CAC 40
French Stock Exchange.
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Call Option
Right to buy shares of a particular stock or stock index at a predetermined price before a preset data, in exchange for a premium.

Call premium

A dollar amount, usually stated as a percent of the principal amount called, paid by the issuer as a "penalty" for the exercise of a call provision.

Callable bonds
Bonds which are redeemable by the issuer prior to the maturity date at a specified price at or above par.

Cap

The top interest rate that can be paid on a floating-rate security.

CAPEX
(capital expenditures)
the funds utilised by a company to purchase durable assets, for example machinery. These are mainly capital account investments that should enable the company to expand or improve its production capacity.
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Capital Asset
Long-term asset that is not bought or sold in the normal course of business.

Capital Gain

Difference between an asset's purchase price and selling price, when the difference is positive.

Capital Markets

Markets where capital funds - debt and equity - are traded.

Capital Stock

Stock authorized by a company's charter. The number and value of issued shares are normally shown, together with the number of shares authorized, in the capital accounts section of the balance sheet.

Capitalization Rate
Rate of interest used to convert a series of future payments into a single present value.


Carrier
Company that makes available the physical telecommunication network.


Carrying capacity
The maximum population that any give habitat can sustain. It may be correlated to the ecological sustainability of a human population living in an isolated region; the Earth’s carrying capacity is its capacity to feed and sustain the population and all other life forms (vegetable and animal) that man and nature need in order to survive. The term is broadly used to indicate sustainability limits in the man/environment relationship of the Earth (or of a specific territory).


CASH COST
purchases of goods and services and industrial investments.

Cash Cow

A business that generates a continuing flow of cash. Such a business usually has well-established brand names whose familiarity stimulates repeated buying of the products. Stocks that are cash cows have dependable dividends.

Cash Dividend

Cash payment to a corporation's shareholders, distributed from current earnings or accumulated profits.

Cash Equivalents

Instruments or investments of such high liquidity and safety that they are virtually as good as cash. Examples are Money Market Funds and Treasury Bills.


Cause related marketing
CRM is a partnership between a company and a nonprofit organization for implementing a social project, while simultaneously pursuing the company’s business goals and the organization’s social purposes.


CDP (Carbon Disclosure Project)
An international initiative that encourages companies to focus on risk management and on the opportunities that arise from climate change.
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Civil economy
It is rooted in classical thought, and specifically in Italian civil humanism. It is synonymous neither with social economy nor with private economy. Its central idea is that of living the experience of human sociality, mutuality and brotherhood in the context of a normal economic existence. It states that there is a place for principles other than profit and instrumental exchange in economic activities, thus enabling the two most currently widespread conceptions of the relationship between the economic sphere (that we may broadly refer to as the market) and the social sphere (or the sphere of solidarity) to be overcome. This conception does away with the vision in which the economic sphere (the markets) is an ethically neutral place based solely on the exchange of equivalent goods – because it is the economic context itself that, based on the presence or absence of these other principles, becomes civil or uncivil, and with the no longer sustainable vision (which is still very widespread in many parts of the Third Sector) in which giving and mutuality belong solely to the sphere of civil life.

CLG (Corporate Leaders Group) – EU CLG
A group of European leaders, coordinated by Cambridge University.

Closed-End Fund
Type of fund that has a fixed number of shares usually listed on a major stock exchange. Unlike open-end funds, closed-end funds do not stand ready to issue or redeem shares on a continuous basis.

Closed-end investment company

An investment company created with a fixed number of shares which are then traded as listed securities on a stock exchange. After the initial offering, existing shares can only be bought from existing shareholders.

Cogeneration
Cogeneration is the combined production of electrical (or mechanical) energy and usable heat using the same primary source. Cogeneration, using the same fuel for two different purposes, aims to use primary energy more efficiently, resulting in associated cost reductions especially in productive processes that entail a simultaneous use of electricity and heat.

Collar
Upper and lower limits (cap and floor, respectively) on the interest rate of a floating-rate security.

Common Stock

Units of ownership of a public corporation. Owners typically are entitled to vote on the selection of directors and other important matters as well as to receive dividends on their holdings.

Consolidated Financial Statement

Financial statement that brings together all assets, liabilities, and operating accounts of a parent company and its subsidiaries.


