Discount
Difference in percent by which the issue price or the stock exchange price of a security falls below the nominal value or the intrinsic value. Opposite: buyer’s premium.
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share
Security that embodies a share in the capital of a stock corporation. It guarantees the owner membership rights (voting and election rights at the general assembly) and property rights (right to a share in profits, participation quota in capital increases or in the liquidation result).
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Gross domestic product
Value creation of an economy. The development of the GDP is an important factor influencing the profits of the company as well as the interest rate level and thus indirectly for stocks and bonds.
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Cap
The price of an underlying asset or an interest rate that can be achieved often decides whether the underlying asset is delivered or a cash amount is paid.
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Fed
US central banking system to which the twelve Federal Reserve Banks are affiliated. At the top is the Board of Directors in Washington, which also provides the majority in the Open Market Committee, in which monetary policy is decided.
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Funds
Assets raised through public advertising by investors for the purpose of collective capital investments, which are usually managed by the fund management company in accordance with the principle of diversification for the account of investors. Investment funds are bought directly from the bank and increasingly also via internet platforms and, unlike ETFs, are usually not traded on the stock exchange.
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Earnings per share
Important key figure for share valuation, which is calculated from the company’s profit divided by the number of shares outstanding. In accordance with IFRS, earnings per share are to be determined on the basis of the average number of stocks in circulation over the course of the year (excluding stocks owned by the company).
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Often used synonymously for the state of the overall economy. Research emphasizes the cyclical course of economic growth (boom, boom, downturn, recession, depression). This is why the English also speak of business cycle.
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Price / earnings ratio
Share price in relation to the earned or expected profit per share entitled to dividends. The share valuation key figure indicates how many times earnings per share are included in the share price. The P / E ratio can be used to compare different stocks within an industry.
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Large Caps
Companies with a large market capitalization in relation to the market on which they are traded (see small and mid caps).
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Small Caps
Shares in companies with a market capitalization of usually less than CHF 500 million (see main stocks, mid caps).
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Zinskurve
Shows the current yield (yield on maturity) of interest-bearing investments with different maturities and the same quality. Because the expectations of the market are included in the current returns, the yield curve corresponds to a consensus forecast by investors. Examples are the yield curve of the Confederation and the curve of the swap rates.
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