Glossary

Warehouse Receipt

A receipt issued by a warehouse listing the goods received.

Warehouse-to-Warehouse

An insurance policy that covers goods over the entire journey from the seller's to the buyer's premises.

Warrant

An option issued by a company that allows the holder to purchase equity from the company at a predetermined price prior to an expiration date. Warrants are frequently attached to Eurobonds.

Weak Form Efficient Market

It is a market in which prices fully reflect the information in past prices.

Weight Note

A document issued by either the exporter or a third party declaring the weight of goods in a consignment.

Weighted Average Cost of Capital (WACC)

A discount rate that reflects the after-tax required returns on debt and equity capital.

West African Economic and Monetary Union (UEMOA)

A regional alliance of Francophone West African countries dedicated to promoting economic integration among the seven member countries. The country members are Benin, Burkina Faso, Cote d’Ivoire, Mali, Niger, Senegal, and Togo. They all share a common currency and have a central bank to oversee it.

Wharfage Charge

A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.

Withholding Tax

A tax on dividend or interest income that is withheld for payment of taxes in a host country. Payment is typically withheld by the financial institution distributing the payment.

Without Reserve

In shipping this indicates that a shipper’s agent has the power to make important decisions abroad without the consent of those the agent represents.

Working Capital

An accounting term that indicates the difference between current assets and current liabilities.

World Bank

An international organization created at Breton Woods in 1944 to help in the reconstruction and development of its member nations. Its goal is to improve the quality of life for people in the poorer regions of the world by promoting sustainable economic development. See also International Bank for Reconstruction and Development.

World Customs Organization (WCO)

The WCO is an international organization whose function is the facilitation of trade between member states through the simplification and standardization of customs practices. The WCO was established in 1952 as the Customs Co-operation Council. This name was then changed in 1994 to the World Customs Organization. Today WCO provides regulations and standards to 169 Customs administrations worldwide.

World Intellectual Property Organization (WIPO)

The World Intellectual Property Organization (WIPO) is an international organization focused on the protection of intellectual property. WIPO administers 23 international treaties and is one of 16 specialized agencies of the Untied Nations. 183 nations are part of the WIPO and its headquarters is in Geneva, Switzerland.

World Trade Organization (WTO)

The WTO is a multilateral organization that promotes free and fair trade among the nations of the world. It was created in 1994 by 121 nations at the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is responsible for implementation and administration of the trade agreement.

Worldwide Tax System

A tax system that taxes worldwide income as it is repatriated to the parent company. It is utilized in Japan, the United Kingdom, and the United States.

Writ

A judicial order to an officer of the law, such as a judge or a sheriff, to perform or have performed a specified act.

WTO Committee on Trade and Development (CTD)

The WTO Committee on Trade and Development is a forum for discussion on all multi-interest issues of special interest to developing countries.