""" by way of n nhD thU l>,coi nhD l>,nhD thU
""' bypass v,n 1i vMn#,1DPn# vMn#
""/ byproduct n sJn phNm phd
""0 calculable a; c) thU 1@m 1DEc,c) thU t?nh 1DEc
""2 calculate and interpret a holding period return!total return#
""8 calculus n phAp t?nh
""5 calendar time n
"'4 calibrate v 1+nh c,6-c 1+nh 1DPn# !?nh(nMn sVn#,Bn#[)
"'1 call n a decision
"'2 call out v #mi to
"'" caller q n
a system that uses a device on your telephone to identify
and display the telephone number of the person who is
callin# you
"'' camp n phe,ph-i(ch?nh tr+)
"'/ cancel out id
cancel sth out if two or more thin#s cancel out or one
cancels out the other, they are eually important but have
an opposite effect on a situation so that the situation does
not chan#e O'ecent losses have cancelled out any profits
made at the start of the year. he advantages and
disadvantages would appear to cancel each other out .
"'0 candlestick chart n
a price chart with four bits of data for each time interval:3
candle indicates the openin# and closin# price for the
interval:8he body of the candle is shaded if the openin#
price was hi#her than the closin# price,and the body is
clear if the openin# price was lower than the closin#
price:ertical lines !nown as wic!s or shadows e6tend
from the top prices for the interval
"'2
Tandlestic! chart trace their roots
to apan v c) n#u]n #Bc tZ
"'8 capability n npn# l(c tiFm t>n#,!hJ npn#
"'5 capacitor n c-i td 1i.n
"/4 capacity utili)ation n
a measure of how fully an economyCs production capacity
is bein# used
"/1 capital n vBn,tD bJn
"/2 capital account n that measures transfer of capital
"/" capital budgeting n
the allocation of funds to relatively lon#-ran#e pro;ects or
investment
"/'
capital consuption allowance
!CC+# n
a measure of the wear and tear(depreciation)of the
capital stock that occurs in the production of #oods and
services
"// capital deepending investent n increases the stoc! of capital relative to labor
"/0 capital e'penditure n e6penditure on physical capital(fi6ed assets)
"/2 capital flight
"/8
Tapital flows are at least as
important as trade flows in
determinin# nominal e6chan#e rates n
"/5 capital #ains n
"04 capital #ains ta6es n
"01 capital #oods n tD bJn phNmOc&a cJi dXn# 1U tHo ra nhfn# c&a cJi !h-c
"02 capital arkets n financial mar!ets that trade securities of lon#er
11
Fibonacci English
duration,such as bounds and euities
"0" capital restrictions n
are defined as controls placed on forei#nersC ability to own
domestic assets and=or domestic residentsC ability to own
forei#n assets
"0' capital spendin# n
"0/ capital stock n
the accumulated amount of buildin#s,machinery,and
euipment used to produce #oods and services
"00 capital structure n
the mi6 of debt and euity that a company uses to finance
its businessOa companyCs specific mi6ture of lon#-term
financin#
"02 capital transfers n
sub-accounts of the capital account include deb
for#iveness and mi#rantsC transfers(#oods and financial
assets belon#in# to mi#rants as they leave or enter the
country):qt also include the transfer to title to fi6ed assets
and transfer of funds lin!ed to the sale or acuisition of
fi6ed assets,#ift and inheritance ta6es,death
duties,uninsured dama#e to fi6ed assets,and le#acies
"08 capital-intensive firm n
"05 capitalist n,a; nh> tD bJn,tD bJn ch& n#ha
"24 capitali7e v lEi ddn#
"21 carbonated bevera#e n soft drin!
"22 cardinal ran!in#
"2" career-lon#
"2' carry forward 1Da ra ph?a trDGc
"2/ case n vd !i.n
"20 cash flow additivity principle n
"22 cash flow uncertainty n
"28 cashless a;
done or wor!in# without usin# cashO(e are moving
towards the cashless society.
"25 casin# n vL bmc,vL bao
"84
cast doubt!s# on (someone or
somethin#) id to cause someone or somethin# to be doubted
"81 catalyst n chKt 6Vc t-c
"82 catastrophic a; thJm !hBc,th* thJm
"8" catch-up n
1 uncountable the act of tryin# to reach the same level
or standard as sb who is ahead of you 2 countable ,
sin#ular an occasion when two or more people meet to
discuss what has happened since the last time they met
"8' causal relationship n mBi uan h. nhjn uJ
"8/ causality n thuy@t nhjn uJ
"80 caveat n
(formal, from àtin)a warnin# that particular thin#s need to
be considered before sth can be donewAny discussion of
legal action must be preceded by a caveat on costs.
"82 C23E ;olatility Inde'!;I<# n
the measure of near-term mar!et volatility calculated by
the Chicago 2oard 3ptions E'change:_ince 244",it has
been calculated from option prices on the stoc!s in the
_~ /44
"88 Tar n Tandidate aody of rnowled#e
"85 ceilin# n tr,n
"54 cellophane n #iKy b)n# !?nh cellophane
"51 center of #aravity id trmn# tjm
12
Fibonacci English
"52 center on=centre on v
"5" Tentral 3frican Sepublic n
"5' central banks n
the dominant ban! in a country,usually with official or
semi-official #overnmental status
"5/
Tentral ban!s can implement monetary policy almost completely independent of #overnment interference and
influence at one end of the scale,or simply as the a#ent of the #overnment at the other end of the scale
"50 central limit theorem n
states that the sum(and mean) of a lar#e number of
independent random variables is appro6imately normally
distributed
"52 certainty n s( chsc chsn
"58 certificates of deposit (Ts) n
"55 ceteris paribus latin all other thin#s bein# eual
'44 T(chief financial officer) n
'41 change in polarity principle n
a tenet of technical analysis that once a support level is
breached,it becomes a resistance level:8he same holds
true for resistance levelsOonce breached,they become
support levels:
'42 change in *uantity supplied n result from a chan#e in this productCs own price
'4" change in supply n
the supply curve has shifted both vertically and
hori7ontally
'4' chan#in# environment n
'4/ chaotic a; hn l$n,hn loHn,l$n 6$n
'40 chapter n 1F t>i,vKn 1FOchDkn#
'42 characteristically av nAt 1cc trDn#
'48 charter n hi@n chDkn#
'45 chartered a;
c) 1& tD c-ch phX hEp vGi c-c uy tsc c&a mQt hQi n#hF
n#hi*p 1DEc cQn# nhj n tron# mQ t hi@n chDkn# ho>n# #ia
'14 Tharts are the #raphical display of price and volume data,and the display maybe done in a nuber of ways6
'11 Chebyshev/s Ine*uality
'12
Thica#o ed National 3ctivity
qnde6(TN3q) n
'1" Thica#o uercantile I6chan#e(TuI) n
'1' Thina and emer#in# 3sia(TN+Iu3)
'1/ choke sth off v
b)p c\1 to prevent or limit sth O%igh prices have choked
off demand: 2 to interrupt sthO to stop sth O%er screams
were suddenly choked off.
'10 circulatin# a; tu,n ho>n,lDu thQn#
'12 circulation n s( lDu thQn#(tiFn t.)
'18 cite v tr?ch dln
'15 claim n uyFn 1Mi
'24 clarity n s( r} r>n#
'21 class n loHi,hHn#
'22 classify v phjn loHi,ssp 6@p c) h. thBn#
'2" clear a; ho>n to>n
'2' close out id
to sell #oods very cheaply in order to #et rid of them
uic!ly
'2/ closed econoy n
'20 clout n power and influenceOpolicy)financial clout
'22 cluster v t)m lHi,#$p lHi
'28 clutter n s( l$n 6$n
13
Fibonacci English
'25 coalition #overnment n ch?nh ph& li*n hi.p
'"4 coefficient n h. sB
'"1 coefficient of variation !C;#
'"2 cohort n 1$i ujn,nh)m n#DPi
'"" coin v tHo ra,1ct ra(m$t thu%t n#f)
'"' coinfident econoic indicators n
turnin# points that are usually close to those of the overall
economy,they are belived to have value for identifyin# the
economyCs present state
'"/ collateral n 1] !e uW
'"0 collaterali7ed a; !e uW
'"2 collective n
a #roup of people who own a business or a farm and run it
to#etherO the business that they run
'"8 collectively av chun#,t%p thU
'"5 collusion n s( cju !@t,s( thQn# 1]n#
''4 combat v chi@n 1Ku
''1 cobination n
a listin# in which the order of the listed items does not
matter
''2
Coercial paper !C,# is unsecured short-term corporate debt that,li!e ^:_ 8reasury bills,is characteri7ed
by a sin#le payment at maturity
''" coon arket n
is the ne6t level of economic inte#ration that incorporates
all aspects of the customs union and e6tends it by
allowin# free movement of factors of production amon#
members
''' coon value auction n
in which there is some actual common value that will
ultimately be revealed after the auction is settledOan
e6ample of a common value auction would be biddin# on
a ;ar containin# many coins
''/ commonplace a;
done very often, or e6istin# in many places, and therefore
not unusual O*omputers are now commonplace in
primary classrooms.
''0 compact notation n !e hi.u nhL #mn
''2 comparability n so s-nh
''8 comparable ;obs n
''5 coparative advantage n
a country has a coparative advantage in producin# a
#ood (or service) if its opportunity cost of producin# that
#ood is less than of its tradin# partner
'/4 compatibility n t?nh tDkn# hEp
'/1 compellin# euity valuations n 1-nh #i- bst bu$c
'/2 competency n npn# l(c,!hJ npn#
'/" competitiveness n t?nh cHnh tranh
'/' compiliation n s( bi*n soHn
'// complementary a; bX,b\ sun#
'/0 copleents n
said of #oods which tend to be used
to#etherOtechnically,two #oods whose cross-price elasticity
of demand is ne#ative
'/2 coplete preferences n
the assumption that a consumer is able to ma!e a
comparison between any two possible bundles of
#oodsOthat is,#iven bundles 3 and a,she must be able to
say either that she prefers 3 to a,or she prefers a to 3,or
she is indifferent betweent the two
'/8 completeness n t?nh 1,y 1&,t?nh trMn vn
14
Fibonacci English
'/5 compliance n s( b|n# lMn#
'04 composite a;,n h\n hEp
'01
Coposite =eading Indicator'
indices!C=I# n
'02 copounding n the process of accumulatin# interest on interest
'0" compress v Ap,nAn,1OcQ 1mn# lHi(e n#h,lPi n)i[:)
'0' compromise v l>m hHi,l>m t\n thDkn#OthoJ hi.p
'0/ comptroller=controller n n#DPi uJn l?,!iUm so-t
'00 computation n s( t?nh to-n
'02 computer-controlled euipment n
'08 concave a; l}m,hRnh chJo
'05 conceivable a; c) thU hiUu 1DEc
'24 conceivably av
'21 conceive of v hiUu
'22 conceptual a; thu$c vF uan ni.m,thu$c vF nh%n thgc
'2" conceptuali7e v !h-i ni.m h)a
'2' conceptually av related to or based on ideas
'2/ concerned with a; 1F c%p 1@n c-i #R,li*n uan 1@n c-i #R
'20 concession outlet n coa h>n# tHi c-c nh> #a
'22 concrete a; cd thU
'28 concurrent a; cXn# lVc,1]n# uy
'25 conditional e'pected values n
the e6pected value of a stated event #iven that another
event has occurred
'84 conditional probability n
the probability of an event #iven(conditioned on) another
event
'81 conditional variances n the variance of one variable,#iven the outcome of another
'82 confer v trao hocc tcn# vpn b|n#,tDGc v+
'8" confidence in n
uncountable w (in sb=sth) the feelin# that you can trust,
believe in and be sure about the abilities or #ood ualities
of sb=sth Ohe players all have confidence in their
manager.
'8' confiscation n s( t+ch thu,s( sun# cQn#
'8/ confused people n nhfn# n#DPi bBi rBi,lVn# tVn#
'80
Ton#estion areas,where a security trades up and down in a narrow ran#e,are evidenced by a series of short
columns of tCs and Cs spannin# rou#hly the same price ran#e
'82 connectivity n !@t nBi
'88 connotation n n#ha r$n#Oe n#ha(c&a m$t tZ)
'85 Tonsensus Turrent I~_
'54 Tonsensus Turrent ~=I
'51 conseuent a;,n hEp le,lo#ic,l> !@t uJ c&a
'52 consistency estiator n
is one for which the probability of estimator close to the
value of the population parameter increases as sample
si7e increases
'5" consistent a;
( approvin# ) always behavin# in the same way, or havin#
the same opinions, standards, etc:on a consistent basis
'5' consistent n
with reference to estimators,describes an estimator for
which the probability of estimates close to the value of the
population parameter increases as sample si7e increases
'5/ consolidation n s( thBn# nhKt,s( cYn# cB
'50 conspicuous consuption n consumption of hi#h status #oods,such as a lu6ury
15
Fibonacci English
automobile or a very e6pensive piece of ;ewelry
'52 conspire with v jm mDu vGi
'58 constant a;
!hQn# thay 1\i,bKt bi@nOtotal revenue increases by the
price level,which is constant to the firm
'55 constant returns of scale n
the characteristic of constant per-unit costs in the
presence of increased production
/44 constant-cost industry n
when the firms in the industry e6perience no chan#e in
resource costs and output prices over the lon# run
/41 constant-proportion strate#y n
/42 consulate n tMa lhnh s(
/4" consuer choice theory n
the theory relatin# to consumer demand curves to
consumer preferences
/4'
consuption bundle or
consuption basket n
a specific combination of the #oods and services that a
consumer wants to consume
/4/ conta#ion n s( ljy lan
/40 continous copounded return n
the natural lo#arithm of 1 plus the holdin# period return,or
euivalently,the natural lo#arithm of the endin# price over
the be#innin# price
/42 continuation pattern n
a type of pattern used in technical analysis to predict the
resumption of a mar!et trend that was in place prior to the
formation of a pattern
/48 continuity n s( li*n tdc
/45 continuous rando variable n
a random variable for which the ran#e of possible
outcomes is the real line (all real numbers between -8 and
+8 or some subset of the real line)
/14 continuous tie n
time thou#ht of as advancin# in e6tremely small
increments
/11 continuous unifor distribution n is the simplest continuous probability distribution
/12 contour map bJn 1] 1DPn# 1]n# mgc
/1" contract v,n nhim(b.nh)Othu nhL,rVt #mn,hEp 1]n#
/1' contractibility n t?nh c) thU thu nhL lHi
/1/ contractionary n,a; s( thst chct
/10 contractionary n tendin# to cause the real economy to contract
/12 contractionary fiscal policy n fiscal policy aimed at achievin# real economic ontract
/18 contradict n ph& nh%n,chi lHi,mju thuln
/15 contradiction n s( mju thuln
/24 contrary to pr tr-i n#DEc vGi
/21 contrast v 1Bi chi@u(1U l>m n\i b%t nhfn# 1iUm !h-c nhau)
/22 controller n uJn le,n#DPi !iUm so-t
/2" convention n uy DGc,tiFn l.,thLa thu%n n#,m
/2' conventional monetary policy n
/2/ conventionally av theo th)i thDPn#,nhD vln uy DGc
/20 conver#ence n s( h$i td
/22 convergence n
the tendency for differences in output per capita across
countries to diminish over timeOin technical analysis,a term
that describes the case when an indicator moves in the
same manner as the security bein# analy7ed
/28 conversely av n#DEc lHi
/25 convertibility n !hJ npn# chuyUn 1\i(tiFn th>nh v>n#:)
/"4 conve6 a; l]i(to-n hmc)
16
Fibonacci English
/"1 conve6ity n 1$ l]i
/"2 conviction n s( tin chsc
/"" convinced a; tin chsc,1oan chsc
/"' cool down v bRnh tnh lHi
/"/ co-ops n hEp t-c 6h
/"0 coordination n
s( !@t hEp,s( phBi hEpOthe ability to control your
movements well
/"2 Tore inflation n
refers to the inflation rate calculated based on a price
inde6 of #oods and services e6cept food and ener#y
/"8 cornerstone n ck sk,nFn tJn#O1- tJn#
/"5 corollary n !@t uJ tKt y@u
/'4 corporate accounts n
(buy side)Torporations of all si7es underta!e t
transactions durin# cross-border purchases and sales of
#oods and services:uany of their t flows can also be
related to cross-border investment flows--such as
international u3 transactions,investment of corporate
funds in forei#n assets,and forei#n currency borrowin#
/'1 correction n s( hi.u chynh,s( sfa chfa
/'2 corrective n,a; hi.u chynh,1iFu hMa
/'" corrective wave n adown,bup and cdown
/'' correctness n s( ch?nh 6-c
/'/ correlate v tDkn# uan
/'0 correlation n s( tDkn# uan
/'2 correlation n
a number between -1 and +1 that measures the
comovement(linear association)between two random
variables
/'8 correspondin#ly av tDkn# gn#
/'5 corruption n s( tham nhYn#
//4 cost averaging n the periodic investment of a fi6ed amount of money
//1 cost structure n the mi6 of a companyCs variable costs and fi6ed cost
//2 cost-minimi7in# behavior n
//" cost-minimi7in# mi6 n
//' cost-push n
type of inflation in which risin# costs,usually
wa#es,compel businesses to raise prices #enerally
/// counter ar#ument n tranh chi 1Bi l%p
//0 counter to pr n#DEc lHi,tr-i lHi
//2 counteract v chBn# lHi,!h-n# c(
//8 counter-ar#ument n le ln phJn b-c
//5 countercyclical a; chBn# lHi chu !z
/04 counterpart n bJn saoO1Bi t-c
/01 countervailin# duties n
are duties that are levied by the importin# country a#ainst
subsidi7ed e6ports enterin# the country
/02 Cournot assuption n
two-firm duopoly mar!etOassumption in which each firm
determines its profit-ma6imi7in# production level assumin#
that the other firmsC output will not chan#e
/0" courtesy of=by courtesy of sb=sth n nhP s( #iVp 1 c&a
/0' covariance atri' n
a matri6 or suare array whose entries are
covariancesOalso !nown as a variance-covariance matri6
/0/ covenant n 1iFu !hoJn,hi.p DGc
/00 creative destruction process 100 volume 2
17
Fibonacci English
/02 credential n
documents such as letters that prove that you are who you
claim to be, and can therefore be trusted
/08 credible a; 1-n# tin 1DEc,tin 1DEc
/05 credit v cQn# trHn#,danh ti@n#
/24
credit card payment involves a
deffered payment n
/21 creditor n ch& nE
/22 critical a; tGi hHn(to-n hmc)
/2" critiue v,n ph* bRnh,1Da ra e !i@n 1-nh #i-
/2' cross price elasticity
chan#e in uantity demanded = chan#e in price of
related #ood
/2/ cross price elasticity 4b related #ood is a complement
/20 cross price elasticity v 4b related #ood is a substitute
/22 cross-board comparison n
/28 crosshatched a; !hsc 1DPn# chAo
/25 crossover n
the process or result of chan#in# from one area of activity
or style of doin# sth to another;he album was an exciting
&a++,pop crossover.
/84 crossover discount rate n
/81 cross-price n
/82 cross-sectional data n
observations over individual units at a point in time,as
opposed to time-series data
/8" cross-sectional re#ression analysis n
/8' crowd out v !hQn# cho v>o(vR u- 1Qn#)
/8/ crowding out
the thesis that #overnment borrowin# may divert private
sector investment from ta!in# place
/80 crude description a; thQ thiUn,chDa #mt #iYa,mGi ph-c ua
/82 cube v l%p phDkn#
/88 cultivate v cKy,tr]n# trmtOnuQi dDn#(tRnh cJm)Otu dDn#(tr? tu.)
/85 cuulative distribution function n
a function #ivin# the probability that a random variable is
less than or eual to a specified value
/54 cuulative relative fre*uency n
for data #rouped into intervals,the fraction of total
observations that are less than the value of the upper limit
of a stated interval
/51 curent governent spending n
with respect to #overnment e6penditures,spendin# on
#oods and services that are provided on a
re#ular,recurrin# basis includin# health,education,and
defense
/52 currency n tiFn t.Os( lDu h>nh,s( th+nh h>nh
/5" Turrency board system(Ta_) n
/5' current account n that measures the flow of #oods and services
/5/ curtail v cst bGt
/50 curvature n 1$ con#
/52 customary a; theo th)i thDPn#,nhD vln uy DGc
/58 custos union n
e6tends the 83 by not only allowin# free movement of
#oods and services amon# members but also creatin# a
common trade policy a#ainst non-members
/55 cut bac! v cst #iJm
044 cutoff n
a point or limit when you stop sth;he government
announced a cut-off in overseas aid.
041 cyclical a; theo chu !z
18
Fibonacci English
042 cyclical copanies n
companies with sales and profits that re#ularly e6pand
and contract with the business cycle or state of economy
(for e6emple,automobile and chemical companies)
04" dampen v l>m nJn ch?,l>m cdt hgn#Ol>m Nm,l>m DGt
04' data converter n
04/ data-ining!data snooping# n
the practice of determinin# a model by e6tensive
searchin# throu#h a dataset for statistically si#nificant
patterns
040 dataset n
042 avid Sicardo n the economist
048 de facto a;
usually before noun ( from àtin , formal ) e6istin# as a
fact althou#h it may not be le#ally accepted as e6istin#
O8he #eneral too! de facto control of the country Ode facto
adverb %e continued to rule the country de facto.
045 dead cross n
a technical analysis term that describes a situation where
a short-term movin# avera#e crosses from above a
lon#er-term movin# avera#e to below itOthis movement is
considered bearish
014 deadwei#ht loss
011 deadweight loss n
8he reduction in consumer and producer surplus due to
underproduction or overproduction
012 debatable a; c) thU tranh chi
01" debilitatin# a; l>m y@u sgc,l>m suy nhDEc
01' debilitatin# impact n
01/ debit card n
010 debt for#iveness n
012 debtor n con nE
018 decelerate v #iJm tBc
015 decennial a; 14 npm m$t l,n
024 Decennial ,attern n
the pattern of avera#e stoc! mar!et returns(based on the
q3)bro!en down on the basis of the last di#it in the
year:ears endin# with a 4 have had the worst
performance,and years endin# with a / have been by far
the best:(he D>I+ was up every year ending in a % fro
188% until 1??%"but it declined .6: percent in 9..%
021 deceptively av d nh,m lln,dBi tr-
022 deciles n uantiles that divide a distribution into ten eual parts
02" decipher n,v #iJi mh
02' decision n uy@t n#h+
02/ decision ma!in# ra uy@t 1+nh
020 decompose v phjn t?ch,phjn chia,phjn ly,phjn h&y
022 decreasing-cost industry n
an industry in which per-unit costs and output prices are
lower when industry output is increased in the lon# run
028 decree n ssc l.nh
025 decummulation n oppbaccummulation
0"4 default n,v v nE
0"1
default risk !or default
probability# n
the probability that a borrower defaults or fails to meets its
obli#ation to ma!e full and timely payments of principal
and interest,accordin# to the terms of the debt security
0"2 Default risk preiu n an e6tra return that compensates investors for the
possibility that the borrower will fail to ma!e a promised
19
Fibonacci English
payment at the contracted time and in the contracted
amount
0"" defaut-free interest rates n
0"' defeatin# a; thKt s-chOt( chuBc lKy thKt bHi(vF !@ hoHch,hoHt 1$n#)
0"/ defense n uBc phMn#
0"0 defensive copanies n
companies with sales and profits that have little sensitivity
to the business cycle or state of economy (for
e6emple,food and pharmaceutical companies)
0"2 defensive stratery n chi@n lDEc phMn# th&
0"8 deficiency n s( thi@u hdt,s( !Am cLi
0"5 deficient n s( thi@u hdt
0'4 deflate v hH #i-O#iJm lHm ph-t
0'1 deflation n #iJm ph-t
0'2 deflator n #iJm ph-t
0'" Degree of confidence n
the probability that a confidence interval includes the
un!nown population parameter
0'' degrees of freedo!df# n the number of independent observations used
0'/ dele#ate to v &y th-c,&y uyFn,#iao ph)
0'0 deletion n s( 6)a bL
0'2 deliberately av cjn nhsc,th%n trmn#Oc) ch& e
0'8 delve v n#hi*n cgu sju
0'5 deand and supply ananlysis n
is the study of how buyers and sellers interact to
determine transaction prices and uantities
0/4 demand deposit n
funds in a ban! account that may be withdrawn on
demand of the customer:
0/1 deand shock n
a typically une6pected disturbance to demand,such as
une6pected interruption in trade or transportation
0/2 deand-pull n
type of inflation in which increasin# demand raises price
#enerally,which then are reflected in a businessCs costs as
wor!ers demand wa#e hi!es to catch up with the risin#
cost of livin#
0/" demo#raphic a; thu$c nhjn !hNu hmc
0/' denominate v
w sth (in sth) to e6press an amount of money usin# a
particular unit ;he loan was denominated in -. dollars
0// denominator n mlu sB
0/0 density n m%t 1$,t trmn#
0/2 epartment of Tommerce n b$ thDkn# mHi
0/8 departure n tr.ch hDGn#,s( chuyUn hDGn#
0/5 dependent n
with reference to events,the property that the probability of
one event occurrin# depends on (is related to) the
occurrence of another event
004 depiction n s( mi*u tJ,s( minh hma
001 depositor n n#DPi #oi 1] v%t,n#DPi #oi tiFn
002 depository receipt n
00" depreciate v sdt #i-,1-nh #i- thKp
00' depreciation n s( sdt #i-,s( #iJm #i-Os( ch* bai,1-nh #i- thKp,!hKu hao
00/ depress v l>m #iJm(#i-)
000 depression n tRnh trHn# trR tr.Otr,m cJm
002 dere#ulate v bhi bL uy 1+nh
008 deregulated mar!et n
20
Fibonacci English
005 derivative of 1Ho h>m
024 derive from v nh%n 1DEc tZ
021 descendin# a; 1i 6uBn#
022
descending price or Dutch
auction n
the auctioneer be#ins at a very hi#h price--a price so hi#h
that no bidder is believed to be willin# to pay it:8he
auctioneer then lowers the called price in increments until
there is a willin# buyer of the item bein# sold
02" descriptive statistics n the study of how data can be summari7ed effectively
02' destabili7e v l>m mKt \n 1+nh
02/ deterioration in economy n s( tri n*n 6Ku hkn
020 determinant n 1+nh thgc(to-n hmc)Oy@u tB uy@t 1+nh
022 devaluation n s( ph- #i-
028 devalue v #iJm #i- tr+,sdt #i-,mKt #i-,ph- #i-
025 developed countries n
084 developer n nh> ph-t triFn(le thuy@t)lOn#DPi rfa Jnh
081 developin# countries n
082 deviate from v tr.ch hDGn#
08" deviation from n s( tr.ch hDGn#
08' diabetic n n#DPi b+ b.nh 1-i 1DPn#
08/ dictate v ra l.nh,sai !hi@n
080 differential a;,n s( ch*nh l.ch
082 differentiate v phjn bi.tOlKy vi phjn(to-n hmc)
088 differentiation n s( phjn bi.tOphAp lKy vi phjn(to-n hmc)
085 diffusion inde6 n
reflects the proportion of the inde6Cs components that are
movin# in a pattern consistent with the overall inde6
054 di#iti7e v sB h)a
051 diinishing arginal productivity n
describes a state in which each additional unit of input
produces less output than previously
052 dire a; !hBc li.t,!inh !h&n#
05" direct ta'es n
ta6es levied directly on income,wealth,and corporate
profits
05' disadvanta#e n,v s( bKt lEi,th@ bKt lEi
05/ disa##re#ate v phjn t-ch
050 discernible a; c) thU nh%n thKy
052 discount v !hQn# 1@m 6ya,coi thDPn#OhH #i-
058 discount
to reduce the value of a future payment in allowance for
how far away it is in timeOto calculate the present value of
some future amount:3lso,the amount by which an
instrument is priced below its face value
055 discount rate n
with reference to ^:_ ban!in#,the rate for member ban!s
borrowin# directly from the ^:_ ederal Seserve _ystem
244 discouraged worker n person who has stopped loo!in# for a ;ob
241 discrete a; rPi rHc, ri*n# rnO discrete random variables
242 discrete rando variable n
a random variable that can ta!e on at most a countable
number of possible values
24" discretion n s( th%n trmn# suy 6At 1Vn# 1snOs( l>m theo e mRnh
24' discretionary usually before noun ( formal )decided accordin# to the
;ud#ement of a person in authority about what is
necessary in each particular situationO not decided by
rules Oou may be eligible for a discretionary grant for
21
Fibonacci English
your university course.
