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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BENCHMARK is a study to compare actual performance to a standard of typical competence; or, a standard for the basis of comparison as being above, below or comparable to.

BUDGETING is the documenting of intended expenditures over a specified time period (normally one year) along with proposals for how to meet them. See also ZERO BASED BUDGET.

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