Consolidated report
A document that illustrates a company’s financial situation and assets, the economic results and the variations in the net assets of a group of companies considered as a single economic entity. It derives from the aggregation of the balances of the companies belonging to a group, excluding the value of intra-group operations.

Controlling Interest
Ownership of more than 50% of a corporation's voting shares. A much smaller interest, owned individually or by a group in combination, can be controlling if the other shares are widely dispersed and not actively voted.

Convertibles
Corporate securities (usually preferred shares or bonds) that are exchangeable for a set number of another form (usually common shares) at a prestated price.


Corporate citizenship
Corporate citizenship is the management of all the relationships that exist between a company and the local, national and international context in which it operates. It implies the company’s commitment to integrating the market’s needs and socially responsible needs into its strategy.

Corporate giving (direct giving)
Donations and grants made by the company in favor of socially and/or environmentally useful organizations and initiatives. In this case, the company’s  contribution to organizations and to correlated projects is exclusively monetary.

Corporate governance
It is the company’s form of government, comprising the set of relationships between executives, shareholders and other parties involved. The concept also includes the structure through which the company’s goals and the instruments for achieving them are identified and performance is monitored (OECD Code - 1999). Broadened Governance consists in the responsible management not only towards the company’s owners (shareholders) but also towards parties whose interests influence or are influenced by the company’s activities (stakeholders).

Corporate Social Responsibility (CSR) 
The definition of corporate social responsibility given by the European Commission’s Green Book is the following: “ Social Responsibility is the voluntary integration of corporate social and environmental concerns in their business operations and in their relations with the parties concerned (stakeholders)”. The company must aim to fulfill the expectations of stakeholders, in a context of continuous improvement.
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Corporation
A legal entity, separate and distinct from the persons who own it. It has three chief distinguishing features: limited liability (owners can lose only what they invest); easy transfer of ownership through the sale of shares; and continuity of existence.

Cost of Capital

Rate of return that a business could earn if it chose another investment with equivalent risk - in other words, the opportunity cost of the funds employed as the result of an investment decision. Cost of capital is also calculated using a weighted average.


Co-siting
Agreements to share technological sites (for Telecommunications, specifically, sites of access to the network and passive infrastructure) by several operators in order to achieve a more efficient use of the network infrastructure in urban and rural areas.

CO2 – Carbon dioxide
Carbon dioxide is one of the main greenhouse gases. It is ascribable to industrial processes and is produced by combustion, specifically by the use of fossil fuels.
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CONSOB
The Commissione Nazionale per le Società e la Borsa (CONSOB) is the public authority responsible for regulating the Italian securities market. Its activity is aimed at the protection of the investing public.
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Council of Economic Priorities (CEP) 
An American institution founded in 1969 to provide investors and consumers with information tools for analyzing companies’ social performance.

Countercyclical Stocks
Stocks that tend to rise in value when the economy is turning down or is in recession.

Coupon
This part of a bearer bond denotes the amount of interest due, and on what date and where payment will be made. Bearer coupons are presented to the issuer's designated paying agent for collection. With registered bonds, physical coupons don't exist.


CPS (Carrier Pre-selection)
Permits a customer to pre-select another operator as an alternative to Telecom Italia without dialing an identifying code. Digital a mode of representing a physical variable such as speech using digits 0 and 1 only. The digits are transmitted in binary form as a series of pulses. Digital networks are rapidly replacing the older analog ones. They allow for higher capacity and higher flexibility through the use of computer-related technology for the transmission and manipulation of telephone calls. Digital systems offer lower noise interference and can incorporate encryption as a protection from external interference.

Critical natural capital
The minimum level that is necessary for the ecosystem’s biological reproducibility.

Current Ratio
Current assets divided by current liabilities. The ratio shows a company's ability to pay its current obligations from current assets.

Current yield

The ratio of interest to the actual market price of the bond, stated as a percentage. For example, a bond with a current market price of $1,000 that pays $80 per year in interest would have a current yield of 8%.

Custodian
Bank or other financial institution that keeps custody of stock certificates and other assets of a fund, individual, or corporate client.


Customer satisfaction
A process for finding out the perceptions and expectations of customers towards a service or a product. It is used to assess in relative terms the quality of a service provided to the public.


Cyclical Stocks

Stocks that tend to rise quickly when the economy turns up and to fall quickly when the economy turns down.