24/ discretionary #oods n
240 discretionary trades n
242
diseconoies of scale !or
decreasing returns to scale# n
increase in cost per unit resultin# from increased
production
248 disincentive n s( nJn lMn#,s( l>m nhdt ch?
245 disinflation n s( #iJm lHm ph-t
214 disinvest n thu h]i vBn
211 dispersion n s( phjn t-n
212 Dispersion n the variability around the central tendency
21" displacement n s( thay th@
21' disposable income n thu nh%p sau thu@ v> bJo ph?
21/ disproportionately av !hQn# tDkn# 6gn#,!hQn# cjn 1Bi
210 disruptive a; 1%p #hy,ph- v
212 dissemination of information s( ph\ bi@n
218 dissimilar a; !hQn# #iBn#,!h-c
215 dissipate v ti*u tan
224 distasteful a; !h) ch+u,!hQn# vZa e
221 distil=distill v
@ sth !fro1into sth# ! foral # to get the essential
eaning or ideas fro thoughts" inforation"
e'periences" etc AThe notes made on my travels were
distilled into a book.
222 distinctly different r} r>n# ri*n bi.t
22" distortion n tRnh trHn# !hQn# r} r>n#,s( vcn vo,mAo m)
22' distress n,v !i.t u.,!hBn cXn#,ni 1au !h\
22/ disturbin#ly av
ma!in# you feel an6ious and upset or shoc!ed Oa
disturbing piece of news
220 diver#e from v !h-c nhau(bKt 1]n# e !i@n),phjn !z
222 diver#ence n s( phjn !z,s( !h-c nhau
228 divergence n
in technical analysis,a term that describes the case when
an indicator moves differently from the security bein#
analy7ed
225 diver#ent a; bKt 1]n#,!h-c nhau(e !i@n)Ophjn !z,chia rn
2"4 diver#ent views n uan 1iUm !h-c nhau
2"1 diversification n s( 1a dHn# h)a
2"2 diversion n l>m tr.ch hDGn#,trM ti*u !hiUn
2"" divest somebody of v tDGc bL
2"' dividend n lhi c\ ph,n
2"/ dividend yield !D1,# n annual dividends per share divided by share price
2"0 division of labor n s( phjn chia lao 1$n#
2"2 divisor n DGc sB,sB chia
2"8 q3 n
2"5 do;i n
2'4 dollari7ation n 1Q la h)a
2'1 domain n phHm vi,lnh v(c,lhnh th\
2'2 doestic content re*uireents n
stiplulate that some percenta#e of the value added or
components used in production should be of demetic
ori#in
2'" domicile v 1+nh nki thanh to-n(hBi phi@u)
22
Fibonacci English
2'' dominated-by-bundle-a
2'/ dormant v ch@t(vBn)
2'0 double bottos
in technical analysis,a reversal pattern that is formed
when the price reaches a lowOrebounds,and then sells off
bac! to the first low levelOused to predic a chan#e from an
downtrend to a uptrend
2'2 double coincidence of wants
a prereuisite to barter trades,in particular that both
economic a#ents in the transaction want what the other is
sellin#
2'8 double top n
when an uptrend reverses twice at rou#hly the same hi#h
price levelOused to predic a chan#e from an uptrend to a
downtrend
2'5 double-di#it=double-fi#ure a; only before nounOhai con sBOa double-digit pay raise
2/4 double-di#its=double-fi#ures n plural noun
2/1 ow ones qndustrial 3vera#e(q3) n Tharles ow,creator in 1850
2/2 down transition probability n
the probability that an assetCs value moves down in a
model of asset price dynamics
2/" down-and-out n
a person without money, a home or a ;ob, who lives on the
streets
2/' down#rade v hH t?nh nhi.m
2// downside n nhDEc 1iUm
2/0 downsi7in# n,v
2/2 downtrend n
2/8 downturn n suy tho-i
2/5 drama n an e6citin# event
204 drawbac! n mct hHn ch@,1iFu tri n#Hi
201 drawdown n
(finance) the act of usin# money that is available to youO
the amount usedOa drawdown of cash from the
company/s reserves
202 drawing on the work of the Nobel ~ri7e winner uilton riedmand,the natural rate of unemployment(N3S^)
20" drop the technically correct
20' duopoly n tRnh trHn# th+ trDPn# do hai cQn# ty 1$c uyFn lYn# 1oHn
20/ durin# this period,~ declined by the steepest amount in the post-Borld Bar II period
200 Dutch 2ook (heore
a result in probability theory statin# that inconsistent
probabilities create profit opportunities
202 duty n thu@ 1-nh v>o h>n# h)a(nhKt l> h>n# 6uKt !hNu)
208 dwellin# unit n place of residence not for business purposes
205 dynamic a;,n 1$n# l(c
224 dynamically av sQi n\i,npn# n\
221 dysfunctional a; s( rBi loHn chgc npn#
222 earnin#s n tiFn lhi
22" easin# n s( #iJm 1au,s( lsn# d+u
22' ebb n thPi !z suy sdpOth&y triFu 6uBn#
22/
ITa focuses on the haronised
inde' of consuer!CIC,# n
220 econic union n reuires an even #reater de#ree of inte#ration:(i:e:I^)
222 econometric a; thu$c to-n !inh t@
228 economic actors of every !ind
225 econoic costs n all the remuneration needed to !eep a productive resource
23
Fibonacci English
in its current employment or to acuire the resource for
productive useOthe sum of total accountin# costs and
implicit opportunity costs
284 econoic indicator n
a variable that provides information on the state of the
overall economy
281 econoic loss n
the amount by which accountin# profit is less than normal
profit
282 economic moat n
28" econoic profit n abnormal or supernormal profit
28' econoic rent n
the surplus value that results when a particular resource
or #ood is fi6ed in supply and mar!et price is hi#her than
what is reuired to brin# the resource or #ood onto the
mar!et and sustain its use
28/ econoic stabili)ation n reduction of the ma#nitude of economic fluctuations
280 economically av vF mct !inh t@
282
econoies of scale !or increasing
returns to scale# n
reduction in cost per unit resultin# from increased
production
288 economist n nh> !inh t@ hmc,nh> ti@t !i.m
285
economyCs rate of sustainable
#rowth n
254 effective annual rate!E+R# n
the amount by which a unit of currency will #row in a year
with interest on interest included
251 Iffective annual yield was called the effective annual rate in the readin# on the time value of money
252 effective annual yield!E+-# n
an annuali7ed return that accounts for the effect of interest
on interestOI3 is computed by compoundin# 1 plus the
holdin# period yield forward to one year,then subtractin# 1
25" efficacy n t?nh c) hi.u uJ,hi.u l(c
25'
efficiency estiator !best
unbiased estiator# n
an unbiased estimator is efficient if other unbiased
estimator of the same parametor has a samplin#
distribution with smaller variance
25/ efficiency-enhancin# pro;ect n
250 elastic a; co #ihn
252 elastic response n
258 elasticities approach n
focuses on the effect of chan#in# the relative price of
domestic and forei#n #oods
255 elasticity n 1$ co #ihn,t?nh co #ihn
844 elasticity of supply n
a measure of sensitivity of uantity supplied to a chan#e in
price
841 electoral a; thu$c(s( b,u co)Othu$c(co tri)
842 electronic tradin# platform n
84" elevated a; phKn !hii,hoan h
84' elicit v
w sth (from sb) ( formal ) to #et information or a reaction
from sb, often with difficulty O%er tears elicited great
sympathy from her audience.
84/ Illiott was an accountant by training
840 Elliott Bave theory n
a technical analysis theory that claims that the mar!et
follows re#ular,repeated waves or cycles
842 emanate from v ph-t ra,tLa ra,bst n#u]n tZ
848 embar#o n,v cKm v%n
845 embed in v
w sth (in sth) to fi6 sth firmly into a substance or solid
ob;ect ;an operation to remove glass that was embedded
in his leg
24
Fibonacci English
814 embodiment n n#DPi hocc v%t l> hi.n thjn c&a c-i #R
811 embody v l> hi.n thjn c&a,bao #]m
812 embrace v bao #]m
81" emer#in# mar!et n developin# country
81' empirical a;
( formal ) based on e6periments or e6perience rather than
ideas or theoriesOempirical
evidence!knowledge!research
81/ empirical estimates n
810 epirical probability n
the probability of an event estimated as a relative
freuency of occurrence
812 employer n ch&
818 encompass v bao #]m,chga 1(n#,bao ph&
815 end up (by) doin# st
wind up (by) doin# stOto conclude st by doin# stOwe ended
up "by# going back to my house
824 endin# point n 1iUm !@t thVc
821 endo#eneity n n$i sinh
822 endo#enous a; n$i sinh
82" endowment n s( hi@n tcn#
82' endowment n
countable ,usually plural a uality or an ability that you
are born with O0ew people are blessed with her mental
endowments.
82/
endowments,e6chan#e-traded
funds(I8s) n
820 endpoint n 1iUm !@t thVc
822 endure v !Ao d>i,t]n tHiOcam ch+u,ch+u 1(n#
828 en#a#e in v ti@n h>nh,tham #ia v>o vi.c #R
825 en#ineer v vHch ra,n#h ra
8"4 en#ulf v nhKn chRm
8"1 enhancement n s( l>m tpn#
8"2 ensue v 6Jy ra sau 1)
8"" entail v 1Da 1@n,1Mi hLi,#jy ra
8"' enterprise n
cQn# trRnh hocc cQn# vi.c !inh doanh (nhKt l> cQn# trRnh
!h) !hpn 1Mi hLi s( dYn# cJm)Os( n#hi.pOhhn#,6? n#hi.p
8"/ entirety n to>n b$
8"0 entitlement outlays n Intitlement outlay drivin# ^_ deficit
8"2 entity n s( t]n tHi(c&a m$t v%t),th(c thU
8"8 entrepreneurial ris!-ta!in# ability
8"5 entrepreneurship n uncountble nounOentrepreneur
8'4 Intries are number of funds !percent of row total in parentheses#
8'1 entry fee n
8'2 enumeration n s( 1@m,s( li.t !*,bJn# li.t !*
8'" envelope n
hRnh bao uanh(to-n hmc)O!h? c,uOphon# bROvL bao,m>n#
bao(sinh v%t hmc)
8'' envisa#e v d( t?nh,vHch ra(!@ hoHch::)OnhRn trDGc
8'/ euality n 1n# thgc,trHn# th-i b|n# nhau
8'0 euali7e v l>m cho c-i #R b|n# nhau
8'2 euate v l>m cjn b|n#
8'8 euate sth to v coi nhD n#an# nhau
8'5 euation n phDkn# trRnh
25
Fibonacci English
8/4 euilibrate v l>m cjn b|n#
8/1 euilibrium n trHn# th-i cjn b|n#
8/2 euitable a; hEp tRnh hEp le(y*u s-ch[)OcQn# b|n#,vQ tD
8/" euity n
plural ( finance ) shares in a company which do not pay
a fi6ed amount of interest
8/' euity universe n
8// euivalence n s( tDkn# 1Dkn#
8/0 euivalently av tDkn# 1Dkn#,tDkn# t(
8/2 erosion n s( pn mMn,s( 6)i mMn
8/8 errata n bJn 1?nh ch?nh
8/5 erratic a;
co 1Qn#, t?nh chKt hopc c-ch cD 6o thKt thDPn# hopc
!hQn# 1FuO !hQn# 1-n# tin cjyO 1DEc chpn# hay chG
804 erratic thKt thDPn#
801 estiate n
the particular value calculated from sample observations
usin# an estimator
802 estiation n
with reference to statistical inference,the subdivision
dealin# with the value of a population parameter
80"
Estiation addresses the uestions"Bhat is this paraeter/s !e6g6"the population ean/s#value&"8he
answer is in the form of a confidence interval built around a point estimate:
80' estimator n n#DPi 1-nh #i-
80/ estiator n
an estimation formulaOthe formula used to compute the
sample mean and other sample statistics are e6amples of
estimators
800 et al latin nhfn# n#DPi hocc thg !h-c
802 Iurone6t N n
a Iuropean electronic stoc! e6chan#e based in
3msterdam,Netherlands,and with subsidiaries in
ael#ium,rance,Netherlands,~ortu#al and the ^r
808 Iuropean I6chan#e Sate uechanism(ISu)
805
Iuropean inancial _tability
acility(I_) n
has been created by the I^ in 2414 to help I^ countries
in need
824 Iuropean uonetary ^nion(Iu^) n
821 Iuropean ^nion(I^) n
822 euros=euro n 1]n# tiFn chun# chju u
82" Iurostat n the statistical office for the I^
82' Iuro7one n
( also Iuro land ) the countries in the Iuropean ^nion
that use the euro as a unit of money
82/ evade v tr-nh(thu@
820 even a; 1Fu 1Fu
822 event n
any outcome or specified set of outcomes of a random
variable
828 ever-chan#e luQn thay 1\i
825 evidence v transitive verbOchgn# minh,chgn# tL
884 evident v r} r.t,hiUn nhi*n
881 evolution n s( ph-t triUn,s( ti@n h)a
882 evolve v 6uKt ph-t tZ,suy ra tZ(le thuy@t,s( !i.n[)Oti@n h)a
88" e' ante 8harpe ratio
88' e' post or historical 8harpe ratio
88/ e6acerbate v l>m tr,m trmn# th*m(b.nh t%t,1au 1Gn[)
880 e6ception n s( phJn 1Bi,s( loHi bL
882 e'cess kurtosis n de#ree of pea!edness(fatness of tails) in e6cess of the
26
Fibonacci English
pea!edness of the normal distribution
888 e6chan#e n s>n #iao d+ch
885 e6cheuer n !ho bHc uBc #ia,n#jn !hB uBc #ia
854 e6cise duties n thu@ mQn b>i,thu@ h>n# h)a
851 e6cise ta6 n thu@ h>n# h)a,thu@ mQn b>i
852 e6clusively av 1$c nhKt,d>nh ri*n#
85" e6ecute v h>nh hRnh
85' e6ercisable a; (n)i vF uyFn h>nh)c) thU so ddn#,c) thU h>nh so
85/ e6ercise v
so ddn# (t?nh !i*n nhln,lMn# !hoan dun#,s( !iUm
so-t,uyFn l(c::)
850 e6ert v so ddn#(sgc mHnh::)
852 e6ertion n s( so ddn#(sgc mHnh,Jnh hDin#::)
858 e'hausitive n coverin# or containin# all possible outcomes
855 e6haust v n#hi*n cgu h@t mmi !h?a cHnh c&a vKn 1F
544 e6hibit n 1] th+,biUu 1]
541 e6o#enous a; n#oHi sinh
542 e6onerate v #iJi t$i(cho ai)
54" e6pansionary n,a; s( mi r$n#
54' e'pantionary n tendin# to cause the real economy to #row
54/ e'pantionary fiscal policy n fiscal policy aimed at achievin# real economic #rowth
540 e'pected inflation n
8he level of inflation that economic a#ents e6pect in the
future
542 e'pected value n
the probability-wei#hted avera#e of the possible outcomes
of a random variable
548 e6planatory a; 1U #iJi th?ch,c) t?nh #iJi th?ch
545 e6plicit a; hi.n(to-n hmc)Or} r>n#,dgt !ho-t
514 e6ponent n sB mY
511 e6port-driven economy n apan[
512 e6pose to v 1ct v>o(nki n#uy hiUm[)
51" e6posure n uJn# c-o,h>nh 1$n# phki b>y
51' e6pression n biUu thgc(to-n hmc)
51/ e6pressly for av chy 1U,cBt 1U
510 e6tent n uy mQ
512 e6ternalities n nhfn# c-i b*n n#o>i
518 e'ternality n
an effect of a mar!et transaction that is borne by parties
other than those who transacted
515 e6tract from v rVt ra tZ
524 e6traction n s( chi@t 6uKt
521 e6trapolate v
n#oHi suyOto estimate sth or form an opinion about sth,
usin# the facts that you have now and that are valid for
one situation and supposin# that they will be valid for the
new one
522 e6uberance n t?nh 1,y rly
52" face value n
the amount of cash payable by a company to the
bondholders when the bonds matureOthe promised
payment at maturity separate from any coupon payment
52' face-to-face meetin# n
52/ facilities n
plural buildin#s, services, euipment, etc: that are
provided for a particular purpose Osports)leisure facilities
27
Fibonacci English
520 factor n thZa sB,h. sB
522 factor arkets n
528 factor of production n
525 factorial n #iai thZa
5"4 fade v mKt d,n,mP d,n
5"1 fair value n
the amount at which an asset could be e6chan#ed,or a
liability settled,between !nowled#eable,willin# parties in
an armCs-len#th transactionOthe price that would be
received to sell an asset or paid to transfer a liability in an
orderly transaction between mar!et participants
5"2 fairness a; s( cQn# b|n#
5"" faith n s( tin c%y,lPi cam !@t
5"' famine n nHn 1)i,s( !han hi@m
5"/ fare v i v>o tRnh trHn# n>o 1),l>m pn,sinh sBn#
5"0 fashion creation n
5"2
7at tail can be modeled by a mi6ture of normal random variables or by a _tudentCs t-distribution with a
relatively small number of de#rees of freedom
5"8 faulty a; msc li,thi@u s)t
5"5 favourable for a; c) lEi cho,tHo 1iFu !i.n thu%n lEi cho
5'4 7DID0et Inflows
5'1 7DID0et 3utflows
5'2 fearful of a; sE hhi,lo lsn#
5'" federal funds rate1fed funds rate n
the ^:_:interban! lendin# rate on overni#ht borrowin#s of
reserves
5''
ederal pen uar!et
Tommittee(uT) n
5'/ feed n cL !hQ,thgc pn #ia sVc
5'0 feedbac! effects n
5'2 fiat oney n money that is not convertible into any other commodity
5'8 7ibonacci se*uence n
a seuence of numbers startin# with 4 and 1,and then
each subseuent number in the seuence is the sum of
the two precedin# numbers:qn Illiot ave 8heory,it is
believed that mar!et waves follow partterns that are the
ratios of the numbers in the ibonacci seuence
5'5 field n mL
5/4 fi#ure n sB tiFnOhRnh vn,sk 1]
5/1
inacial 8imes _toc!
I6chan#e(8_I) n
5/2 final sale price n
5/" final sales n
if sales e6ceed current production,then ~ is less than
final sales by the amount of #oods sold out of inventory
5/' 7inancal risk is ris! relatin# asset prices and other financial variables
5// financial account n that records investment flows
5/0 financial assets abroad n
sub-accounts of the financial account Oa countryCs assets
abroad are further divided into official reserve
assets,#overnment assets,and private assets:8hese
assets include #old,forei#n currencies,forei#n
securities,the #overnmentCs reserve position in the
qu,direct forei#n investment,and claim reported by
resident ban!s
5/2 inancial _ervices 3uthority(_3) 8he ^r: Se#ulatory authority
28
Fibonacci English
5/8 financier n
a person who lends lar#e amounts of money to
businesses
5/5 financin# n especially N3mIOfinace(arI)
504 fine a; usually before noun of hi#h ualityO #ood Ofine wine
501 innish a;,n ~h,n àn
502 fire sales n sales prices below the cost of production
50" firemen n l?nh cgu hLa
50' first price sealed bid auction n
the envelops containin# bids are opened simultaneously
and the item is sold to the hi#hest bidder for the actual bid
price
50/ first-degree price discriination n
where a monopolist is able to char#e each customer the
hi#hest price the customer is willin# to pay
500 fiscal a; t>i ch?nh
502 fiscal ultiplier n
the ratio of a chan#e in national income to a chan#e in
#overnment spendin#
508 fiscal policy n
8he use of ta6es and #overnment spendin# to affect the
level of a##re#ate e6penditures
505 7isher effect n
the thesis that the real rate of interest in an economy is
stable over time so that chan#es in nominal interest rates
are the result of chan#es in e6pected inflation
524 7isher inde' n
the #eometric mean of the àspeyres inde6 and ~aasche
inde6
521 fi6 v Kn 1+nh (#i-)
522
i6ed income strate#ies such as cash flow matchin# could be used to offset or iuni)e the <8"4,444 uasi-
liability
52" fi'ed parity with Crawling bands n
qnitially,a country may fi6 rates to a forei#n currency to
anchor e6pectations abouts future inflation but then
#radually permit more and more fle6ibility in the form of
pre-announced widenin# band around the central
parity:_uch a system has the desirable property of
allowin# a #radual e6it strate#y from the fi6ed parity:3
country mi#ht want to introduce #reater fle6ibility and
#reater scope for monetary policy,but ma not yet have the
credibitlity to financial infrastructure for full fle6ibility:_o it
maintains a fi6ed parity with slowly widenin# bands
52' flags n
a technical analysis continuation pattern formed by
parallel trendlines,typically over a short period:
52/ flat screen television n
520 flat ta6 rates n
522 flatten out v trJi ra,trJi r$n#
528 flatter v tQn l*n,tjn# bBc
525 flow n nDGc triFu l*n
584 flow-of-funds indicators n
flow-of-funds indicators help technicians #au#e potential
chan#es in supply and demand for securities:_ome
commonly used indicators are the 3Su_ qnde6 (also
called the 8SqN),mar#in debt(also a sentiment
indicator),mutual fund cash position,new euity
issuance,and secondary euity offerin#s
581 follower n n#DPi theo #)t,1. to
582 folly n 1i*n r]
58" footnote n chV th?ch cuBi tran#
58' or continuous random variables,which are discussed alon# with discrete random variables in the readin# on
29
Fibonacci English
common probability distributions,the operation correspondin# to summation is integration
58/ for e6ample
580
or other securities,such as ortgage-backed securities with cople' ebedded options,uonte Tarlo
simulation is also an important modelin# resource
582
or readers familiar with mathematical treatments of probability,_,a notation usually reserved for a concept
called the saple space,is bein# appropriated to stand for scenario
588 for short vi@t n#sn #mn
585 or simplicity id 1U 1kn #iJn h)a
554 for the sa!e of id vR mdc 1?ch #R
551 for the sa!e of ar#ument id to ta!e an instance to help us e6amine the point
552 for the sa!e of brevity id
55" forcefully av mHnh mn,sinh 1$n#
55' orecastin# error predicted value of variable - 3ctual value of variable
55/ fore#one a; d( t?nh trDGc,tKt y@u
550 foreign currency reserve n
holdin# by the central ban! of non-domestic currency
deposits and non-domestic bonds
552 7oreign direct investent!7DI# n
refers to direct investment by a firm in one country(the
source country) in productive assets in a forei#n
country(the host country)
558 forei#n e6chan#e dealin# ban! n
555 7oreign e'change!7<# arket n
the mar!et in which curriencies are traded a#ainst each
other-is by far the worldCs lar#est mar!et
1444 foreign portfolio investent !7,I# n
refers to direct shorter-term investment by
individuals,firms,and institutional investors(e,#:,pension
funds) in such forei#n financial instruments as forei#n
stoc!s and forei#n #overnment bonds
1441 forei#ner n n#DPi nDGc n#o>i
1442 forei#n-owned capital n
144" foreign-owned financial assets n
sub-accounts of the financial account Oforei#n-owned
assets in the reportin# country are further divided into
official assets and other forei#n assets:8hese assets
include securities issued by the reportin# contryCs
#overnment and private sectors,direct investment,and
forei#n liabilities reported by the reportin# countryCs
ban!in# sector
144' foretell v d( b-o,b-o trDGc
144/ foreturnner n 1iFm b-o
1440 for#o v thQi,bL,!i*n#
1442 formation n s( hRnh th>nh,!@t cKu
1448 formidable a; df d$i,#h* #Gm,!h&n# !hi@p
1445 for-profit company n
1414 forthcomin# a; ssp 1@n,ssp tGi
1411 forward discount n
1412 orward e6chan#e rates are typically uoted in term of points(also sometimes referred to as 9tips9)
141" forward premium n
141' foster v nuQi dDn#,thVc 1Ny,c\ vY
141/ fractional a; phjn 1oHn
1410 fractional reserve banking n
ban!in# in which reserves constitute a fraction of
depositsOthis practice of lendin# customerCs money to
others on the assumption that not all customers will want
all of their money bac! at any one time
30
Fibonacci English
1412 fra#mented a; phjn 1oHn
1418 reddie uac and annie uae n hai ck uan bJo 1Jm c-c !hoJn vay th@ chKp i uW
1415 free loat ad;usted
the term "free load adEusted" means that the wei#hts of
companies in the inde6 refle6 the value of the shares
actually available for investment
1424 free trade n
1421 7ree trade areas!7(+# n
are one of the most prevalent forms of re#ional inte#ration
in which all barriers to the flow of #oods and services
amon# members have been eliminated
1422 frei#ht char#es n ph? chuy*n chi
142" frei#ht truc! n
142' fre*uency distribution n
a tabular display of data summari7ed into a relatively small
number of intervals
142/ fre*uency polyon n
a #raph of a freuency distribution obtained by drawin#
strai#ht lines ;oinin# successive points representin# the
class freuencies
1420 friction n r>o cJnOmar!et friction
1422 friction n s( 6?ch m?ch,s( va chHm,s( cm 6-t
1428
rom a mar!et perspective,secondary offerings of shares have the potential to change the supply-and-
deand e*uation as uch as I,3s do
1425 rom the standpoint of today(t4),the future amount of <2",02",0"0:2/ is 1/ years into the future
14"4 fuel v !?ch 1$n#
14"1 fulcrum n 1iUm t(a(1Mn bNy)
14"2 full price n the price of a security with accrued interest
14"" functionality n chgc npn#
14"'
undamental analysis is a youn#er field than technical analysis because reliable fundamental data are a
relatively new phenomenon
14"/ fundamentally av vF ck bJn
14"0 funnel v
to move or ma!e sth move throu#h a narrow space, or as
if throu#h a funnel (+ adv:=prep:) (ind was funnelling
through the gorge. ( fi#urative ) .ome 120 million in aid
was funnelled into the country through government
agencies.
