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Términos Financieros MBA Un **SPAC** (Special Purpose Acquisition Company) es básicamente una **empresa “cheque en blanco”** creada con el único propósito de recaudar dinero a través de una **oferta pública inicial (IPO)** y luego usar esos fondos para **comprar o fusionarse con otra empresa privada**. En otras palabras: ¡Entendido! Vamos a armar ese glosario definitivo. He organizado los términos para que los puedas copiar directamente a tu blog, con una sección especial para el concepto de "Greed" que tanto marcó la cultura de negocios en los 80. Aquí tienes el diccionario de *Guerra Corporativa*: --- ## 📘 Diccionario de Términos: Guerra Corporativa y Finanzas ### 🥊 Personajes del Tablero * *Black Knight (Caballero Negro):* El comprador hostil que intenta tomar una empresa en contra de la voluntad de su junta directiva. * *White Knight (Caballero Blanco):* Un comprador "amigo" que rescata a la empresa de una toma de control hostil. * *White Squire (Escudero Blanco):* Un inversor que compra una parte de la empresa (sin tomar el control total) para ayudar a la directiva actual a bloquear a un enemigo. * *Grey Knight (Caballero Gris):* Un tercer postor oportunista que aparece en medio de una pelea entre el Negro y el Blanco. * *Corporate Raider (Saqueador Corporativo):* Inversores que compran empresas "a las malas" para desmantelarlas, vender sus activos por piezas y obtener ganancias rápidas. ### 🛡️ Tácticas de Defensa (Defensive Strategies) * *Poison Pill (Píldora Envenenada):* Estrategia que permite a los accionistas actuales comprar más acciones baratas para diluir el poder del atacante y hacer la compra prohibitiva. * *Crown Jewels (Joyas de la Corona):* Vender el activo más valioso de la empresa para que el comprador hostil pierda el interés. * *Pac-Man Defense:* La empresa atacada intenta comprar las acciones de la empresa que la está atacando. * *Shark Repellent (Repelente de Tiburones):* Cambios en los estatutos legales para que sea casi imposible que un extraño tome el control. * *Scorched Earth (Tierra Quemada):* Acciones extremas donde la empresa se endeuda o destruye su propio valor para no ser atractiva. * *Suicide Pill (Píldora Suicida):* Una defensa tan extrema que lleva a la empresa a la quiebra antes de permitir la compra. ### 💰 Maniobras y Botines * *Bear Hug (Abrazo de Oso):* Una oferta de compra tan alta que la directiva no puede rechazarla sin ser demandada por sus accionistas. * *Greenmail (Chantaje Verde):* Cuando la empresa paga un sobreprecio a un atacante para que se lleve sus acciones y "deje de molestar". * *Golden Parachute (Paracaídas de Oro):* Cláusulas que garantizan pagos millonarios a los jefes si son despedidos tras una compra. * *Killer Mail (Correo Asesino):* Campañas de desprestigio contra el comprador hostil. * *Trojan Horse (Caballo de Troya):* Un inversor que finge ser amigo para entrar y luego atacar desde adentro. --- h ## 🌟 Término Destacado para tu Blog ### *GREED* *Traducción:* Codicia / Avaricia. *Contexto en Negocios:* Aunque en el diccionario común es un término negativo, en el mundo de las finanzas de los años 80 se convirtió en una filosofía de vida. El término fue inmortalizado por el personaje de ficción *Gordon Gekko* en la película Wall Street (1987) con su famosa frase: > "Greed, for lack of a better word, is good. Greed is right. Greed works." > (La codicia, a falta de una palabra mejor, es buena. La codicia es correcta. La codicia funciona). *¿Por qué es importante?* Este término define la era de los *Corporate Raiders*. La idea era que la ambición desenfrenada de los individuos por ganar dinero obligaba a las empresas a ser más eficientes, eliminando a los administradores flojos o ineptos. Hoy en día, se usa para describir el exceso de ambición que ignora la ética o la sostenibilidad a largo plazo. --- Vidi midi vici Ad aspera ad astra If there is a will there is a way * **No tiene operaciones ni productos propios** cuando sale a bolsa. * Los inversionistas ponen el dinero confiando en el equipo directivo del SPAC. * Una vez que encuentran la empresa objetivo, la adquieren o se fusionan y así la empresa objetivo pasa a cotizar en bolsa **sin hacer su propia IPO tradicional**. **Ventajas para la empresa que se vende o fusiona con un SPAC:** * Más rápido que una IPO tradicional. * Menos requisitos regulatorios iniciales. * Acceso inmediato a capital. **Riesgos:** * El inversionista compra “a ciegas” (sin conocer la empresa final). * Si el SPAC no concreta una adquisición en un plazo (usualmente 2 años), devuelve el dinero a los inversionistas. Ejemplo real: **Virgin Galactic** salió a bolsa a través de un SPAC, no con una IPO normal. 1. Drag-Along Rights (Derechos de arrastre) Permiten que los accionistas mayoritarios obliguen a los minoritarios a vender sus acciones si se recibe una oferta de adquisición. Protegen a los inversores mayoritarios al evitar que los minoritarios bloqueen una venta. 2. Tag-Along Rights (Derechos de acompañamiento) Protegen a los accionistas minoritarios permitiéndoles vender sus acciones bajo las mismas condiciones que los mayoritarios si estos venden su participación. 3. Pick and Pack Proceso logístico en el comercio electrónico donde los productos son seleccionados (pick) del inventario y luego empaquetados (pack) antes de enviarlos al cliente. 4. Bang-for-the-Buck Frase que significa obtener el mayor beneficio posible por el dinero invertido. Se usa en inversiones, negocios y marketing. 5. Lock-Up Period Período durante el cual los inversores o empleados con acciones en una empresa no pueden venderlas después de una oferta pública inicial (IPO). 6. Clawback Clause Cláusula que permite a una empresa recuperar bonos, compensaciones o beneficios si el empleado o inversor no cumple con ciertas condiciones. 7. Poison Pill Estrategia utilizada por empresas para evitar adquisiciones hostiles, donde se toman medidas que hacen menos atractiva la compra para el adquirente. 8. Golden Parachute Compensación elevada que recibe un ejecutivo si es despedido tras la adquisición de la empresa. 9. Sweat Equity Participación accionaria que se otorga a cambio de trabajo y esfuerzo, en lugar de una inversión monetaria. 10. White Knight Empresa o inversor que interviene para salvar a otra empresa de una adquisición hostil. Si necesitas más términos o ejemplos específicos, dime y te ayudo. SAFE - EN NEGOCIOS. En negocios, un SAFE (Simple Agreement for Future Equity) es un acuerdo de inversión utilizado principalmente en startups para recaudar fondos de manera flexible. Fue creado por Y Combinator y funciona como un contrato entre la empresa y el inversionista, en el cual este último aporta dinero a cambio de la promesa de recibir acciones en el futuro, generalmente cuando ocurra una ronda de financiamiento o un evento de liquidez. Características clave del SAFE: No es deuda: A diferencia de una nota convertible, no tiene intereses ni fecha de vencimiento. Conversión a equity: Se convierte en acciones cuando la empresa alcanza una determinada valoración en una ronda futura. Puede incluir descuentos o topes de valuación: Para beneficiar a los primeros inversionistas. Rápido y simple: Facilita la inversión sin necesidad de largas negociaciones. Finance – addresses the ways in which individuals and organizations raise and allocate monetary resources over time, taking into account the risks entailed in their projects. Overview The term finance may incorporate any of the following: The study of money and other assets The management and control of those assets Profiling and managing related risks Fundamental financial concepts Finance Arbitrage Capital (economics) Capital asset pricing model Cash flow Cash flow matching Debt Default Consumer debt Debt consolidation Debt settlement Credit counseling Bankruptcy Debt diet Debt-snowball method Debt of developing countries Asset types Real estate Securities Commodities Futures Cash Discounted cash flow Financial capital Funding Entrepreneur Entrepreneurship Fixed income analysis Gap financing Global financial system Hedge Basis risk Interest rate Risk-free interest rate Term structure of interest rates Short-rate model Vasicek model Cox–Ingersoll–Ross model Hull–White model Chen model Black–Derman–Toy model Interest Effective interest rate Nominal interest rate Interest rate basis Fisher equation Crowding out Annual percentage rate Interest coverage ratio Investment Foreign direct investment