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EAFE Index
The Europe, Australia, and Far East Index, from Morgan Stanley Capital International, an unmanaged, market-value weighted index designed to measure the overall condition of overseas markets. |
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Early Stage Financing
Financing of a company after completion of its planning stage but before production and market entrance. |
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Earn-out
An arrangement by which the seller of a company may receive additional payments depending on economic performance and business development of the sold company. |
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EASD
[European Association of Securities Dealers] |
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EASDAQ
[European Association of Securities Dealers Automated Quotation] |
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EBIT
[Earnings Before Interest and Taxes] |
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EBITDA
[Earnings Before Interest, Taxes, Depreciation and Amortization] |
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EDGAR (USA)
[Electronic Data Gathering, Analysis, and Retrieval] |
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Effective Date (USA)
The date of the SEC order declaring the registration statement for a public offering to be effective, at which time the sale of shares to the public can start. |
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Emerging Markets
An expression which designates countries which experience a fast development, whose economy and financial markets have however not yet reached western standards. |
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Employee Stock Repurchase Agreement
An arrangement in which a corporation sells stock to its employees but reserves the right to repurchase it under certain conditions. |
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Entrepreneur
As regards venture capital the founder or initiator of a company. |
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Equity
Ownership interest in a company, represented by the shares issued to investors. |
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Equity Arbitrage
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Equity funds
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ERISA
[Employee Retirement Income Security Act ] |
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ESOP
[Employee Stock Ownership Plan] |
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ESPP
[Employee Stock Purchase Plan] |
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ESRA
[Employee Stock Repurchase Agreement] |
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Euroclear
An international clearing organisation based in Brussels, specialising in securities clearing, settlement and custody services. |
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European Option (or European-style Option)
An option which can only be exercised at maturity. |
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EVCA
[European Private Equity and Venture Capital Association] |
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Exemption or Exempt from Registration (USA)
An exemption from the statutory requirement to register the offer and sale of a security with the SEC under the Securities Act of 1933. |
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Exit
Liquidation of holdings by a private equity fund. |
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Exit (Divestment)
Disposal, i. e. sale or liquidation of an investment by an investor. |
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Exit Routes
Possible exit methods. |
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Exit Strategy
A private equity house or venture capitalist’s plan to end an investment, liquidate holdings and achieve maximum return. |
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Expansion Financing
An investment which occurs during the stage of expansion of a company (extension of production capacity or of distribution channels). |
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Expected Return
Estimate of the return on an investment which includes price variations and all payments or dividends received. |
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Expense Allowance
An amount paid to an underwriter to cover the latter for out of pocket expenses incurred in connection with a securities offering, either documented or non-accountable. |
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Exposure
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