Zero-sum game

Zero-sum game

Zero-sum game

A type of game wherein one player can gain only at the expense of another player.



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Zero-investment portfolio

Zero-investment portfolio

Zero-investment portfolio

A portfolio of zero net value established by buying and shorting component securities, usually in the context of an arbitrage strategy.



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Zero prepayment assumption

Zero prepayment assumption

Zero prepayment assumption

The assumption of payment of scheduled principal and interest with no payments.



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Zero coupon bond

Zero coupon bond

Zero coupon bond

Such a debt security pays an investor no interest. It is sold at a discount to its face price and matures in one year or longer.



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Z score

Z score

Z score

Statistical measure that quantifies the distance (measured in standard deviations) a data point is from the mean of a data set. Separately, z score is the output from a credit-strength test that gauges the likelihood of bankruptcy.



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Z bond

Z bond

Z bond

Also known as an accrual bond or accretion bond; a bond on which interest accretes interest but is not paid currently to the i nvestor but rather is accrued, with accrual added to the principal balance of the Z and becoming payable upon satisfaction of all prior bond classes.



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