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Vertical merger: A merger in which the two firms are from different stages from the same industry or
production process; for example, an automobile manufacturer purchases a steel-maker.
Weighted average cost of capital (WACC): The cost of capital (discount rate) determined by the
weighted average, at market value, of the cost of all financing sources in the business enterprise‟s
capital structure.
Whistle-blower: Person who reports or reveals apparent irregularities.
Willfulness: In an IP context, willfulness is deliberate disregard for the ownership of another‟s IP
rights. If a finding of willfulness is determined, then treble (triple) damages may be assessed by the
courts.
Work for hire: A clause in a contract that legally assigns the intellectual property developed as part
of a project to the contracting party. Absent this clause, copyright law provides for the ownership of a
copyright to reside with the author of the product.
Working capital: Current assets less current liabilities.
Yield to maturity: The rate of return investors will earn if they purchase a bond at its current price
and hold the bond until maturity. The cost of debt for a company is the current yield to maturity of its
bonds, because if investors are willing to buy and hold the bonds, earning the yield to maturity, then
this rate must be investors‟ required rate of return.
Y2K: The year 2000 problem was the result of legacy software not capable of processing dates past
12/31/99. As a result, companies spent millions of dollars to retrofit their software to accurately
process dates in the new millennium.
Index
Abken, Peter
Accounting information systems
Accounting principle changes
Accounting Principles Board
Opinion (APB) No. 25,
Accounting for Stock Issued to
Employees