< previous page page_673 next page > Page 673 purchase agreement or purchase contract, it represents the underwriters' commitment to purchase the securities, and it details the PUBLIC OFFERING PRICE, the UNDERWRITING SPREAD (including all discounts and commissions), the net proceeds to the issuer, and the SETTLEMENT DATE. The issuer agrees to pay all expenses incurred in preparing the issue for resale, including the costs of REGISTRATION with the SECURITIES AND EXCHANGE COMMISSION (SEC) and of the PROSPECTUS, and agrees to supply the managing underwriter with sufficient copies of both the PRELIMINARY PROSPECTUS (red herring) and the final, statutory prospectus. The issuer guarantees (1) to make all required SEC filings and to comply fully with the provisions of the SECURITIES ACT OF 1933; (2) to assume responsibility for the completeness, accuracy, and proper certification of all information in the registration statement and prospectus; (3) to disclose all pending litigation; (4) to use the proceeds for the purposes stated; (5) to comply with state securities laws; (6) to work to get listed on the exchange agreed upon; and (7) to indemnify the under-writers for liability arising out of omissions or misrepresentations for which the issuer had responsibility. The underwriters agree to proceed with the offering as soon as the registration is cleared by the SEC or at a specified date thereafter. The underwriters are authorized to make sales to members of a SELLING GROUP. The underwriting agreement is not to be confused with the AGREEMENT AMONG UNDERWRITERS. See also BEST EFFORT; FIRM COMMITMENT; STANDBY COMMITMENT; UNDERWRITE. UNDERWRITING GROUP temporary association of investment bankers, organized by the originating INVESTMENT BANKER in a NEW ISSUE of securities. Operating under an AGREEMENT AMONG UNDERWRITERS, it agrees to purchase securities from the issuing corporation at an agreed-upon price and to resell them at a PUBLIC OFFERING PRICE, the difference representing the UNDERWRITING SPREAD. The purpose of the underwriting group is to spread the risk and assure successful distribution of the offering. Most underwriting groups operate under a divided syndicate contract, meaning that the liability of members is limited to their individual participations. Also called DISTRIBUTING SYNDICATE, PURCHASE GROUP, investment banking group, or syndicate. See also FIRM COMMITMENT; UNDERWRITE; UNDERWRITING AGREEMENT. UNDERWRITING SPREAD difference between the amount paid to an issuer of securities in a PRIMARY DISTRIBUTION and the PUBLIC OFFERING PRICE. The amount of SPREAD varies widely, depending on the size of the issue, the financial strength of the issuer, the type of security involved (stock, bonds, rights), the status of the security (senior, junior, secured, unsecured), and the type of commitment made by the investment bankers. The range may be from a fraction of 1% for a bond issue of a big utility company to 25% for the INITIAL PUBLIC OFFERING of a small company. The division of the spread between the MANAGING UNDER-WRITER, the SELLING GROUP, and the participating underwriters also varies, < previous page page_673 next page > < previous page page_674 next page > Page 674 but in a two-point spread the manager might typically get 0.25%, the selling group 1%, and the underwriters 0.75%. It is usual, though, for the underwriters also to be members of the selling group, thus picking up 1.75% of the spread, and for the manager to be in all three categories, thus picking up the full 2%. See also COMPETITIVE BID; FLOTATION COST; GROSS SPREAD; NEGOTIATED UNDERWRITING; SELLING CONCESSION; UNDERWRITE. UNDIGESTED SECURITIES newly issued stocks and bonds that remain undistributed because there is insufficient public demand at the OFFERING PRICE. See also UNDERWRITE. UNDISTRIBUTED PROFITS (EARNINGS, NET INCOME) see RETAINED EARNINGS. UNDIVIDED PROFITS account shown on a bank's BALANCE SHEET representing profits that have neither been paid out as DIVIDENDS nor transferred to the bank's SURPLUS account. Current earnings are credited to the undivided profits account and are then either paid out in dividends or retained to build up total EQUITY. As the account grows, round amounts may be periodically transferred to the surplus account. UNEARNED DISCOUNT account on the books of a lending institution recognizing interest deducted in advance and which will be taken into income as earned over the life of