Gold as an investment Over-investing Leverage Long (finance) Liquidity Margin (finance) Mark to market Market impact Medium of exchange Microcredit Money Money creation Currency Coin Banknote Counterfeit History of money Monetary reform Portfolio Modern portfolio theory Mutual fund separation theorem Post-modern portfolio theory Reference rate Reset Return Absolute return Investment performance Relative return Risk Financial risk Risk management Financial risk management Uncompensated risk Risk measure Coherent risk measure Deviation risk measure Distortion risk measure Spectral risk measure Value at risk Expected shortfall Entropic value at risk Scenario analysis Short (finance) Speculation Day trading Position trader Spread trade Standard of deferred payment Store of value Time horizon Time value of money Discounting Present value Future value Net present value Internal rate of return Modified internal rate of return Annuity Perpetuity Trade Free trade Free market Fair trade Unit of account Volatility Yield Yield curve Equated monthly installment Down payment big rupees History History of finance History of banking History of insurance Tulip mania (Dutch Republic), 1620s/1630s South Sea Bubble (UK) & Mississippi Company (France), 1710s; see also Stock market bubble Vix pervenit 1745, on usury and other dishonest profit Panic of 1837 (US) Railway Mania (UK), 1840s Erie War (US), 1860s Long Depression, 1873–1896 (mainly US and Europe, though other parts of the world were affected) Post-World War I hyperinflation; see Hyperinflation and Inflation in the Weimar Republic Wall Street Crash of 1929 Great Depression 1930s Bretton Woods Accord 1944 1973 oil crisis 1979 energy crisis Savings and Loan Crisis 1980s Black Monday 1987 Asian financial crisis 1990s Dot-com bubble 1995-2001 Stock market downturn of 2002 United States housing bubble Financial crisis of 2007–08, followed by the Great Recession Finance terms by field Accounting (financial record keeping) Main articles: Accounting and List of accounting topics Auditing Accounting software Book keeping FASB Financial accountancy Financial statements Balance sheet Cash flow statement Income statement Management accounting Philosophy of Accounting Hedge accounting IFRS 9 Fair value accounting Banking See articles listed under: Bank § See also Corporate finance Main article: Corporate finance See also: Financial management and § Corporate finance theory Further information: Outline of corporate finance Balance sheet analysis Financial ratio Business plan Investment policy Business valuation Stock valuation Fundamental analysis Real options Valuation topics Fisher separation theorem Sources of financing Securities Debt Initial public offering Capital structure Cost of capital Weighted average cost of capital Modigliani–Miller theorem Hamada's equation Dividend policy Dividend Dividend tax Dividend yield Modigliani–Miller theorem Corporate action (Strategic) Financial management Capital management Capital budgeting Working capital Current assets Current liabilities Managerial finance Management accounting Mergers and acquisitions Leveraged buyout Takeover Corporate raid Contingent value rights Real options Return on investment Return on capital Return on assets Return on equity Loan covenant Cash conversion cycle Cash management Strategic financial management § Cash management Inventory optimization Supply chain management Just In Time (JIT) Economic order quantity (EOQ) Economic production quantity (EPQ) Economic batch quantity Credit (finance) Credit scoring Default risk Discounts and allowances Factoring (trade) & Supply chain finance Corporate budget Investment management Main article: Investment management See also: § Portfolio theory Active management Efficient market hypothesis Portfolio Modern portfolio theory Capital asset pricing model Arbitrage pricing theory Passive management Index fund Activist shareholder Mutual fund Open-end fund Closed-end fund List of mutual-fund families Financial engineering Long-Term Capital Management Hedge fund Hedge #Quantitative investing, below Personal finance Main article: Personal finance 529 plan (US college savings) ABLE account (US plan for benefit of individuals with disabilities) Asset allocation Asset location Budget Coverdell Education Savings Account (Coverdell ESAs, formerly known as Education IRAs) Credit and debt Credit card Debt consolidation Mortgage loan Continuous-repayment mortgage Debit card Direct deposit Employment contract Commission Employee stock option Employee or fringe benefit Health insurance Paycheck Salary Wage Financial literacy Insurance Predatory lending Retirement plan Australia – Superannuation in Australia Canada Registered retirement savings plan Tax-free savings account Japan – Nippon individual savings account New Zealand – KiwiSaver United Kingdom Individual savings account Self-invested personal pension United States 401(a) 401(k) 403(b) 457 plan Keogh plan Individual retirement account Roth IRA Traditional IRA SEP IRA SIMPLE IRA Pension Simple living Social security Tax advantage Wealth Comparison of accounting software Personal financial management Investment club Collective investment scheme Public finance Main article: Public finance Central bank Federal Reserve Fractional-reserve banking Deposit creation multiplier Tax Capital gains tax Estate tax (and inheritance tax) Gift tax Income tax Inheritance tax Payroll tax Property tax (including land value tax) Sales tax (including value added tax, excise tax, and use tax) Transfer tax (including stamp duty) Tax advantage Tax, tariff and trade Tax amortization benefit Crowding out Industrial policy Agricultural policy Currency union Monetary reform Risk management Main article: Financial risk management See also: Finance § Risk management, and Risk management § Finance Asset and liability management Asset liability mismatch Capital Requirements Regulation 2013 & Credit Institutions Directive 2013 (Capital Requirements Directives) Cash flow hedge Cash management Corporate governance Climate-related asset stranding Credit risk Default (finance) Downside risk & Upside risk Duration gap Enterprise risk management Financial engineering Financial risk Financial risk management Foreign exchange hedge Fuel price risk management Gordon–Loeb model for cyber security investments Interest rate risk Insurance Investment risk Irrational exuberance Kelly criterion Liquidity risk Market risk Operational risk Risk accounting Risk adjusted return on capital Risk aversion Risk-based internal audit Risk measure Coherent risk measure Deviation risk measure Distortion risk measure Spectral risk measure Risk modeling Risk of ruin Risk pool Risk register Risk return ratio Risk–return spectrum Security management Settlement risk Shadow banking system Specific risk St. Petersburg paradox Systematic risk Three lines of defence Treasury management Uncompensated risk Valuation risk Value at risk Computation Historical Monte Carlo variance-covariance delta-gamma Alternate measures Entropic value at risk Conditional value-at-risk / Expected shortfall Tail value at risk Extensions Profit at risk Margin at risk Liquidity at risk Earnings at risk Cash flow at risk Liquidity-adjusted VaR Volatility risk Volume risk Wrong way risk Constraint finance Environmental finance Feminist economics Green economics Islamic economics Uneconomic growth Value of Earth Value of life Insurance Main article: Insurance Actuarial science Annuities Catastrophe modeling Earthquake loss Extended coverage Insurable interest Insurable risk Insurance Health insurance Disability insurance Accident insurance Flexible spending account Health savings account Long term care insurance Medical savings account Life insurance Life insurance tax shelter Permanent life insurance Term life insurance Universal life insurance Variable universal life insurance Whole life insurance Property insurance Auto insurance Boiler insurance Business interruption insurance Condo insurance Earthquake insurance Home insurance Title insurance Pet insurance Renters' insurance Casualty insurance Fidelity bond Liability insurance Political risk insurance Surety bond Terrorism insurance Credit insurance Trade credit insurance Payment protection insurance Credit derivative Mid-term adjustment Reinsurance Self insurance Travel insurance Niche insurance Insurance contract Loss payee clause Risk Retention Group Economics and finance Main articles: Financial