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Kamus Investasi ISTILAH-ISTILAH DALAM DUNIA INVESTASI Disusun oleh: Dragon Forex Trading Course DRAGON FOREX TRADING COURSE Jl. Rawajati timur K/7 Kompleks Kalibata Indah Jakarta Selatan www.dragonforex.blogspot.com ([email protected] ) JAKARTA 2006 1 Raja Ar Ra’du 2006 A Above The Market Suatu Strategi yang biasa digunakan oleh para trader jangka pendek. Contohnya, stop order akan dilakukan setelah melewati level resistance untuk beli. Bila harga sekuritas melewati level resistance, investor akan dapat berpartisipasi pada tingkat harga yang berada dalam tren naik. Above Water Suatu kondisi dimana nilai aktual suatu aset lebih tinggi dari nilai bukunya Absolute Advantage Kemampuan suatu negara, individu, perusahaan, atau daerah untuk memproduksi barang atau jasa dengan biaya per unit yang lebih rendah dibandingkan dengan yang lain. Absolute Breadth Index Suatu indikator pasar untuk menentukan tingkat volatilitas dalam pasar tanpa harus mencari (factoring) arah harga. Indeks ini dihitung melalui nilai absolut antara jumlah naik dan turun. Biasanya, angka yang besar berarti tingkat volatilitas meningkat dimana hal tersebut akan menyebabkan perubahan signifikan harga saham dalam beberapa minggu mendatang. Absolute Priority Suatu prinsip dalam prosedur kebangkrutan yang mewajibkan kreditor senior dibayarkan sebelum kreditor yunior dan pemegang saham adalah orang terakhir yang mendapat bayaran bila perusahaan tersebut bankrut. Absolute Rate Absolute Rate porsi tetap (fixed portion) dalam interest rate swap. Absolute Rate adalah kombinasi dari reference rate dan premium atau discounted rate. Absolute rate biasanya dinyatakan dalam presentase. Contohya bila LIBOR (London Interbank Offered Rate) adalah 3 % dan porsi interest swap dalam level 7 % premium, maka Absolute Rate nya adalah 10 %. Accelerated Cost Recovery System Suatu system penghitungan depresiasi yang diperkenalkan oleh Economic Recovery Tax Act tahun 1981. Depresiasi sistem ACRS dihitung berdasarkan periode recovery dari pada masa gunanya. Accelerated Depreciation Suatu metode perhitungan depresiasi yang digunakan dalam akuntansi atau pajak pendapatan yang melakukan pengurangan lebih besar dalam tahun pertama suatu aset. Account Balance Selisih jumlah sisi debit dan kredit suatu akun pada akhir periode Accounting Rate of Return (ARR) ARR menyediakan estimasi cepat suatu nilai proyek dari masa gunanya. ARR didapat dengan menemukan laba sebelum pajak dan bunga. 2 Raja Ar Ra’du 2006 Accounts Payable (AP) Suatu akun yang mencatat kewajiban organisasi atau perusahaan untuk membayar hutang jangka pendek kepada kreditor. Account payable biasa ditemukan dalam neraca akuntansi. Account Payable Turnover Ratio Ukuran likuiditas jangka pendek yang digunakan untuk menghitung kemampuan atau rate perusahaan membayar kewajiban kepada pemasoknya. Account Payable Turnover Ratio didapat dari pembagian total pembelian dari pemasok dan membaginya dengan rata-rata jumlah hutang (Account Payable ) pada periode yang sama. Account Receivable (AR) Piutang atau jumlah uang yang dihutangkan oleh pelanggan (individu atau perusahaan) kepada suatu perusahaan untuk barang dan jasa. Piutang biasanya datang dari kegiatan operasional dan berjangka waktu pendek, dari beberapa hari sampai setahun. Accreting Principal Swap Suatu swap dimana nilai konseptual (notional value) meningkat sesuai dengan jalannya waktu. Swap jenis ini biasanya digunakan oleh perusahaan yang bersedia membayar jumah yang fixed untuk mendapatkan nilai konspetual yang meningkat karena peningkatan persyaratan modal kerja. Acid Test Ratio Suatu tes yang menyatakan apakah suatu perusahaan memiliki aset jangka pendek yang cukup untuk memenuhi kewajibannya tanpa harus menjual barang persediaan (inventory). Acid Test Ratio lebih jelas dari pada working capital ratio atas dasar working capital ratio memasukkan aset persediaan (inventory). Acquisition Akuisisi adalah ketika perusahaan membeli mayoritas kepemilikan dalam suatu perusahaan. Akuisisi bisa terjadi secara baik-baik (friendly) maupun kasar (unfriendly). Friendly acquisition terjadi ketika perusahaan yang menjadi target setuju untuk diakuisisi, sedangkan unfriendly acquisition terjadi ketika perusahaan yang menjadi target tidak memiliki persetujuan yang sama. Across The Board Suatu kondisi pasar dimana sebagian besar saham dan sektor bergerak ke arah yang sama. Pergerakan ini biasanya disebabkan oleh suatu peristiwa yang berpengaruh besar ke pasar. Act of God Bond Suatu obligasi yang diterbitkan oleh perusahaan asuransi, dimana nilai pokok (principal) dan bunga obligasi perusahaan tersebut terkait dengan bencana alam.Obligasi yang seperti ini memberikan fleksibilitas kepada perusahaan asuransi bila bencana alam yang tak terduga terjadi. Karena nilai pokok dan bunga tergantung