the loan. In accordance with accounting principles, such interest is initially recorded as a LIABILITY. Then, as months pass and it is gradually ''earned," it is recognized as income, thus increasing the lender's profit and decreasing the corresponding liability. See also UNEARNED INCOME. UNEARNED INCOME (REVENUE) Accounting: income received but not yet earned, such as rent received in advance or other advances from customers. Unearned income is usually classified as a CURRENT LIABILITY on a company's BALANCE SHEET, assuming that it will be credited to income within the normal accounting cycle. See also DEFERRED CHARGE. Income taxes: income from sources other than wages, salaries, tips, and other employee compensationfor example, DIVIDENDS, INTEREST, rent. UNEARNED INTEREST interest that has already been collected on a loan by a financial institution, but that cannot yet be counted as part of earnings because the principal of the loan has not been outstanding long enough. Also called DISCOUNT and UNEARNED DISCOUNT. UNEMPLOYED OR UNEMPLOYMENT condition of being out of work involuntarily. The federal-state unemployment insurance system makes cash payments directly to laid-off workers. Most states now pay a maximum of 26 weeks; a few extend duration somewhat farther. In periods of very high unemployment in individual states, benefits are payable for as many as 13 additional weeks. These "extended benefits" are funded on a shared basis, approximately half from state funds and < previous page page_674 next page > < previous page page_675 next page > Page 675 half from federal sources. In general, to collect unemployment benefits a person must have previously held a job and must be actively seeking employment. Unemployed people apply for and collect unemployment compensation from their state's Department of Labor. Except in states where there are small employee payments, the system is financed by a payroll tax on employers. UNEMPLOYMENT RATE percentage of the civilian labor force actively looking for work but unable to find jobs. The rate is compiled by the U.S. Department of Labor, in cooperation with the Labor Departments in all the states, and released to the public on the first Friday of every month. The unemployment rate is affected by the number of people entering the workforce as well as the number of unemployed people. An important part of the Labor Department's report is "Payroll Employment," which covers data on hours, earnings, and employment for non-farm industries nationally, by state and for major metropolitan areas. The unemployment report is one of the most closely watched of all government reports, because it gives the clearest indication of the direction of the economy. A rising unemployment rate will be seen by analysts and the Federal Reserve as a sign of a weakening economy, which might call for an easing of monetary policy by the Fed. On the other hand, a drop in the unemployment rate shows that the economy is growing, which may spark fears of higher inflation on the part of the Fed, which may raise interest rates as a result. UNENCUMBERED property free and clear of all liens (creditors' claims). When a homeowner pays off his mortgage, for example, the house becomes unencumbered property. Securities bought with cash instead of on MARGIN are unencumbered. UNFUNDED PENSION PLAN pension plan that is funded by the employer out of current income as funds are required by retirees or beneficiaries. Also known as a pay-as-you-go pension plan, or a plan using the current disbursement funding approach. This contrasts with an ADVANCE FUNDED PENSION PLAN, under which the employer puts aside money on a regular basis into a separate fund that is invested in stocks, bonds, real estate, and other assets. UNIFIED CREDIT federal TAX CREDIT that may be applied against the gift tax, the estate tax, and, under specified conditions, the generation skipping transfer tax. UNIFORM COMMERCIALCODE (UCC) legal code adopted by most states that codifies various laws dealing with commercial transactions, primarily those involving the sale of goods, both tangible and intangible, and secured transactions. It was drafted by the National Conference of Commissioners of Uniform State Laws and covers bank deposits, bankruptcy, commercial letters of credit, commercial paper, warranties, and other commercial activities. Article 8 of the UCC applies to transactions in investment securities. < previous page