ADJUSTABLE RATE PREFERRED Definition

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ADJUSTABLE RATE PREFERRED (ARP) is preferred stock issues in which dividends are reset quarterly either at a fixed spread or at a percentage of the highest of three benchmarks on the yield curve. Also known as floating­-rate preferreds.

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RETURN ON RATE BASE is the ratio of net operating income earned by a utility, calculated as a percentage of its rate base.

COLLUSION is a secret agreement between two or more parties to commit fraud or deceit.

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