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and dealing in secuntles. It consists of either executing the orders of other investors or proprietary trading when a bank deals on its own account. The GLAss STEAGALL ACT ordered the separation of investment from deposit-taking banking, thereby preventing the growth of F!NANCIAL CONGWMERATES to the extent which has subsequently become possible in the UK. In the USA the TOP 'BULGE-BRACKET' FIRMS are virtually an oligopoly, having 80 per cent of the business in debt and other securities markets.<br /><em>See also:</em> merchant bank
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caring society (D6, PO) see altruism; welfare state carry-back, carry-forward system (H2) A tax system which permits businesses to carry net operating losses back or forward against past or future gains in mcome or capital appreciation.
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<strong>Subsidized loan</strong> A loan eligible for federal interest benefits. The federal government pays the interest that accrues on subsidized Federal Stafford Loans during the student' s in-school, grace, and authorized deferment periods.
dividend discount model (G1)<br />The fair pricing of an asset measured as the present value of expected cash flows from it. In the case of a COMMON STOCK or EQUITY it is the expected dividend payments and the expected price of the stock at a future date.<br /><em>Reference</em><br />William, J.B. (1938) The Theory of Investment Value, Cambridge, MA: Harvard University Press.
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