Cyber*School

Current value of future cash flows, which are based on the observation date by discounting.

see PVBP also called: DV01 (Dollar value of 01)

abbr. of Prague Interbank offered Rate

see conversion factor

(PER) Specifies how often the earnings per share is included in the course. It is used for the valuation of shares. The higher the PER, the more expensive the security.

Change in value of a share

In contrast to the performance index a price index does not consider any dividends paid by the companies contained in it and is primarily used as a benchmark for the underlying market development (eg ATX).

Ratio at which the current stock price is divided by revenue per share. Sales per share are calculated: Revenue of the past 12 months divided by the number of shares outstanding.

(Vertical spread) Combined option strategy in which options of the same type are bought and sold at the same time and with the same maturities, but with different strike prices. One differentiates between bull spread, which is designed for increasing prices, and bear spread, which is designed for falling prices of the base value.

Determining the issue price

market for newly issued securitiesopposite: secondary market

From the individual returns of circulating debt securities in the primary market an average primary market return is calculated on a regular basis.

short-term interest rate charged by US-banks on borrowers with best creditworthiness

Identifies the sequence for price determination of the market price,in which buy and sell orders are collected up to a specified date. Thereafter, the rate is established, in which the largest turnover is generated.

The wide range of investors. Small investors who invest on their own account capital.

the probability distribution of a variable describes the probability of the variable attaining a certain value

The degree of likelihood that the borrower of a loan or debt will not be able to make the necessary scheduled repayments. Should the borrower be unable to pay, they are then said to be in default of the debt, at which point the lenders of the debt have legal avenues to attempt obtaining at least partial repayment. Generally speaking, the higher the default probability a lender estimates a borrower to have, the higher the interest rate the lender will charge the borrower (as compensation for bearing higher default risk).

PPI (Producer Price Index) The producer price index is a weighted average of the industrial producer prices. An increase of this index can be used as an indicator of the rise in inflation

Surplus of revenue over expenses during the fiscal year

In the profit and loss account in accordance with IAS scheme, income and expenses are recognized. The aim is to determine the annual results.