economics and Asset pricing See also: Finance § Financial theory Finance-related areas of economics Financial economics Financial econometrics Monetary economics Mathematical economics Managerial economics Economic growth theory Decision theory Game theory Experimental economics / Experimental finance Behavioral economics / Behavioral finance Corporate finance theory Further information: Financial economics § Corporate finance theory, and Financial economics § Certainty See also: Outline of corporate finance § Theory Fisher separation theorem Modigliani–Miller theorem Theory of the firm The Theory of Investment Value Agency theory Managerial finance Capital structure Corporate finance § Capitalization structure Capital structure substitution theory Pecking order theory Market timing hypothesis Trade-off theory of capital structure Merton model Tax shield Dividend policy Corporate finance § Dividend policy Walter model Gordon model Lintner model Residuals theory Signaling hypothesis Clientele effect Dividend puzzle Treasury stock § Buying back shares Dividend tax Capital budgeting (valuation) Corporate finance § Investment and project valuation Clean surplus accounting Residual income valuation Economic value added / Market value added T-model Adjusted present value Uncertainty Penalized present value Expected commercial value Risk-adjusted net present value Contingent claim valuation Real options Monte Carlo methods Risk management Corporate finance § Financial risk management Financial risk management § Corporate finance Hedging irrelevance proposition Risk modeling Risk-adjusted return on capital Asset pricing theory Main article: Asset pricing Further information: Financial economics § Underlying economics Value (economics) Fair value Intrinsic value Market price Expected value Opportunity cost Risk premium #Underlying theory below Financial markets Stylized fact Regulatory economics Macroprudential regulation § Theoretical rationale Market microstructure Walrasian auction Fisher market Arrow-Debreu market Matching market Market design Agent-based model Representative agent Aggregation problem Heterogeneity in economics Heterogeneous agent model Agent-based model § In economics and social sciences Artificial financial market General equilibrium theory Supply and demand Competitive equilibrium Economic equilibrium Partial equilibrium Equilibrium price Market efficiency Economic equilibrium Rational expectations Risk factor (finance) Arbitrage-free price Rational pricing § Arbitrage free pricing § Risk neutral valuation Contingent claim analysis Brownian model of financial markets Complete market & Incomplete markets Utility Risk aversion Expected utility hypothesis Utility maximization problem Marginal utility Quasilinear utility Generalized expected utility Economic efficiency Efficient-market hypothesis efficient frontier Production–possibility frontier Allocative efficiency Pareto efficiency Productive efficiency Dumb agent theory State prices Arrow–Debreu model Stochastic discount factor Pricing kernel Application: Arrow–Debreu model § Economics of uncertainty: insurance and finance State prices § Application to financial assets Fundamental theorem of asset pricing Rational pricing Arbitrage-free No free lunch with vanishing risk Self-financing portfolio Stochastic dominance Marginal conditional stochastic dominance Martingale pricing Brownian model of financial markets Random walk hypothesis Risk-neutral measure Martingale (probability theory) Sigma-martingale Semimartingale Quantum finance Asset pricing models Equilibrium pricing Equities; foreign exchange and commodities Capital asset pricing model Consumption-based CAPM Intertemporal CAPM Single-index model Multiple factor models Fama–French three-factor model Carhart four-factor model Arbitrage pricing theory Bonds; other interest rate instruments Vasicek Rendleman–Bartter Cox–Ingersoll–Ross Risk neutral pricing Equities; foreign exchange and commodities; interest rates Black–Scholes Black Garman–Kohlhagen Heston CEV SABR Bonds; other interest rate instruments Ho–Lee Hull–White Black–Derman–Toy Black–Karasinski Kalotay–Williams–Fabozzi Longstaff–Schwartz Chen Rendleman–Bartter Heath–Jarrow–Morton Cheyette Brace–Gatarek–Musiela LIBOR market model Mathematics and finance Time value of money Main article: Time value of money Present value Future value Discounting Net present value Internal rate of return Annuity Perpetuity Financial mathematics Main article: Financial mathematics Mathematical tools Probability Probability distribution Binomial distribution Log-normal distribution Poisson distribution Stochastic calculus Brownian motion Geometric Brownian motion Cameron–Martin theorem Feynman–Kac formula Girsanov's theorem Itô's lemma Martingale representation theorem Radon–Nikodym derivative Stochastic differential equations Stochastic process Jump process Lévy process Markov process Ornstein–Uhlenbeck process Wiener process Monte Carlo methods Low-discrepancy sequence Monte Carlo integration Quasi-Monte Carlo method Random number generation Partial differential equations Finite difference method Heat equation Numerical partial differential equations Crank–Nicolson method Volatility ARCH model GARCH model Stochastic volatility Stochastic volatility jump Derivatives pricing Main article: Financial mathematics § Derivatives pricing See also: Financial economics § Derivative pricing Underlying logic (see also #Economics and finance above) Rational pricing Risk-neutral measure Arbitrage-free pricing Brownian model of financial markets Martingale pricing Forward contract Forward contract pricing Futures Futures contract pricing Options (incl. Real options and ESOs) Valuation of options Black–Scholes formula Approximations for American options Barone-Adesi and Whaley Bjerksund and Stensland Black's approximation Optimal stopping Roll–Geske–Whaley Black model Binomial options model Finite difference methods for option pricing Garman–Kohlhagen model The Greeks Lattice model (finance) Margrabe's formula Monte Carlo methods for option pricing Monte Carlo methods in finance Quasi-Monte Carlo methods in finance Least Square Monte Carlo for American options Trinomial tree Volatility Implied volatility Historical volatility Volatility smile (& Volatility surface) Stochastic volatility Constant elasticity of variance model Heston model SABR volatility model Local volatility Implied binomial tree Implied trinomial tree Edgeworth binomial tree Johnson binomial tree Swaps Swap valuation Asset swap § Computing the asset swap spread Credit default swap § Pricing and valuation Currency swap § Valuation and pricing Interest rate swap § Valuation and pricing Multi-curve framework Variance swap § Pricing and valuation Interest rate derivatives (bond options, swaptions, caps and floors, and others) Black model caps and floors swaptions Bond options Short-rate models (generally applied via lattice based- and specialized simulation-models, although "Black like" formulae exist in some cases.) Rendleman–Bartter model Vasicek model Ho–Lee model Hull–White model Cox–Ingersoll–Ross model Black–Karasinski model Black–Derman–Toy model Kalotay–Williams–Fabozzi model Longstaff–Schwartz model Chen model Forward rate / Forward curve -based models (Application as per short-rate models) LIBOR market model (also called: Brace–Gatarek–Musiela Model, BGM) Heath–Jarrow–Morton Model (HJM) Cheyette model Valuation adjustments Credit valuation adjustment XVA Yield curve modelling Multi-curve framework Bootstrapping (finance) Yield curve § Construction of the full yield curve from market data Fixed-income attribution § Modeling the yield curve Nelson-Siegel Principal component analysis § Quantitative finance Portfolio mathematics #Mathematical techniques below #Quantitative investing below Modern portfolio theory § Mathematical model Portfolio optimization § Optimization methods § Mathematical tools Merton's portfolio problem Kelly criterion Roy's safety-first criterion Specific applications: Black–Litterman model Universal portfolio algorithm Markowitz model Treynor–Black model Financial markets Main article: Financial markets Market and instruments Capital markets Securities Financial markets Primary market Initial public offering Aftermarket Free market Bull market Bear market Bear market rally Market maker Dow Jones Industrial Average Nasdaq List of stock exchanges List of stock market indices List of corporations by market