ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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BOTTOM-UP APPROACH TO INVESTING Definition
BOTTOM-UP APPROACH TO INVESTING is an investment approach that first seeks individual companies with attractive investment potential, then proceeds to a consideration of the larger economic and industry trends affecting those companies. See TOP-DOWN APPROACH TO INVESTING.
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TAX EQUIVALENT YIELD is the yield that must be offered before factoring in taxes so that an investment pays off a certain after-tax yield. This measure is often necessary to compare taxable and tax-free investments, since tax-free issues tend to have lower pre-tax yields due to the fact that the investments proceeds will not be reduced by taxes. Tax equivalent yield is equal to required after-tax yield divided by (1 minus the tax rate).
LIVING ASSETS are employees. Also referred to as "live assets," "human capital," "resources" and "carbon units."