P


Par value

The principal amount of a bond or note due at maturity.


Pay-Per-View or PPV
A system by which the viewer pays to see a single program (such as a sporting event, film or concert) at the moment at which it is transmitted or broadcast.

Pay TV
Paid-for TV channels. To receive Pay TV or Pay-Per-View programs, a decoder must be connected to the television set, and a conditional access system.


Paying agent

Place where principal and interest are payable. Usually a designated bank or the office of the treasurer of the issuer.


Penetration
The measurement of the take-up of services. As of any date, the penetration is calculated by dividing the number of subscribers by the population to which the service is available and multiplying the quotient by 100.

Platform
The total input, including hardware, software, operating equipment and procedures, for producing (production platform) or managing (management platform) a particular service (service platform).


Poison Pill

Strategic move by a takeover-target company to make its stock less attractive to an acquirer.

Premium
The amount by which the price of a security exceeds its principal amount.


Prepayment
The unscheduled partial or complete payment of the principal amount outstanding on a mortgage or other debt before it is due.

Prepayment risk
The risk that falling interest rates will lead to heavy prepayments of mortgage or other loans-forcing the investor to reinvest at lower prevailing rates.

Present Value
Value today of a future payment, or stream of payments, discounted at some appropriate compound interest rate.


Pressure Factors
Anything that contributes to undermining the stability of the steady state (pollutants, the use of non-renewable resources, waste, etc.).


Primary market

The market for new issues.

Principal

The face amount of a bond, payable at maturity.

Private Placement

Of stocks, bonds, or other investments directly to an institutional investor.

Privatization
Process of converting a publicly operated enterprise into a privately owned and operated entity.

Profit Taking
Action by short-term securities or commodities traders to cash in on gains earned on a sharp market. rise.

Prospectus

Formal written offer to sell securities that sets forth the plan for a proposed business enterprise or the facts concerning an existing one that an investor needs to make an informed decision.

Put Option

Contract that grants the right to sell at a specified price a specific number of shares by a certain date.


Q



Quick Ratio

Cash, marketable securities, and accounts receivable divided by current liabilities.