pada kerugian yang terjadi karena bencana, perusahaan asuransi dapat mengurangi hambatan keuangannya atau kewajibannya dengan menunda, mengurangi atau menghilangkan pembayaran obligasi tersebut. Active Bond Suatu istilah untuk menggambarkan obligasi yang frekuensi perdagangannya tinggi di lantai bursa NYSE. Obligasi jenis ini biasanya diterbitkan oleh perusahaan besar dan ternama di NYSE. Activity Based Budgeting (ABB) Suatu metode penyusunan anggaran dimana aktivitas, yang mengeluarkan biaya atau beban dalam tiap fungsi suatu organisasi atau perusahaan, di buat dan hubungan anatar aktivitas tersebut dijabarkan. Informasi ini kemudian digunakan untuk memutuskan seberapa besar sumber daya yang akan dialokasikan untuk tiap aktivitas tersebut. 3 Raja Ar Ra’du 2006 Actuarial Anaysis Analisa mengukur resiko investasi secara aktuarial Ad Valorem Tax Suatu pajak yang berdasarkan pada penilaian aset real estate atau properti individu. Dengan kata lain, ad valorem tax bisa berarti pajak properti atau cukai atas barang impor. Ad valorem dalam bahasa latin berarti “menurut nilai”. Adjustable-Rate Preffered Stock Suatu jenis saham preferen dimana jumlah deviden dibagikan bervariasi berdasarkan tingkat standar (benchmark), biasanya bunga T-bill. Nilai deviden dari saham preferen ini ditentukan oleh pergerakan bunga atau yield. Advance-Decline Index Suatu alat analisa teknikal yang menggambarkan selisih total antara jumlah kenaikan dan penurunan harga sekuritas. Indeks ini dihitung dengan cara menambahkan selisih jumlah kenaikan dan penurunan sekuritas dengan harga periode sebelumnya. Indeks ini dianggap sebagai salah satu indikator terbaik pergerakan pasar secara keseluruhan. Indeks saham seperti Dow Jones Industrial Average Index hanya menggambarkan kekuatan 30 saham, sedangkan Advance-Decline Index menyediakan lebih banyak masukan. After Hours Trading (AHT) Kegiatan perdagangan (trading) major currency setelah jam perdagangan biasa. Dulu ini hanya untuk investor institusional, tapi kini individu dapat melakukan kegiatan After Hours Trading. After Tax Operating Income (ATOI) Total pendapatan operasional perusahaan setelah dipotong pajak. After The Bell Setelah penutupan pasar saham After-Tax Profit Margin Rasio kinerja keuangan yang dihitung dengan membagi laba bersih setelah pajak dengan penjualan bersih. After-Tax Profit Margin penting karena menggambarkan dalam bentuk presentase jumlah uang perusahaan dapat dari tiap penjualan. Agency Bond Obligasi yang diterbitkan oleh badan pemerintah. Obligasi jenis ini tidak bergaransi penuh seperti US. Treasury dan obligasi pemerintah daerah (municipal bonds). Agency Costs Biaya yang datang dari seorang agen yang memberikan jasa dalam kegiatan trading Agency Theory Suatu teori mengenai hubungan antara pemegang saham (pincipal) dan manajer perusahaan (principal agent). Agency Theory adalah istilah yang sangat akademik. Teori ini terkait dengan biaya penyelesaian konflik antara principal dan agent dan penyatuan kepentingan kedua belah pihak. Alan Greenspan Mantan pimpinan Dewan Gubernur Federal Reserve sekaligus pimpinan Federal Open Market Committee (FOMC), badan perancang kebijakan moneter The Fed. Ia memimpin The Fed selama 18 tahun sejak 1987 sampai awal tahun 2006 ketika Ben Bernanke menggantikannya. Ia adalah orang yang pertama yang menjabat sebagai 4 Raja Ar Ra’du 2006 pimpinan the Fed selama 5 kali berturut-turut, sejak era Presiden Ronald Reagan sampai Presiden Goerge W. Bush. Algorithmic Trading Sistem perdagangan yang menggunakan model matematika yang canggih untuk pembuatan keputusan transaksi di pasar keuangan. Perhitungan algoritma yang kompleks akan memberitahukan investor waktu yang tepat untuk membeli saham pada tingkat harga yang tepat tanpa secara signifikan mempengaruhi harga saham tersebut dan menaikkan biaya pembelian. Alligator spread Suatu istilah untuk spread yang tidak menguntungkan meskipun pergerakan pasar yang sedang baik. Kerugian ini terjadi karena komisi besar yang dikenakan untuk transaksi tersebut. Alternative Assets Suatu istilah yang mengacu pada aset-aset non traditional atau konvensional yang memiliki nilai ekonomi. Contoh alternative assets adalah benda-benda seni dan antik, minuman anggur terbaik, perangko langka, dan barang-barang koleksi lainnya. Alternative Minimum Tax (AMT) Suatu perhitungan pajak yang menambahkan preferensi tertentu ke pendapatan kotor. Bila AMT lebih tinggi dari kewajiban pajak reguler untuk tahun tersebut, jumlah pajak reguler dan jumlah kelebihan antara AMT dan pajak reguler tersebut harus dibayarkan. American Callable Bond Jenis obligasi yang bisa dihentikan atau dibatalkan oleh penerbitnya kapan saja meski sebelum waktu jatuh tempo. Biasanya nilai premium yang dibayarkan ke pemegang obligasi ketika obligasi tersebut dibatalkan.
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