page_675 next page > < previous page page_676 next page > Page 676 UNIFORM GIFTS TO MINORS ACT (UGMA) enacted to provide a simple way to transfer property to a minor without the complications of a formal trust, and without the restrictions applicable to the guardianship of a minor's property. In many states, gifts under the UGMA can be made both by lifetime gift and by the donor's WILL. Lifetime UGMA gifts qualify for the $10,000 annual GIFT TAX exclusion. Under the TAXPAYER RELIEF ACT OF 1997, the $10,000 limit on gifts free of the gift tax will be adjusted for inflation in $1,000 increments. An UGMA property is managed by a CUSTODIAN appointed by the donor. If the donor names him/herself as custodian and dies before the property is turned over to the minor, the value of the custodial property at the donor-custodian's death is included in the donor-custodian's taxable estate even though the property belongs to the minor from the instant the UGMA gift is made. The custodial property must be turned over to the minor when the minor attains the age specified in the UGMA law of the state in which the gift is made. In most states, the age is 18, but in some states it is 21. In New York State it is 18 unless the donor, at the time the UGMA gift is made, specifies age 21. All 50 states also enacted a UNIFORM TRANSFER TO MINORS ACT (UTMA), which in some case supplements the UGMA, and in others replaces it. UNIFORM PRACTICE CODE rules of the NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD) concerned with standards and procedures for the operational handling of OVER THE COUNTER securities transactions, such as delivery, SETTLEMENT DATE, EX-DIVIDEND DATE, and other ex-dates (such as EX- RIGHTS and EX-WARRANTS), and providing for the arbitration of disputes through Uniform Practice committees. UNIFORM SECURITIES AGENT STATE LAW EXAMINATION test required of prospective REGISTERED REPRESENTATIVES in many U.S. states. In addition to the examination requirements of states, all registered representatives, whether employees of member firms or OVER THE COUNTER brokers, must pass the General Securities Representative Examination (also known as the Series 7 Examination), administered by the National Association of Securities Dealers (NASD). UNIFORM TRANSFERS TO MINORS ACT (UTMA) law adopted by all 50 states that is similar to the UNIFORM GIFTS TO MINORS ACT (UGMA) but different in that it extends the definition of GIFTS beyond cash and securities to include real estate, paintings, royalties, and patents. UTMA also prohibits the minor from taking control of the assets until age 21 (25 in California). UNINSURED MOTORIST INSURANCE form of insurance that covers the policyholder and family members if injured by a hit-and-run motorist or driver who carries no liability insurance, assuming the driver is at fault. In most instances, reimbursements of costs of property damage and medical expenses resulting from the accident will be rewarded. The premiums for uninsured motorist coverage are usually rather modest, and are included as part of a regular auto insurance policy. < previous page page_676 next page > < previous page page_677 next page > Page 677 UNISSUED STOCK shares of a corporation's stock authorized in its charter but not issued. They are shown on the BALANCE SHEET along with shares ISSUED AND OUTSTANDING. Unissued stock may be issued by action of the board of directors, although shares needed for unexercised employee STOCK OPTIONS, rights, warrants, or convertible securities must not be issued while such obligations are outstanding. Unissued shares cannot pay dividends and cannot be voted. They are not to be confused with TREASURY STOCK, which is issued but not outstanding. UNIT In general: any division of quantity accepted as a standard of measurement or of exchange. For example, in the commodities markets, a unit of wheat is a bushel, a unit of coffee a pound, and a unit of shell eggs a dozen. The unit of U.S. currency is the dollar. Banking: bank operating out of only one office, and with no branches, as required by states having unit banking laws. Finance: 1. segment or subdivision (division or subsidiary, product line, or plant) of a company. 2. in sales or production, quantity rather than dollars. One might say, for example, "Unit volume declined but dollar volume increased after prices were raised." Securities: 1. minimum amount of stocks, bonds, commodities, or other securities accepted for trading on an exchange. See also ODD LOT; ROUND LOT; UNIT OF TRADING. 