Secured Loans
The expected return or anticipated return of an asset or portfolio.
Except for opinion
An auditors opinion reflecting the fact that the auditor was unable to audit certain
areas of the company's operations because of restrictions imposed by
management or other conditions beyond the auditors control.
Excess Kurtosis
Kurtosis measures the fatness of the tails of the distribution. Excess kurtosis
means that distribution has fatter tails than normal distribution.
Excess reserves
Any excess of actual reserves above required reserves.
Excess return on the market portfolio
The difference between the return on the market portfolio and the riskless rate.
Excess returns
The difference between asset return and riskless rate. Sometimes confused with
abnormal returns, returns in excess of those required by some asset pricing
model.
Exchange
The marketplace in which shares, options and futures on stocks, bonds,
commodities and indices are traded. Principal US stock exchanges are: New
York Stock Exchange (N.Y.S.E.), American Stock Exchange (A.M.E.X.) and the
National Association of Securities Dealers Automatic Quotation System
(N.A.S.D.A.Q.).
Exchange, The
A nickname for the New York Stock Exchange. Also known as the Big Board.
More than 2,000 common and preferred stocks are traded. The exchange is the
oldest in the United States, founded in 1792, and the largest. It is located on Wall
Street in New York City.
Exchangeable
Mainly applies to convertible securities. Right of an issuer, if so stated, to
exchange a convertible debenture for an existing convertible preferred with
