Adusted Trading Price

Market value of a share adjusted by all the earnings that affect its value such as dividends, deployments, groupings, or bonuses. Only the series of adjusted quotations make it possible to analyze the evolution of a share‘s price over time.


American Depositary Receipts – certificates of stocks from non-American companies issued and traded in US capital market. ADR was created with the objective of giving more access to the US capital market for foreign companies. There are three levels of ADR, each one with different demands of transparency and conformity to North American standards. ADR – Level I is the one with the lowest demands and is traded on the OTC (Over-the-Counter) market. ADR – Level II is traded on the US stock exchange. The level of demands and of transparency is greater than ADR – Level I. It should be pointed out that for these first two levels, new stocks are not issued. ADR – Level III has the same level of demands as ADR – Level II, but they must be issued with new shares and the consequent capital funding.

ADR – Level I

The setting up of an ADR Level I program is considered as the first step for entering the capital market in the United States.

ADR Ratio

Expresses the relation between one ADR and the stocks in the country of origin.


Brazilian Association of Stock Market Analysts and Investment Professionals.


1) Operation in which an investor makes profits without risk by making simultaneous transactions in two or more markets.
2) A system that allows physical and financial settlements of inter-market operations so that the same investor, trading on the cash market, can buy from one stock exchange and sell the same asset on another one in equal quantities, as long as there is an agreement made between the two stock exchanges.

Authorized capital

Statutory limit established by means of a general shareholders‘ meeting that allows the board of directors to approve a company‘s increase in capital.

Average quote

Average price of an asset during a day of trading.

Average return

The average of the profits associated with a security over a period of time.

Average Toll

Average toll is calculated by dividing consolidated toll revenues by the total vehicle equivalent number of each concessionaire and all concessionaires.