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YATES’ CORRECTION FOR CONTINUITY

Formula used to adjust formula in Pearson’s chi-square test.

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YORK ANTWERP RULES

Guidelines to adjust for losses by a marine carrier.

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YEAR PLAN

A year where records of a plan are kept.

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YACHT INSURANCE

Insurance that covers pleasure boats against collision, hull damage, and liability indemnity.

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YANKEE

A note issued in US dollars by a foreign company in the market.

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YIELD ADVANTAGE

The spread gained by having convertible bonds instead of stock. Refer to simple breakeven.

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YIELD BURNING

When underwriters charge too much for treasury bonds that are held in escrow. This is done before retiring the existing bonds and is illegal. This causes the yield to burn down.

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YIELD CURVE

Plotting interest rates against maturities creating a term structure. In normal conditions it is a upward curve. This causes shortterm funds to cost less to invest in. The shape is influenced by money, liquidity, and derivatives. Refer to expectations the

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YIELD CURVE OPTION

A spread that allows payoff based on the differential between on point on the yield curve and the strike price. The buyer gains efficiency and cost advantages.

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YIELD ENHANCEMENT

A strategy used to increase core returns. This is intended to be a low risk move. Refer to arbitrage speculation and hedging.

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YIELD TO CALL

The yield of a callable bond. This is the percent return at the first call date. Refer to yield to maturity.

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YIELD TO MATURITY

The yield of a coupon bearing security. It is the percent return of a bond when it finally matures. AKA promised yield. Refer to yield to call.

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YARD

A measure of length, containing three feet, or thirty-six inches.UA piece of land inclosed for the use and accommodation of the inhabitants of a house.

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YULE

The times of Christmas and Lammas.

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YARDLAND

or virgata torrce, is a quantity of land, said by some to be twenty acres,y but by Coke to be of uncertain extent

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YVERNAIL

BLE. L. Fr. Winter grain. Kelham.

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YEA AND NAY

Yes and no. According to a charter of Athelstan, the people of Riponwere to be believed in all actions or suits upon their yea aud nay, without the yynecessity of taking any oath. Brown.

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YEAR

The period in which the revolution of the earth round the sun, and the accompanyingchanges in the order of nature, are completed. Generally, when a statute Yspeaks of a year, twelve calendar, and not lunar, months are intended. Cro. Jac. 166.The year is either astronomical, ecclesiastical, or regnal, beginning on the 1st ofJanuary, or 25th of March, or the day of the sover- w eign’s accession. Wharton.I

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YEAS AND NAYS

The affirmative and negative votes on a bill or measure before alegislative assembly. “Calling the yeas and nays” is calling for the individual and oralvote of each member, usually upon a call of the roll.

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YEME

In old records. Winter; a corruption of the Latin “hiems.”

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