FORWARD PREMIUM Definition

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FORWARD PREMIUM is when a currency trade forward price is higher than its spot price.

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TOP-DOWN APPROACH TO INVESTING is an investment approach that first seeks to define major economic and industry trends, then proceeds to identify the individual companies most likely to benefit from those trends. See BOTTOM-UP APPROACH TO INVESTING.

MANAGEMENT REPRESENTATION LETTER is a letter addressed to the auditor, signed by the client's chief executive officer and chief financial officer. During an audit, management makes many representations to the auditor. Written representations from management in the letter confirm oral representations given to the auditor, document the continuing appropriateness of such representations, and reduce the possibility of misunderstanding.

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