14"2 furnish v cun# cKp,tran# b+(1] 1Hc)
14"8 -2 n
Tanada,rance,ermany,qtaly,apan,the ^nited
rin#dom,and the ^nited _tates
14"5 gae theory n
the set of tools that decision ma!ers use to incorporate
responses by rival decision ma!ers into their strate#ies
14'4 #as-fueled power plant n
14'1 #elato n qtalian ice cream
14'2
eneral 3#reement of 8rade in
_ervices(38_) n
are the ma;or a#reements within the 8Cs body of
treaties that encompasses a total about 04
a#reements,anne6es,decisions,and understandin#s
14'"
eneral 3#reement on 8ariffs and
8rade(388) n
("4-14-15'2)the only multilateral instrument #overnin#
internaional trade from 15'8 until 8 was officially
established in 155/
14'' general e*uilibriu analysis n
the process when we need e6plicitly to ta!e account of all
the feedbac! mechanisms that are #oin# on in all mar!ets
simultaneously
14'/ #eneral #overnment n
14'0 #eneralist n
oppDspecialistOa person who has !nowled#e of several
different sub;ects or activities
31
Fibonacci English
14'2 #enerality n t?nh t\n# u-t
14'8 enerally spea!in# id
14'5 #eneric a; 1cc 1iUm chun#
14/4 #eo#raphical a; thu$c 1+a le
14/1 #eometric mean n sB trun# bRnh nhjn
14/2 geoetric ean
a measure of central tendency computed by ta!in# the nth
root of the product of n non-ne#ative values
14/" #eometric pro#ression n cKp sB nhjn
14/' ermany and apan(I^+~N)
14// #et closer to
14/0 #et in each otherCs way v !@t hEp
14/2 #et substituted for v sn thay th@
14/8 Fiffen goods n
a #ood that is consumed more as the price of the #ood
rises
14/5 #ilt-ed#ed 8reasury bill n
1404 gilts n bond issued by the ^:r:#overnment
1401 #ive rise to v to cause sth to happen or e6istOn#u]n #Bc,cpn n#uy*n
1402 #ive sb a brea! id
to #ive sb a chanceO to not ;ud#e sb too severelyO$ive the
lad a break%it/s only his second day on the &ob.
140" #ive way to id
to be replaced by sthOhe storm gave way to bright
sunshine.
140' #iven a; 1h cho,1h 1DEc n)i r},1h 1DEc 1+nh sn
140/ iven that assumin# that
1400 #lean v lDEm lct(thQn# tin)
1402 #lobali7ation n to>n c,u h)a
1408 #loomy a; Jm 1Hm,u -m
1405 #lossary n bJn# chV #iJi
1424 #o-ahead a;
willin# to try new ideas, methods, etc: and therefore li!ely
to succeedA a go-ahead company
1421 gold standard
with respect to a currency,if a currency is on the #old
standard a #iven amount can be converted into a
prespecified amount of #old
1422 golden cross n
a technical analysis term that describes a situation where
a short-term movin# avera#e crosses from below a lon#er-
term movin# avera#e to above itOthis movement is
considered bullish
142" #oldsmith n thE !im ho>n,thE v>n# bHc
142' #ou#in# lZa 1Jo
142/ #overnment savin#s (_r) n
1420 #overnmentCs fiscal balance n
1422 overnor n thBn# 1Bc
1428 ~_ vehicle monitorin# n
1425 #rain bin n
1484 grand supercycle n ta!es place over centuries
1481 #raphical=#raphic a; minh hma b|n# 1] th+
1482 #rasp n,v nsm vfn#,hiUu thKu(vKn 1F)
148" #reed n tham lam
148' #rid n h. thBn# 1DPn# djy(1i.n)
148/ #rip on countable , usually singular @ !on sb1sth# an act of
holdin# sb=sth ti#htlyO a particular way of doin# this O3eep
32
Fibonacci English
a tight grip on the rope
1480 #round in v truyFn thd cho ai nhfn# !i@n thDc vfn# v>n#
1482 #rounded a; c) ck si vfn# chsc
1488 #rowin# a; 1an# lGn l*n
1485 Frowth in potential FD, #rowth in technolo#y+#rowth in labor+#rowth in capital
1454 #rowth rate n # (n=~)^1=N - 1
1451 Frowth rate of =abor productivity n the percenta#e increase in productivity over a year
1452 #rowth stoc! n
are defines as those for which the mar!et price is
relatively hi#ht in relation to earnin#s per share,boo! value
per share,or dividends per share
145"
uaranteed qnvestment
Tontract(qT) n
an insurance company has issued a FIC that promises to
pay <144,444 in si6 years with an 8 percent return rate
145' #uardian n n#DPi bJo v.On#DPi #i-m h$(t>i sJn)
145/ harbin#er n,v dKu hi.u,v%t b-o hi.u,n#DPi b-o hi.u
1450 hardbound boo! n
1452 haronic ean n
a type of wei#hted mean computed by avera#in# the
reciprocals of the observations,then ta!in# the reciprocal
of that avera#e
1458 arry uar!owit7 n
8he variance or standard deviation of return is often used
as a measure of ris! pioneered by 0obel laureate Carry
Garkowit)
1455 harvester n m-y #ct
1144 have a sound understandin# of c) s( am hiUu vF
1141 have access to v ck h$i,uyFn l>m #RO1DEc #,n #Yi vGi ai
1142 head and shoulders pattern n
in technical analysis,a reversal pattern that is formed in
three partsOa left shoulder,head,and ri#ht shoulderOused to
predict a chan#e from an uptrend to a downtrend
114" Ceadline inflation n
refers to the inflation rate calculated based on the price
inde6 that includes all #oods and services in an economy
114'
ec!sher-hlin uodel(also !nown
as the factor-proportions theory) n
in it,both capital and labor are variable of factors of
production
114/ hectare n hecta
1140 hed#e n
w a#ainst sth a way of protectin# yourself a#ainst the loss
of sth, especially money Oto buy gold as a hedge against
inflation
1142 hedge fund n
a fund,usually used by wealthy individuals and
institutions,which is allowed to use a##ressive stra#te#ies
that are unavailable to mutual funds[
1148 helicopter money drop id
is a form of monetary policy in which a central ban!s prints
money and distributes it directly to
household=consumers:8he aim of helicopter money is to
boost nominal ~,overcome defltation and help reduce
unemployment,qn normal circumstances printin# money
wil be inflationary:Iconomists usuallysu##est helicopter
money in a liuidity trap and period of deflation
1145 henceforward=henceforth av tZ nay tri 1i,tZ nay tri vF sau
1114 er7e#ovina n
aosnia and er7e#ovina a country in south-eastern
Iurope
1111 q n the erfindahl-irschman inde6
1112 hidden unemployment n
discoura#ed wor!ers and underemployed people may be
considered e6amples of "hidden uneployent"
111" hi#h status #ood n
33
Fibonacci English
111' hi#h switchin# costs n
111/ hi#her velocity,if the econmy is in euilibrium,will lead to hi#her prices
1110 hi#her-yieldin# security n
1112 hi#h-return business investment
1118 hi#h-ris! new products n
1115 hi!e v tpn# 1$t 6uKt(tiFn thu* nh>)
1124 histogra n
a bar chart of data that have benen #rouped into a
freuency distribution
1121 historical siulation n bac! simulation
1122 hoard n,v t?ch trf,d( trf
112" hoardin# n s( t?ch trf
112' holding period return!CDR# n
the return that an investor earns durin# a specified holdin#
periodOa synonym for total return
112/ holding period yield!C,-# n
the return that an investor earns durin# a specified holdin#
periodOholdin# period return with reference to a fi6ed-
income instrument
1120 holiday airline travel n
1122 hoe bias n
a term referrin# to the propensity of individuals to ma!e
financial investments in their home country rather than in
forei#n mar!ets:8his bias stron#ly influences investment
decisions even when #reater diversification outside of
domestic mar!ets mi#ht yield #reater profits and lessen
ris!
1128 homo#enous a;
1]n# nhKt,thu,n nhKtOconsistin# of thin#s or people that
are all the same or all of the same type
1125
on# ron# uonetary
3uthority(ru3) n
11"4 honour v th(c hi.n 1Vn# hen(#iao !o)
11"1 hori7on n phHm vi,t,m nhRn(n#ha b)n#)
11"2 hori)ontal deand schedule n
implies that at a #iven price,the response in the uantity
demanded is infinte
11"" house brands n
11"' ouse of Sepresentative n H vi.n uW
11"/ households n
a person or a #roup of people livin# in the same
residence,ta!en as a basic unit in economic analysis
11"0 human bein# n con n#DPi
11"2 human brain n
11"8 huan capital n
the accumulated !nowled#e and s!ill that wor!ers acuire
from education,trainin#,and life e6perience
11"5 human traffic!in# buQn b-n n#DPi
11'4 hurdle rate n
the rate of return that must be met for a pro;ect to be
accepted
11'1 hybrid a;,n lai
11'2 hybrid mar!et n monopolistic competition
11'" hyperinflation n si*u lHm ph-t
11'' hypotenuse n cHnh huyFn
11'/ hypothesis testing n
with reference to statistical inference,the subdivision
dealin# with the testin# of hypotheses about one or more
populations
11'0 ideali7ation n s( le tDin# h)a
11'2 identifiable a; c) thU th>nh 1]n# nhKt
34
Fibonacci English
11'8 idle v l>m cho thKt n#hi.p
11'5
qf T~ ratin#s provide new information useful for euity valuation,the information should cause a chan#e in
stoc! prices and returns once it is available:nly one component of stoc! returns is of interestbthe return in
e6cess of that predicted #iven a stoc!Cs mar!et ris! or beta,call the abnormal return:
11/4 qf mean return addresses reward,dispersion addresses ris!
11/1
qf the correlation is 4,S1 a +bS2 +error,with b4,qf the correlation is positive,bv4Oqf the correlation is
ne#ative,b4
11/2
qf the population contains /44 members,we number them in se*uence with three di#its,startin# with 441 abd
endin# with /44
11/" qf we substitute the ris!-free rate,S ,for the critical level Sl,the 87Ratio becoes the 8harpe ratio
11/' i#norin# ta6 implications n
11// q` n qnternational àbour r#ani7ation
11/0 imbalance n s( thi@u cjn b|n#
11/2 immaterial a; vQ hRnh,vdn vct
11/8 iediate nei#hbors a; #,n #Yi,s-t cHnh
11/5 imminent a; ssp 6Jy ra
1104 ipact lag n
the la# associated with the result of actions effectin# the
economy with delay
1101 impart v truyFn 1Ht,ph\ bi@n
1102 impediment n s( cJn tri
110" qmperial a; thu$c ho>n# 1@,thu$c 1@ uBc
110' implicit a; Nn(to-n hmc)
110/
iplicit price deflator for FD,!or
FD, deflator# n
a #au#e of prices and inflation that measures the
a##re#ate chan#es in prices across the overall economy
1100 implosion n s( sdp 1\,ph- sJn
1102 import duty n thu@ nh%p !hNu
1108 iport license n specifies the uantity that can be imported
1105 imported inflation n
is associated with increasin# cost of inputs that come from
abroad
1124 iposed reserve reuirement a; bst bu$c
1121 imposition n s( bst bu$c,s( 1-nh thu@Os( 1Mi hLi u- 1-n#
1122 imprecise a; mk h],!hQn# ch?nh 6-c
112" imprudent a; !hinh suKt,!hQn# th%n trmn#
112' impulse wave n 1up,2down,"up,'down and /up
112/ impute v 1\ (t$i) cho,uy (t$i) cho
1120 imputed value uy #i- tr+
1122 in (to,for) perpetuity n mhi mhi,vnh vinO1+a v+ vnh vin,lEi tgc suBt 1Pi
1128
qn 15"',aen;amin raham published his seminal wor!,8ecurity +nalysis,and three years later,he and several
others founded one of the first societes devoted to fundamental analysis,the 0ew -ork 8ociety of 8ecurity
+nalysts6
1125
qn 1584s concern arose in the ^nited _tates about the triple occurrence of stoc! option,inde6 option,and
futures e6piration on the same day durin# four months of the year:_uch days were !nown as "triple witching
day"6
1184
qn a downtrend,supply is overwhelmin# demand:ver time,sellers are willin# to accept lower and lower prices
to e6it long positions or enter new short positions
1181 in a fundamental sense t)m lHi
1182 in a loss situation tRnh trHn# thua l
118" in advance of id 1 before the time that is e6pectedO before sth
happens O4eople were evacuated from the coastal regions
in advance of the hurricane: 2 more developed than
35
Fibonacci English
sb=sth else O5alileo/s ideas were well in advance of the
age in which he lived.
118' in a##re#ate to>n b$,to>n thU,t\n# sB
118/ in comparision to=with n so vGi
1180 in compliance with n s( l>m theo
1182 in con;unction with cXn# chun# vGi,chun# vGi(ai)
1188 in direction n vF phDkn# hDGn#,vF phDkn# di.n
1185 in doin# so
1154 in effect n th(c t?nh
1151 qn essence vF bJn chKt
1152
qn fact,the mar!et reduces to a bloodless verdict all !nowled#e bearin# on finance,both domestic and
forei#n:
115" in full
115' in increents of <1 n lDEn# #ia,sB #ia (to-n hmc)
115/
qn intermar!et analysis,technicians often loo! for inflection points in one mar!et as a warning sign to start
loo!in# for a chan#e in trend in a related mar!et
1150 qn investments,we ake use of any relevant information available in ma!in# our forecasts
1152 in isolation m$t c-ch ri*n# bi.t,m$t mRnh
1158
qn its earliest form,money could be e6chan#ed for a pre-specified precious commodity,usually #old,and
promissory note were issued by many private ban!s
1155 qn many contries,the decline in inflation was attributed to high productivity growth rates
1244
qn many investment conte6ts,we
view a result as either a success or
a failure,or as binary!twofold# in
some other way a;
1241
qn mathematics,1:018 is called the "golden
ratio"
1242
qn money mar!ets,if we annuali7ed a si6-month period yield by doublin# it,in order to ma!e the result
comparable to bondsC 8us we would also say that the result was bond-euivalent yield
124"
in opposition to
somebody=somethin# n 1Bi l%p vGi
124'
qn order to move the trade balance toward surplus(decifit),a chan#e in the e6chan#e rate must
decrease(increase)domestic e6penditure !also called absorption)relative to income:Iuivalantly,it must
increase(decrease)domestic savin# relative to domestic investment
124/ in our siplistic e6ample
1240 qn place id
1 ( also into place ) in the correct positionO ready for sth
;he receiver had already clicked into place. 9 wor!in# or
ready to wor! ;All the arrangements are now in place for
their visit. H ( 6Am7 ) on the spot
1242 qn practice id tron# th(c tin
1248 in preference to sb=sth n hkn l> ai,c-i #ROa su##estion of choiceOas a choice
1245 qn principle id
with re#ard to the basicsban idea that is acceptable in
principle
1214 in proportion to sth id tDkn# uan,tDkn# 6gn# vGi c-i #R
1211 in real terms
1212 qn reality id tr*n th(c t@
121" in re#ard to n 1Bi vGi vKn 1F
121' in respects n !h?a cHnh,chi ti@t cd thU
121/ in response to n s( 1-p lHi,s( hDin# gn#
1210 in return for s( trao 1\i
1212 in search of somebody=somethin# n 1U tRm !i@m ai,c-i #R
36
Fibonacci English
1218 in so doin#
1215
qn some analytic wor! such as optimi7ation,the calculus operation of differentiation is important:ariance as a
function can be differentiated,but absolute value cannot
1224 qn synch with id 1]n# b$ vGi
1221 qn ta!in# a sample,the analyst hopes it is characteristic of the population
1222 in term of id
122" in terms of id
( mathematics ) each of the various parts in a series, an
euation , etc:
122' in the absence if n s( thi@u,s( !hQn# c)
122/ in the a##re#ate t?nh #$p,t?nh chun#,t?nh t\n# sB
1220
qn the conte6t of portfolios,a positive wei#ht represents an asset held lon# and a ne#ative wei#ht represents an
asset held short
1222 qn the end id
1 after a lon# period of time or series of events O%e tried
various &obs and in the end became an accountant: 2
after everythin# has been considered O8ou can try your
best to impress the interviewers but in the end it/s often
&ust a $uestion of luck.
1228
qn the event of a sharp price move and chan#e in trend,however,a contrarian strategy based on aollin#er
aands would be unprofitable
1225 in the e6treme as much as possible
12"4 in the face of id mcc d,u
12"1 in the first place trDGc h@t
12"2 in the interest of vR lEi ?ch c&a
12""
qn the last decade (I,8 yields
appear to have been artificially
depressed by very stron# demand
from pension funds tryin# to match
their liabilities at any cost n
12"' qn the lon# run we are all dead n the aritish economist reynes
12"/ in the ma!in# n 1an# hRnh th>nh,1an# nJy ni,1an# ph-t triUn
12"0 in the precedin# years
12"2 in the process of sth=doin# st n
1an# th(c hi.n m$t nhi.m vd n>o 1),1an# ti@n h>nh cQn#
vi.c
12"8 in the pursuit of 1i tRm,1u\i bst(c-i #R)
12"5 qn the reminder of
12'4 in the sense of id vGi e n#ha l>
12'1 In the sense that everyone has it
12'2 in the theory of the firm,however,profit without further qualification refers to economic profit
12'" in the wake of somethin# id theo #)t,1@n sau,theo sau
12'' in theory
12'/ in this re#ard n vF mct n>y,vF 1iUm n>y,vF lnh v(c n>y
12'0 in this=that=one re#ard n vF mct n>y=mct !ia
12'2 in turn=by turns=turn and turn about n l,n lDEt
12'8 qn word id din 1Ht b|n# lPi
12'5 in(with) reference to n vF vKn 1F #R,c) li*n uan tGi
12/4 in=over the course of[: id
( used with e6pressions for periods of time ) durin#O%e/s
seen many changes in the course of his long life
12/1 incipient a; mGi bst 1,u,phQi thai,chGm
12/2 Incoe before ta'es or preta' incoe qncome as reported on the income statement,in
accordance with prevailin# accountin# standards,before
37
Fibonacci English
the provisions for income ta6 e6pense
12/" incoe elasticity chan#e in uantity demanded = chan#e in income
12/' income elasticity 4b #ood is an inferior #ood
12// income elasticity v 4b #ood is a normal #ood
12/0 incoe receipts n
sub-accounts of the current account include income
derived from ownership of asset,income on forei#n
investment
12/2 inconsistent a; mju thuNn
12/8 qncreased #lobal interdependence has chan#ed the risk and return profiles of many countries
12/5 increasing arginal returns n
where the mar#inal product of a resource increases as
additional units of that input are employed
1204 increasing-cost industry n
an industry in which per-unit costs and output prices are
hi#her when industry output is increased in the lon# run
1201 increasin#ly av
1202 increment n 1$ lGn l*n,tiFn lhiOsB #ia,lDEn# #ia(to-n hmc)
120" increental cash flow n
the cash flow that is reali7ed because of a decisionOthe
chan#es or increments to cash flows resultin# from a
decision or action
120' incumbent n,a;
120/ indebted a; msc nE
1200
!ndependence is a stron#er property than uncorrelatedness because correlation addresses only linear
relationships
1202 independent n
with reference to events,the property that the occurrence
of one event does not affect the probability of another
event occurrin#
1208
independently and identically
distributed!IID# n
with respect to random variables,the property of random
variables that are independent of each other but follow the
identical probability distribution
1205 indeterminately av !hQn# 6-c 1+nh
1224 inde6 v
usually passive w sth (to sth) to lin! wa#es, etc: to the
level of prices of food, clothin#, etc: so that they both
increase at the same rate
1221 inde6 number n
1222
qnde6 of Tonsumer
I6pectations,^niversity of uichi#an n
aecause the consumer is ablout two-thirds of the
^:_:economy and will spend more ore less freely
accordin# to his or her e6pectations,this #au#e offers early
insi#ht into future consumer spendin# and conseuently
directions in the whole economy
122"
inde' of =eading Econoic
Indicators!=EI# n
a composite of economic variables used by analysts to
predict future economic condition
122' inde6ed to v
usually passive w sth (to sth) to lin! wa#es, etc: to the
level of prices of food, clothin#, etc: so that they both
increase at the same rateOall prices are perfectly indexed
to inflation
122/ qnde6es such as _~ /44 qnde6 and the 0ikkei-Dow >ones +verage are samples of stoc!s
1220 inde'ing n
an investment strate#y in which an investor constructs a
portfolio to mirror the performance of a specified inde6
1222 indifference curve n
a curve representin# all the combinations of two #oods or
attributes such that the consumer is entirely indifferent
amon# them
1228 indifference curve ap n
a #roup of familly of indifference curves,representin# a
consumerCs entire utility function
38
Fibonacci English
1225 indirect ta'es n
ta6es such as ta6es on spendin#,as opposed to direct
ta6es
1284 qndividual currencies are often reffered to by standardi)ed three-character codes
1281
qndividual currencies are often reffered to by standardi)ed three-letter codes that the mar!et has agreed
upon through the qnternational r#ani7ation for standardi7ation(q_)
1282 indivisible a;,n !hQn# thU chia 1DEcO!hQn# thU chia h@t(to-n hmc)
128" induce v #jy ra,1em lHi,6ui !hi@n
128' induce someone to do somethin# v 6ui ai l>m vi.c #R
128/ industrialist n nh> tD bJn cQn# n#hi.p
1280 inefficient a; !hQn# hi.u uJ
1282 inelastic a; insensitive to price chan#es
1288 inelastic response n
1285 inelastic supply n said of supply that is insensitive to the price of #oods sold
1254 ineuality n bKt 1n# thgc
1251 ineuitable a; !hQn# cQn# b|n#,thi*n v+
1252 inevitable a; chsc chsn 6Jy ra
125" infant industry ar#ument n
125' inferior n,a; thg cKp,thua !Am
125/ infinitely av vQ cXn#,rKt nhiFu
1250 infinitesimally av t? 6?u,li ti
1252 infinity n vQ c(c,vQ cXn#
1258 inflate v th\i ph]n#,#jy lHm ph-t
1255 Inflation preiu n
an e6tra return that compensates investors for e6pected
inflation
1"44 Inflation Reports n
a type of economic pubulication put out by many central
ban!s
1"41 inflation uncertainty n
the de#ree to which economic a#ents view future rates of
inflation as difficult to forecast
1"42
inflation-ad;usted (or real) interest
payments n
1"4" inflationary gap n
occurs when the economyCs short-run level of euilibrium
~ is above potential ~,resultin# in upward pressure
on prices
1"4' inflation-protected bond n
1"4/ inflection point n 1iUm uBn(to-n hmc)
1"40 infle6ible a; !hQn# thay 1\i,bKt di bKt d+ch(lu%t::)Ocgn# rsn
1"42 inflow n s( chJy v>o tron#
1"48 information retrieval system n
1"45 qnformation technolo#y(q8) n
1"14 inherent in a; vBn c),cB hfu
1"11 inherently av vBn 1h
1"12 inheritance ta6 n thu@ thZa !@
1"1" initialy av ban 1,u
1"1' initiate v bst 1,u
1"1/ inordinate a; th-i u-,u- mgc
1"10 qNS n qndian rupee
1"12 insider tradin# n #iao d+ch n$i #i-n
1"18 insofar as id
in so far asOto the de#ree thatOhat/s the true,insofar as !
