Every Thursday a business school professor, an expert in his or her field, will define five key terms on FT Lexicon, our online economics, business and finance glossary.

Warren Bailey is professor of finance at Cornell University’s Johnson School of Management.

He holds a PhD in finance from the University of California Los Angeles and an MBA in finance from McGill University.

At Cornell, Prof Bailey teaches courses on international finance, international finance cases and financial markets and institutions

Prof Bailey’s interests include international finance, international securities markets and investments. He has a special interest in emerging capital markets, particularly in Asia.

He is an associate editor of the Journal of Financial and Quantitative Analysis and the Pacific Basin Finance Journal. He holds the Class of 1992 Award for Teaching Excellence and also the Stephen Russell Distinguished Teaching Award, 1999.

The five terms defined by Warren Bailey on FT Lexicon this week are:

Uncovered parity

Implied volatility

Narrow framing

Cross of Gold speech

Equity market segmentation

Compiled by Emmanuelle Smith

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