capitalization Value Line Composite Index Equity market Main article: Equity market Stock market Stock Common stock Preferred stock Treasury stock Equity investment Index investing Private Equity Financial reports and statements Fundamental analysis Dividend Dividend yield Stock split Equity valuation Main article: Equity valuation See also: § Context Dow theory Elliott wave principle Economic value added Fibonacci retracement Gordon model Growth stock PEG ratio PVGO Mergers and acquisitions Leveraged buyout Takeover Corporate raid PE ratio Market capitalization Income per share Stock valuation Technical analysis Chart patterns V-trend Paper valuation Investment theory Main article: Investment theory Behavioral finance Dead cat bounce Efficient market hypothesis Market microstructure Stock market crash Stock market bubble January effect Mark Twain effect Quantitative behavioral finance Quantitative analysis (finance) Statistical arbitrage Bond market Main article: Bond market Bond (finance) Zero-coupon bond Junk bonds Convertible bond Accrual bond Municipal bond Sovereign bond Bond valuation Yield to maturity Bond duration Bond convexity Fixed income Money market Main article: Money market Repurchase agreement International Money Market Currency Exchange rate International currency codes Table of historical exchange rates Commodity market Main article: Commodity market Commodity Asset Commodity Futures Trading Commission Commodity trade Drawdowns Forfaiting Fundamental analysis Futures contract Fungibility Gold as an investment Hedging Jesse Lauriston Livermore List of traded commodities Ownership equity Position trader Risk (Futures) Seasonal traders Seasonal spread trading Slippage Speculation Spread trade Technical analysis Breakout Bear market Bottom (technical analysis) Bull market MACD Moving average Open Interest Parabolic SAR Point and figure charts Resistance RSI Stochastic oscillator Stop loss Support Top (technical analysis) Trade Trend Derivatives market Main article: Derivatives market Derivative (finance) (see also Financial mathematics topics; Derivatives pricing) Underlying instrument Forward markets and contracts Main article: Forward market Forward contract Futures markets and contracts Main article: Futures market Backwardation Contango Futures contract Financial future Currency future Interest rate future Single-stock futures Stock market index future Futures exchange Option markets and contracts Options Stock option Box spread Call option Put option Strike price Put–call parity The Greeks Black–Scholes formula Black model Binomial options model Implied volatility Option time value Moneyness At-the-money In-the-money Out-of-the-money Straddle Option style Vanilla option Exotic option Binary option European option Interest rate floor Interest rate cap Bermudan option American option Quanto option Asian option Employee stock option Warrants Foreign exchange option Interest rate options Bond options Real options Options on futures Swap markets and contracts Main article: Swap market Swap (finance) Interest rate swap Basis swap Asset swap Forex swap Stock swap Equity swap Currency swap Variance swap Derivative markets by underlyings Equity derivatives Main article: Equity derivative Contract for difference (CFD) Exchange-traded fund (ETF) Closed-end fund Inverse exchange-traded fund Equity options Equity swap Real estate investment trust (REIT) Warrants Covered warrant Interest rate derivatives Main article: Interest rate derivative LIBOR Forward rate agreement Interest rate swap Interest rate cap Exotic interest rate option Bond option Interest rate future Money market instruments Range accrual Swaps/Notes/Bonds In-arrears Swap Constant maturity swap (CMS) or Constant Treasury Swap (CTS) derivatives (swaps, caps, floors) Interest rate Swaption Bermudan swaptions Cross currency swaptions Power Reverse Dual Currency note (PRDC or Turbo) Target redemption note (TARN) CMS steepener Snowball Inverse floater Strips of Collateralized mortgage obligation Interest only (IO) Principal only (PO) Ratchet caps and floors Credit derivatives Main article: Credit derivative Credit default swap Collateralized debt obligation Credit default option Total return swap Securitization Strip financing Foreign exchange derivative Main article: Foreign exchange derivative Basis swap Currency future Currency swap Foreign exchange binary option Foreign exchange forward Foreign exchange option Forward exchange rate Foreign exchange swap Foreign exchange hedge Non-deliverable forward Power reverse dual-currency note Financial regulation Corporate governance Financial regulation Bank regulation Banking license License Designations and accreditation Further information: Professional certification in financial services; 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for the economic theory see § Asset pricing theory. Underlying theory Value (economics) Valuation (finance) and specifically § Valuation overview "The Theory of Investment Value" Financial economics § Corporate finance theory Valuation risk Real versus nominal value (economics) Real prices and ideal prices Fair value Fair value accounting Intrinsic value Market price Value in use Fairness opinion Asset pricing (see also #Asset pricing theory above) Equilibrium price market efficiency economic equilibrium rational expectations Arbitrage-free price Rational pricing § Arbitrage free pricing Rational pricing § Risk neutral valuation Context (Corporate) Bonds Bond valuation Bond (finance) § Bond valuation Corporate bond § Valuation Equity valuation #Equity valuation above Fundamental analysis Stock valuation Capital Markets Business valuation Equity (finance) § Valuation Intrinsic value (finance) § Equity Capital budgeting and Corporate finance § Investment and project valuation The Theory of Investment Value Real estate valuation Real estate appraisal Real estate economics Considerations Bonds covenants and indentures secured / unsecured debt senior / subordinated debt embedded options Equity Minimum acceptable rate of return Margin of safety (financial) Enterprise value Sum-of-the-parts analysis Conglomerate discount Minority discount Control premium Accretion/dilution analysis Certainty equivalent Haircut (finance) Paper valuation Discounted cash flow valuation Main article: Valuation using discounted cash flows Further information: Discounted cash flow and Time value of money Bond valuation Modeling Present value § PV of a bond Bond valuation § Present value approach Bond valuation § Arbitrage-free pricing approach embedded options: Pull to par Lattice model (finance) § Hybrid securities Results Clean price Dirty price Yield to maturity Coupon yield Current yield Duration Convexity embedded options: Option-adjusted spread effective duration effective convexity Cash flows Principal (finance) Coupon (bond) Fixed rate bond Floating rate note Zero-coupon bond Accrual bond sinking fund provisions Real estate valuation Intrinsic value (finance) § Real estate Income approach Net Operating Income Real estate appraisal § The income approach German income approach Equity valuation Results Net present value Adjusted present value Equivalent Annual Cost Payback period Discounted payback period Internal rate of return Modified Internal Rate of Return Return on investment Profitability index Specific models and approaches Dividend discount model Gordon growth model Market value added / Economic value added Residual income valuation First Chicago Method rNPV Fed model Sum of perpetuities method Benjamin Graham formula LBO valuation model Goldman Sachs asset management factor model Cash flows Cash flow forecasting EBIDTA NOPAT Free cash flow Free cash flow to firm Free cash flow to equity Dividends Valuation using discounted cash flows § Determine cash flow for each forecast period Relative valuation Main article: Relative valuation Bonds Bond valuation § Relative price approach Yield spread I-spread Option-adjusted spread Z-spread Asset swap spread Credit spread (bond) Bond credit rating Altman Z-score Ohlson O-score Book value Debt-to-equity ratio Debt-to-capital ratio Current ratio Quick ratio Debt ratio Real estate Capitalization rate Gross rent multiplier Sales comparison approach Real estate appraisal § The sales comparison approach Cash on cash return Equity Financial ratio Market-based valuation Valuation using multiples Comparable company analysis Dividend yield Yield gap Return on equity DuPont analysis