know it
39
Fibonacci English
1"15 insolvency n tRnh trHn# !hQn# trJ 1DEc nE
1"24 instability n t?nh !hQn# \n 1+nh
1"21 instantaneously av n#ay l%p tgc,tgc thPi
1"22 instill=instil v truyFn tJi(e n#h,tRnh cJm::)
1"2"
qnstitute of _upply
uana#ement(q_u) n
1"2' insulin n
1"2/ insurance covera#e n
1"20 intan#ible a;,n vQ hRnh,mk h]
1"22 inte#er n sB n#uy*nOc-i n#uy*n,v%t trMn vn,t\n# thU,to>n b$
1"28 inte#rate into v hEp nhKt
1"25 intention n !h-i ni.m(tri@t hmc)
1""4 interban! lendin# rate n
1""1 intercept n b+ chsn
1""2 intercept slope form n
1""" interchan#eable a; c) thU thay th@ cho nhau
1""' interconnect v nBi liFn nhau,li*n !@t
1""/ interdependence=interdependency n s( phd thu$c lln nhau
1""0 interest rate n
the rate of return that reflects the relationship between
differently dated cash flowsOa discount rate
1""2 qnterest rates effectively ad;ust to brin# te mar!et into euilibrium("clear the arket")
1""8 interest-bearin# ban! account n
1""5 interest-bearin# ban! deposit n
1"'4 interestin#ly av thV v+,hKp dln
1"'1 interfere in v can thi.p v>o
1"'2 interference n s( can thi.p
1"'" intergenerational data ining n
a form of data minin# that applies information developed
by previous researchers usin# a dataset to #uide current
research usin# the same or a related dataset
1"'' interim a; ljm thPi
1"'/ Interarket analysis n
a field within technical analysis that combines analysis of
ma;or cate#ories of securities-
namely,euities,bonds,currencies,and commodities-to
identify mar!et trends and possible inflections in a trend
1"'0 intermediary n trun# #ian
1"'2 internal rate of return!IRR# n
the discount rate that ma!es the N~ eual 4Othe
discount rate that ma!es the present value of an
investmentCs costs(outflows)eual to the present value of
the investmentCs benefit(inflows)
1"'8 internally av n$i tHi,tron# nDGc
1"'5
qnternational aan! for
Seconstruction and
evelopment(qaS) n thu$c a
1"/4
qnternational capital flows essentially
reflect an inter-temporal trade n
1"/1
qnternational evelopment
3ssociation(q3) n thu$c a
1"/2
qnternational uonetary
uar!et(quu) n a division of the TuI
1"/"
qnternational r#ani7ation for
_tandardi7ation (q_) n
40
Fibonacci English
1"/'
International (rade
3rgani)ation!I(3# n
(15'/-15'8)was to be created to handle the trade site of
international economic cooperation,;oinin# the other two
9aretton oods9 institution
1"// interpolate v n$i suy(to-n hmc)
1"/0 interpretation n c-ch hiUu,s( #iJi th?ch
1"/2 inter*uartile range !IIR# n
the difference between the third and first uartles of a
dataset
1"/8 interrelate v uan h. ua lHi,tDkn# uan vGi nhau
1"/5 interrelationship n mBi uan h. ua lHi,mBi tDkn# uan
1"04 intersect v #iao nhau
1"01 interval n
with reference to #rouped data,a set of values within
which an observation falls
1"02 qnterval are also sometimes called classes"ranges"or bins
1"0" interval scales n
a measurement scale that not only ran!s data but also
#ives assurance that the differences between scale values
are eual
1"0' intervene v can thi.p
1"0/ intervene in v can thi.p,6en v>o
1"00 intervention n s( can thi.p
1"02 interwine v uKn v>o nhau
1"08 intestinal a; tron# ru$t,ru$t
1"05 intra- prefi6
( in ad;ectives and adverbs ) insideO within intra-
departmental ( within a department) copare inter-
1"24 intrafirm trade n
1"21 intra-firm trade n
1"22 intra-industry trade n
1"2" intrinsic value n #i- tr+ th(c
1"2' intuitive a; thu$c vF tr(c #i-c
1"2/ inventory investent n net chan#e in business inventory
1"20 inventory-sales ratio n
measures the outstandin# stoc! of available inventories to
the level of sales
1"22 inversely av 1Jo chiFu
1"28 inversion n phAp n#h+ch 1JoOs( dJo n#f
1"25 investment spendin# n
1"84 invite v
h>nh 1$n# c) thU #jy ra (c-i #R t]i t.) m> thDPn# l> !hQn#
c) e 1+nh nhD v%y
1"81 invite v cuBn hVt
1"82 inward a;,av,n hDGn# v>o tron#,n$i tjm
1"8" q^s n
1"8' qown price elasticity 1 b demand is inelastic
1"8/ qown price elasticity v 1 b demand is elastic
1"80 qrish a;,n thu$c ailen
1"82 IRR rule n
an investment decision rule that accepts pro;ects or
investments for which the qSS is #reater than the
opportunity cost of capital
1"88 irrational a; vQ le,!hQn# hEp le
1"85 irrespective of pr bKt chKp,!hQn# !U
1"54
qs the security tradin# up,down,or
sideways{ n
1"51 isolate v t-ch
41
Fibonacci English
1"52 issuance n s( ph-t h>nh
1"5" issuer n nh> ph-t h>nh
1"5' qt bear notin# that
1"5/
it bears ephasi)ing that trade and capital flows between an economy and the rest of the world must
balance
1"50 it can be a sunk or unavoidable cost
1"52 It is estiated that 3pple had a mat!et share of over 24
1"58
qt is important to note that with international trade factor prices display a tendency to move closer together in
the long run
1"55 it is probably safe to
1'44 it represents a liability to the ban! because it is effectively loaned to the ban! by the customer
1'41 it still ma!es assumptions,but does so at a more fundamental level
1'42 iterative a; lcp lHi,nhsc lHi
1'4" ;ar n bRnh,lm
1'4' ensenCs ineuality n
the avera#e value of a function is less than or eual to the
function evaluted at the mean if the function is concave
from below--the case for ln(t)
1'4/ ;obber n mQi #iGi,1,u ck,b-n buQn
1'40 Eoint probability n the probability of the ;oint occurrence of stated events
1'42 Eoint probability function n
a function #ivin# the probability of ;oint occurrences of
values of stated random variables
1'48 -shaped pattern n
1'45 ;udicial a; thu$c ph-p lu%t
1'14 ;un! bound n speculative fi6ed-income securities
1'11 ;urisdiction n
uyFn hHn,uyFn th(c thi ph-p lu%t,!hu v(c n|m tron#
uyFn hHn
1'12 ;uror n th>nh vi*n ban h$i thNm
1'1" ;ust as with chy vGi
1'1' keep st in check id hHn ch@,!Rm hhm
1'1/ Jeynesians n
economists who believe that fiscal policy can have
powerful effects on a##re#ate demand,output,and
employment when there is subtantial spare capacity in an
economy
1'10 !eystone n
n#uy*n tsc ck bJn,y@u tB ch& chBt,y@u tB uy@t 1+nh(tron#
m$t !@ hoHch,m$t ch?nh s-ch[)O1- 1ynh vMm(!i@n trVc)
1'12 !eystro!e n s( bKm tr*n b>n ph?m
1'18 !ic! start v
1'15 !in! n,v nVt thst,ch\ tri n#Hi
1'24 !in!ed demand curve n
1'21 riwi n NO^_=N
1'22 !nowled#e spillovers n
occur when investments in !nowled#e creation #enerate
benefits that e6tend beyound the investin# entity and
facilitate learnin# and innovation by other firms or entities
1'2"
Jolb"Fay and Cunter(158/) developed an e6pression based on the standard normal distribution for the
probability that a futures trader will e6haust his liuidity because of losses in a futures contract
1'2' Jondratieff Bave or J Bave n
a /'-year lon# economic cycle postulated by 0ikolai
Jondratieff
1'2/ rS n _outh rorean won
1'20 Jurtosis n
the statistical measure that indicates the peakedness of a
distribution
42
Fibonacci English
1'22 Jurtosis has been described as an illness characteri7ed by episodes of e6tremely rude behavior
1'28 laborer n n#DPi lao 1$n#
1'25 lad n ch>n# trai,chV bA,#h
1'"4 la# behind v tdt lHi sau
1'"1 lagging econoic indicators n
turnin# points that ta!e place later than those of the
overall economyOthey are belived to have value in
identifyin# the economyCpast condition
1'"2 landloc!ed a;
almost or completely surrounded by land O_wit7erland is
completely landloc!ed:
1'"" larbor productivity Seal ~=3##re#ate hours
1'"' large country n
is a lar#e importer of the product and can e6ercise some
influence on price in the world mar!et
1'"/ lar#e-cap value euity mutual fund n
1'"0 lar#e-cap value fund n
1'"2 =aspeyres inde' n
a price inde6 created by holdin# the composition of the
consumtion bas!et constant
1'"8 laureate n n#DPi trVn# #iJi thDin#
1'"5 law of deand n
as the price of a #ood rises,buyers will choose to buy less
of it,and as its price falls,they buy more
1''4 law of diinishing returns n
1''1 law of supply n
a rise in price typically results in a #reater uantity
supplied,and a lower price results in a lower uantity
supplied
1''2 lead to v dln 1@n,1Da 1@n
1''" lead up to v chuNn b+ cho(m$t c-i #R)
1''' leadin# n s( cho vay
1''/ leading econoic indicators n
turnin# points that usually precede those of the overall
economyOthey are believed to have value of predictin# th
economyCs future state,usually near-ter
1''0 lean production n
1''2 lean toward v thi*n vF,n#hi*n# vF
1''8 lean year n npm 1)i !Am,npm thKt b-t
1''5 lease n,v hEp 1]n# cho thu*(bKt 1$n# sJn)
1'/4 leftward a; vF ph?a tr-i
1'/1 le#acy n t>i sJn thZa !@,#ia t>i,di sJn
1'/2 legal tender n
somethin# that must be accepted when offered in
e6chan#e for #oods and services
1'/" le#islative a; l>m lu%t,l%p ph-p
1'/' lender of last resort n
an entity willin# to lend money when no other entity is
ready to do so
1'//
=eonardo 7ibonacci was an 11th century qtalian mathematician who e6plained this seuence in his boo!
&iber Abaci,but the seuence was !nown to mathematicians as far back as 9.. 2CE in qndia
1'/0 leptokurtosis n
describes a distribution that is more pea!ed than a normal
distribution
1'/2 less pr trZ 1i
1'/8 less e6pensive cuts of meat
1'/5 =evel of =abor ,roductivity n
the hi#her the level of labor productivity,the more #oods
and services the economy can produce with the same
number of wor!ers
1'04 level of significance n the probability of a 8ype q error in testin# a hypothesis
1'01 =everaged accounts n (buy side)often referred to as the professional tradin#
43
Fibonacci English
community that accepts and mana#es t ris! for profit
e:6:hed#e funds,proprietary tradin# shops,commodity
tradin# advisers(T83s),hi#h-freuency al#orithmic
traders,and the proprietary tradin# des!s at ban!s
1'02 levy on n,v s( thu thu@,1-nh thu@
1'0" liability n sB tiFn nE
1'0' liberating medium of e6chan#e a; t( do
1'0/ lie on a ray(line)
1'00 life-lon# a; suBt 1Pi
1'02 likelihood n
the probability of an observation,#iven a particular set of
conditions
1'08 limit order n l.nh dZn# chgn# !ho-n
1'05 line chart n
in technical analysis,a plot of price data,typically closin#
prices,with a line connectin# the points
1'24 linear a; thu$c vF hocc b|n# c-c 1DPn# !Otuy@n(to-n hmc)
1'21 linear interpolation n
the estimation of an un!nown value on the basis of two
!nown values that brac!et it,usin# a strai#ht line between
the two !nown values
1'22 linear scale!arithetic scale# n
a scale in which eual distances correspond to eual
absolute amounts
1'2" lin#o
1'2' lin!a#e n s( !@t hEp,s( li*n !@t
1'2/ liuidity n trHn# th-i lLn#O!hJ npn# thanh to-n b|n# tiFn mct
1'20 =i*uidity preiu n
an e6tra return that compensates investors for the ris! of
loss relative to an investmentCs fair value if the investment
needs to be converted to cash uic!ly
1'22 li*uidity trap n
3 condition in which the demand for money becomes
infinitely elastic (hori7ontal demand curve) so that
in;ections of money into the economy will not lower
interest rates or affect real activity
1'28 liuorice n cam thJo
1'25 loan v
( especially 6Am7 ) to lend sth to sb, especially money @
sth !to sb# he bank is happy to loan money to small
businesses. @ sb sth 3 friend loaned me <1 44
1'84 lo# v #hi s\
1'81 lo#arithm n loo#a;we take the natural logarithm of both sides
1'82 logarithic scale n
a scale in which eual distances represent eual
proportional chan#es in the underlyin# uantity
1'8"
òndon qnterban! ffered
Sate(`qaS) n
1'8' lon#-dated #overnment bounds n
1'8/ lon#-dated ^:_ 8reasuries n
1'80 lon#-distance a;,av 1DPn# d>i
1'82 lon#itudinal a; theo chiFu dmc
1'88 longitudinal data n
observations on characteristic(s) of the same
observational unit throu#h time
1'85
long-run average total cost
curve!=R+(C# n
the curve describin# avera#e total costs when no costs
are considered fi6ed
1'54 long-run e*uilibriu n qn the lon# run,euilibriym ~ is eual to potential ~
1'51 long-run industry supply curve n
a curve describin# the relationship between uantity
supplied and output prices when no costs are considered
fi6ed
44
Fibonacci English
1'52 lon#-standin# tZ lju 1Pi
1'5"
òn#-term investors mi#ht actually buy on a si#nificiant breakout above the upper boundary band because a
ma;or breakout would imply a chan#e in trend li!ely to persist for some time
1'5' look-ahead bias n
a bias caused by usin# information that was unavailable
on the test date
1'5/
òo!in# at the dispersion or variance of portfolio return,we see that the way individual security returns move
to#ether or covary is important
1'50 loom v hi.n ra lP mP
1'52 loosely av lLn# lo
1'58 loosenin# n s( nGi lLn#
1'55
lose mar!et share to the lower-cost
forei#n competitors v
1/44 lower bound n the lowest possible value of an option
1/41 lowercase letter n chf thDPn#
1/42 lowerin# a; l>m y@u sgc,l>m suy nhDEc
1/4" lower-priced product n
1/4' low-return business investment
1/4/ `S3T n lon#-run avera#e cost
1/40 `S38T n `S3TOlon#-run total cost curve
1/42 lumber n timber
1/48 lump v,n #$p lHi,c-i bDGu
1/45 lum-sum investment n
1/14 lysine n an amino acid used as an animal feed additive
1/11 G is uantity of money
1/12 ma#nitude n 1$ lGn,lDEn#
1/1" mainstay n trd c$t,ch\ d(a ch?nh
1/1' ma;or cross-rate n
the si6-letter currency codes
I^S~,I^Sa~,I^ST,a~~,I^ST3,T3~
1/1/ ma;or e6chan#e rates n
the three-letter currency codes
I^S,~,a~,T3~,3^,N,T
1/10 ma!e mista!es
1/12 ua!in# actual financial decision usin# inaccurate probabilities mi#ht have grave conse*uences
1/18 mana#ed e6chan#e rate policy n
1/15 Ganaged 7loat n
a country may simply follow an e6chan#e rate policy
based on either internal or e6ternal policy tar#ets--
intervenin# or not to achieve trade balance,price
stability,or employment ob;ectives:_uch a policy,often
called dirty floating,invites tradin# partners to respond
li!ewise with their e6chan#e rate policy and potentially
decrease of either a level or a rate of chan#e,is typically
not e6plicit
1/24 maneuver n th& 1oHn,!W npn# cho thuyFn
1/21 manifestation n s( biUu th+
1/22 manipulation n s( uJn le,s( thao t-c,s( v%n ddn# b|n# tay
1/2" manipulative a;
(disapprovin# ) s!ilful at influencin# sb or forcin# sb to do
what you want, often in an unfair wayO manipulative
behaviour ;%e/s extremely manipulative, so don/t let him
persuade you.
1/2' man-made a; nhjn tHo
1/2/ Gann-Bhitney K test n nonparametric test
45
Fibonacci English
1/20 manually av b|n# tay
1/22 manufaturin# plant n
1/28
uany bonds (lon#-term debt instruments) pay interest semiannually:aond investors compute qSSs for
bonds,!nown as yield to aturity !-(G#
1/25 mar#in call n
1/"4 Gargin debt is also often used as an indication of sentiment
1/"1 arginal probability n
!unconditional probability# the probability of an event
not conditioned on another event
1/"2
arginal propensity to
consue!G,C# n
the proportion of an additional unit of disposable income
that is consumed or spentOthe chan#e in consumption for
small chan#e in income
1/"" arginal propensity to save!G,8# n
the proportion of an additional unit of disposable income
that is saved (not spent)
1/"' mar#inal rate of substitution n
1/"/ arginal rate of substitution n
the rate at which one is willin# to #ive up one #ood to
obtain more of another
1/"0 mar#inal value n
1/"2 arginal value curve n
a curve describin# the hi#hest price consumers are willin#
to pay for each additional unit of a #ood
1/"8 mar!ed-to-mar!et n
a arran#ement whereby the profits or losses on a futures
contract are settled each day
1/"5 arket echanis n
it is characteri7ed in the followin# waybqn the case of
e6cess supply,price will fallOin the case of e6cess
demand,price will riseOand in the case of neither e6cess
supply and e6cess demand,price will not chan#e
1/'4 mar!et post mer#er n
1/'1 arket structure n
the competitive environment (perfect
competition,monopolistic competition,oli#opoly,and
monopoly)
1/'2 mar!et-based economy n
1/'" mar!et-capitali7ation inde6es n
such as T3T-'4 in france or the _~ /44 in the ^nited
_tates
1/'' mar!et-clearin# uantity n
1/'/ mar!et-determined interest rate n opportunity cost of capital
1/'0 mar!s n tiFn gc
1/'2 mar!up n
1 usually sin#ular an increase in the price of sth based
on the difference between the cost of producin# it and the
price it is sold at Oan average markup of 209 ;he
markup on food in a restaurant is at least 2009.
1/'8 uarshall-èrner condition n
6+I6+m(Im-1)v4 increasin# the relative price of
imports increases the difference between e6port receipts
and import e6penditures
1/'5 mass of n !hBi,1Bn#,sB nhiFu,1a sB
1//4 mastery n s( th>nh thHo,s( nsm vfn#,s( tinh thQn#
1//1 material a; uan trmn#,trmn# 1Hi,c,n thi@tOhfu hRnh
1//2 mathematician n nh> to-n hmc
1//" maturity n thPi hHn phJi thanh to-n
1//' Gaturity preiu
an e6tra return that compensates investors for the
increased sensitivity of the mar!et value of debt to a
chan#e in mar!et interest rates as maturity is e6tended
1/// ma6imi7e v c(c 1Hi h)a
1//0 ma6imum ;oint profits n
46
Fibonacci English
1//2
ucueen and 8horley presented two si#ns that can warn analysts aout the potential e6istence of data
minin#'Too much digging!too little confidence and (o story!no future
1//8 ean absolute deviation !G+D#
with reference to a sample,the mean of the absolute
values of deviations from the sample mean
1//5 ean e'cess return n the avera#e rate of return in e6cess of the ris!-free rate
1/04 meanin#ful a; c) e n#ha,1,y e n#ha
1/01 ean-variance analysis n
an approach to portfolio analysis usin# e6pected
means,variances,and corvariances of asset returns
1/02 easure of central tendency n
a uantitative measure that specifies where data are
centered
1/0" easure of location
a uantitative measure that describes the locaton or
distribution of dataOincludes not only measures of cental
tendency but also other measures such as percentiles
1/0' easure of value n a standard for measurin# valuesOa function of money
1/0/ easureent scales n
a scheme of measurin# differences:8he four types of
measurement scales are nominal,ordinal,interval,and ratio
1/00 easuring 8ustainable Frowth n
potential #rowth rateòn#-term #rowth rate of labor force
+ òn#-term labor productivity #rowth rate
1/02 median a;,n 1iUm #ifa,trun# tuy@n
1/08 edian n
the value of the middle item of a set of items that has been
sorted into ascendin# or descendin# orderOthe /4th
percentile
1/05 medieval n,a; n#DPi trun# c\,thPi trun# c\
1/24 medium n trun# #ian,phDkn# ti.n,ddn# cd
1/21 ediu of e'change n
any asset that can be used to purchase #ood and services
or to repay debtsOa function of money
1/22
uedium 8erm inacial
_trate#y(u8_) n
m$t ch?nh s-ch tiFn t. th(c hi.n i 3nh dDGi thPi
urs:8hatcher(8"/4)
1/2"
uemorandium of Iconomic and
inancial ~olicies(uI~) n
1/2' memori7ation n s( #hi nhG
1/2/ enu cost n
a cost of inflation in which businesses constantly have to
incur the cost of chan#in# the advertised prices of their
#oods and services
1/20 erchadise trad n
sub-accounts of the current account consists of all
commodities and manufactured #oods bou#ht,sold,or #ive
away
1/22 mer#e into v !@t hEp,hEp nhKt,hMa v>o
1/28 mer#ers and acuisitions(u3) n
1/25 merit v 6gn# 1-n#(thDin#::)
1/84 esokurtic n
describes a distribution with !urtosis identical to that of the
normal distribution
1/81 metric a; theo h. mAt
1/82 midpoint n trun# 1iUm
1/8" mill n 6Din#,nh> m-y
1/8' miller n cBi 6ay
1/8/ millisecond n m$t ph,n n#hRn #ijy
1/80 uilton riedman had called for such a system as far back as the 15/4s
1/82 mimic a;,v,n #iJ,bst chDGc
1/88 mindset n
a set of attitudes or fi6ed ideas that sb has and that are
often difficult to chan#e Osuy n#h
47
Fibonacci English
1/85 mine v 1>o,!hai th-c
1/54 iniu efficient scale!GE8# n
the smallest output that a firm can produce such that its
lon# run avera#e cost is minimi7ed
1/51 mint v 1Vc tiFn,tHo ra
1/52 mirror v phJn chi@u
1/5" mirror-ima#e n hRnh phJn chi@u
1/5' mispricin# a; nh,m lln #i-
1/5/ misresport v b-o c-o sai
1/50 miti#ate v #iJm nh,l>m cho bGt 1au
1/52 mi6er n m-y tr$n
1/58 mnemonic a; #iVp #hi nhGOthu$c tr? nhG
1/55 odal interval n
with reference to #rouped data,the most freuently
occurrin# interval
1044 ode n
the most freuently occurrin# value in a set of
observations
1041
Godern porfolio theory!G,(# ma!es wide use of the idea that the value of investment opportunities can be
meanin#fully measured in tAm of mean return and variance of return
1042 modified utch auctions
104" momentum n 1$n# lDEn#
104'
oentu oscillators !rate of
change oscillator# R3C n
a #raphical representation of mar!et sentiment that is
constructed from price data and calculated so that it
oscillates either between a hi#h and a low or around some
number
104/ onetarist n
economists who believe that the rate of #rowth of the
money supply is the primary determinant of the rate of
inflation
1040 Gonetary policy n
3ctions ta!en by a nationCs central ban! to affect
a##re#ate output and prices throu#h chan#es in ban!
reserves,reserve reuirements,or its tar#et interest rate
1042 uonetary policy decisions should rest in hands of an or#ani7ation that is remote from the electoral process
1048
onetary transission
echanis n
1045 onetary union n
with the adoption of the euro,11 I^ member countries
also formed a monetary union
1014 monetary value of the loss to society
1011 moneti7ation n s( 1Vc th>nh tiFn
1012 moneti7e v 1Vc th>nh tiFn,cho lDu h>nh l>m tiFn t.
