Oil Refinery
DefinitionOil refinery or petroleum refinery is an industrial process plant where crude oil is transformed and refined into more useful products such as petroleum naphtha, gasoline, diesel fuel, asphalt base, heating oil, kerosene, liquefied petroleum gas, jet fuel and fuel oils. Petrochemicals feed stock like ethylene and propylene can also be produced directly by cracking crude oil without the...
Ombudsman
What is 'Ombudsman' An official who investigates complaints (usually lodged by private citizens) against businesses, financial institutions and/or the government. An ombudsman can be likened to a private investigator; although the decision is not typically binding, it does carry considerable weight with those who are sanctioned to uphold the rules and regulations pertaining to each specific case....
Source: WikipediaLast Sourced: 2021-02-01This Article has been Edited for Accessibility Further Reading Event studies in economics and financewww.jstor.org ECONOMISTS are frequently asked to measure the effects of an economic event on the value of firms. On the surface this seems like a difficult task, but a measure can be constructed easily using an event study. Using financial market...
Odd Lot
What is an 'Odd Lot' An odd lot is an order amount for a security that is less than the normal unit of trading for that particular asset. Odd lots are considered to be anything less than the standard 100 shares for stocks. Trading commissions for odd lots are generally higher on a percentage basis than those...
Official Staff Commentary
What is 'Official Staff Commentary' Commentary published by the Federal Reserve. Official staff commentaries are laid out in a question-and-answer format. They are used by the Federal Reserve Board's Division of Consumer and Community Affairs to provide formal interpretations of regulations. Explaining 'Official Staff Commentary' For example, an official staff commentary was...
One-Child Policy
DefinitionThe one-child policy, a part of the family planning policy, was a population planning policy of China. It was introduced in 1979 and began to be formally phased out near the end of 2015 and the beginning of 2016. The policy allowed exceptions for many groups, including ethnic minorities. Provincial governments imposed fines for violations, and the local and...
One Man Picture
What is 'One Man Picture' A situation in which the bid quote and ask quote for a security is provided by a single source. A one man picture is a two-way price given by a broker to an investor. Explaining 'One Man Picture' The phrase relates to the level of information available to the...
Odd Date
What is 'Odd Date' A type of maturity date for foreign-exchange contracts. Odd dates are neither spot nor fixed dates; they are simply random, unrelated dates. Explaining 'Odd Date' For example, if a foreign contract has a three-month maturity and begins on November 15th, it would therefore mature on February 15th. An odd date...
Odious Debt
DefinitionIn international law, odious debt, also known as illegitimate debt, is a legal theory that says that the national debt incurred by a despotic regime should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is...
Ocean Bill Of Lading
What is 'Ocean Bill Of Lading' A document required for the transportation of goods overseas. An ocean bill of lading serves as both the carrier's receipt to the shipper and as a collection document. The document specifies the details of the goods being transported, such as quantity, type and destination. Explaining 'Ocean Bill Of Lading'...