2. group of specialists on a stock exchange, who maintain fair and orderly markets in particular securities. See also SPECIALIST; SPECIALIST UNIT. 3. more than one class of securities traded together; one common share and one SUBSCRIPTION WARRANT might sell as a unit, for example. 4. in primary and secondary distributions of securities, one share of stock or one bond. UNITED STATES GOVERNMENT SECURITIES direct GOVERNMENT OBLIGATIONSthat is, debt issues of the U.S. government, such as Treasury bills, notes, and bonds and SERIES EE and SERIES HH SAVINGS BONDS as distinguished from government-sponsored AGENCY issues. See also GOVERNMENT SECURITIES; TREASURIES. UNIT INVESTMENT TRUST (UIT) investment vehicle registered with the SECURITIES AND EXCHANGE COMMISSION under the INVESTMENT COMPANY ACT OF 1940, that purchases a fixed PORTFOLIO of securities, such as corporate, municipal or government bonds, mortgage-backed securities, COMMON STOCK, or PREFERRED STOCK. Units in the trust, which usually cost at least $1,000, are sold to investors by brokers for a sales charge that is typically 4% for traditional municipal bond trusts and 1%-2% for equity trusts, which feature reduced sales charges when the trusts are rolled over. The trust expires when bonds mature < previous page page_677 next page > < previous page page_678 next page > Page 678 or, in the case of equity funds, at a specified future date. Unit holders receive an undivided interest in both the principal and the income portion of the portfolio in proportion to the amount of captial they invest. Traditionally, the majority of UITs held municipal bonds. In the late 1990s, however, equity UITs became predominant. Among the most popular variations were those holding high-yield stocks in the DOW JONES INDUSTRIAL AVERAGE (DOGS OF THE DOW) or the Standard & Poor's 500 Index and their counterparts on foreign exchanges. A large proportion of equity trust money was invested in such DEFINED ASSET FUNDS offered by Merrill Lynch, Salomon Smith Barney Inc., Prudential Securities, Morgan Stanley Dean Witter and Paine Webber, as the Select 10 Portfolios based on the Dow, the S&P, and indices in Japan, Hong Kong, and the United Kingdom. See also DIAMONDS; SPDR; UNIT SHARE INVESTMENT TRUST (USIT). UNIT OF TRADING normal number of shares, bonds, or commodities comprising the minimum unit of trading on an exchange. For stocks, this is usually 100 shares, although inactive shares trade in 10-share units. For corporate bonds on the NYSE, the unit for exchange trading is $1000 or $5000 par value. Commodities futures units vary widely, according to the COMMODITY involved. See also FUTURES CONTRACT; ODD LOT; ROUND LOT. UNIT SHARE INVESTMENT TRUST (USIT) specialized form of UNIT INVESTMENT TRUST comprising one unit of PRIME and one unit of SCORE. UNIVERSAL LIFE INSURANCE form of life insurance, first marketed in the early 1980s, that combines the low- cost protection of TERM LIFE INSURANCE with a savings portion, which is invested in a tax-deferred account earning money-market rates of interest. The policy is flexible; that is, as age and income change, a policyholder can increase or decrease premium payments and coverage, or shift a certain portion of premiums into the savings account, without additional sales charges or complications. A new form of the policy; called universal variable life insurance, combines the flexibility of universal life with the growth potential of variable life. See also VARIABLE LIFE INSURANCE; WHOLE LIFE INSURANCE. UNIVERSE OF SECURITIES group of stocks sharing a common characteristic. For example, one analyst may define a universe of securities as those with $100 to $500 million in outstanding market capitalization. Another may define it as stocks in a particular industry, such as communications, paper, or airlines. A mutual fund will often define itself to investors as limiting itself to a particular universe of securities, allowing investors to know in advance which kinds of securities that fund will buy and hold. UNLEVERAGED PROGRAM LIMITED PARTNERSHIP whose use of borrowed funds to finance the acquisition of properties is 50% or less of the < previous page page_678 next page > < previous page page_679 next page > Page 679 purchase price. In contrast, a leveraged program borrows 50% or more. Investors seeking to maximize income tend to favor