101" oney n
3 #enerally accepted medium of e6chan#e and unit of
account
101' uoney chan#es hands at e6tremely hi#h freuency
101/ oney creation n
the process by which chan#es in ban! reserves translate
into chan#es in the money supply
1010 oney arket n
mar!et for short-term debt instruments(oneyear maturity
or less)
1012 money mar!et yield(also !now as the T euivalent yield)
1018 uoney ueasures in apan n
G1 consists of cash currency in circulation:G9
incorporates u1 but also includes certificates of deposit
(Ts):GH incoperates u2,plus deposits held at post
offices,plus other savin#s and deposits with financial
institutions:8here is also a "broad easure of li*uidity/
that encompasses u" as well as a ran#e of other liuid
assets,such as #overnment bounds and commercial paper
48
Fibonacci English
1015 uoney ueasures in the Iuro7one n
G1 comprises notes and coins in circulation,plus all
overni#ht deposits:G9 includes u1,plus deposits
redeemable with notice up to three months and deposits
with maturity up to two years:GH includes u2,plus
repurchase a#reements,money mar!et fund units,and
debt securities with up to two years maturity
1024
uoney ueasures in the ^nited
rin#dom n
G. comprises notes and coins held outside the aan! of
In#land,plus aan!erC deposits at th aan! of In#land:G9
includes u4,plus(effectively) all retail ban! deposits:G$
includes u2,plus wholesale ban! and buildin# society
deposits and also certificates of deposits:GHC includes
u',plus ^:r residentsC and corpotationsC forei#n currency
deposits in ban!s and buidin# societies
1021
uoney ueasures in the ^nited
_tates n
G1,which comprises notes and coins in
circulation,travelersC cheues of non-ban! issuers,demand
deposits at commercial ban!s,plus other deposits on
which cheues can be written:G9 includes u1,plus
savin#s and money mar!et deposits,time deposit accounts
of less than <144,444,plus other balances in retail money
mar!et and mutual funds
1022 oney ultiplier n
decribes how a chan#e in reserves is e6pected to effect
the money supplyOin its simplist form,1 divided by the
reserve reuirement
102" oney neutrality n
the thesis that an increase in the money supply leads in
the lon#-run to an increase in the price level,while leavin#
real variables li!e output and employment unaffected
102' monies n nhfn# m)n tiFn,c&a cJi,t>i sJn
102/ onopolist n said of an entity that is the only seller in its mar!et
1020 monopolistic a; 1$c uyFn
1022 onopolistic copetition n
hi#hly competitive form of imperfect competitionOthe
competitive characteristic is a notably lar#e number of
firms,while the monopoly aspect is the result of product
differentiation
1028 monopolistically av
1025 monopoli7e v #if 1$c uyFn
10"4 monopoly n 1$c uyFn b-n
10"1 onopoly n
in pure monopoly mar!ets,there are no substitutes for the
#iven product or service:8here is a sin#le seller,which
e6ercises considerable power over pricin# and output
decisions
10"2 Gonte Carlo siulation n
an approach to estimatin# a probability distribution of
outcomes to e6amine what mi#ht happen if particular ris!s
are faced:8his method is widely used in the sciences as
well as in business to study a variety of problems
10""
uonte Tarlo simulation has several uite distinct uses:ne use is in plannin# _tanford ^niversity reseacher
_am _ava#e provided the followin# neat picture of that rolebC/Bhat is last thing you do before you clib on
a ladder&-ou shake it"and that is Gonte Carlo siulation"
10"'
uoodyCs considers bonds rated aaa1 to be ediu-grade obligations-they are neither hi#hly protected nor
poorly secured
10"/ Gore generally"we mi#ht define money as any medium that can be used to purchase #oods or services
10"0 more pertinently cd thU l>
10"2 more-conservative a; wider
10"8 mort#ate-bac!ed securities n
49
Fibonacci English
10"5 motive n 1$n# ck,le do(h>nh 1$n#)
10'4 oving average n
the avera#e of the closin# price of a security over a
specified number of periods:ith each new period,the
avera#e is recalculated
10'1
oving average
convergence1divergence
oscillator !G+CD# n
a momentum oscillator that is constructed based on the
difference between short-term and lon#-term movin#
avera#es of a securityCs price
10'2
u_Tq developed euity mar!et
inde6 n
10'"
G8CI E+7E!Europe"+ustralasia"and 7ar East#inde' is a free float-ad;usted mar!et capitali7ation inde6
desi#ned to measure developed-mar!et euity performance e6cludin# the ^nited _tates and Tanada
10'' much less so than ?t hkn
10'/ multilateral a; 1a phDkn#
10'0 multinational corporations(uNT) n
10'2 ultiplication rule for probabilites n
the rule that the ;oint probability of events 3 and a euals
the probability of 3 #iven a times the probability of a
10'8 ultivariate distribution n
a probability distribution that specifies the probabilities for
a #roup of related random variables
10'5 ultivariate noral distribution n
a probability distribution for a #roup of random variables
that is completely defined by the means and variances of
the variables plus all the correlations between pairs of the
variables
10/4 multi-wor!er household n
10/1 mushy mi6 n cement
10/2 ustard mi#ht obey this description
10/" mute v chcn ti@n#
10/' utual fund cash position n
the percenta#e of mutual fund assets held in cash as in
predictor of mar!et direction
10// mutually av lln nhau,ua lHi
10/0 utually e'clusive proEects n
uutually e6clusive pro;ects compete directly with each
other:or e6ample,if ~ro;ect 3 and a are mutually
e6clusive,you can choose 3 or a,but you cannot choose
both
10/2 utN n ue6ican peso
10/8 N+broadcastin# n s( ph-t thanhOtelevision broadcastin#
10/5 namely av l>,Ky l>
1004 narrow oney n
the notes and coins in circulation in an economy,plus other
very hi#hly liuid deposits
1001 0ash e*uilibriu n
when two or more participants in a non-co-operative #ame
have no incentive to deviate from their respective
euilibrium strate#ies #iven their opponentCs strate#ies
1002 N3__Tu n qndiaCs prominent q8-a~ trad association
100" national defense n uBc phMn#
100' 0ational incoe n
the income received by all factors of production used in
the #eneration of final output:National income euals
#ross domestic product(or,in some countries,#ross
national product)minus the capital consumption allowance
and a statistical discrepancy
100/ national insurance (or labour)ta6es n
1000 nationali7e v uBc hfu h)a
1002
natural rate of
uneployent!0+RK# n non-acceleratin# inflation rate of unemployment(N3qS^)
50
Fibonacci English
1008 nature n loHi,thg
1005 NaIS n
1024 necessity n 1iFu tKt y@u
1021 needed ualification n 1iFu !i.n c,n
1022 ne#ate v ph& 1+nh,ph& nh%n
102" negative e'ternality n a spillover cost e:#:,pollution
102' ne#ative implication n t-c 1$n# ti*u c(c
102/ ne#li#ible a; !hQn# 1-n# !U
1020 ne#li#ibly a; t?nh !hQn# 1-n# !U
1022 neoclassical a; tjn c\ 1iUn
1028
0eo-Jeynesians !or 0ew
Jeynesians# n
a #roup of dynamic #eneral euilibrium models that
assume slow-to-ad;ust prices and wa#es
1025 neophyte n n#DPi mGi v>o n#hF
1084
net e6port are balanced by accumulation of either clais on the rest of the world (net e6portsv4) or
obligations to the rest of the world (net e6ports 4)
1081 net ta' rate n the ta6 rate net of transfer payments
1082 NetscapeCs internet browser
108" neutral a;,n trun# l%p
108' neutral rate of interest n
the rate of interest that neither spurs on nor slows down
the underlyin# economy
108/ new classical acroeconoics n
an approach to macroeconomics that see!s the
macroeconomic conclusions of individuals ma6imi7in#
utility on the basis of rational e6pectations and companies
ma6imi7in# profits
1080 niche player n
1082 Nq~3 n National qncome and ~roduct 3ccounts,National 3ccounts
1088 node n
each value on a binomial tree from which successive
moves or outcomes branch
1085 Nr n Norwe#ian !rone
1054 nomal distribution n
is a continuous symmetric probability distribution that is
completely described by two parametersOits mean and its
variance
1051 noinal risk-free interest rate n
the sum of the real ris!-free interest rate and the inflation
premium
1052 noinal scales
a measurement scale that cate#ori7es data but does not
ran! them
105"
non-accelerating inflation rate of
uneployent!0+IRK#
effective unemployment rate,below which pressure
emer#es in labor mar!ets
105' non-competitive bids and bidders at lower yields will #et their orders filled first
105/ non-defense a; phi uBc phMn#
1050 non-discretionary
1052 none of pro !hQn# ai,chn# m$t ai,!hQn# n#DPi n>o,!hQn# v%t #R
1058 non-euity holder n
1055 non-e6istent a; !hQn# t]n tHi,!hQn# c)
1244 non-inte#er n !hQn# n#uy*n
1241 non-linear a;
1242 non-ne#ative a; !hQn# jm
124" non-ne#ative uantity n lDEn# !hQn# jm
124' nonnormal a; !hQn# bRnh thDPn#
124/ Nonnormal distribution with !nown variance 7-statistic(lar#e sample si7e)
51
Fibonacci English
1240 Nonnormal distribution with un!nown variance t-distribution(lar#e sample si7e)
1242 nonparaetric test n
the test that is not concerned with a parameter,or that
ma!es minimal assumptions about the population from
which a sample comes
1248 non-redeployable a;
1245 non-satiation n
the assumption that the consumer could never have so
much of a preferred #ood that she would refuse any
more,even if it were freeOsometimes referred to as the
CCmore is betterCC assumption
1214 norm n uy tsc ti*u chuNn
1211 noral distribution n
a continuous,symmetric probability distribution that is
completely described by its mean and its variance
1212 Normal distribution with !nown variance 7-statistic
121" Normal distribution with un!nown variance t-distribution
121' noral profit n
the level of accountin# profit needed to ;ust cover the
implicit opportunity costs i#nored in accountin# costs
121/ normali7e v ti*u chuNn h)a
1210 normative a; c) t?nh uy phHm,c) t?nh chKt uy chuNn
1212
North 3merican ree 8rade
3#reement(N383) n
1218 Norway n Na ^y
1215 Norwe#ian a;,n Na ^y
1224 not available a; !hQn# thU !i@m 1DEc
1221 not less
1222 notably av 1cc bi.t,nhKt l>O1-n# !U,1-n# chV e
122" notation n !e hi.u
122' note that uantity increments are in blocks of 1. for 9%. change in price
122/
Note that the full version of the uantity theory of money uses the sybol ( rather than - to indicate
transactions because money is used not ;ust for buyin# #oods and services but also for financial transactions
1220
Note that we can also refer to -0:5 percent as the compound annual #rowth rate because it is the siple
nuber that compounds the number of stores in 1558 forward to the number of stores in 2442
1222 noted a; n\i ti@n#,c) danh ti@n#
1228
Noted technician Constance 2rown has coined a term called the "stochastics default club"to refer to
neophyte technicians who trade based solely on these defaults
1225 noteworthy a; 1-n# chV e,1-n# #hi nhG
12"4 notion n
e ni.m,uan 1iUmOe n#h hocc m$t lMn# tin mk h],!z ucc
hocc c) thU saiO!h-i ni.m
12"1 0,; rule n
the investment decision rule that states that an investment
should be underta!en if its N~ is positive but not
underta!en if its N~ is ne#ative
12"2 null hypothesis n
the idea that an e6periment that is done usin# two #roups
of people will show the same results for each #roupO8he
null hypothesis is the hypothesis to be tested
12"" numeraire n
economists refer to the unit of account in terms of which
other #oods,services,and assets are priced as the
numeraire
12"' numerator n to sB
12"/ numerical a; b|n# sB,thu$c sB
12"0 obEective probabilities n
probabilities that #enerally do not vary from person to
personOincludes a priori and ob;ective probabilities
12"2 observable a; c) thU nh%n thKy
52
Fibonacci English
12"8 observation n tma 1$,s( uan s-tOlPi nh%n 6At
12"5 observer n n#DPi uan s-t
12'4 obsolescence n s( !hQn# cMn dXn# nfa,s( li thPi
12'1 IT publishin# n
an official handboo! of the r#ani7ation for Iconomic To-
peration and evelopment
12'2 3f particular ipotance are the leadin# indicators
12'"
f the four indicators,one is bullish,one is bearish,and two are neutral:uost analysts would view this result as
"net neutral"and would recommend continuin# to hold the stoc!:
12''
official interest rate1official policy
rate1policy rate n
an interest rate that a central ban! sets and announces
publiclyOnormally the rate at which it is willin# to lend
money to the commercial ban!s
12'/ offshore a;,av b*n n#o>i,n#o>i !hki
12'0 oli#opolist n
12'2 oli#opoly n 1$c uyFn t%p 1o>n
12'8 oligopoly n
mar!et structure with a relatively small number of firms
supplyin# the mar!et
12'5 on a consistent basis n
12/4 on a ;ar hA mi
12/1
n a time line,we can inde6 the present as 4 and then display e*ually spaced hash arks to represent a
number of periods into the future
12/2 n balance id sau !hi 1h cjn nhsc !W
12/" on demand n !hi y*u c,u,theo y*u c,u
12/' on #round of n vR le #R,n#uy*n cG #R
12// on #rounds av as the resultOfor that reason
12/0 on par with someone=somethin# n n#an# t,m uan trmn#=chKt lDEn# vGi ai,vGi c-i #R
12/2 on the one hand[: on the other hand
12/8 once evident
12/5
3ne caveat in looking at potential sources of demand is that,althou#h these data indicate the potential
buyin# power of various lar#e investor #roups,the data say nothin# about the li!ehood that the #roups wil buy
1204 one-day roundtrip tic!et n
1201 one-period model
1202
one-sided hypothesis test!or one-tailed
hypothesis test#
a test in which the null hypothesis is re;ected only if the
evidence indicates that the population parameter is
#reater than(smaller than)o:8he alternative hypothesis
also has one side
120" open econoy n
120' open arket operations n
activities that involve the purchase and sale of
#overnment bonds from and to commercial ban!s and=or
desi#nated mar!et ma!ers
120/ openly av cQn# !hai
1200 operational independence n
3 ban!Cs ability to e6ecute monetary policy and set interest
rates in the way it thou#ht would best meet the inflation
tar#et
1202 operationally independent a;
1208 opinion polls n
a wide ran#e of services conduct periodic polls of either
individual investors or investment professionals to #au#e
their sentiment about the euity mar!et
1205 opportunistically av ch& n#ha ck h$i
1224 optimal a; tBt nhKt,tBi Du
1221 optimi7ation n tBi Du h)a
1222 optimi7e societyCs welfare
53
Fibonacci English
122" optimum a;,n 1iFu !i.n tBt nhKt
122' optimum remuneration n
122/ orderly a;
arran#ed or or#ani7ed in a neat, careful and lo#ical
way Ovegetables planted in orderly rows
1220 ordial ran!in#
1222 ordinal scales n
a measurement scale that sorts data into cate#ories that
are ordered(ran!ed) with respect to some characteristic
1228 ordinary annuity n
an annuity with a first cash flow that is paid one period
from the present
1225
ori#inal euipment
manufacturer(Iu) n
1284 ornament n 1] tran# sgc
1281 oscillate v #iao 1$n#,1un# 1Da
1282 oscillator n m-y tHo #iao 1$n#
128" ostentatious a; phQ trDkn#,!hoe !hoan#
128' other curent account decifit countries(T3T)
128/ other than !h-c vGi
1280 otherwise con; n@u !hQn# thR
1282 outbid v trJ #i- cao hkn
1288 outcoe n a possible value of a random variable
1285 outcry n s( b-n 1Ku #i-
1254 outer a;,n i ph?a n#o>i
1251 outlier n
an outlyin# observation is one that appears to devite
mar!edly from other members of the sample in which it
occurs
1252 outlier n c-i n|m n#o>i
125" outnumber v 1Qn# hkn
125' out-of-saple test n
a test of strate#y or model usin# a sample outside the time
period on which the strate#y or model was developed
125/ outpace v 1i nhanh hkn
1250 outri#ht a; to>n b$,ho>n to>n,r} r>n#,tri.t 1U
1252 outset n s( bst 1,u
1258 outstandin# a;
cMn t]n tHi,chDa #iJi uy@t 6on#(vKn 1F)OchDa trJ
1DEc(nE)
1255 outstrip v vDEt 6a
1844 outward a;,v,n,av hDGn# ra b*n n#o>i,1i 6a hkn
1841 outwei#h v ncn# hkn,c) nhiFu Jnh hDin# hkn
1842 over a rolling time period a; trQi ua(thPi #ian)
184"
3ver the course of a life cycle"the individual may be able to save only a small amount durin# the early years
but then may have the financial resources to save more durin# later years
184' over time theo thPi #ian
184/ overarchin# a;
very important, because it includes or influences many
thin#s an overarching ai1concept1issue Othe
overarching themes of race, violence and disorder
1840 overbought n
a mar!et condition in which mar!et sentiment is thou#ht to
be unsustainably bullish
1842 overbuild v 6jy u- nhiFu nh>
1848 overcapacity n uncountable,sin#ular ( business ) the situation in which
an industry or a factory cannot sell as much as it is
desi#ned to produce Othe problems of overcapacity in the
54
Fibonacci English
car industry
1845 overheatin# n u- n)n#
1814 overlay v ch]n# chAo
1811 overpower v -p 1Jo
1812 overproduce v sJn 6uKt thZa
181" overridin# a; uan trmn# hkn bKt cg nh%n 1+nh n>o !h-c
181' overridin# #oal
181/ overshadow v che b)n#,l>m lu mP
1810 overshot(!)=overshoot v vDEt u-,ph)n# 1HiOu- 1?ch
1812 oversi#ht n s( #i-m s-t
1818 oversi#ht body n ck uan #i-m s-t
1815 oversold n
a mar!et condition in which mar!et sentiment is thou#ht to
be unsustainably bearish
1824 overstay v u- hHn,i lHi u- lju
1821 overuse v lHm ddn#
1822 overwei#ht v 1-nh #i- cao
182" owe to v nEOhe owes :0 dollars to his farther
182' own price elasticity chan#e in uantity demanded = chan#e in own price
182/ owner-occupied housin# n
1820 own-price n
the price of a #ood itself and not the price of some other
#ood
1822 ~ prie tBt nhKt,tBi Du
1828 ,aasche inde' n
an inde6 formula usin# the current composition of a bas!et
of products
1825 ~acific Sim countries n
18"4 painfully av !h) !hpn,1au !h\,bu]n phiFn
18"1 paired coparisons test
a statistical test for differences based on paired
observations drawn from samples that are dependent on
each other
18"2 paired observations n observations that are dependent on each other
18"" pairs arbitrage trade n
a trade in two closely related stoc!s involvin# the short
sale of one and the purchase of the other
18"' panel n ban h$i thNm
18"/ panel data n
observations throu#h time on a sin#le characteristic of
multiple observational units
18"0 pantry n phMn# 1U thgc pn
18"2 par n #i- danh n#ha
18"8 para#raph n 1oHn vpn
18"5 parallel to=with a; tDkn# t(,son# son#
18'4 parallelo#ram n hRnh bRnh h>nh
18'1 parameter n tham bi@n
18'2 paraeter n
a descriptive measure computed from or used to describe
a population of data,conventionally represented by ree!
letters
18'" parametric a; thu$c tham sB
18'' paraetric test n
any test(or procedure) concerned with parameters or
whose validity depends on assumptions concernin# the
population #eneratin# the sample
18'/ ~aris-based trader n
18'0 parta!e of v cXn# tham d(,cYn# c) ph,n
55
Fibonacci English
18'2 partial a; b$ ph%n,cdc b$
18'8 partial e*uilibriu analysis n
the process when we concentrate on one mar!et,ta!in#
values of e6o#enous variables as #iven
18'5 partially av m$t ph,n,!hQn# ho>n chynh
18/4 pass on to v chuyUn ua
18/1 patrona#e n s( bJo trE,s( 1 1,u
18/2 pay-as-you-#o a;
connected with a system of payin# for a service ;ust
before you use it rather than payin# for it later Opay-as-
you-go phones
18/" payment n s( n$p tiFn,sB tiFn trJ,tiFn b]i thDPn#
18/' payents syste n 8he system for the transfer of money
18// payoff n
a payment of money to sb so that they will not cause you
any trouble or to ma!e them !eep a secretO8-0 bribe
18/0 pay-per-view channel n
18/2 peasant n nQn# djn
18/8 peculiarity n t?nh ri*n# bi.t,nAt ri*n# bi.t
18/5 pediatric doctor n b-c sW nhi !h)a
1804 penetrarion n s( thjm nh%p
1801 pennants n
a technical analysis continuation pattern formed by
trendlines that conver#e to form a trian#le,typically over a
short period:
1802 per capita real FD, n real ~ divided by the si7e of the population
180" per se av
( from àtin ) used meanin# by itselfx to show that you are
referrin# to sth on its own, rather than in connection with
other thin#s Ohe drug is not harmful per se, but is
dangerous when taken with alcohol.
180' perceived chan#e n s( thay 1\i nh%n thgc
180/ percentiles n uantiles that divide a distribution into 144 eual parts
1800 perfect competition is not merely an ideal based on assuptions
1802 perfectly elastic n a hori7ontal demand has infinite elasticity
1808 perfectly inelastic n a vertical demand has 7ero elasticity
1805 perforance appraisal n
the evaluation of ris!-ad;usted performanceOthe evalution
of investment s!ill
1824 perforance easureent n
the calculation of returns in a lo#ical and consistent
manner
1821 periodic a; chu !z,tu,n ho>n,1+nh !z
1822 periodic rate n
is the uoted interest rate per periodOit euals the stated
annual interest rate divided by the number of
compoundin# periods per year
182" permissible bounds n #iGi hHn c) thU chKp nh%n 1DEc
182' per-month fee n
182/ perutation n an ordered listin#
1820 perpetual a; vnh vin,bKt di.t,li*n tdc,thDPn# 6uy*n
1822 perpetuity n
a perpetual annuity,or a set of never-endin# level
seuential cash flows,with the first cash flow occurrin# one
period from now
1828 persistently av dai dn#,li*n tdc,!i*n trR
1825 ,ersonal che*ues can be written based on a bank che*uing account
1884
personal consuption
e'penditures!,CE# n
price inde6 covers all personal consumption in the ^nitied
_tates usin# business surveys
1881 personal disposable incoe !,DI# n eual to personal income less personal ta6es
56
Fibonacci English
1882 personal incoe n
a broad measure of household income that includes all
income received by households,whether earned or
unearnedOmeasures the ability of consumers to ma!e
purchase
188" perusal n s( n#hi*n cgu !W
188' pervasive a; tLa !hsp,lan tr>n !hsp nki
188/ pessimistic a; bi uan
1880 phase n mct,phDkn# di.n (vKn 1F)
1882 philosophical a; thu$c tri@t hmc
1888 physical capital n buildin#[
1885 physical capital n is any manmade aid to production
1854 physical capital base
1851 pic! up v tpn# tBc,h]i phdc
1852 pickup in sth n an improvementOpickup in production
185" pitfall n cHm bly
185' pivot v uay
185/ placeholder n we need 4 as a placeholder for the t2("421)
1850 planning hori)on n
a time period in which all factors of production are
variable,includin# technolo#y,physical capital,and plant
si7e
1852 platykurtosis n
describes a distribution that is less pea!ed than a normal
distribution
1858 plausible a; c) v hEp le,c) thU tin c%y
1855 plentiful a; c) sB lDEn# lGn,phon# phV,d]i d>o
1544 plot v vn 1] th+
1541 plural noun n danh tZ sB nhiFu
1542 plywood n # d-n
154" point and figure chart n
a technical analysis chart that is constructed with columns
of tCs alternatin# with columns of Cs such that the
hori7ontal a6is represents only the number of chan#es in
price without reference to time or volume
154' point estiate n
a sin#le numerical estimate of an un!nown uantity,such
as a population parameter
154/ point-of-sale transaction n 1iUm b-n h>n#
1540 poit to v cho thKy,vHch ra
1542 polar case n
uany countries adopt re#imes that lie somewhere
between these polar cases
1548 polarity n t?nh phjn c(c
1545 policyma!er n n#DPi hoHch 1+nh ch?nh s-ch
1514
~olicyma!ers need consider the impact of chan#es to the bud#et when monetary policy is accommodative
as opposed to when it is restrictive
1511 pool n nh)m tr(c(nh)m n#DPi c) sn 1U l>m vi.c !hi c,n 1@n)
1512 pool v #h)p th>nh vBn chun#, chun# ph,n
151" pooled investment vehicles n such as mutual funds
151' populated mar!et n th+ trDPn# 1Qn# djn
151/ population n all members of a specified #roup
1510 population ean n
the arithmetic mean value of a populationOthe arithmetic
mean of all the observations or values in the population
1512 population parameter n ==theta
1518 population standard deviation n a measure of dispersion relatin# to a population in the
57
Fibonacci English
same unit of measurement as the observations,calculated
as the positive suare root of the population variance
1515 population variance n
a measure of dispersion relatin# to a population,calculated
as the mean of the suared deviations around the
population mean
1524 portability n t?nh d man# theo(6-ch tay 1DEc)
1521 portrayal n s( mi*u tJ,s( vn chjn dun#
1522 posit v cho l>
152" position v 6-c 1+nh v+ tr?
152' positive e'ternality n a spillover benefit e:#:,literacy pro#rams
152/
~ositive price movements #enerally ta!e prices up by some 7ibonacci ratio of prior highs!e6g6"16% or
16:9#"and price declines #enerally reverse prices by a 7ibonacci ratio!e6g6".6%. or 16::L#
1520 positively av r} r>n#Ochsc chsnOt?ch c(c
1522 ~ost-election years and the so-called midterm year have the worst performance:
1528 post-ta6 a; sau thu@
1525 post-trade a; sau !hi trao 1\i
15"4 post-war a; sau chi@n tranh
15"1 potency
the power that sb=sth has to affect your body or mind O!f
you keep a medicine too long, it may lose its potency
15"2 ,otential FD, n
measure the productive capacity of the economy and is
the level of real ~ that can be produced at full
employment
15"" power n lYy thZa
15"' power of a test n
the probability of correctly re;ectin# the null-that
is,re;ectin# the null hypothesis when is false
15"/ practically av h,u nhD,#,n nhD,th(c t@
15"0 practitioner n
( formal ) a person who re#ularly does a particular activity,
especially one that reuires s!ill ;one of the greatest
practitioners of science fiction
15"2 precautionary a; 1U phMn# n#Za,1U 1F phMn#
15"8 precautionary oney balances n
money held to provide a buffer a#ainst unforeseen events
that mi#ht reuire money
15"5 precision n s( ch?nh 6-c
15'4 predefine v 6-c 1+nh trDGc,#iGi hHn trDGc
15'1 pre-determined a;
15'2 predictability n t?nh c) thU 1o-n 1DEc
15'" predictable a; c) thU 1o-n trDGc
15'' pre-fabricated dwellin# unit n nh> lsp #hAp
15'/ preferential a; thU hi.n s( Du 1hi
15'0 preliminary a; sk b$,mi 1,u
15'2 premi6ed cement n
15'8 presidential cycle n
this cycle in the ^nited _tates connects the performance
of the q3 with presidential elections
15'5 presumably av !hQn# uan trmn#,t,m thDPn#Oc) thU,c) ln
15/4 presume v cho l>
15/1 presumed price n mgc #i- #iJ 1+nh
15/2 presuppose v #iJ 1+nh trDGc
15/" preta6 a; trDGc thu@
15/' prevail v chi@m Du th@,thsn# th@O1an# th+nh h>nh
15// prey n nHn nhjn,con m]i
58
Fibonacci English
15/0 price v 1ct #i-,1+nh #i-
15/2 price discovery n
is the process of determinin# the price of an asset in the
mar!etplace throu#h the interactions of buyers and sellers
15/8 price discrimination n phjn bi.t #i-
15/5 price floor n
in which lawma!ers ma!e it ille#al to buy sell a #ood or
service below a certain price,which is above euilibrium
1504 price #ou#in#
1501 ,rice inde' n
represents the avera#e prices of a bas!et of #oods and
services
1502 price intercept n
150" ~rice is set at the euilibrium between supply and demand at any instant in tie6
150' price ultiple n
a ratio that compares the share price with some sort of
monetary flow or value to allow evaluation of the relative
worth of a companyCs stoc!
