AVOCAT

Fr. Advocate; an advocate.

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AVOCATION

A hobby that a person likes to do when they are not working.

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AVOID

To annul; cancel; make yoid; to destroy the efficacy of anything.

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AVOIDABLE COST

To avoid a variable cost by taking a specific action. A fixed cost is not avoidable.

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AVERAGE WORKING CAPITAL

The capital rate calculated by using the current and previous years working capital.

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AVERAGE WORST-CASE RISK EXPOSURE

POTENTIAL EXPOSURE of an OVERTHECOUNTER DERIVATIVE that is based on the average maturity of the transaction and the worstcase movement of the UNDERLYING market reference. See also AVERAGE EXPECTED RISK EXPOSURE, TERMINAL EXPECTED RISK EXPOSURE, TERMINAL WORSTCASE RISK EXPOSURE.

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AVERAGING

1. making a portfolio by investing fixed amounts at fixed intervals. This is done in different securities that are bought when they are cheapest and sold when they are expensive. Refer to constant dollar plan. AKA exponential smoothing.

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AVERIA

In old English law. This term was applied to working cattle, such as horses, oxen, etc.

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AVERIIG CAPTIS IN WITHERNAM

A writ granted to one whose cattle were unlawfully distrained by another and driven out of the county in which they were taken, so that they could not be replevied by the sheriff. Reg. Orig. 82.

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