PE ratio PEG ratio Cyclically adjusted price-to-earnings ratio PVGO P/B ratio Price to cash based earnings Price to Sales EV/EBITDA EV/Sales Stock image Valuation using the Market Penetration Model Graham number Tobin's q Contingent claim valuation Main article: Contingent claim valuation Valuation techniques general Valuation of options Option (finance) § Valuation #Derivatives pricing above as typically employed Real options valuation Rational pricing § The replicating portfolio Financial economics § Corporate finance theory Lattice model (finance) § Hybrid securities Monte Carlo methods in finance Applications Corporate investments and projects Real options Corporate finance § Valuing flexibility Contingent value rights Business valuation § Option pricing approaches structured finance investments (funding dependent) special purpose entities (funding dependent) Balance sheet assets and liabilities warrants and other convertible securities securities with embedded options such as callable bonds employee stock options Other approaches "Fundamentals"-based (relying on accounting information) T-model Residual income valuation Clean surplus accounting Net asset value method Excess earnings method Historical earnings valuation Future maintainable earnings valuation Graham number Financial modeling Further information: Financial modeling § Accounting Not to be confused with Financial modeling § Quantitative finance. Cash flow Cash flow forecasting Cash flow statement Operating cash flow EBIDTA Depreciation § Effect on cash NOPAT Free cash flow Free cash flow to firm Free cash flow to equity Dividends Cash is king Mid-year adjustment Owner earnings Required return (i.e. discount rate) Valuation using discounted cash flows § Determine discount factor / rate Cost of capital Weighted average cost of capital Cost of equity Cost of debt Capital asset pricing model Beta (finance) § Empirical estimation Hamada's equation Pure play method Arbitrage pricing theory Business valuation § Build-up method Total Beta T-model cash-flow T-model Terminal value Valuation using discounted cash flows § Determine the continuing value Forecast period (finance) long term growth rate Sustainable growth rate § From a financial perspective Stock valuation § Growth rate Forecasted financial statements Financial forecast Financial modeling § Accounting Pro forma § Financial statements Revenue Revenue model Revenue § Financial statement analysis Revenue management § Forecasting Net sales Costs Profit margin Gross margin Net margin Cost of goods sold Operating expenses Operating ratio Cost driver Fixed cost Variable cost Overhead cost Value chain activity based costing common-size analysis Profit model Capital Capital structure common-size analysis Equity (finance) Shareholders' equity Book value Retained earnings Financial capital Long term asset / Fixed asset Fixed-asset turnover Long-term liabilities Debt-to-equity ratio Debt-to-capital ratio Working capital Current asset Current liability Inventory turnover / Days in inventory Cost of goods sold Debtor & Creditor days Days sales outstanding Days payable outstanding Portfolio theory General concepts Portfolio (finance) Portfolio manager Investment management Active management Passive management (Buy and hold) Index fund Core & Satellite Smart beta Expense ratio Investment style Value investing Contrarian investing Growth investing CAN SLIM Index investing Magic formula investing Momentum investing Quality investing Style investing Factor investing Investment strategy Benchmark-driven investment strategy Liability-driven investment strategy Financial risk management § Investment management Investor profile Rate of return on a portfolio / Investment performance Risk return ratio Risk–return spectrum Risk factor (finance) Portfolio optimization Diversification (finance) Asset classes Exter's Pyramid Asset allocation Tactical asset allocation Global tactical asset allocation Cyclical tactical asset allocation Strategic asset allocation Dynamic asset allocation Sector rotation Correlation & covariance Covariance matrix Correlation matrix Risk-free interest rate Leverage (finance) Utility function Intertemporal portfolio choice Portfolio insurance Constant proportion portfolio insurance Mathematical finance § Risk and portfolio management: the P world Quantitative investment / Quantitative fund (see below) Uncompensated risk Modern portfolio theory Main article: Modern portfolio theory Further information: Financial economics § Uncertainty Portfolio optimization Risk return ratio Risk–return spectrum Economic efficiency Efficient-market hypothesis Random walk hypothesis Utility maximization problem Markowitz model Merton's portfolio problem Kelly criterion Roy's safety-first criterion Theory and results (derivation of the CAPM) Equilibrium price Market price Systematic risk Risk factor (finance) Idiosyncratic risk / Specific risk Mean-variance analysis (Two-moment decision model) Efficient frontier (Mean variance efficiency) Feasible set Mutual fund separation theorem Separation property (finance) Tangent portfolio Market portfolio Beta (finance) Fama–MacBeth regression Hamada's equation Capital structure substitution theory § Beta Capital allocation line Capital market line Security characteristic line Capital asset pricing model Single-index model Security market line Roll's critique Related measures Alpha (finance) Sharpe ratio Treynor ratio Jensen's alpha Optimization models Markowitz model Treynor–Black model Equilibrium pricing models (CAPM and extensions) Capital asset pricing model (CAPM) Consumption-based capital asset pricing model (CCAPM) Intertemporal CAPM (ICAPM) Single-index model Multiple factor models (see Risk factor (finance)) Fama–French three-factor model Carhart four-factor model Arbitrage pricing theory (APT) Post-modern portfolio theory Main article: Post-modern portfolio theory Further information: Financial economics § Portfolio theory Approaches Behavioral portfolio theory Stochastic portfolio theory Chance-constrained portfolio selection Maslowian portfolio theory Dedicated portfolio theory (fixed income specific) Risk parity Tail risk parity Optimization considerations Pareto efficiency Bayesian efficiency Multiple-criteria decision analysis Multi-objective optimization Stochastic dominance Second-order Stochastic dominance Marginal conditional stochastic dominance Downside risk Volatility skewness Semivariance Expected shortfall (ES; also called conditional value at risk (CVaR), average value at risk (AVaR), expected tail loss (ETL)) Tail value at risk Statistical dispersion Discounted maximum loss Indifference price Measures Dual-beta Downside beta Upside beta Upside potential ratio Upside risk Downside risk Sortino ratio Omega ratio Bias ratio Information ratio Active return Active risk Deviation risk measure Distortion risk measure Spectral risk measure Optimization models Black–Litterman model Universal portfolio algorithm Resampled efficient frontier Performance measurement See also: List of financial performance measures Alpha (finance) Beta (finance) Performance attribution Market timing Stock selection Fixed-income attribution Benchmark Lipper average Returns-based style analysis Rate of return on a portfolio Holding period return Tracking error Attribution analysis Style drift Returns-based style analysis Simple Dietz method Modified Dietz method Modigliani risk-adjusted performance Upside potential ratio Maximum Downside Exposure Maximum drawdown Sterling ratio Sharpe ratio Treynor ratio Jensen's alpha Bias ratio V2 ratio Calmar ratio (hedge fund specific) Mathematical techniques Modern portfolio theory § Mathematical model Quadratic programming Critical line method Nonlinear programming Mixed integer programming Stochastic programming (§ Multistage portfolio optimization) Copula (probability theory) (§ Quantitative finance) Principal component analysis (§ Quantitative finance) Deterministic global optimization Extended Mathematical Programming (§ EMP for stochastic programming) Genetic algorithm (List of genetic algorithm applications § Finance and Economics) Artificial intelligence: Applications of artificial intelligence § Trading and investment Machine learning (§ Applications) Artificial neural network (§ Finance) Quantitative investing Main article: Quantitative investing Quantitative investing Quantitative fund Quantitative analysis (finance) § Quantitative investment management