150/ price ratio n
1500 price relative n
a ratio of an endin# price over a be#innin# priceOit is eual
to 1 plus the holdin# period return on the asset
1502 price spikes v
1508 price stability n
in economics,refers to an inflation rate that is low on
avera#e and not sub;ect to wide fluctuation
1505 price takers n
producers that must accept whatever price the mar!et
dictates
1524 prices are set by the regulatory authority to allow that return
1521 price-to-book value !,12# n
a valuation ratio calculated as price per share divided by
boo! value per share
1522 price-to-cash flow !,1C7# n
a valuation ratio calculated as price per share divided by
cash flow per share
152" price-to-earning ratio!,1E# n the ratio of share price to earnin#s per share
152' pricin# schemes
152/ prime e6ample v v? dd ho>n hJo
1520 principal n
the amount of funds ori#inally invested in a pro;ect or
instrumentOthe face value to be paid at maturity
1522 printable a; c) thU 6uKt bJn,c) thU in,1pn#
1528 prior probabilities n
probabilities reflectin# beliefs prior to the arrival of new
information
1525
~rior to the 1504s,8aiwan had an iport-substitution policy--that is,a development policy aimed at replacin#
imports with domestic production that was supported by ^:_:aid:owever,^:_:aid ended in the 1504s,forcin#
8aiwan toward e'port prootion policies
1584 private value auction n
each buyer places a sub;ective value on the item,and in
#eneral their values differOan e6ample mi#ht be an auction
for a uniue piece of art that buyers are hopin# to
purchase for their own personal en;oyment,not primarily
as an investment to be sold later
1581 ~rob n 6-c suKt(probability)
1582 probability n
a number between 4 and 1 describin# the chance that a
stated event will occur
158" probability density function
a function with non-ne#ative values such that probability
can be described by areas under the curve #raphin# the
function
158' probability distribution n
a distribution that specifies the probabilities of a ramdom
variableCs possible outcomes
158/ probability function n a function that specifies the probability that the random
59
Fibonacci English
variable ta!es on a specific value
1580 procure v 1em lHi(!@t uJ)
1582 producer price inde'!,,I# n
reflects the price chan#es e6perienced by domestic
producers in a country
1588 product n t?ch sBOthe product of ' and 14 is '4
1585 production possibilities frontier(~~) n
curve describin# the ma6imum number of units of one
#ood a company can produce,for any #iven number of the
other #ood that is chooses to manufacture
1554 productivity n
the amount of output produced by wor!ers in a #iven
period of time--for e6ample,output per hour
wor!edOmeasures the efficiency of labor
1551 professional n n#DPi chuy*n n#hi.p,thu$c n#hF n#hi.p,chuy*n n#hi.p
1552 profound a; sju ssc
155" pro;ect v din 1Ht r} e,chi@u (hRnh)
155' pro;ection n s( 1ct !@ hoHch
155/ proliferation n s( nJy ni,s( tpn# nhanh
1550 proissory note n
a written promise to pay a certain amount of money on
demand
1552 prone to v c) thi*n hDGn#,d b+ prone to error
1558 pronounced a; r} r.t,r} r>n#,d nhRn thKy
1555 propa#ate v
truyFn b-,ph\ bi@n(uan 1iUm,t?n n#Dn#::)Onhjn
#iBn#,truyFn(-nh s-n#::),truyFn b.nh
2444 propensity n thi*n hDGn#
2441 property n t?nh chKt,1cc t?nhOt>i sJn
2442 prophecy n s( ti*n tri,s( b-o trDGc,s( d( b-o
244" proportional to a; tDkn# 6gn#,cjn 1Bi
244' proportionately av cjn 1Bi,cjn 6gn#
244/ proprietary a;,n 1$c uyFn,uyFn si hfu
2440 prospect n !h-ch h>n# tDkn# lai
2442 prosperity n s( th+nh vDEn#
2448 prosperous a; th+nh vDEn#,th>nh cQn#
2445 protracted a; b+ !Ao d>i,b+ mi r$n#(thPi #ian)
2414 provide for=with v
2411
provision of these services ma!es
the #overnment a ma;or source of
employment in most countries n s( cun# cKp
2412 provisional a; tHm thPi,ljm thPi
241" provo!e v !?ch 1$n#,#jy raOchmc tgc,!hi*u !h?ch
241' pro6y n &y nhi.m,&y uyFn
241/ pseudo-rando nubers n numbers produced by random number #enerators
2410 public econmic policy n
2412 public transit options n
2418 punitive a; trZn# phHt,#jy !h) !hpn
2415 punitive interest rates n
2424
purchases of asset from
forei#ners(T3) n
2421 purchasin# power parity(~~~) n
~~~ asserts that nominal e6chan#e rates ad;ust so that
identical #oods(or bas!ets of #oods) will have the same
price in different mar!ets
2422 pure discount instruents n instruments that pay interest as the difference between the
60
Fibonacci English
amount borrowed and the amount paid bac!
242" pur#e n cu$c thanh trZn#
242' pursuit n s( theo 1u\i
242/ pursuit of somethin# n h>nh 1$n# ti@p tdc theo 1u\i
2420 put1call ratio n
a technical analysis indicator that evalutes mar!et
sentiment based upon the volume of put options traded
divided by the volume of call options traded for a particular
financial instrument
2422 ,utting up interest rates in this instance mi#ht simply e6acerbate the oil price-induced downturn
2428 p-value n
the smallest level of si#nificance at which the null
hypothesis can be re;ected
2425 ty n uantity
24"4 uadrant n #)c ph,n tD
24"1 uadratic a;,n b%c hai,to>n phDkn#OphDkn# trRnh b%c hai
24"2 uadratic euation n phDkn# trRnh b%c hai
24"" ualitatively av 1+nh t?nh
24"' uanlity n phNm chKt,1cc t?nh
24"/ uantify v 6-c 1+nh sB lDEn#
24"0 *uantile !or fractile# n a value at or below which a stated fraction of the data lies
24"2
uantiles are used in portfolio performance evaluation as well as in investment strate#y development and
research
24"8 uantitative a; 1+nh lDEn#
24"5 *uantitative easing!IE# n
an e6pansinary monetary policy based on a##ressive
open mar!et purchase operations
24'4 *uantity e*uation of e'change n
an e6pression that over a #iven period,the amount of
money used to purchase all #oods and services in an
economy,u,is eual to monetary value of this output
~
24'1 *uantity theory of oney n
asserts that total spendin#(in money terms) is proportional
to the uantity of money
24'2 *uartiles uantiles that divide a distribution into four eual parts
24'" uasi prefi6 c) v th@,y nhD th@,h,u nhD l>
24'' uasi-
combinin#
form
( in ad;ectives and nouns ) 1 that appears to be sth but is
not really so ;a quasi,scientific explanation 2 partlyO
almost Oa quasi,official body
24'/ *uasi-fi'ed cost n
a cost that stays the same over a ran#e of production but
can chan#e to another constant level when production
moves outside of that ran#e
24'0 uasi-institutionali7ed a;
24'2 uestionable a; 1-n# n#hi n#P
24'8 Iuestionnaire scales are often treated as interval scales
24'5 *uintiles n uantiles that divide a distribution into five eual parts
24/4 *uota rents n
with uotas,forei#n producers can often raise the price of
their #oods and earn #reater profits than they would
without the uota:8hese profits are called *uota rents
24/1 *uotas n
restrict the uantity of a #ood that can be imported into a
country,#enerally for a specified period of time
24/2 r
real ris!-free interest rate + qnflation premium + efault
ris! premium + ìuidity premium + uaturity premium
24/" radical a; cpn bJn,tri.t 1U,ho>n to>n,tZ #Bc r
24/' radical si#n n dKu cpn
61
Fibonacci English
24// radio#raphic ima#e n hRnh tuan#
24/0 railroad n 1DPn# sst
24/2 raise to v
wsth (to sth) to increase the amount or level of sth ;hey
raised their offer to 1:00.
24/8 rally v,n phdc h]i,tKp n%p lHi(#i- c\ phi@u)
24/5 rado nuber generator n
a al#orithm that produces uniformly distributed random
numbers between 4 and 1
2404 ramp up v
thVc 1NyO businesses ramp up production because of
increased economic activity
2401 random chance n samplin# error
2402 rando nuber n an observation drawn from a uniform distribution
240" rando variable n a uantity whose future outcomes are uncertain
240' randomness n
240/ range n
the difference between the ma6ium and minium values in
a dataset
2400 ran! orders n
2402 rapidity n s( nhanh ch)n#
2408 ratio scales n
a measurement scale that has all the characteristics of
interval measurement scales as well as a true 7ero point
as the ori#in
2405 ration v hHn ch@(vF sB lDEn#),!hNu ph,n
2424 rational a; hEp le
2421 rational choice=strate#y n
2422 rationale n nhjn tB cpn bJn,le do cpn bJn
242" rationali7e v hEp le h)a
242'
SaT Tapital uar!ets Tanadian
aond uar!et qnde6 n
242/ readiness n s( sn s>n#,s( sn lMn#
2420 readin# n s( 1o-n,e !i@n
2422 read;ust v 1iFu chynh lHi,th?ch n#hi lHi(vGi mQi trDPn# cY)
2428 real income n
2425 Real oney accounts n
(buy side)these are investment funds mana#ed by
insurance companies,mutual funds,pension
funds,endowment,e6chan#e-traded funds(I8s)[:8hese
accounts are referred to as real money because they are
usually restricted in their use of levera#e or financial
derivatives:8his distin#uishes them from levera#ed
accountsOalthou#h,many institutional investors often
en#a#e in some form of levera#e,either directly throu#h
some use of borrowed funds or indirectly usin# financial
derivatives
2484 real money supply n u=~!=
2481 real risk-free interest rate n
the sin#le-period interest rate for a completely ris!-free
security if no inflation were e6pected
2482 reali#n v t\ chgc lHi,t%p hEp lHi
248" reali#nment n s( t\ chgc lHi,s( t%p hEp lHi
248' reali7able a;
c) thU th(c hi.n 1DEcOc) thU hiUu 1DEc,c) thU nh%n thgc
1DEc
248/ reali7e v
th(c hi.n,th(c h>nh(!@ hoHch,hy vmn#::)OhiUu r},nh%n
thgc(vKn 1F[)Ob-n 1DEc,thu 1DEc(lhi)
2480 reallocate v
62
Fibonacci English
2482 real-world a;
e6istin# in the real world and not specially invented for a
particular purposeOeachers need to prepare their
students to deal with real,world situations outside the
classroom.
2488 reason about v suy lu%n,le lu%n
2485 reasonin# n le lu%n:le ln
2454 rebound v h]i phdc,tKp n%p lHi(#i- c\ phi@u)
2451 recap v t)m tst lHi
2452 receipts and e6penditure n sB thu v> sB chi
245" received a; 1DEc thZa nh%n r$n# rhi l> 1Vn#
245' recession n
a period durin# which real ~ decreases(i:e:,ne#ative
#rowth)for at least two successive uarters,or a period of
si#nficant decline in total output,income,employment,and
sales usually lastin# from si6 months to a year
245/ recessionary gap n
in contrast to full employment,euilibrium ~ is below
potential ~
2450 reciprocal a; 1Jo,thu%n n#h+ch,tDkn# h
2452 recognition lag n
the la# in #overnment response ti an economic problem
resultin# from the delay in confirmin# a chan#e in the state
of the economy
2458 recorder n n#DPi #if s\ s-ch,n#DPi #hi lHi
2455 recoup v b]i thDPn#
2144 recurrent a; thDPn# t-i din
2141 recurrin# a; c) 1+nh !z,lHi din ra,tri lHi luQn
2142 recursive a; involvin# a process that is applied repeatedly
214" redeem v mua lHi,chu$c lHiOtrJ h@t nE
214' redeemable a;
@ !against sth# that can be e6chan#ed for money or
#oods Ohese vouchers are redeemable against any
future purchase
214/ redemption n
(finance) the act of e6chan#in# shares for money ( of
redeemin# them)
2140 redeploy v bB tr? lHi(nhi.m vd,cDkn# v+ mGi::)
2142 redistribute v phjn phBi lHi
2148 redistribution n s( phjn phBi lHi
2145 redistributive a;
2114 reducible a; c) thU #iJm bGt,rVt #mn
2111 reemphasise v nhKn mHnh lHi
2112 Referring to the mar#inal product column in I6ibit "0
211" refinancing rate n a type of central ban! policy rate
211'
Seflectin# the correction for scale,the coefficient of variation is a scale-free easure(that is,it has no units of
measurement)
211/ re#ime n ch@ 1$,h. thBn# uJn tr+ hi.n h>nh(tron# !inh doanh::)
2110 re#ional tradin# a#reements(S83)
2112 re#ression n h]i uy
2118 re#ular coupon payment n
2115 re#ulated sin#le seller n
2124 re#ulator n nh> 1iFu h>nh
2121 re#ulator n who sometimes differ with the auditors
2122 rehire v thu* lHi
212" rein in v !iFm ch@,!iUm so-t
63
Fibonacci English
212' reEection point !critical value# n
a value with which the computed test statistic is compared
to decide whether to re;ect or not re;ect the null hypothesis
212/ relabel v d-n nhhn lHi
2120 relative dispersion n
the amount of dispersion relative to a reference value or
benchmar!
2122 relative fre*uency
with reference to an interval or #rouped data,the number
of observations in the interval divided by the total number
of observations in the sample
2128 Relative price n
the price of a specific #ood or service in comparision with
those of other #oods and services
2125 relative strength analysis n
a comparison of the performance of one asset with the
performance of another asset of a benchmar! based on
chan#es in the ratio of the securitiesCs respective prices
over time
21"4 relative strength inde'!R8I# n
a technical analysis momentum oscillator that compares a
securityCs #ains with its losses over a set period
21"1 relative to st a; cjn 6gn# vGi,cjn 1Bi vGiOli*n uan tGi
21"2 rele#ation n s( hH t,n#(cQn# t-c)
21"" reliability factor n
a number based on the assumed distribution of the point
estimate and the de#ree of confidence (1-a)for the
confidence interval
21"' reliance on v s( nDkn# t(a,s( t?n nhi.m
21"/ renew v 1\i mGi,!hQi phdc
21"0 repatriation n s( h]i hDkn#
21"2 replenish v b\ sun#,l>m 1,y lHi
21"8 replicable a; nhjn r$n#
21"5 replicate v t-i tHo,phLn# theo
21'4 replication n s( nhjn r$n#,s( sao chAp
21'1 repo rates n short-term collaterali7ed lendin# rates
21'2 report on v b-o c-o vF
21'" reproduce v sao chAp,mQ phLn#
21'' repurchase agreeent n
the sale of securities to#ether with an a#reement for the
seller to buy bac! the securitites at a later date at a hi#her
priceOoften called a repo:8ypically a short-term
a#reementOif lon# term,called a term repo
21'/ reuired reserve ratio n ty l. d( trf bst bu$c
21'0 resalable a; c) thU b-n lHi
21'2 Sesearch and development(S) n
21'8 reservation prices n
used to refer to the minimum price the seller of auctioned
item is willin# to accept or the ma6imum price the bidder
of auctioned item is willin# to accept
21'5 Seserve aan! of New ealand(SaN)
21/4 reserve re*uireent n
the reuirement for ban!s to hold reserves in proportion to
the si7e of deposits
21/1 reside v i tHi,hi.n c) hocc t%p trun# v>o ai=c-i #ROsinh sBn#,cD trV
21/2 resident ban!s
21/" residential a; thu$c (nh> ri*n#)
21/' residual a;,n thcn# dDOsB dD(to-n hmc)
21// resilient a; c) !hJ npn# h]i phdc nhanhO1>n h]iO!hQn# nJn lMn#
21/0 resistance n
in technical analysis,a price ran#e in which sellin# activity
is sufficient to stop the rise in the price of a security
64
Fibonacci English
21/2 resold=resell v b-n lHi
21/8 resort to somethin# v phJi dXn# 1@n,phJi vi.n 1@n
21/5 respect n mBi uan tjm,s( chV e
2104 respective a; thuQc vF hopc 1U cho tZn# c- thUO ri*n# tZn#O tDkn# gn#
2101 respondin# with phJn gn# lHi
2102 responsiveness n s( phJn gn#
210" restritive economic policies n
210' restructure v t-i cKu trVc
210/ restructurin# n t-i cKu trVc
2100 resultin# in
2102 resumption n s( ti@p tdc
2108 Retail accounts n
(buy side)the simplest e6ample of a retail account is the
archetypical forei#n tourist e6chan#in# currency at an
airport !ios!
2105 retaliate v trJ 1&a
2124 retaliation n s( trJ 1&a
2121 retaliatory=retaliative a; trJ 1&a,trJ mi@n#
2122 rethin! v,n suy t?nh lHi,cjn nhsc lHi
212" retraceent n
in technical analysis,a reversal in the movement of a
securityCs price such that it is counter to the prevailin#
lon#erterm price trend
212' retrenchment n s( #iJ bGt chi ti*u
212/ return on e*uity!R3E# n
a profitability ratio calculated as net income divided by
avera#e shareholdersC euity
2120 reunification n s( thBn# nhKt lHi
2122 revaluation n s( 1+nh #i- lHi
2128 reverberate v d$i lHi,van# lHi,phJn 6H lHi,t-c 1$n# lHi
2125 Severend 8homas aayes n (1242-01)
2184 reversal pattern n
a type of pattern used in technical analysis to predict the
end of a trend and a chan#e in direction of the securityCs
price
2181 revert v tri vF(trHn# th-i cY)
2182 revision n s( 6em lHi,s( soa lHi,s( Qn lHi
218" revive v phdc h]i
218' Ricardian e*uivalence n
an economic theory that implies that it ma!es no
difference whether a #overnment finances a decifit by
increasin# ta6es or issuin# debt
218/ ri#idity n s( cgn# rsn,s( !hQn# linh 1$n#
2180 ri#orous a; chi ti@t,ccn !n(1-nh #i-),chct chn,ch?nh 6-c
2182 rise over run slope is always measured as 9rise over run9
2188 Sisin# bond prices are a positive for stoc! prices,and declinin# bond prices are a bearish indicator
2185 ris! e6posure n
2154 risk preiu n
an e6tra return e6pected by investors for bearin# some
specified ris!
2151 ris!-free asset n
2152 ris!-free return n
215" ris!-related return n
215' robotics n
!hoa hmc n#hi*n cgu so ddn# n#DPi m-y(tron# (cQn#
n#hi.p) ch@ tHo)
215/ robust a; !hLe mHnh
65
Fibonacci English
2150 robust n
the uality of bein# relatively unaffected by a violation of
assumptions
2152 roll v triUn !hai(!@ hoHch)
2158 root n !hai cpnOwe too!e the fourth root of ',4"0=/,"824:2'5542
2155 rote n
s( hmc vtO( often used as an ad;ective ) the process of
learnin# sth by repeatin# it until you remember it rather
than by understandin# the meanin# of it Oto learn by
rote'rote learning
2244 roundin# to two decimal places
2241 S__ feed
2242 Sâ n Sussian ruble
224" ruilin# n s( uy@t 1+nh
224' Rule of L9 n
the principle that the appro6imate number of years
necessary for an investment to double is 22 divided by the
stated interest rate
224/ rumble pac! n
2240 _~=8_t Tomposite qnde6 n
2242 safe#uard n
w (a#ainst sth) somethin# that is desi#ned to protect
people from harm, ris! or dan#er O.tronger legal
safeguards are needed to protect the consumer.
2248 safety-first ratio !87Ratio# I(Sp)-Sl)=kp
2245 safety-first rules n
rules for portfolio selection that focus on the ris! that
porfolio value will fall below some minimum acceptable
level over soe tie hori)on
2214
sales and purchases of non-
produced"non-financial assets n
sub-accounts of the capital account such as the ri#hts to
natural resources,and the sale and purchase of intan#ible
assets,such as
patents,copyri#hts,trademar!s,franchies,and leases
2211 saple n a subset of a population
2212 saple e'cess kurtosis n
a sample measure of the de#ree of a distributionCs
pea!edness in e6cess of the normal distributionCs
pea!edness
221" saple kurtosis n
a sample measure of the de#ree of a distributionCs
pea!edness
221'
saple ean or aera#e,t(read9t-
bar9) n
the sume of the sample observations,divided by the
sample si7e
221/ saple selection bias n
bias introduced by systematically e6cludin# some
members of the population accordin# to a particular
attribute-for e6ample,the bias introduced when data ava7
2210 saple skewness n
a sample measure of de#ree of asymmetry of a
distribution
2212 saple standard deviation n the positive suare root of the sample variance
2218 saple statistic!or statistic# n
a uantity computed from or used to describle a sample of
data
2215 saple variance n
a sample measure of the de#ree of dispersion of a
distribution,calculated by dividin# the sum of the suared
deviations from the sample mean by the sample si7e
minus 1
2224 samplin# n s( lKy mlu
2221 sapling n the process of obtainin# a sample
2222 sapling distribution n the distribution of all distinct possible values that a statistic
can assume when computed from samples of the same
66
Fibonacci English
si7e randomly drawn from the same population
222" sapling plan n the set of rules used to select a sample
222'
8atandard M ,oor/s reduced the credit ratin#s on reeceCs #overnment from investent grade to Eunk
status
222/ save, !eep, etc:: sth for a rainy day id
to save sth, especially money, for a time when you will
really need it
2220 savin#s account n
2222 say n v? dd
2228 say n ti@n# n)i
2225 8ay/s law n
named for rench economist :a:_ayball that is produced
will be sold because supply creates its own demand
22"4 scale v vn bJn 1] theo ty l.
22"1 scale economies
22"2 scale up v vn to ra,ph)n# to ra
22"" scaled by 144 =144
22"' scarcity n s( !han hi@m
22"/ scenario analysis n
analysis that shows the chan#es in !ey financial uantities
that result from #iven(economic) events,such as the loss
of customers,the loss of a supply source,or a catastrophic
eventOa ris! mana#ement techniue involvin# e6amination
of the performance of a portfolio under specified
situations:Tlosely relatied to stress testing
22"0 scheme n s( ssp 6@p theo h. thBn#
22"2 school n trDPn# ph-i
22"8 science par! n
22"5 scoop n mun# !em
22'4 scope n ck h$i,d+p ph-t huy
22'1 screen n bJn# thQn# b-o
22'2 _3 n
a _3(special drawin# ri#ht) is a bas!et of four leadin#
currenciesb~,^_,a~,I^S:qt consists of 18:'
yen,4:0"24^_,4:454"a~ and 4:'1 I^S,ne _S was
worth 1:'52/ ^_ or 1:1/'2 I^S on 14 may 2414
22'" sealed bid auction n
in this case,bids are elicited from potential buyers,but
there is no ability to observe bids by other buyers until the
auction has endedOi:e:oil or timber lease
22'' search cost n
22'/
second price sealed bid
echanis1;ickery auction n
the bids are submitted in sealed envelopes and opened
simultaneouslyOthe winnin# buyer pays a price eual to the
second-hi#hest bid
22'0
second-degree price
discriination n
when the monopolist char#es different per-unit prices
usin# the uantity purchased as an indicator of how hi#hly
the customer values the product
22'2 secular a;,n
trpm npm m$t l,nO#i> c\,trDPn# !z,muQn thuiOth@
tdc,!hQn# thi*n# li*n#O#i-o s th@ tdc
22'8 secular patterns n
22'5 secured loan n vay c) 1Jm bJo
22/4 _ecurities I6chan#e 3ct of 15"'
22/1 security n chgn# !ho-n
22/2 see v 6em 6At,n#hi*n cgu !W lDn#
22/" seedlin# n cjy non
22/' seemin#ly av c) v
67
Fibonacci English
22// se#re#ate v t-ch ri*n#,phjn bi.t,cQ l%p
22/0 _Ir n _wedish !rona
22/2 self-correctin# mechanism n
22/8 self-fulfilment n s( ho>n th>nh c-c DGc n#uy.n c&a ch?nh mRnh
22/5 self-imposed a; t( -p 1ct,t( bst bu$c
2204 self-select v
2201 self-sustainin# a; t( l(c,c) thU t( l(c
2202 sellin# n s( b-n h>n#
220" sellin# price n
220'
)elling short or shorting stock means sellin# borrowed shares in the hope of repurchasin# them later at a
lower price
220/ sell-off n
the sale of a lar#e number of stoc!s and shares, after
which their value usually falls
2200 seme-s!illed
2202 seideviation n
the positive suare root of semivariance (sometimes
called semistandard deviation)
2208 seilogarithic n
describes a scale constructed so that eual intervals on
the vertical scale represent eual rates of chan#e,and
eual intervals on the hori7ontal scale represent eual
amounts of chan#e
2205 seminal a;
(formal) very important and havin# a stron# influence on
later developmentsOa seminal work)article)study %is book
on social policy proved to be seminal.
2224 seivariance n the avera#e suared deviation below the mean
2221 _enior unsecured det ratin#s n
2222 sensitive a; 1$ nhHy
222" sensitivity n 1$ nhHy
222' sentiment indicator n
attempt to #au#e investor activity for si#ns of increasin#
bullishness or bearishness:
222/ se*uence of event n chui(#]m nhiFu s( !i.n,con sB,h>nh 1$n#::)
2220
.e$uential comparisons of uarterly I~_ are with the immediate prior uarter:3 seuential comparison stands
in contrast to a comparison with the same uarter one year a#o (another freuent type of comparison)
2222 seriousness n t?nh n#hi*m trmn#
2228 serviceable a; c) thU dXn# 1DEc
2225 services n
sub-accounts of the current account include
tourism,transportation,en#ineerin#,and business
services,fee from patents and copyri#hts
2284 set aside v ti@t !i.m,d>nh ddm tiFn
2281 set forth id
1:to present for considerationOproposeOset forth a sound
plan.2:to e6press in wordsOshe has set forth her ideas
2282 set off v l>m n\i b%t,bst 1,u 1i
228" set out v trRnh b>y,b>y tLObst 1,u
228' settin# n !hun# cJnh,mQi trDPn#
228/ settlement n s( d>n 6@p,s( thanh to-n
2280 several a; nhiFu hkn ba
2282 sewer n cBn# rhnh
2288 shareholder wealth a'ii)ation n to ma6imi7e the mar!et value of shareholdersC euity
2285 8harp ratio n
the avera#e return in e6cess of the ris!-free rate divided
by the standard deviation of returnOa measure of the
avera#e e6cess return earned per unit of standard
deviation of return
68
Fibonacci English
2254 shed v vgt bL,bL rki,rki l.
2251 shield n,v bJo v.,che chiOc-i m$c,c-i !hi*n
2252 8hilfs in +ggregate Deand n
factors cause the 3 curve to shift include chan#es
inOhousehold wealth,consumer and business
e6pectation,capacity utili7ation,monetary policy,the
e6chan#e rate,#rownth in #lobal economy,and fiscal
policy(#overnment spendin# and ta6es)
225"
8hilfs in =ong-run +ggregate
8upply n
any factor increasin# the resource base of an economy
causes the `S3_ curve to shiftbsupply of labor and uality
of labor forces(human capital),supply of natural
resources,supply of physical capital,and productivity and
technolo#y
225'
8hilfs in 8hort-run +ggregate
8upply n
factors that chan#e the cost of production or e6pected
profit mar#ins will cause the _S3_ curve to shiftbnominal
wa#es,input prices(includin# the price of natural
resources),e6pectations about future output prices and the
overall price level,business ta6es and subsidies,and the
e6chan#e rate
225/ shoe leather cost of inflation
2250 shoot off v to leave very uic!ly
2252 shoot up v to rise suddenly by a lar#e amount
2258 shop v !hJo #i-
2255 shor-run sta#flation n tRnh trHn# lHm ph-t 1Rnh 1Bn
2"44 short v cst n#sn,6An bGt
2"41 _hort interest ratio _hort interest=3vera#e daily tradin# volume
2"42 shortcomin# n thi@u s)t,nhDEc 1iUm
2"4" shortfall n s( thjm hdt
2"4' shortfall risk n
the ris! that porfolio value will fall below some minium
acceptable level over some time hori7on
2"4/
8hort-run average total cost
curve!8R+(C# n
the curve describin# avera#e total costs when some costs
are considered fi6ed
2"40 short-run inflationary #ap n
2"42 short-run recessionary #ap n
2"48 short-run supply curve n
the section of the mar#inal cost curve that lies above the
minimum point on the avera#e variable cost curve
2"45 show out v 1Da ra,dln ra
2"14 shrin! v co lHi
2"11 shrin!a#e n s( co,1$ co
2"12 shutdown point n
the point at which avera#e revenue is less than avera#e
variable cost
2"1" side by side id 1ct cHnh nhau,cHnh nhau
2"1' sidestep v nA
2"1/ 8ign test n nonparametric test
2"10 similarity n s( tDkn# t(,1iUm #iBn# nhau
2"12
siple rando saple !rando
saple# n
a subset of a lar#er population created in such a way that
each element of the population has an eual probability of
bein# selected to the subset
2"18 siple rando sapling n
the procedure of drawin# a sample to satisfy the definition
of a simple random sample
2"15 simply put #iJ so
2"24 simulated tradin# pit s>n #iao d+ch mQ phLn#
69
Fibonacci English
2"21 siulation trial n a complete pass throu#h the steps of a simulation
2"22 single price auction n
another utch auction variation,is used in sellin# ^:_
8reasury securities
2"2" sin#le-minded a; chy c) m$t mdc 1?ch,chuy*n tjm
2"2' sin#ly av 1kn l
2"2/ si7able a; to lGn,!h- lGn
2"20 skewed not symmetrical
2"22 skewness n
a uantitative measure of s!ew(lac! of symmetry)Oa
synonym of s!ew
2"28 s!ill-intensive ;obs n
2"25 slide into v rki v>o,sa n#h
2""4 sall country n
is one that is a price ta!er in the world mar!et for a
product and cannot influence the world mar!et price
2""1 small-cap value fund n
2""2 _mithsonian 3#reements n to replace aretton oods system
2""" smooth out v
to ma!e sth smoothw .he was smoothing out the
creases in her skirt.
