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Finanzglossar

Rating

Assessment of an issuer's ability to repay a bond loan.

Recession

Decline in economic activity.

Recommendation

Most stockbroking firms make recommendations. Subsequent to various assessments of a series of securities, they announce a price target and even offer advice (buy, keep, sell,..). The recommendations some firms make can have a significant impact on the valuation of a share in the short term.

Reference shareholder

A shareholder who exercise the most influence on the way a company is run. Reference shareholders may be in the minority but they are actively involved in devising the company strategy.

Registered share

Share identifying the holder, who is featured in the issuing company's register. A company is therefore able to learn the identity of its shareholders and verify them. In return the person holding such a share is granted two voting rights.

Reinforce

This refers to buying a security that is already owned in a portfolio. The recommendation may be made after a fall in the value of the security to achieve an average that is down on the original share purchase price or if the instrument is seen to have a further strong potential for growth.

Resistance

Horizontal line on a graph joining the highest price a security achieves over a given period. The resistance line is therefore an obstacle to higher prices as many participants adopt a selling position on its approach. The break in the line acts as an indicator to sell. Whenever a resistance is crossed it becomes a support.

Risk

Probability that actual profitability will be lower than anticipated profitability. This probability is calculated on the basis of mathematical models, the most common of which is based on volatility (often estimated by the standard deviation), with the result that risk and volatility are often confused in common parlance.

Risk assets

Financial security offering no guarantee that the investor will receive a regular income and the invested capital will be repaid. Hence an investor takes a risk when opting for such investments. An example of this type of security are shares.

Risk premium

This is the expected additional return on shares in relation to bonds or at risk-free rates.

Risk-free assets

Financial security where the investor enjoys a guarantee that there will be an income and the capital will be repaid owing to the status of the borrowers involved. This applies to main instruments of government borrowing and, more generally, borrowings launched by local authorities and thus enjoying rock-solid guarantees.