Quantitative analysis (finance) § Algorithmic trading quantitative analyst Applications of artificial intelligence § Trading and investment Trading: Automated trading High-frequency trading Algorithmic trading Program trading Systematic trading Technical analysis § Systematic trading Trading strategy Mirror trading Copy trading Social trading VWAP TWAP Electronic trading platform Statistical arbitrage Portfolio optimization: Portfolio optimization § Optimization methods Portfolio optimization § Mathematical tools Black–Litterman model Universal portfolio algorithm Markowitz model Treynor–Black model other models Factor investing low-volatility investing value investing momentum investing Alpha generation platform Kelly criterion Roy's safety-first criterion Risks: Best execution Implementation shortfall Trading curb Market impact Market depth Slippage (finance) Transaction costs Discussion: Automated trading system § Market disruption and manipulation High-frequency trading § Risks and controversy Algorithmic trading § Issues and developments Positive feedback § Systemic risk 2010 flash crash Black Monday (1987) § Causes Statistical arbitrage § StatArb and systemic risk: events of summer 2007 Leading companies (see Quantitative fund § List of notable quantitative funds): Prediction Company Renaissance Technologies D. E. Shaw & Co AQR Capital Barclays Investment Bank Cantab Capital Partners Robeco Jane Street Capital Financial software tools Straight Through Processing Software Technical Analysis Software Algorithmic trading Electronic trading platform List of numerical-analysis software Comparison of numerical-analysis software Financial modeling applications Main article: Financial modeling Corporate Finance Business valuation / stock valuation - especially via discounted cash flow, but including other valuation approaches Scenario planning and management decision making ("what is"; "what if"; "what has to be done"[1]) Capital budgeting, including cost of capital (i.e. WACC) calculations Financial statement analysis / ratio analysis (including of operating- and finance leases, and R&D) Revenue related: forecasting, analysis Project finance modeling Cash flow forecasting Credit decisioning: Credit analysis, Consumer credit risk; impairment- and provision-modeling Working capital- and treasury management; asset and liability management Management accounting: Activity-based costing, Profitability analysis, Cost analysis, Whole-life cost Quantitative finance Option pricing and calculation of their "Greeks" Other derivatives, especially interest rate derivatives, credit derivatives and exotic derivatives Modeling the term structure of interest rates (bootstrapping / multi-curves, short-rate models, HJM framework) and credit spreads Credit valuation adjustment, CVA, as well as the various XVA Credit risk, counterparty credit risk, and regulatory capital: EAD, PD, LGD, PFE Structured product design and manufacture Portfolio optimization[2] and Quantitative investing more generally; see further re optimization methods employed. Financial risk modeling: value at risk (parametric- and / or historical, CVaR, EVT), stress testing, "sensitivities" analysis Financial institutions Financial institutions Bank List of banks List of banks in the Arab World List of banks in Africa List of banks in the Americas List of banks in Asia List of banks in Europe List of banks in Oceania List of international banking institutions Advising bank Central bank List of central banks Commercial bank Community development bank Cooperative bank Custodian bank Depository bank Ethical bank Investment bank Islamic banking Merchant bank Microcredit Mutual savings bank Offshore bank Private bank Savings bank Swiss bank Bank holding company Building society Broker Broker-dealer Brokerage firm Commodity broker Insurance broker Prime brokerage Retail broker Stockbroker Clearing house Commercial lender Community development financial institution Credit rating agency Credit union Diversified financial Edge Act Corporation Export Credit Agencies Financial adviser Financial intermediary Financial planner Futures exchange List of futures exchanges Government sponsored enterprise Hard money lender Independent financial adviser Industrial loan company Insurance company Investment adviser Investment company Investment trust Large and Complex Financial Institutions Mutual fund Non-banking financial company Savings and loan association Stock exchange List of stock exchanges Trust company Education For the typical finance career path and corresponding education requirements see: Financial analyst generally, and esp. § Qualification, discussing various investment, banking, and corporate roles (i.e. financial management, corporate finance, investment banking, securities analysis & valuation, portfolio & investment management, credit analysis, working capital & treasury management; see Financial modeling § Accounting) Quantitative analyst, Quantitative analysis (finance) § Education and Financial engineering § Education, specifically re roles in quantitative finance (i.e. derivative pricing & hedging, interest rate modeling, financial risk management, financial engineering, computational finance; also, the mathematically intensive variant on the banking roles; see Financial modeling § Quantitative finance) Business education lists undergraduate degrees in business, commerce, accounting and economics; "finance" may be taken as a major in most of these, whereas "quantitative finance" is almost invariably postgraduate, following a math-focused Bachelors; the most common degrees for (entry level) investment, banking, and corporate roles are: Bachelor of Business Administration (BBA) Bachelor of Commerce (BCom) Bachelor of Accountancy (B.Acc) Bachelor of Economics (B.Econ) Bachelor of Finance - the undergraduate version of the MSF below The tagged BS / BA "in Finance", or less common, "in Investment Management" or "in Personal Finance" At the postgraduate level, the MBA, MCom and MSM (and recently the Master of Applied Economics) similarly offer training in finance generally; at this level there are also the following specifically focused master's degrees, with MSF the broadest - see Master of Finance § Comparison with other qualifications for their focus and inter-relation: Master of Applied Finance (M.App.Fin) Master of Commerce in Finance (MCom) Master of Computational Finance Master's in Corporate Finance Master of Finance (M.Fin, MIF) Master's in Financial Analysis Master of Financial Economics Master of Financial Engineering (MFE) Master of Financial Planning Master's in Financial Management Master of Financial Mathematics Master's in Financial Risk Management Master's in Investment Management Master of Mathematical Finance Master of Quantitative Finance (MQF) Master of Science in Finance (MSF, MSc Finance) MS in Fintech Doctoral-training in finance is usually a requirement for academia, but not relevant to industry quants often enter the profession with PhDs in disciplines such as physics, mathematics, engineering, and computer science, and learn finance "on the job” as an academic field, finance theory is studied and developed within the disciplines of management, (financial) economics, accountancy, and applied / financial mathematics. For specialized roles, there are various Professional Certifications in financial services (see #Designations and accreditation above); the best recognized are arguably: Association of Corporate Treasurers (MCT / FCT) Certificate in Quantitative Finance (CQF) Certified Financial Planner (CFP) Certified International Investment Analyst (CIIA) Certified Treasury Professional (CTP) Chartered Alternative Investment Analyst (CAIA) Chartered Financial Analyst (CFA) Chartered Wealth Manager (CWM) CISI Diploma in Capital Markets (MCSI) Financial Risk Manager (FRM) Professional Risk Manager (PRM) Various organizations offer executive education, CPD, or other focused training programs, including: Amsterdam Institute of Finance Canadian Securities Institute Chartered Institute for Securities & Investment GARP Global Risk Institute ICMA Centre The London Institute of Banking & Finance New York Institute of Finance PRMIA South African Institute of Financial Markets Swiss Finance Institute See also qualifications in related fields: Accounting § Education, training and qualifications Actuarial credentialing and exams Business education Credit analyst § Education Economics education