value added
The amount of value added to goods or services by a step in the chain of original purchase, manufacture or other enhancement, and retail. value investors
Value investors focus on buying companies at relatively low valuations on an absolute basis, in relation to the market or its peers, or in comparison to an individual stock's historical levels. Growth rates of the companies are frequently below market averages and their earnings tend to be more cyclical. variable costs
Costs which vary with sales volume, such as distribution costs. variance analysis
An analysis of the difference between a budgeted amount of a cost or income and the actual amount. vendor placing
A type of share issue used as a means of acquiring another company or business. venture capital
Venture capital usually refers to money invested in a new venture or an expanding business in exchange for shares. Venture capitalists expect a high return on this capital to compensate for the high risk they are taking. vertical integration
When a company takes control of its suppliers or customers to gain access to a further layer of profit, this is described as vertical integration. voluntary arrangement
A procedure provided for by the Insolvency Act 1986, in which a company may come to an arrangement with its creditors to pay off its debts and to manage its affairs so that it resolves its financial difficulties. voluntary liquidation
The winding up of a company by special resolution of the shareholders when it is insolvent. voting shares
Shares in a company that entitle their owner to vote at company meetings. Most ordinary shares in company are likely to be voting shares. See also non-voting shares. VWAP
Volume Weighted Average Price. The price of a share calculated by dividing the value of trades by the volume in a given period. A closing 10-minute VWAP is used to set the closing prices on the SETS electronic order book. | 
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