A

Accumulation fund

An » investment fund that reinvests its income in the fund rather than distributing it to shareholders.

Ad-hoc disclosures

An obligation set out in the German Securities Trading Act (WpHG) requiring listed companies to immediately publish any important information concerning the company that might have a material effect on the share price (Section 15 WpHG). Intended to prevent » insiders from using privileged information for personal gain. See also » Duty of disclosure.

ADRs

= American Depository Receipts. Depositary certificates » issued by US banks for non-American shares and traded on US stock exchanges in place of the shares themselves.

AG

Abbreviation for » Aktiengesellschaft (» joint-stock company).

Annual financial statements

The annual financial statements comprise a company’s » balance sheet and » income statement plus the notes explaining them. At a » joint-stock company, they are prepared by the » management board, audited by a certified public accountant to determine whether they have been properly prepared, and adopted by the » supervisory board or the » general meeting of shareholders.

Annual report

Report published annually by a » joint-stock company or an » investment fund giving an account of its business operations and position and also presenting and explaining its annual financial statements. One of the most important sources of information for investors. Usually posted on the company’s website and sent to investors on request.

Ask price

Price at which a security is offered for purchase (purchase price). Opposite: » Bid price.

At best

An order to a bank to buy or sell a security at the best possible price without setting a » limit.