unleveraged partner-ships, where interest expense and other deductions from income are at a minimum. Investors looking for TAX SHELTERS might favor leveraged programs despite the higher risk because of the greater amount of property acquired with the borrowed money and the greater amount of tax deductible interest but the longer depreciation periods required by tax legislation have substantially reduced the tax benefits from real estate. UNLIMITED MARITAL DEDUCTION see MARITAL DEDUCTION. UNLIMITED TAX BOND MUNICIPAL BOND secured by the pledge to levy taxes at an unlimited rate until the bond is repaid. UNLISTED SECURITY security that is not listed on an organized exchange, such as the NEW YORK STOCK EXCHANGE, the AMERICAN STOCK EXCHANGE, or the REGIONAL STOCK EXCHANGES, and is traded in the OVER THE COUNTER market. UNLISTED TRADING trading of securities not listed on an organized exchange but traded on that exchange as an accommodation to its members. An exchange wishing to trade unlisted securities must file an application with the SECURITIES AND EXCHANGE COMMISSION and make the necessary information available to the investing public. The New York Stock Exchange does not allow unlisted trading privileges, and the practice has declined at the American Stock Exchange and other organized exchanges. UNLOADING Finance: selling off large quantities of merchandise inventory at below-market prices either to raise cash quickly or to depress the market in a particular product. Investments: selling securities or commodities when prices are declining to preclude further loss. See also PUMP; PROFIT TAKING; SELLING OFF. UNMARGINED ACCOUNT brokerage CASH ACCOUNT. UNPAID DIVIDEND dividend that has been declared by a corporation but has still not been paid. A company may declare a dividend on July 1, for example, payable on August 1. During July, the declared dividend is called an unpaid dividend. See also EX-DIVIDEND. UNQUALIFIED OPINION independent auditor's opinion that a company's financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles. The justification for the expression of the auditor's opinion rests on the conformity of his or her audit with generally accepted auditing standards and on his or her feelings. Materiality and audit risk underly the application of auditing standards. See also ACCOUNTANT'S OPINION; ADVERSE OPINION; QUALIFIED OPINION. < previous page page_679 next page > < previous page page_680 next page > Page 680 UNREALIZED PROFIT (OR LOSS) profit or loss that has not become actual. It becomes a REALIZED PROFIT (OR LOSS) when the security or commodity future contract in which there is a gain or loss is actually sold. Also called a paper profit or loss. UNREGISTERED STOCK see LETTER SECURITY. UNSECURED DEBT obligation not backed by the pledge of specific COLLATERAL. UNSECURED LOAN loan without COLLATERAL. UNWIND A TRADE to reverse a securities transaction through an offsetting transaction. See also OFFSET. UPGRADING increase in the quality rating of a security. An analyst may upgrade a company's bond or stock rating if its finances improve, profitability is enhanced, and its debt level is reduced. For municipal bond issues, upgrading will occur if tax revenues increase and expenses are reduced. The upgrading of a stock or bond issue may in itself raise the price of the security because investors will feel more confident in the financial soundness of the issuer. The credit rating of issuers is constantly being evaluated, which may lead to further upgradings, or, if conditions deteriorate, downgradings. The term upgrading is also applied to an entire portfolio of securities. For example, a mutual fund manager who wants to improve the quality of his bond holdings will say that he is in the process of upgrading his portfolio. UPSET PRICE term used in auctions that represents the minimum price at which a seller of property will entertain bids. UPSIDE POTENTIAL amount of upward price movement an investor or an analyst expects of a particular stock, bond, or commodity. This opinion may result from either FUNDAMENTAL ANALYSIS or TECHNICAL ANALYSIS. UPSTAIRS MARKET transaction completed within the broker-dealer's firm and without using the stock exchange. Securities and Exchange Commission and stock exchange rules exist to ensure that such trades do not occur at prices less favorable to the customer than those prevailing in the general market. See also OFF BOARD. UPSWING upward