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Z SCORE

The probability of bankruptcy. It is based on five financial ratios.

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Z TABLE

an early mortality table which showed the actual mortality experienced by those insured by major insurers between 1925 and 1934.

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Z-SPREAD

Way of analyzing an assets swap.

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ZAIBATSU

A japanese congromerate with one company taking control. It has been banned since the mid 1940s and is replaced by keiretsu.

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ZAITECH

The final speculation of a japanese company to boost nonoperating income.

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ZANJA

Span. A water ditch or artificial canal, and particularly one used for pur- fiposes of irrigation. See Pico y. Colimas, 32 U Cal. 578.

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ZANJERO

Span. A water commissioner or superintendent, or supervisor of an ir-Prigation system. See Pico v. Colimas, 32 Cal. 578.

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ZEALOUS WITNESS

An untechnical term denoting a witness, on the trial of a cause,who manifests a partiality for the side calling him, and an eager readiness to D tellanything which he thinks may be of ad- vantage to that side.

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ZEAXOT

This word is commonly taken in a bad sense, as denoting a separatist from _the Church of England, or a fanatic. Brown.

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ZEIB

O. Sc. Year. "Zeir and day." Bell.

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ZEQUITAS SUPERVACUA ODIT

Equity abhors superfluous things. Lofft, 282.

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ZERO AIR

Ambient air that has been filtered to have less than 0.1 PPM of hydrocarbons.

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ZERO BALANCE ACCOUNT

Account used by a company handling very large endorsements.

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ZERO BASED BUDGETING (ZBB)

Method of preparing cash flow budgets and operating plans which start from zero at the beginning of each year.

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ZERO COST COLLAR

A spread with the long position in cap or call and the short on the floor or put. This also occurs vice versa. Refer to collar.

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ZERO COST OPTION

Strategy of trading where one option purchased is equal to one option sold.

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ZERO COUPON BOND

A discounted bond that is traded and pays no coupon interest during its life. The difference between par value and discount value generates profit.

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ZERO COUPON CONVERTIBLE

Zero coupon bond that can be converted to common stock at a set price or if government issued into a bond bearing interest.

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ZERO COUPON CONVERTIBLE BOND

A convertible bond that is discounted and exchanged into stock. While it is a bond it acquires interest.

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ZERO COUPON INFLATION SWAP

A swap that exchanges floating for fixed rates at maturation. There are no intervening payments during the transaction. They are long term and last 10 or more years. Refer to annual inflation swap and inflation swap.

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