2""' snapshot n
a short description or a small amount of information that
#ives you an idea of what sth is li!ewhe play offers a
snapshot of life in Britain under the 'omans.
2""/ so lon# as as lon# as
2""0 so no one-product seller would ever !nowin#ly choose to set price in the inelastic ran#e of its demand
2""2 social sense
2""8 _ocietal and political trends n
2""5 soft drin! n
2"'4 sole a; duy nhKt,1kn 1$c
2"'1 solicitation n s( 6Vi ddc
2"'2 solution n 1-p -n,lPi #iJi
2"'" solve for ~ in ters of
2"'' solvency n tRnh trHn# trJ 1DEc nE,!hJ npn# thanh to-n
2"'/
some believe that one e6planation for the price leadership position of the dominant firm is siply
convenience
2"'0
some price are sticky,implyin# that
some prices do not ad;ust to
chan#es in demand a;
2"'2
_ome researchers believe that investors should prefer positive skewness,all else eual--that is,they should
prefer portfolios with distributions offerin# a relatively lar#e freuency of unusually lar#e payoff
2"'8
_ome technicians prefer to use an e'ponential oving average!also called an e'ponentially soothed
oving average),which #ives the #reatest wei#ht to recent prices while #ivin# e6ponentially less wei#ht to
older prices
2"'5 sorbet n fro7en desert
2"/4 source v
often passive w sth (from[) ( business ) to #et sth from
a particular place O(e source all the meat sold in our
stores from British farms.
2"/1
_outhern Tone Tommon
uar!et(uIST_^S) n
of 3r#entina,ara7il,~ara#uay,and ^ru#uay is an e6emple
of a common mar!et
2"/2 _overei#n wealth funds(_s) n
(buy side) _s are #overnment entities,their mandate is
usually more oriented to purely investment purposes
rather than public policy purposes
2"/" soverei#nty n ch& uyFn,uyFn tBi cao
2"/' soybean n 1%u n>nh
70
Fibonacci English
2"// soybean eal price is <""4:1' per etric ton
2"/0 span n vMn# 1PiOproduction span
2"/2
8pearan rank correlation
coefficient n a measure of correlation applied to ran!ed data
2"/8 specialisation=speciali7ation n s( chuy*n mQn h)a
2"/5 specifically av m$t c-ch cd thU,r>nh mHch,r} r>n#
2"04 specification n s( chy r}O1cc 1iUm !W thu%t
2"01 _pecify a tie grid
2"02 speculative a; 1,u ck,t?ch trfOc) t?nh chKt suy 1o-n
2"0"
speculative deand for
oney1portfolio deand for
oney n
the demand to hold speculative money balances based on
the potential opportunities or ris! that are inherent in other
financial instruments
2"0' speculative oney balances n
monies held in anticipation that other assets will decline in
value
2"0/ speculator n nh> 1,u ck
2"00 _peculators would force the hand of monetary policy authorities
2"02 spi!e n 1,u nhmn
2"08 spill over v tr>n ra
2"05 spillove cost
2"24 spillover n
the results or the effects of sth that have spread to other
situations or placesOhe developments in the town will
create spillovers for neighbouring regions. 'spillover
effects
2"21 spillover n lan tLa
2"22 split up v t-ch ra
2"2" spoila#e n s( hD hLn#
2"2' spot mar!et n th+ trDPn# #iao n#ay
2"2/ _pread in Seturn
2"20 spreadin# over n s( lan r$n#,phjn b\
2"22 spur v !h?ch l.,!huy@n !h?ch
2"28 suare v lKy bRnh phDkn#
2"25 suare bra!et n
2"84 suee7e v hHn ch@,si@t chct
2"81 _S3T n short-run avera#e cost
2"82 _S38T n _S3TOshort-run total cost curve
2"8" 8tackelberg odel n
a prominent model of strate#ic decision-ma!in# in which
firms are assumed to ma!e their decisions seuentially
2"8' sta#e-of-processin# a; #iai 1oHn sJn 6uKt
2"8/ stagflation n
when a hi#ht inflation rate is combined with a hi#h level of
unemployment and a slowdown of the economy
2"80 sta!eholder n
a person or company that is involved in a particular
or#ani7ation, pro;ect, system, etc, especially because they
have invested money in it OAll our employees are
stakeholders in the company
2"82 sta!eholder(producers,consumers,#overnment)
2"88 stamp duties n l. ph? chgn# tZ
2"85 stand out v n\i b%t l*n
2"54 stand to v #if vfn#
2"51 standard deviation n
the positive suare root of the varianceOa measure of
dispersion in the same units as the or#inal data
71
Fibonacci English
2"52 standard error n
the standard error of the sample statistic providin# the
point estimate
2"5" _tandard error of the sample mean sample standard deviation=suare(sample si7e)
2"5' standard loo!bac! call option n
2"5/
standard noal probabilities can also be computed with spreadsheets"statistical and econoetric
software"and prograing languages
2"50
standard noral distribution !or
unit noral distribution# n
the normal density with mean eual to 4 and standard
deviation eual 1
2"52 standardi)ing n
a transformation that involves subtractin# the mean and
dividin# the result by the standard deviation
2"58 stand-by n
a person or thin# that can always be used if needed, for
e6ample if sb=sth else is not available or if there is an
emer#ency Oq always !eep a pi77a in the free7er as a
standby:
2"55 _tand-by 3rran#ement(_a3) n
a fundin# arran#ement in which qu a#rees to provide
emer#ency fundin# to one of its member
countries:however,in order to obtain the fundin#,the contry
has to a#ree to follow the quCs economic plan
2'44 standin# army n ujn 1$i thDPn# tr(c
2'41 standpoint n uan 1iUm,l%p trDPn#
2'42 staple n mct h>n# ch& y@uO#im #iKy
2'4" staple #oods n
2'4' star! a;,av ho>n to>n
2'4/ startin# point n
w (for sth) a thin#, an idea or a set of facts that can be
used to be#in a discussion or process Ohe article served
as a useful starting point for our discussion
2'40 state enterprises n
2'42
stated annual interest rate!or
*uoted interest rate# n
a uoted interest rate that does not account for
compoundin# within the year
2'48 state-owned institutions n central ban!s::
2'45 static a; tnh,!hQn# thay 1\i
2'14 stationary a; !hQn# thay 1\i
2'11 statistic n thQn# tin 1DEc biUu th+ b|n# con sB
2'12 statistical inference n
ma!in# forecasts,estimates,or ;ud#ments about a lar#er
#roup from a smaller #roup actually observedOusin# a
sample statistic to infer the value of an un!nown
population parameter
2'1" 8tatistical inference traditionally consists of two branches"hypothesis testing and estiation
2'1' statistically significant n
a result indicatin# that the null hypothesis can be
re;ectedOwith reference to an estimated re#ression
coefficient,freuently understood to mean a result
indicatin# that the correspondin# population re#ression
coefficient is different from 4
2'1/ statistician n nh> thBn# !*
2'10
_tatisticians prefer the term 9mean9 to 9avera#e9:_ome writers refer to all measure of central
tendency(includin# the median and mode) as avera#es:8he term 9mean9 avoids any possibility of confusion
2'12 statistics n
the term statistics can have two broad meanin#s,one
referrin# to data and the other to method
2'18 statutory a; theo 1Vn# lu%t,do lu%t ph-p uy 1+nh
2'15 steepen v dBc,l>m cho dBc
2'24 ste fro st v
6uKt ph-t tZ,nJy sinh tZ,l> n#uy*n nhjn c&aOdiscontent
stemming from low pay and poor working conditions
72
Fibonacci English
2'21 step in v can thi.p v>o
2'22 _teps in hypothesis testing n
1:_tatin# the hypotheses:2:qdentifyin# the appropriate test
statistic and its probability distribution:":_pecifyin# the
si#nificance level:':statin# the decision rule:/:Tollecttin#
the data and calculatin# the test statistic:0:ua!in# the
statistical decision:2:ua!in# the economic or investment
decision
2'2" _terlin# n 1]n# aJn# 3nh,1]n# ~ao
2'2' sti#ma n v@t nhk,1iFu sy nhdc
2'2/ stimuli n danh tZ sB nhiFu c&a stimulus
2'20 stimulus n s( !?ch th?ch,s( !huy@n !h?ch
2'22 _tochastic oscillator n
is based on the observation that in uptrends,prices tend to
close at or near the hi#h end of their recent ran#e and in
downtrends,they tend to close near the low end
2'28
_toc! prices are one of the 12 components of the 0ational 2ureau of Econoic Research/s Inde' of
=eading Econoic Indicators6
2'25 _toc!s have no predefined life span
2'"4 _toc!s traded on the New or! _toc! I6chan#e and N3_3 are *uoted in tinks of N.6.1
2'"1 store of value n the uality of tendin# to preserve value
2'"2 store of wealth n
#oods that depend on the fact that they do not perish
physically over time ,and on the belief that others would
always value the #ood
2'"" strata=stratum n t,n# lGp
2'"' strate#ist n nh> chi@n lDEc
2'"/ stratified rando sapling
in stratified random samplin#,the population is divided into
subpopulations!strata# based on one or more
classification criteria:_imple random samples are the
drawn from each stratu in si7es proportional to the
relative si7e of each stratum in the population:8hese
sample are then pooled to form a stratified random sample
2'"0 streamline v,n,a; s( hEp le h)aOdMn# nDGc,lu]n# !h?,c) d-n# !h? 1$n# hmc
2'"2 stress testing n
a set of teachniues for estimatin# losses in e6tremely
unfavorable combinations of events scenarios
2'"8 _trictly spea!in# id
if you are usin# words or rules in their e6act or correct
sense O)trictly speaking, the book is not a novel, but a
short story
2'"5 structural !or cyclically adEusted#budget deficit
2''4 stru##le with v,n 1Ku tranh,v%t l$n,1-nh nhau vGi
2''1 styli7ed a;
1DEc c-ch 1i.u h)a(1DEc l>m theo m$t !i*u DGc l. cB
1+nh
2''2 sub-account n
2''" sub-inde6 n
a sub-inde6 refer to the price inde6 for particular cate#ory
of #oods or services
2''' subEective probability n a probability drawin# on personal or sub;ective ;ud#ment
2''/ subinutte n unfolds over several minutes
2''0 subordinate to somethin# a; !Am uan trmn# hkn,phd thu$c
2''2 subperiod n
2''8 sub-prime mort#a#e n
2''5 _ub-_aharan 3frican countries n
2'/4 subscript n !e hi* u, chf vi@t uanh chf c-iO chy sB dDGi dMn#
2'/1 subseuently av r]i thR sau 1)
73
Fibonacci English
2'/2 subset n t%p con
2'/" subsidiary firms n cQn# ty con
2'/' subsidi7e v trE cKp
2'// substep n bDGc phd
2'/0 substitution n h>n# h)a thay th@
2'/2 subsum into v 6@p v>o,#$p v>o
2'/8 subtle a; !h) thKyO6Jo uy.t,dBi tr-,huyFn Jo
2'/5 subtle clues a; !h) thKy,tinh vi
2'04 _uccessful collusion is more li!ely when orders are freuent,received on a regular basis,and relatively small
2'01 such that -m chy vF sau n>y(n#DPi,v%t 1DEc n)i r})
2'02 sufficiency n s( 1&,lDEn# 1&
2'0" suitability n s( th?ch hEp
2'0' summation n phAp t\n#
2'0/ sunspot n a dar! area that sometimes appears on the sunCs surface
2'00 superficial information a; nQn# cHn,thiUn c%n,i bF mctO
2'02 superimpose v 1ct l*n cXn#,ch]n# l*n,th*m v>o
2'08 superintendent n n#DPi uJn l?
2'05 superior a;,n cao cKp
2'24 supernormal a; !h-c thDPn#,!hQn# bRnh thDPn#
2'21 supersede v thay th@,bL,!hQn# dXn#
2'22 supervision n s( #i-m s-t
2'2" supplementary=supplemental a; b\ sun#,phd
2'2' supply shock n a typically une6pected disturbance to supply
2'2/ supply-induced inflation n
2'20 supply-side economic n
2'22 support n
in technical analysis,a price ran#e in which buyin# activity
is sufficient to stop the decline in the price of a security
2'28 _upport and resistance levels are commontly round nubers
2'25
_uppose the investent hori)on is
a fraction ,t,of the period for which
the interest rates are uoted n
2'84 supranational a; si*u uBc #ia
2'81 supranational a#ency n such as a,3frican evelopment aan!
2'82 supremacy n Du th@,uyFn tBi cao
2'8" _upreme Tourt n tMa -n tBi cao
2'8' surmountable a; c) thU vDEt ua 1DEc
2'8/ surveillance v s( #i-m s-t
2'80 survivorship n tRnh trHn# l> n#DPi sBn# s)t
2'82 survivorship bias n
the bias resultin# from a test desi#n that fails to account
for companies that have #one ban!rupt,mer#ed,or are
otherwise no lon#er reported in a database
2'88 susceptible to a; d b+ Jnh hDin#,d b+ t\n thDkn#,nhHy cJm
2'85 sustainability n bFn vfn#(ph-t triUn),c) thU chBn# 1 1DEc
2'54
sustainable rate of econoic
growth n
the rate of increase in the economyCs productive capacity
or potential ~
2'51 swarm n,v b,y,1>n
2'52 _weden n 8hdy iUn
2'5" swedish a; thu$c 8hdy iUn
2'5' _wiss franc(T) n
74
Fibonacci English
2'5/ _wit7erland n 8hdy _W
2'50 symmetric a; 1Bi 6gn#
2'52 symmetry n t?nh 1Bi 6gn#
2'58 syner#y n
hi.p l(cOthe e6tra ener#y, power, success, etc: that is
achieved by two or more people or companies wor!in#
to#ether, instead of on their own ;;anaging effective
teams is a matter of achieving synergy between the
individual members.
2'55 synonymous a; 1]n# n#ha vGi
2/44 synthesi7e v t\n# hEp,tHo ra c-i #R b|n# phDkn# ph-p t\n# hEp
2/41 systematic a; c) h. thBn#,c) phDkn# ph-p
2/42 systeatic sapling n
a procedure of selectin# every kth member until reachin#
a sample of the desired si7e:8he sample that results from
this procedure should be appro6imately random
2/4" table salt n
2/4' tabulation n s( ssp 6@p th>nh bJn#,s( trRnh b>y th>nh bJn#
2/4/ ta# v #hi t*n,#sn
2/40 tailor v bi@n 1\i,l>m cho 1-p gn# nhu c,u
2/42
ta!e account of somethin#=ta!e st
into account id !U 1@n,t?nh 1@n c-i #R
2/48 ta!e into account v lDu tjm 1@n,1U e tGiOcjn nhsc 1U 1Da ra uy@t 1+nh
2/45 ta!e on v take on a bowl-shaped pattern
2/14 ta!e profits v l>m ra lEi nhu%n,c) lPi
2/11 ta!e the derivative of lKy 1Ho h>m c&a
2/12 ta!e the suare root of !hai cpn b%c hai
2/1" tal! of v b>n vF
2/1' tan#ent n ti@p tuy@n
2/1/ tan#entially av
( formal ) havin# only a sli#ht or indirect connection with
sth
2/10 taper off v #iJm d,n(vF sB lDEn#)
2/12 target independent n
a ban!Cs ability to determine the definition of inflation that
they tar#et,the rate of inflation that theu tar#et,and the
hori7on over which the tar#et is to be achieved
2/18 target seideviation n the positive suare root of tar#et semivariance
2/15 target seivariance n the avera#e suared deviation below a tar#et value
2/24 tar#eter n
2/21 tariffs n are ta6es that a #overnment levies on imported #oods
2/22 ta6ation n thu@,h. thBn# thu@
2/2" ta6onomy n phAp phjn loHi,n#uy*n tsc phjn loHi
2/2' ta6payer n
2/2/ 8-bills n
2/20 technical analysis n
a form of security analysis that uses price and volume
data,which is often displayed #raphically,in decision
ma!in#
2/22
8echnical analysis wor!s because mar!ets are not efficient and rational and because huan beings tend to
behave siilarly in siilar circustances
2/28
8echnical uemorandum of
^nderstandin#(8u^) n
2/25 technician n
2/"4 8echnicians also monitor secondary offerings to #au#e potential chan#es in the supply of euities
75
Fibonacci English
2/"1 technolo#y n
thu%t n#f chuy*n mQn(n)i chun#)O!W thu%t hmcOcQn# n#h.
hmc
2/"2 technology of production n
the rule that #overn a transformation of inputs,or factors of
production(such as land,capital,and materials)into finished
#oods and services
2/"" telecommunications(telecom) n
plural the technolo#y of sendin# si#nals, ima#es and
messa#es over lon# distances by radio, telephone,
television, satellite , etc
2/"' temporary staffin# n
2/"/ tenet n #i-o le,ch& n#ha
2/"0 tentatively av d( !i@n,thpm dM
2/"2 term n sB hHn#
2/"8 term v #mi l>
2/"5 terminolo#y n thu%t n#f
2/'4 ters of trade n
are defined as the ratio of the price of e6ports to the price
of imports,representin# those prices by e6port and imports
price indices,respectively
2/'1 terrestrial a; thu$c vF mct 1Kt,i mct 1Kt
2/'2 terrestrial di#ital broadcaster n
2/'" test statistic n
a test statistic is a uantity,calculated based on a
sample,whose value is the basis for decidin# whether or
not to re;ect the null hypothesis
2/''
(hat is not to say that economic #rowth would be 7ero without this process,but instead that it can be an
important component in economic activity
2/'/
8he "acceptance region" is the tranditional name for the set of values of the test statistic for which we do not
re;ect the null hypothesis
2/'0 8he "7oolish 7our" investent strategy
2/'2
the aan! of qtaly in con;unction with the Centre for Econic ,olicy Research!CE,R# produces the Euro-
Coin statistic
2/'8 the bottom falls out of sth 1iFu #R 1h sdp 1\ ho>n to>n
2/'5
8he aristish #overnment once issued a type of security called a consol bond,which promised to pay a level
cash flow indefinitely
2//4
the capital-to-labor ratio measures
the amount of capital available per
wor!er and is wei#hted by the share
of capital in national income n
2//1 8he Telsius and ahrenheit scales n
2//2 8he Thancellor of the I6cheuer b$ trDin# b$ t>i ch?nh 3nh
2//" 8he classical #old standard operated by what is called the price-specie-flow mechanism
2//' 8he concept of de#rees of freedom coes up freuently in statistics,and you will see it often in later readin#
2/// the contraction-often called a recession"but may be called a depression
2//0
the currency with the hi#her(lower)
interest rate will always trade at a
discount(premium) in the forward
mar!et n
2//2 the degree to which consumers respond to hi#her incomes
2//8
8he demand for an input is referred
to as a derived demand beacause
it is derivied from the demand for
the product it is used to produce v
2//5 8he Iconomic Tycle Sesearch qnstitue(ITSq)
a private company,also computes leadin# indicator indices
for about 24 countries on a wee!ly basis
76
Fibonacci English
2/04 the economist Irving 7isher
2/01 the economy n h. thBn# !inh t@
2/02
(he e'pense ratio!the ratio of fund/s operating e'penses to average net assets#is bounded both from
below(by 7ero) and from above
2/0" the e6tent to which id
used to show how far sth is true or how #reat an effect it
has ;he book discusses the extent to which "* how
much# family life has changed over the past :0 years.
2/0'
8he financial statements analy7ed by fundamental analysts are not ob;ective data but are the result of
numerous estimates and assumptions that have been added to#ether to arrive at the line ites in the
financial statements:
2/0/
the rench #overnment issues a8s or ne#otiable fi6ed-rate discount 8reasury bills with maturities of ",0 and
12 months
2/00
8he rench mathematician 3braham de uoivre (1002-12/') introduced the normal distribution in 12"" in
developin# a version of the central limit theorem
2/02 the general tone is,however,similar to the detail provided here for the ^nited _tates
2/08 8he geoetric ean is an e6cellent measure of past performance
2/05 8he ree! soverei#n debt crisis n
2/24 8he qu helps to !eep country-specific arket risk and global syste risk under control
2/21
the inflation rate is pro-cyclical
(that is it #oes up and down with the
cycle),but with a la# of a year or
more a;
2/22
8he investment community has a finite uantity of cash to spend,so an increase in I,3s ay be viewed as a
bearish factor6
2/2"
8he !ey difference between a triangle and pennant is that a pennant is a short-term formation whereas a
trian#le is a lon#-term formation:
2/2' the least-cost uantity n
2/2/ 8he list of all the distinct pairwise return correlationsbn(n-1)=2 distinct correlation in total
2/20
8he lo#normal appears in the 2lack-8choles-Gerton option pricing odel:8he alac! _choles-uerton
model assumes that the prices of the asset underlyin# the option is lo#normally distributed
2/22
(he lognoral distribution is freuently used to model the probability distribution of asset prices becausse it
is bounded below by 7ero
2/28 8he lognoral distribution is superior to the normal as a probability model for asset prices
2/25 the lon#-run solution allows for all inputs,includin# technolo#y,to change
2/84 the lower class limit is the weak ine*uality!OP#and the upper class limit is the strong ine*uality!P#
2/81 the ma;ority of the #old that backed the notes ;ust sat in the vaults
2/82 8he mana#er meets the ob;ective in si' out of eight *uarters !:18#
2/8"
(he ean absolute deviation will always be less than or eual to the standard deviation because the
standard deviation #ives more wei#ht to lar#e deviations than to small ones(remember,the deviations are
suared)
2/8'
8he median ~=I was 22:42:8he ~=I value of 22:42 is the "iddleost" observationbne lies above it,and
one lies below it
2/8/ 8he ode is the only measure of central tendency that can be used with nominal data
2/80 8he more uncertain the return,the more diver#ence e6ists between the arithmetic and #eometric means
2/82 the most stric!in# result n !@t lu%n ch?nh 6-c nhKt
2/88
8he new e*uity issuance su##ests
that as the number of initial public
offerin#s (q~s) increases,the
upward price trend may be about to
turn down n
2/85 8he number of shares of a particular security that are currently sold short is called "short interest"
2/54 8he numbers that random number #enerators produce depend on a seed or initial value:qf the same seed is
77
Fibonacci English
fed to the same #enerator,it will produce the same seuence
2/51
8he only way to reduce the probabilities of bothe type of errors siulaneously is to increase the sample
si7e,n
2/52 the onset of n s( bst 1,u
2/5" the overarchin# #oal n
2/5' the passa#e of time n s( trQi ua c&a thPi #ian
2/5/ the pre- and postcrash periods
2/50
8he price of #old in nominal dollars was several orders of agnitude cheaper 1.. years ago than it is
today(rou#hly ^_<24 then versus ^_<1,144 today)
2/52
8he probability concept and tools necessary for most of an analystCs wor! are relatively few and simple but
reuire thought to apply
2/58 8he probability of any event is a number between 4 and 1 inclusive
2/55 the real line n all real numbers between -8 and +8
2044 the reoval of n vi.c dPi 1i,s( dmn(1] 1Hc:::)[
2041 the reported 1:'42//2 has been rounded up fro 1:'42//12"
2042 the rest of the world(S)
204" the reverse holds true
204'
8he smaller the p-value,the stron#er the evidence a#ainst the null hypothesis and in favor of the alternative
hypothesis
204/ the _terlin# n !hu v(c 1]n# aJn# 3nh
2040
8he t-distribution (for a t-test)Othe standard normal or 7-distribution (for a 7-test)Othe chi-suare distribution (for
a chi-suare test)Oaand the -distribution (for an -test)
2042
8he technical term for the probability function of a discrete random variable,probability ass
function!pf#,is used less freuently
2048 8he term "intergenerational" comes from viewin# each round of researchs as a #eneration
2045
the term 9linear9 refers to a straight-line
estiate
2014 8he term "easuring iplication" refers to the hei#ht of a trian#le
2011
8he terminolo#y 9harmonic9 arises from its use relative to a type of series involvin# reciprocals !nown as a
haronic series
2012 the 8hai baht n
201" 8he theory was simple,but the practice proved to be less so
201'
8he trailin# 12 months(88u) price-to-earnin#s
ratio (~=I) is current price divided by diluted I~_
over the past four uarters "5'-1
201/
the two demand schedules intersect at the prevailin# price (i:e:,the price where price increase and price
decrease are both e*ual to )ero)
2010
the Knitied 8tates/ (reasury
Inflation-,rotected
8ecurities!(I,8# n
ad;usts the boundCs principal accordin# to the ^:_:T~q-^
inde6
2012 the untiate goal for policyma!ers is to control headline inflation,which reflects the actual cost of livin#
2018 the upshot n !@t lu%n
2015
(he vertical scale represents the
rate of interestOthe hori)ontal scale
plots the uantity of nominal money
in the economy v vn 1] th+
2024
8he well-!nown researcher 7ischer 2lack has written,"the key issue in investents is estiating
e'pected return"
2021 the wherewithal n
tiFn c,n thi@t cho(vi.c #R)OtRnh trHn# 1& tiFn(cho m$t mdc
1?ch n>o 1))
2022 then-~rime uinister n th& tDGn# thPi Ky
78
Fibonacci English
202" theory of the cusuer n
the branch of microeconomics that deals with
comsumption-the demand for #oods and services-by
utility-ma6imi7in# individuals
202' theory of the firm n
the branch of microeconomics that deals with the supply
and #oods and services by profit-ma6imi7in# firms
202/
8here are two steps in choosin# amon# portfolios
usin# Roy/s criterion(assumin# normality)
1:caculate each portfolioCs _Satio:2:Thoose the porfolio
with the hi#hest _Satio
2020 8here is one caveat to this e6ample c) m$t 1iFu uan trmn# c,n chV e tron# v? dd n>y
2022 therein av tron# 1),tHi 1)Otron# trDPn# hEp Ky
2028 these possibilities ma!e headline inflation a noisy predictor
2025
8hese values seem to be unusually far apart to her,and she wonders whether they are both real-time
statistics li!e the other mar!et price data:
20"4 8hey are complementary,not mutually e6clusive
20"1 they may occur over relatively short periods of time,lon#er periods of time,or even stretch on indefinitely
20"2 they mi#ht increase interest rates"thereby reducing li*uidity
20"" third-degree price discriination n
when the monopolist se#re#ates customers into #roups
based on demo#raphic or other characteristics and offers
different pricin# to each #roup
20"' this #loomy forecast caused others to label economics the 9disal science9
20"/ this is ar#uably the highest profile role that these important or#ani7ations assume
20"0 8his is average price at default and a easure of recovery rate
20"2
this long definition is rich with important
insi#hts
20"8
this may not be a problem,however"when the #oods they have to sell can be stored safely so that they retain
their value for their owner
20"5
this sta#e is often called inventory rebuilding or restocking in the financial press and may be followed by
further capital e6penditure
20'4
8his updated probability is called your prosterior probability because it reflects or comes after the new
information
20'1
8his use of a ultibo' reversal helps eliminate "noise" in the price data:((oise referts to short-term tradin#
volatility that does not alter the lon#-term trend of the security)
20'2
8hose risk-averse investors who
ma!e decisions only in terms of
mean return and standard deviation
of return prefer porfolios with lar#er
_harpe ratios to those with smaller
_harpe ratios n
20'" three areas of interest 1iFu 1-n# chV e
20'' threshold n bDGc 1,uOn#Dn# cfa
20'/ thrust v 1Ny
20'0 thus av nhD th@,tGi mgc 1)
20'2 thwart v cJn tri
20'8 tie to v r>n# bu$c
20'5 ti#hten v thst chct,si@t chct
20/4 time deposit n
20/1 time frame n
20/2 tie-period bias n
the possibility that when we use a time-series sample,our
statistical conclusion may be sensitive to the startin# and
endin# dates of the sample
20/" timer n
(often in compounds) a device that is used to measure the
time that sth ta!esO a device that starts or stops a machine
wor!in# at a particular timeOan oven timer
79
Fibonacci English
20/' time-series approach n
20// tie-series data n observations of a variable over time
20/0 tie-weighted rate of return
the compound rate of #rowth of one unit of currency
invested in a portfolio durin# a stated measurement
periodOa measure of investment performance that is not
sensitive to the timin# and amount withdrawals or
additions to th porfolio
20/2
8ime-wei#hted rate of return is the standard in the investment mana#ement industry:uoney-wei#hted rate of
return can be appropriate if the investor e6ercises control over additions and withdrawls to the porfolio
20/8 timin# n
uncountable,countable the act of choosin# when sth
happensO a particular point or period of time when sth
happens or is planned Ohe timing of the decision was a
complete surprise.