movement in the price of a security or commodity after a period of falling prices. Analysts will say "that stock has bottomed out and now has started an upswing which should carry it to new highs." The term is also used to refer to the general condition of the economy. An economy that is recovering from a prolonged downturn or recession is said to be in an upswing. UPTICK transaction executed at a price higher than the preceding transaction in that security; also called PLUS TICK. A plus sign is displayed throughout the day next to the last price of each stock that showed a < previous page page_680 next page > < previous page page_681 next page > Page 681 higher price than the preceding transaction in that stock at the TRADING POST of the SPECIALIST on the floor of the New York Stock Exchange. Short sales may only be executed on upticks or ZERO-PLUS TICKS. See also MINUS TICK; SELLING SHORT; TICK. UPTICK RULE Securities and Exchange Commission rule that selling short may only be done on an UPTICK. In 1990, interpretation of the rule was extended to cover PROGRAM TRADING. UPTREND upward direction in the price of a stock, bond, or commodity future contract or overall market. See also TRENDLINE. USEFUL LIFE estimated period of time during which an asset subject to DEPRECIATION is judged to be productive in a business. Also called depreciable life. The MODIFIED ACCELERATED COST RECOVERY SYSTEM (MACRS) established useful lives for different property classes. See also RESIDUAL VALUE. USES OF FUNDS see SOURCES AND APPLICATIONS (OR USES) OF FUNDS STATEMENT. U.S. SAVINGS BOND see SAVINGS BOND. USURY LAWS state laws limiting excessive interest rates on loans. UTILITY power company that owns or operates facilities used for the generation, transmission, or distribution of electric energy. Utilities provide electric, gas, and water to their customers. In the United States, utilities are regulated at the state and federal level. State public service and public utility commissions regulate retail rates. The Federal Energy Regulatory Commission (FERC) regulates wholesale rates, the sale, resale, and interstate commerce for approximately 200 investor-owned utilities. On a percentage and revenue basis, however, the states regulate most of the trade. Rates for the sale of power and its transmission to retail customers, as well as approval for the construction of new plants, are regulated at the state level. The electric utility industry came under government regulation in the 1920s because it was a virtual MONOPOLY, vertically integrated, producing energy and transmitting it to customers. The industry has evolved to include public power agencies and electricity cooperatives. DEREGULATION of the natural gas industry in recent years has served to open that market to more competition, although transmission pipelines still come under FERC jurisdiction. The electric utility industry is also undertaking a similar deregulation process. Utility stocks usually offer above-average dividend yields to investors, but less capital appreciation potential than growth stocks. Utility stocks are also very sensitive to the direction of interest rates. Rising interest rates tend to harm the value of utility shares because higher rates provide a more attractive alternative to investors. In addition, utilities tend to be heavy borrowers, so higher interest rates add to their borrowing costs. Conversely, falling interest rates tend to buoy the value < previous page page_681 next page > < previous page page_682 next page > Page 682 of utility stocks because utility dividends look more attractive and because the companies' borrowing costs will be reduced. UTILITY REVENUE BOND MUNICIPAL BOND issued to finance the construction of electric generating plants, gas, water and sewer systems, among other types of public utility services. These bonds are repaid from the revenues the project produces once it is operating. Such bonds usually have a reserve fund that contains an amount equal to one year's DEBT SERVICE, which protects bondholders in case there is a temporary cash shortage or revenues are less than anticipated. See also REVENUE BOND. < previous page page_682 next page > [...]