Management § Training and education Chief financial officer § Qualifications See also Capitalism Financial law Related lists Index of accounting articles Outline of business management Outline of marketing Outline of economics Outline of production Index of international trade articles Outline of commercial law List of business theorists Outline of actuarial science A - C D - K L - Q R - Z Ratchet Rating Recapitalization / Recap Representations & Warranties Return on Assets (ROA) Return on investment (ROI) Reverse Flex Revolving Risk-free Rate Road Show Rollover Round Secondary Buy-out (SBO) Security Seed Capital SPA SPE Special Purpose Vehicle (SPV) Spin-off Squeeze-out Subordinated Debt Subordination Super Majority Sweat Equity Syndicate Syndication Tag-along Target Tax Gross-Up Teaser Term-sheet Thin Capitalisation Tombstone Tranches Underwriter Underwriting Fee Up-front Fee Vesting Vintage Year Weighted Average Cost of Capital (WACC) Working Capital Board Observer: Miembro de una Junta directiva que no tiene Voto. Directores y miembros de la Junta: Inversionistas y demás propietarios - Nivel de los C´s - Country Manager - Gerentes Regionales- Gerentes de producto - área - proyect Manager - product Owner - Seniors - Juniors- associattes - consejeros - prestadores de servicios - Trabajadores de otros niveles. ////////////////////////////////////////////////////////////////////// El "bear hug"! El bear hug (abrazo de oso) es una táctica negociadora agresiva utilizada para presionar a la otra parte para que acepte una oferta o acuerdo. Se llama así porque es como un abrazo fuerte de un oso, que no te permite escapar. Características del bear hug: 1. Oferta inicial muy baja o muy alta. 2. Presión para aceptar rápidamente. 3. Amenazas de abandonar la negociación si no se acepta. 4. Uso de poder o influencia para intimidar. Objetivo del bear hug: 1. Obtener una ventaja significativa en la negociación. 2. Desestabilizar a la otra parte. 3. Forzar a la otra parte a ceder. Consejos para enfrentar un bear hug: 1. Mantén la calma y no te dejes intimidar. 2. No te apresures a aceptar o rechazar. 3. Pide tiempo para considerar la oferta. 4. Busca apoyo de un abogado o asesor. 5. Establece límites claros y no te desvíes. Recuerda que el bear hug puede ser una táctica efectiva, pero también puede dañar la relación a largo plazo. ¿Estás enfrentando un bear hug en una negociación? ¿Necesitas consejos para manejar la situación? ////////////////////////////////////////////////////////////////////////////////////////////////////////// Finanzas Corporativas 1. Merger (Fusión): Combinación de dos o más empresas. 2. Acquisition (Adquisición): Compra de una empresa. 3. IPO (Oferta Pública Inicial): Primera venta pública de acciones. 4. Dividend (Dividendo): Pago periódico a accionistas. 5. ROI (Retorno sobre la Inversión): Beneficio obtenido en relación con la inversión. 6. Earnings Per Share (EPS): Beneficio neto por acción. 7. Book Value (Valor Contable): Valor de los activos menos pasivos. 8. Market Capitalization (Capitalización de Mercado): Valor total de las acciones en circulación. 9. Corporate Governance (Gobernanza Corporativa): Conjunto de prácticas para dirigir la empresa. 10. Spin-Off (Separación): Creación de una nueva empresa a partir de una división. Finanzas de Mercado 1. Bull Market (Mercado Alcista): Tendencia ascendente. 2. Bear Market (Mercado Bajista): Tendencia descendente. 3. Leverage (Aprovechamiento): Uso de deuda para aumentar la inversión. 4. Hedge (Cobertura): Inversión para reducir el riesgo. 5. Short Selling (Venta en Corto): Venta de acciones no poseídas. 6. Call Option (Opción de Compra): Derecho a comprar acciones. 7. Put Option (Opción de Venta): Derecho a vender acciones. 8. Futures Contract (Contrato a Plazo): Acuerdo para comprar/vender activos. Cuentas y Estados Financieros 1. Balance Sheet (Estado de Situación Financiera): Resumen de activos, pasivos y patrimonio. 2. Income Statement (Estado de Resultados): Resumen de ingresos y gastos. 3. Cash Flow (Flujo de Efectivo): Movimiento de dinero entrante y saliente. 4. Asset (Activo): Bien o derecho con valor económico. 5. Liability (Pasivo): Deuda o obligación financiera. 6. Equity (Patrimonio): Derechos de los propietarios. Análisis Financiero 1. Ratio (Relación): Medida de relación entre variables financieras. 2. Return on Equity (ROE): Beneficio neto sobre patrimonio. 3. Debt-to-Equity Ratio (Relación Deuda/Patrimonio): Nivel de deuda respecto al patrimonio. 4. Current Ratio (Relación Corriente): Activos corrientes sobre pasivos corrientes. 5. Break-Even Analysis (Análisis de Punto de Equilibrio): Punto en que ingresos igualan gastos. 6. Discounted Cash Flow (DCF): Valor presente de flujos de efectivo futuros. Otros 1. Due Diligence (Debida Diligencia): Investigación exhaustiva. 2. M&A (Fusión y Adquisición): Proceso de combinación de empresas. 3. EBITDA (Ganancias Antes de Intereses, Impuestos, Depreciación y Amortización): Beneficio operativo. 4. Free Cash Flow (Flujo de Efectivo Libre): Flujo de efectivo disponible. 5. Risk Management (Gestión de Riesgos): Estrategias para mitigar riesgos. Finanzas Internacionales 1. Foreign Exchange (FX): Cambio de divisas. 2. Exchange Rate (Tipo de Cambio): Precio de una divisa respecto a otra. 3. International Monetary Fund (IMF): Organismo que promueve la estabilidad financiera global. Finanzas Electrónicas 1. Online Banking (Bancología en Línea): Servicios bancarios electrónicos. 2. Mobile Payment (Pago Móvil): Pagos a través de dispositivos móviles. 3. Digital Wallet (Cartera Digital): Almacenamiento electrónico de tarjetas y dinero. Espero que esta lista ampliada te sea útil. ¿Necesitas más términos o explic ////////////////////////////////////////////////////////////////////////////////////// Margin call! Un margin call es una solicitud de un broker o una institución financiera para que un inversor deposité más dinero o seguridad en una cuenta para cubrir una posición que está perdiendo valor. Esto ocurre cuando el valor de la inversión cae por debajo de un umbral establecido, conocido como el "límite de margen". Cómo funciona un margin call: 1. Un inversor compra una acción o contrato con financiamiento marginal (préstamo). 2. El broker establece un límite de margen (porcentaje del valor de la inversión). 3. Si el valor de la inversión cae por debajo del límite de margen, se emite un margin call. 4. El inversor debe depositar más dinero o seguridad para cubrir la posición. 5. Si no se cubre la posición, el broker puede vender los activos para recuperar el préstamo. Ejemplo: Un inversor compra 100 acciones de una empresa a $100 cada una, con un 50% de financiamiento marginal. El límite de margen es del 30%. Si el precio de la acción cae a $70, el valor de la inversión es de $7,000. El inversor ha perdido $3,000 (30% del valor inicial). El broker emite un margin call, solicitando que el inversor deposité $2,100 (30% del valor actual) para cubrir la posición. Consecuencias de un margin call: 1. Pérdida de capital. 2. Costos adicionales por intereses y comisiones. 3. Riesgo de liquidación de activos. Prevención: 1. Establecer límites de pérdida. 2. Utilizar stop-loss. 3. Mantener un nivel de liquidez adecuado. 