- X -
- Tax Anticipation Notes
- Short-term municipal debt to raise
funds to pay for expenses before actual co1lection of taxes.
- Tax Deferral Option
- The feature of the U.S. Internal
Revenue Code that the capital gains tax on an asset is
payable only when the gain is realized by selling the asset.
- Tax Swap
- Swapping two similar bonds to receive a tax
- Tax-deferred Retirement Plans
- Employer‐sponsored and
other plans that allow contributions and earnings to be made
and accumulate tax‐free until they are paid out as benefits.
- Technical Analysis
- Research to identify mispriced securities
that focuses on recurrent and predictable stock price patterns
and on proxies for buy or sell pressure in the market.
- Tender Offer
- An offer from an outside investor to shareholders
of a company to purchase their shares at a stipulated
price, usually substantially above the market price, so that
the investor may amass enough shares to obtain control of
- Term Insurance
- Provides a death benefit only, no build‐up
of cash value.
- Term Premiums
- Excess of the yields to maturity on
long‐term bonds over those of short‐term bonds.
- Term Structure of Interest Rates
- The pattern of interest rates
appropriate for discounting cash flows of various maturities.
- Time Value (of an option)
- The part of the value of an option
that is due to its positive time to expiration. Not to be
confused with present value or the time value of money.
- Times Interest Earned
- Ratio of profits to interest expense.
- Time-weighted Average
- An average of the period‐by‐period
holding‐period returns of an investment.
- Tobin's q.
- Ratio of market value of the firm to replacement cost.
- Total Asset Turnover
- The annual sales generated by each
dollar of assets (sales/assets).
- Tracking Error
- The difference between the return on a
specified portfolio and that of a benchmark portfolio designed
to mimic that portfolio.
- Tracking Portfolio
- A portfolio constructed to have returns
with the highest possible correlation with a systematic risk
- Treasury Bill
- Short‐term, highly liquid government securities
issued at a discount from the face value and returning
the face amount at maturity.
- Treasury Bond or Note
- Debt obligations of the federal
government that make semiannual coupon payments and are
issued at or near par value.
- Treynor's Measure
- Ratio of excess return to beta.
- Trin Statistic
- Ratio of average trading volume in declining
stocks to average volume in advancing stocks. Used in
- The transition point between recession and
- The ratio of the trading activity of a portfolio to
the assets of the portfolio.