... commonplace WRITE-OFF charging an ASSET amount to expense or loss The effect of a write-off is to reduce or eliminate the value of the asset and reduce profits Write-offs are systematically taken in accordance with allowable tax DEPRECIATION of a FIXED ASSET, and with the AMORTIZATION of certain other assets, such as an INTANGIBLE ASSET and a capitalized cost (like premiums paid on investments) Write-offs are... growth and value) and three real estate securities indices See also STOCK INDICES AND AVERAGES WINDFALL PROFIT profit that occurs suddenly as a result of an event not controlled by the person or company profiting from the event For example, oil companies profited in the 1970s from an explosion in the price of oil brought about by the Arab oil embargo and the price increases demanded by the Organization of. .. multiplying each portion of principal received by the time at which it is received, and then summing and dividing by the total amount of principal Fabozzi's Handbook of Fixed Income Securities uses this example: Consider a simple annual-pay, four-year bond with a face value of $100 and principal payments of $40 the first year, $30 the second year, $20 the third year, and $10 the fourth year The average... unawares and confronted stockholders with decisions they were ill prepared to make, The Williams Act and amendments now comprise Sections 13(d) and 14(d) of the SECURITIES EXCHANGE ACT OF 1934 The law requires the bidder opening a tender to file with both the SECURITIES AND EXCHANGE COMMISSION and the TARGET COMPANY a statement detailing the terms of the offer, the bidder's background, the cash source, and. .. source of financing for START-UP companies or others embarking on new or TURNAROUND ventures that entail some investment risk but offer the potential for above average future profits; also called risk capital Sources of venture capital include wealthy individual investors; subsidiaries of banks and other corporations organized as small business investment companies (SBICs); groups of investment banks and. .. difference between actual cost and STANDARD COST in the categories of direct material, direct labor, and DIRECT OVERHEAD A positive variation (when the actual cost is lower than the standard or anticipated cost) would translate into a higher profit unless offset by negative variances elsewhere Finance: (1) difference between corresponding items on a comparative BALANCE SHEET and PROFIT AND LOSS STATEMENT (2)... shareholder's standpoint are inability to recoup full investment in LIQUIDATION, inadequate return on investment, possible liability exceeding the PAR value of shares, low MARKET VALUE because of poor dividends and possible adverse publicity, reduced ability of the firm to issue new stock or debt securities to capitalize on growth opportunity, and loss of competitive position because of the need to... The number of technology, entertainment, real estate and financial services companies listed on the exchange is increasing Traditionally between 10% and 20% of the financings originate in the U.S., with 20% to 25% from Europe and Asia The VSE Composite Index is capital-weighted and is a composite of three sub-indices: Commercial/Industrial, Resource, and Venture In 1990, with the introduction of Vancouver... SPONSOR of a MUTUAL FUND WHOLLY OWNED SUBSIDIARY SUBSIDIARY whose common stock is virtually 100 %-owned by the PARENT COMPANY WHOOPS nickname for the Washington Public Power Supply System In the late 1970s and early 80s, WHOOPS raised billions of dollars through MUNICIPAL BOND offerings to finance construction of five nuclear plants in the state of Washington Because of cost overruns, bad management, and. .. factors vary with the type of industry and the scale of production, which varies in turn with seasonality and with sales expansion and contraction Internal sources of working capital include RETAINED EARNINGS, savings achieved through operating efficiencies and the allocation of CASH FLOW from sources like DEPRECIATION or deferred taxes to working capital External sources include bank and other short-term . as a standard of measurement or of exchange. For example, in the commodities markets, a unit of wheat is a bushel, a unit of coffee a pound, and a unit of shell eggs a dozen. The unit of U.S UGMA, and in others replaces it. UNIFORM PRACTICE CODE rules of the NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD) concerned with standards and procedures for the operational handling of OVER. Sources of venture capital include wealthy individual investors; subsidiaries of banks and other corporations organized as small business investment companies (SBICs); groups of investment banks and