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Specialness

Definition:

Difference between interest earned on a specific stock loan's collateral and the prevailing interest rate for stock loan collateral. A typical stock has specialness equal to zero. When there is positive specialness, a stock is said to be on special.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Noisy Chaos

A chaotic dynamical system with either observational or system noise added. See: Chaos, Dynamical Systems, Observational Noise, System Noise.

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