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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EFFECTIVENESS is producing a desired outcome. An audit procedure is effective if the evidence supports a correct conclusion.

FLAT BOND is a bond in default that is quoted and traded without any consideration for accrued interest.

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