4. No sobrecargar la cuenta con financiamiento marginal. ¿Tienes alguna pregunta sobre margin calls o gestión de riesgos? ////////////////////////////////////////////////////////////////////////////////////////////////////////////////// - 1. BlackRock: Con más de $8 billones en activos bajo gestión, BlackRock mantiene su posición como el mayor fondo de capital del mundo desde 2009 ¹. - 2. The Vanguard Group: Con activos bajo gestión que superan los $4 billones ². - 3. Fidelity Investments: Uno de los mayores fondos de capital del mundo ². - 4. State Street Global Advisors: Con activos bajo gestión que superan los $3,5 billones ². - 5. Government Pension Fund of Norway (GPFN): El fondo soberano de Noruega, con más de $1,3 billones en activos bajo gestión ³. - 6. Capital Group: Con más de $1,7 billones en activos bajo gestión ⁴. - 7. JPMorgan: Con activos bajo gestión que superan los $96.797 millones ⁵. - 8. Franklin Templeton: Con un total de $850.000 millones de activos bajo gestión ⁴. - 9. Goldman Sachs Asset & Wealth Management: - 10. Prudential Financial - 11. T. Rowe Price - 12. UBS Asset Management - 13. Morgan Stanley Investment Management - 14. Allianz Global Investors - 15. Amundi - 16. AXA Investment Managers - 17. BNY Mellon Investment Management - 18. Charles Schwab Investment Management - 19. Deutsche Asset & Wealth Management - 20. Northern Trust Asset Management Es importante tener en cuenta que los activos bajo gestión pueden variar con el tiempo y que esta lista puede no reflejar la situación actual. Para obtener información más actualizada, te recomiendo consultar fuentes como Rankia y Finect ⁶ ¹. A ratchet is a term often used in venture capital, private equity, and mergers and acquisitions to describe a mechanism that adjusts the equity or ownership distribution in certain circumstances, particularly when a company does not meet its expected valuation targets. Types of Ratchets: Full Ratchet: This type of ratchet ensures that an investor's share price is adjusted downwards if the company raises future rounds of funding at a lower valuation than the original round. For instance, if an investor initially bought shares at $10 per share, but a new round of funding occurs at $5 per share, the investor’s price will be adjusted to $5 per share, increasing their ownership percentage. Weighted Average Ratchet: Instead of a full reset, a weighted average ratchet adjusts the price based on the proportionate difference between the original price and the new round's price. This is considered more favorable to founders than a full ratchet, as it takes into account the amount of new capital raised and not just the price change. Down Round Ratchet: This applies when a company undergoes a "down round" — a financing round at a valuation lower than previous rounds. The ratchet ensures that investors' shares are adjusted to preserve their stake relative to the lower valuation. Why It Matters: Ratchets are important because they protect investors, especially in situations where a company’s valuation does not meet the expectations set in earlier funding rounds. They serve as a way for investors to mitigate the risk of dilution, ensuring they maintain a fair percentage of ownership in the event of a down round or other unfavorable financial events. In practice, ratchets can be a controversial tool, as they can lead to significant dilution for founders, making it harder to retain control of the company. However, they are used to attract investors, especially in uncertain or high-risk ventures. //////////////////////////////////////////////////////////////////////////// Liquidation preference is a term commonly used in venture capital and private equity to describe the order and priority in which investors are paid out during a liquidation event, such as the sale or winding down of a company. This preference outlines which stakeholders get paid first and how much they receive before other shareholders, particularly in the case of common stockholders. In the context of preferred stock, investors typically receive their money back (and sometimes more) before common stockholders when a liquidation event occurs. For example, if an investor has a 1x liquidation preference, they are entitled to receive the amount they originally invested before other stakeholders receive any proceeds. Key points to understand about liquidation preference: Senior vs. Junior: The "preference" can vary depending on the terms agreed upon in the investment. Investors with senior preference will get paid before those with junior preference. Participating vs. Non-Participating: Participating preferred stock means that after the initial payout of the investment, the investor may also participate in the remaining distribution alongside common stockholders. Non-participating preferred stock means that the investor receives only the liquidation preference amount and does not participate in additional payouts once their amount is paid. Multiples: The preference can also be a multiple of the original investment. For example, if an investor holds a 2x liquidation preference, they would be entitled to twice their initial investment amount before any common stockholders receive a payout. This concept ensures that investors are protected, especially in situations where the company is not sold for a high price or does not have sufficient funds to cover all its liabilities /////////////////////////////////////////////////////////////////////////////////////////////////// CAPEX (Capital Expenditures): Definición: Son los gastos de capital o inversiones en activos físicos a largo plazo que generan beneficios durante varios años. Esto incluye adquisiciones, mejoras o desarrollos que aumentan la capacidad o la eficiencia de una organización. Ejemplos: Comprar maquinaria, equipos o vehículos. Construir o renovar edificios. Adquirir software o licencias permanentes. Impacto contable: Se registra como un activo y se deprecia o amortiza a lo largo del tiempo. Objetivo: Impulsar el crecimiento y mejorar la infraestructura. OPEX (Operational Expenditures): Definición: Son los gastos operativos o costos recurrentes necesarios para el funcionamiento diario de una empresa. Estos gastos no generan beneficios a largo plazo, sino que permiten mantener las operaciones en marcha. Ejemplos: Pago de salarios. Costos de energía y servicios públicos. Mantenimiento de equipos. Suscripciones a software como servicio (SaaS). Impacto contable: Se registra como un gasto en el periodo en el que se incurre. Objetivo: Cubrir las necesidades operativas de corto plazo. Diferencias clave: Aspecto CAPEX OPEX Naturaleza Inversiones a largo plazo Gastos recurrentes Impacto contable Se amortiza/deprecia Se gasta en el periodo actual Ejemplo Compra de una máquina Electricidad para operar la máquina Ambos son fundamentales para el balance financiero y estratégico de una empresa. Si necesitas ejemplos específicos relacionados con tu negocio, puedo ayudarte a contextualizarlos. 😊 ////////////////////////////////////////////////////////////////////////////////////////// Market maker Article Talk Read Edit View history Tools Appearance hide Text Small Standard Large Width Standard Wide Color (beta) Automatic Light Dark From Wikipedia, the free encyclopedia Part of a series on Financial markets Looking up at a computerized stocks-value board at the Philippine Stock Exchange Public market Exchange · Securities Bond market Bond valuationCorporate bondFixed incomeGovernment bondHigh-yield debtMunicipal bond Securitization Stock market Common stockGrowth stockPreferred stockRegistered shareShareholderStockStockbrokerStock certificateStock exchangeWatered stock Other markets Derivatives (Credit derivativeFutures exchangeHybrid security) Foreign exchange (CurrencyExchange rate) CommodityETFMoneyMutual fundOptionReal estateReinsuranceStructured productSwap (finance) Over-the-counter (off-exchange) ForwardsOptions Spot marketSwaps Trading ParticipantsRegulationClearing Related areas Alternative investmentAngel investorAsset (economics)Asset pricingBanks and bankingBullClimate financeDiversification (finance)Eco-investingEnvironmental financeESGFinancial analysisanalystassetbettingcorporatecrimeforecastpersonalpublicservicesFintechGreenwashingGrowth investingImpact investingInvestment managementMarket riskMarket trendSpeculative attackSustainable development goalsSustainable finance vte A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the difference, which is called the bid–ask spread or turn.[1] This stabilizes the market, reducing price variation (volatility) by setting a trading price range for the asset. ///////////////////////////////////////////////////////////////////////// Bid–ask spread Article Talk Read Edit View history Tools Appearance hide Text Small Standard Large Width Standard Wide Color (beta) Automatic Light Dark From Wikipedia, the free encyclopedia Order book depth chart on a currency exchange. The x-axis is the unit price, the y-axis is cumulative order depth. Bids (buyers) on the left, asks (sellers) on the right, with a bid–ask spread in the middle. The bid–ask spread (also bid–offer or bid/ask and buy/sell in the case of a market maker) is the difference between the prices quoted (either by a single market maker or in a limit order book) for an immediate sale (ask) and an immediate purchase (bid) for stocks, futures contracts, options, or currency pairs in some auction scenario. The size of the bid–ask spread in a security is one measure of the liquidity of the market and of the size of the transaction cost.[1] If the spread is 0 then it is a frictionless asset. /////////////////////////////////////////////////////////////////////////////