Financy Glossary
The online dictionary of financial terms



Abandoned Option

When an option is allowed to lapse at expiry instead of being sold or exercised, it becomes and abandoned option.

Synonym: Lapsed Option


Absolute Return

Absolute return is the return that an asset achieves over a certain period of time. It differs from relative return, since it isn’t measured against any benchmark or against the return of any other asset.


Accounting Reference Date

The accounting reference date marks the end of the annual accounting period.

Synonym: Balance sheet date.


Accumulated Dividend

An accumulated dividend is a dividend that has not yet been paid out to the holders of cumulative preference shares. On the company books, the amount will be carried forward as a liability until it is paid out.



Aktiengesellschaft is the German term for a joint-stock company. The legal basis for an Aktiengesellschaft in Germany is the German Aktiengesetz.

Aktien means shares and Gesellschaft in this context means corporation. Aktiengesellschaft is abbreviated AG.


All Or None Order

An order that mustn’t be partially filled. If it isn’t possible to fill the whole order in one transaction, no transaction is allowed to take place.


All Paper Deal

An all paper deal is an acquisition where a listed company acquires another company (listed or private) and the shareholders of the target company only receives shares in the acquiring company as payment for their shares in the target company.

The opposite of the All Paper Deal is the All Cash Deal, where the shareholder of the target company receives cash as payment for their shares. A compromise alternative is the Cash And Paper Deal, where target company shareholders receive some cash and some shares in the acquiring company as payment for their shares in the target company.

In some parts of the world, doing an All Paper Deal instead of a deal that involves cash can be beneficial from a tax point of view. In the United States, swapping shares in an All Paper Deal will not trigger immediate capital gains tax liabilities.


Ask price

In the context of stock trading on exchanges, the ask price is the lowest price at which a potential seller is willing to sell a specified number of shares in a certain company.

Synonym: Offer price


Asset-backed bond

An asset-backed bond is a bond secured by loans or by money owed to a company

for merchandise or services purchased on credit.

One common example of a situation where an asset-backed bond is created is when a securities firm bundles credit card debt and sells the bundle to an investor.


Authorized Share Capital

The total number of shares a company is authorized to issue. In most jurisdictions, this limit is outlined in the company’s memorandum, the company’s articles of association, the company’s articles of incorporation, or similar.

The amount of actually issued share capital is not allowed to exceed the authorized share capital.

Synonym: Authorized Stock (U.S.)