20/5 title to sth=to do sth n
( law ) the le#al ri#ht to own sth, especially land or
propertyO the document that shows you have this ri#ht O%e
claims he has title to the land.
2004
8o construct a point and figure chart"the analyst mus determine both the bo' si)e and the reversal
si)e62o' si)e refers to the chan#e in price represented by the hei#ht of each bo6(bo6es are #enerally
suare,but the width has no meanin#):8he reversal si)e is used to determine when to create a new column
2001
8o effect such conventions(and those in the other direction,from a continous compoundin# to a holdin# period
basis),we can use the e6pressions in 7erguson!1??H#
2002 to #et an intuitive fee for this concept
200"
8o prevent an undesired CC7 appreciation"the _wiss National aan!(_Na) mi#ht sell T in e6chan#e for
I^S balances
200' 8o save words id 1U !i.m lPi,1U n#sn #mn
200/ 8o summari7e t)m lHi
2000 to that end as a result,for that reason
2002 to the e6tent n 1@n mgc,tGi m$t mgc 1$ nhKt 1+nh
2008 to the e6tent that id 1@n chZn# m(c n>o 1)
2005 8o this point
2024 8o use a concept introduced in an earlier section,the parametric test is often more powerful
2021
(o what e'tent are the cost relationships
depicted in I6hibit 2 useful for economic and
financial analysis of the three K686-based auto
fir{ 1@n mgc 1$ n>o
2022 tolerance n sgc ch+u 1(n#Os( tha thg
202" too!it n b$ cQn# cd
202' top do# strate#y n
202/ top out v cao nhKt
2020 top-level a;
only before noun Oinvolvin# the most important or best
people in a company, an or#ani7ation or a sport ;a top-
level meeting ;top-level tennis
2022 total factor productivity!(7,# n
a scale factor that reflects the portion of #rowth that is not
accounted for by e6plicit factor inputs(e:#: capital and
labor)
2028 total probability rule n
a rule e6plainin# the unconditional probability of an event
in terms of probabilities of the event conditional on
mutually e6clusive and e6haustive scenarios
2025
total probability rule for e'pected
value n
a rule e6plainin# the e6pected value of a random variable
in terms of e6pected values of the random variable
conditional on mutually e6clusive and e6haustive
scenarios
80
Fibonacci English
2084
8otal product increases to si6
machines,where it tops out at
2,/44 v
2081 total return n
measures the price apprecitation,or percenta#e chan#e in
price of the securities in an ide6 or porfolio,plus any
income received over the period
2082 total surplus n
208" tracking error
208'
(racking risk!also called tracking error# is the standard deviation of the deviation of a portfolioCs #ross-of-
fees total returns from benchmar! return
208/ tractable a; d v%n ddn#,d 6o le
2080 trade creation n
occurs when re#ional inte#ration results in the
replacement of hi#her-cost domestic production by lower-
cost imports from other members
2082 trade diversion n
occurs when lower-cost imports from nonmember
countries are replaced with hi#her-cost imports from
members
2088 trade off v
balance two thin#s or situations that are opposed to each
other Ohey were attempting to trade off inflation against
unemployment
2085 trade partner n
2054 trademar! brandin# n
2051 trade-off n
w (between sth and sth) the act of balancin# two thin#s
that are opposed to each other Oa trade-off between
increased production and a reduction in $uality
2052 tradin# blocs n
205" tradin# hub n such as òndon,New or!,8o!yo
205' tradin# secutities !inh doanh chgn# !ho-n
205/ tra;ectory n 1DPn# 1Hn,uW 1Ho
2050 traking eror n
the standard deviation of the differences between a
porfolioCs returns and its benchmar!Cs returnsOa synonym
of active ris!
2052 traking risk n traking eror
2058 tranch n
one of the parts into which an amount of money or a
number of shares in a company is divided Othe first
tranche of the company/s new share issue
2055 transact v th(c hi.n #iao d+ch
2244 transactions oney balances n money balances that are held to finance transaction
2241 transcendental a; si*u vi.t(to-n hmc)
2242 transcendental number n e
224" transformation n phAp bi@n 1\i,s( bi@n 1\i
224' transititve preferences n
the assumption that when comparin# any three distinct
bundles,3,a,and T,if 3 is preferred to a and
simultaneously a is preferred to T,then it must be true that
3 is preferred to T
224/ transitive preferences
2240 transitory a; chBc l-t,tHm thPi
2242 transnational n vDEt phHm vi uBc #ia
2248 transportation n s( v%n tJi
2245 trape7oid n hRnh than#
2214 8reasure discount paper(aubill) n that the erman #overnment issues
81
Fibonacci English
2211 treasurer n th& u
2212 treaty n hi.p DGc
221" tremendously av to lGn,!z lH,!h&n# !hi@p
221' trendline n
221/ trial and error e6primental approach,analysis
2210 triangle patterns
in technical analysis,a continuation chart pattern that
forms as the ran#e between hi#h and low prices
narrows,visually formin# a trian#le:!syetrical
triangles"ascending triangles"and descending
triangles#
2212 trian#ular arbitra#e n
2218 triennial a; " npm m$t l,n
2215 trillion n m$t n#>n t
2224 tried ean n
a mean computed after e6cludin# a stated small
percenta#e of the lowest and hi#hest observations
2221 triple bottos n
when the price forms three trou#hs at rou#hly the same
price levelOused to predict a chan#e from a downtrend to
an uptrend:
2222 triple tops n
when the price forms three pea!s at rou#hly the same
price levelOused to predict a chan#e from a uptrend to an
downtrend:
222" trivial a; t,m thDPn#,?t uan trmn#,vQ #i- tr+
222' trou#h n vXn# l}m,1-y(#ifa hai n#mn s)n#)
222/ trough n the lowest point of a business cycle
2220 t-test n
a hypothesis test usin# a statistic (t-statistic) that follows a
t-distribution
2222 turmoil n s( rBi loHn,s( n-o 1$n#
2228 turnaround n uay vMn#
2225 turnin# point n
w (in sth) the time when an important chan#e ta!es place,
usually with the result that a situation improves Ohe
promotion marked a turning point in her career.
22"4 two-a6is plane n
22"1 two-dimensional a;
c) hop c tL ra c) chiFu d>i v> chiFu rQn#, nhDn# !hQn# c)
chiFu sjuO hai chiFuOa two-dimensional ima#eOtKm Jnh
!hQn# c) chiFu sju
22"2 two-dimensional #raph n 1] th+ hai chiFu
22"" two-part tariff pricin#
22"'
two-sided hypothesis test!or two-tailed
hypothesis test#
a test in which the null hypothesis is re;ected in favor of
the alternative hypothesis if the evidence indicates that the
population parameter is either smaller or lar#er than a
hypothesi7ed value
22"/ two-week repo rate n
the interest rate on a two-wee! repurchase
a#reementOmay be used as a policy rate by a central
ban!
22"0 (ype I error n the error of re;ectin# a true null hypothesis
22"2 (ype II error n the error of not re;ectin# a false null hypothesis
22"8
8ypically,price breaks out of a triangle pattern between halfway and three-*uarters of the way throu#h the
pattern:
22"5 ^:_:-owned assets abroad,e' derivatives!increase1financial outflow!-##
82
Fibonacci English
22'4 ubiuitous a;
(1Xa cEt) i 1ju cYn# c), c) mp t i !hsp nki, t]n tHi i
!hsp nkiO 1]n# thPi i !hsp nki
22'1 umbrella n m>n yUm h$,Q
22'2 unambi#uous a; t?nh mk h],!hQn# r} r>n#
22'" unambi#uously av
22'' unanticipated a; bKt n#P,!hQn# lDPn#
22'/ unassisted a; !hQn# 1DEc #iVp 1
22'0 unavoidable a; !hQn# thU tr-nh,tKt y@u
22'2
unbiasedness estiator!lack of
bias# n
an unbiased estimator is on whose e6pected value(the
mean off its samplin# distribution)euals the parametor it
is intended to estimate
22'8 uncertainty n tRnh trHn# !hQn# bi@t chsc,tRnh trHn# !hQn# r} r>n#
22'5 unchan#ed a; vln nhD cY,y n#uy*nOremain unchanged
22/4 unchec!ed a;
!hQn# b+ !iFm ch@,!hQn# b+ cJn trkO!hQn# 1DEc !iUm
tra(s\ s-ch)
22/1 unclear a; !hQn# r} r>n#,!hQn# minh bHch
22/2 unconditional probability n
the probability of an event not conditioned on another
event
22/" unconditional variances n
22/' unconstrained a; t( nhi*n,!hQn# b+ Ap bu$c,t( n#uy.n
22// undercut v cst n#sn,6An bGtO1Da ra #i- thKp hkn
22/0 undereployed a;
person who has a ;ob but has the ualification to wor! a
si#nificantly hi#her-payin# ;ob
22/2 underlyin# a;
n|m dDGiOnFn tJn#,ck bJn(n#ha b)n#)ODu ti*n,Du
1hi(ph-p le)
22/8 underlyin# economy n
22/5 underlyin# value
2204 undermine v l>m hao mMn,h&y hoHi
2201 underpin v chBn# 1Ol>m ck si cho(m$t le ln,m$t y*u s-ch,,)
2202 underpinnin# n nFn tJn#,nFn m)n#
220" underscore v nhKn mHnh(1DPn# #Hch dDGi tZn# chf 1U nhKn mHnh)
220' undershoot v u- thKp
220/ understaffin# situation n tRnh trHn# thi@u lao 1$n#
2200 understanding of sth n thLa thu%n sk b$,thLa thu%n !hQn# ch?nh thgc
2202 understate v n)i #iJm,b-o c-o !hQn# 1Vn# s( th%t
2208 underutili7e v so ddn# !hQn# 1Vn# mgc
2205 underwei#ht v 1-nh #i- thKp
2224 undesired a; !hQn# Da th?ch,!hQn# 1DEc c,u 6in
2221 undocuented laborers who are paid 9off the books9 are one e6ample
2222 undoubtedly av chsc chsn
222" undue a; th-i u-,u- mgcOphi ph-p(ph-p lu%t)
222' unduly av u- mgc
222/ uneven a; thKt thDPn#
2220 une'pected inflation n the component of inflation that is a surprise
2222 unfettered a; t( do,!hQn# b+ tr)i bu$c
2228 unfold v mi ra,b$c l$,1jm(ch]i),nJy(m,m)
2225 unilateral a; 1kn phDkn#
2284 unilateral transfers n sub-accounts of the current account represent one-way
transfers of asset,such as wor!er remmittances from
83
Fibonacci English
abroad to their home country and forei#n direct aid or #ifts
2281 unilaterally av 1kn phDkn#
2282 unioni7ation n t\ chgc cQn# 1o>n
228" uniue sub;ective value
228' uniuely av duy nhKt,1$c nhKtOlH thDPn#
228/ unit demand
2280 unit elastic
2282 unit labor cost!K=C# n the avera#e cost to produce one unit of output
2288 unitary a; thu$c vF 1kn v+,1kn nhKt
2285 unitary elastic unit elastic
2254 unity n
t?nh 1]n# nhKt,s( thBn# nhKtOph,n to 1kn v+,con sB 1(to-n
hmc)
2251 univariate distribution n
a distribution that specifies the probabilities for a sin#le
random variable
2252 universal a; vHn npn#,chun#,ph\ bi@n
225" un!nown n Nn
225' unlawful a; !hQn# hEp ph-p,bKt hEp ph-p
225/ unrelated a; !hQn# li*n uan
2250 unreuited a; !hQn# 1Mi hLi
2252 unsold a; chDa b-n,!hQn# b-n 1DEc
2258 unsustainable a; !hQn# thU 6-c nh%n 1DEc,!hQn# thU chgn# minh 1DEc
2255 untan#le v # rBi(n#ha 1en v> n#ha b)n#)
2844 unused a; !hQn# dXn# 1@n,chDa bao #iP so ddn#
2841 unwanted a; !hQn# mon# muBn,thZa,vQ ?ch
2842 unwind v th-o ra,cii bLOtho-t !hLi(v+ tr?)
284" up for sth id on offer for sthwhe house is up for sale.
284' up transition probability n
the probability that an assetCs value moves up in a model
of asset price dynamics
284/ upfront a; th>nh th%t,thn# thsn
2840 upper bound n the hi#hest possible value of an option
2842 uppercase letter n cho hoa
2848 upswing in sth n 6u hDGn# l*n(nhKt l> 1$t n#$t)Os( thpn# ti@n
2845 uptrend n
2814 upturn n,v s( l*n
2811 ^_:aureau of àbor _tatistics(a`_) n
2812
^sin# df144 and reading down the 4,4/
column
281"
^sually,a firm cannot chan#e these inputs in a relatively short period of time given the infle'ible nature of
their use
281' utility n v%t c) ?ch,lEi ?ch,ti.n ?ch
281/ utility function n
a mathematical representation of the satisfaction derived
from a consumption bas!et
2810 utili7ation n s( so ddn#
2812 utils n a unit of utility
2818 vacate v bL trBn#
2815 value at risk !;+R# n
a money measure of the minimum value of losses
e6pected durin# a specified time period at a #iven level of
probability
2824 value stoc! n are defines as those for which the mar!et price is
84
Fibonacci English
relatively low in relation to earnin#s per share,boo! value
per share,or dividends per share
2821 value-added ta6 n 38
2822 vanta#e point n
a position from which you watch sthO a point in time or a
situation from which you consider sth, especially the
past Ohe cafe was a good vantage point for watching the
world go by.
282" variability n t?nh hay thay 1\i,t?nh bi@n thi*n
282' variable n bi@n sB
282/ variance n
the e6pected value(the probability-wei#hted avera#e) of
suared deviations from a random variableCs e6pected
value
2820 variation n bi@n thU,s( bi@n 1\i
2822 veblen good n a #ood that increases in desirability with price
2828 vehicle e6cies duites n road ta6
2825 velocity n tBc 1$
28"4 verdict n lPi ph-n uy@t
28"1 vertical a;,n thn# 1gn#,cao nhKt
28"2 vertical deand schedule n
implies that some fi6ed uantity is demanded,re#ardless
of price
28"" vertical intercept n
28"' viability n
!hJ npn# sBn# 1DEc,1gn# vfn# 1DEc(ch?nh ph&,doanh
n#hi.p[)
28"/ viewpoint n #)c nhRn,1iUm nhRn
28"0 vi#ilante n th>nh vi*n(tiUu ban !iUm tra)
28"2 vi#orously av mHnh mn,mhnh li.t
28"8 vir#in olive oil n d,u oliu sBn#
28"5 virtuous circle n
a series of events in which each one seems to increase
the #ood effects of the previous one Acopare vicious
circle
28'4 vis->-vis pr
( from rench ) 1 in relation to Britain/s role vis-+-vis the
-nited .tates 2 in comparison with ;!t was felt that the
company had an unfair advantage vis-+-vis smaller
companies elsewhere.
28'1 visuali7e v hRnh dun#,mDPn# tDEn#
28'2 vivid a; sinh 1$n#,sju ssc
28'" voice v b>y tL,n)i l*n(nhfn# tRnh cJm[)
28'' volatile a; !hQn# !i*n 1+nh,hay thay 1\i
28'/ volatility n
as used in option pricin#,the standard deviation of the
continuously compounded returns on the underlyin# asset
28'0 voluntarily uneployed n
a person voluntarily outside the labor force,such as
;obless wor!er refusin# an available vacancy
28'2 voluntary e'port restraints!;ER# n
is similar to a uota but is imposed by the e6portin#
country
28'8 wa#e escalator clauses n
automatic increase in wa#es as the consumer price inde6
#rows
28'5 wa#e-push inflation n cost-push inflation
28/4 wa#er n,v 1-nh cu$c,1-nh c-
28/1 wane v suy y@u,t>n tHO!huy@t(trpn#)
28/2 wartime n thPi chi@n
28/" wary of a; th%n trmn#
85
Fibonacci English
28/' watchma!er n hhn# l>m 1]n# h]
28// ave b is a false rally and is often called a ,bull trap,
28/0
e are discussin# a moment coefficient of s!ewness:_ome te6tboo!s present the ,earson coefficient of
skewness,eual to "(uean-uedian)=_tandard deviation,which has the drawbac! of involvin# the calculation of
the median
28/2 e calculate the future value of all other payments in a siilar fashion
28/8 we can alse calculate N~ by convertin# the initial investment to an annual capital char#e a#aint cash flow
28/5 we can remove that effect by subtractin# some income from him,while leaving the new lower price in place
2804
e can use spreadsheets to calculate p-values as well:qn uicrosoft I6el,for e6ample,we may use the
wor!sheet functions ((E8("03RG8DI8("CCIDI8("and 7DI8( to calculate p-values for t-test,7-test,chi-suare
tests,and -tests, respectively
2801
Be focus on the population ean because analysts are more li!ely to meet interval estimates for the
population mean than any other type of interval estimate
2802 e often set up the "hoped for" or "suspected" condition as the alternative hypothesis
280" e refer to each #roup as a stratum or cell (a term freuently used in this conte6t)
280'
e will never really understand important economic events unless we confront the fact that their cause are
largely ental in nature6
280/ wealth effect n
an increase (decrease) in household wealth increases
(decreases) consumer spendin# out of a #iven level of
current income
2800 weighted ean n
an avera#e in which each observation is wei#hted by an
inde6 of its relative importance
2802 weighted-average cost of capital!B+CC#
a wei#hted avera#e of the afterta6 reuired rates of return
on a companyCs common stoc!,preferred stoc!,and lon#-
term debt,where the wei#hts are the fraction of each
source of financin# in the companyCs tar#et capital
stucture
2808 welfare sense
2805 well-defined a; rHch rMi,r>nh mHch,ho>n to>n 6-c 1+nh
2824 well-developed a;
fully developedO fully #rown O%e had a well-developed
sense of his own superiority.
2821 estern ~acific re#ion n
2822
estern use of technical analysis was pioneered by ow,who was also the first editor of the (all .treet
"ournal,in the 1854s:
282" what if n@u[thR sao
282' what is meant by factors of production{
282/
hen a company underta!es a )ero-0,; proEect,the company becomes lar#er but shareholdersC wealth does
not increase
2820
when a decision-ma!er has eual prior probabilities(called diffuse priors#"the probability of an event is
determined by the information
2822
when a distribution has one most freuently occurin# value,the distribution is said to be uniodal:qf it has two
freuently occurrin# values,then it has two model and we say it is biodalQ
2828
hen the data become sub;ect to analysis,however,both types of analysis becoe subEective because
;ud#ment is e6ercised when a technician analy7es a price chart and when a fundamental analyst analy7es an
income statement
2825
hen the meanin# of covariance as 9off-dia#onal covariance9 is obvious,as it is here,we omit the ualifyin#
words:Tovariance is usually used in this sense(8'"/=a1)
2884 hen the sample si7e is also small,there is no practical alternative
2881 hen the ^nited rin#dom starts tradin# with qndia,it faces the world price line ,R
2882 hen we deal with samples,the summary measures are called statistics
288" hen we ta!e a sample of si7e n
from a finite population of si7e N,we
n
86
Fibonacci English
apply a shrinkage factor to the
estimate of the standard error of the
sample meant that is called the
finite population correctin factor
!fpc#:8he fpc eual to (N-n)=(N-
1)^1=2
288'
hen we want to test whether the population means of more than two populations are eual,we use analysis
of variance !+03;+#
288/
hereas fundaental analysis is widely used in the analysis of fi6ed-income and euity securities,technical
analysis is widely used in the analysis of commodities,currencies,and futures:
2880 whereby av by which,because of which
2882 whole number n sB n#uy*n
2888 wholesale price inde'!B,I# n ~~q
2885 wholesaler n nh> b-n buQn
2854 wic!(or shadow) n bKc 1n
2851 widenin# n s( mi r$n#
2852 wid#et n phd tXn#
285" Bilco'on signed-rank test n nonparametric test
285'
Billia 8harpe"a winner of the Nobel ~ri7e in economics,developed the _harp ratio,a measure of ris!-
ad;usted performance
285/ winema!in# n n#hF nKu rDEu
2850 winner/s curse n havin# bid more than the ultimate value of the asset
2852 winsori)ed ean n
a mean computed after assi#nin# a stated percent of the
lowest values eual to one specified low value,and a
stated percent of the hi#hest values eual to one specified
hi#h value
2858 with a la# vGi 1$ tr
2855
with investment spendin# now more sensitive to the interest rate,incom will have to rise by ore in order to
increase savin# by correspondin# amount
2544 with respect to n mBi li*n uan,mBi uan h.,vF,1Bi vGi
2541 with the intention of n
what you intend or plan to doO your aim O%e left 7ngland
with the intention of travelling in Africa.
2542 ith orld ar qq only barely ended av trk trdi,n#ho n>n
254" without preEudice to sth n
!hQn# c) t-c 1$n# 1@n uyFn lEi hocc uyFn y*u s-ch
hi.n t]nO!hQn# c) #R t\n hHi cho
254' won n rS
254/ wordin# n c-ch din tJ
2540 working capital anageent
the mana#ement of a companyCs short-term assets(such
as inventory)and short-term liabilities(such as money
owed to suppliers)
2542 wor!wee! n
the total amount of time that you spend at wor! durin# the
wee!
2548 world price n
2545 worse off a; sa sVt
2514 worthless a; !hQn# c) #i- tr+
2511 write-down n
a reduction in the value of assets , etc a <200.000 write-
down in the value of the property
2512 writin# n t>i li.u
251" yarn n sEi chy
251' yield v
intransitive to move, bend or brea! because of pressure
O=espite our attempts to break it, the lock would not yield.
87
Fibonacci English
251/ yield n ultimate price
2510
ield on a ban! discount basis is not a
meanin#ful measure of investorsC return,for three
reasons
fist,the yield is based on the face value of the bound,not
on its purchase price:Seturn from investments should be
evaluated relative to the amount that is
invested:_econd,the yield is annuali7ed based on a "04-
day year rather than a "0/-day year:8hird,the ban!
discount yield annuali7es with simple interest,which
i#nores the opportunity to earn interest on
interest(compound interest)
2512
ou have a li*uidity pool(cash and cash euivalents of dollars per contract and a time hori7on of 8 tradin#
days
2518 ou have developed a set of criteria for evaluatin# distressed credits
2515 you shou!d dedicate a consisten block of tie every wee! to readin# and studyin#
2524 our estimate of E2I(D+ runs from <'4 million on the low end to <04 milllion on a high end
2521
our investent universe !the set of securities fro which you ake your choices# is the Sussell 1444
inde6
2522 yuan n 1]n# nhjn djn t.
252" yuan renminbi n TN
252' u#oslavia n Nam 8D
252/ 3S n _outh 3frican rand
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