Downturn
Definition
(1) A period of contraction or decline of economic activity, especially real GDP, but typically employment as well. (2) The transition of an economy from growth to contraction, also known as a peak of economic activity.
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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University
Term of the Day
Managing underwriter
The leading firm in an underwriting group, which originates the deal and acts as an agent for the group.
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