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role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Equity_swap" title="Equity swap">Equity swap</a>.</div> <table class="wikitable" style="float: right;" border="1" width="400"> <caption>Examples </caption> <tbody><tr> <td> <ul><li>In 2010, two companies - <a href="/wiki/Mirant" class="mw-redirect" title="Mirant">Mirant</a> and <a href="/wiki/RRI_Energy" class="mw-redirect" title="RRI Energy">RRI Energy</a> - came together to form <a href="/wiki/GenOn_Energy" title="GenOn Energy">GenOn Energy</a>. The Mirant shareholders were given 2.885 shares of RRI for every share of Mirant that they owned. This stock swap helped facilitate the takeover by making the Mirant shareholders an attractive offer, thus convincing Mirant's board of directors to allow the takeover.</li> <li>In 2014, South Korean Internet giant <a href="/wiki/Daum_Communications" class="mw-redirect" title="Daum Communications">Daum Communications</a> merged with Kakao Corp to form <a href="/wiki/Daum_Kakao" class="mw-redirect" title="Daum Kakao">Daum Kakao</a> in a stock swap deal. The merger ratio was approximately 1.14 so it is regarded as <a href="/wiki/Backdoor_listing" class="mw-redirect" title="Backdoor listing">backdoor listing</a> for Kakao.</li> <li>In 2017, <a href="/wiki/The_Walt_Disney_Company" title="The Walt Disney Company">Disney</a> acquired most of the <a href="/wiki/21st_Century_Fox" title="21st Century Fox">21st Century Fox</a> assets in an all-stock deal valued at $52 Billion ($66 Billion if debt is included). With the acquired company shareholders owning 25% of the combined company, and Disney shareholders owning 75% majority.</li></ul> </td></tr></tbody></table> <p>In <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a>, a <b>stock swap</b> is the exchange of one equity-based asset for another, where, during the <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">merger or acquisition</a>, the swap provides an opportunity to <a href="/wiki/Mergers_and_acquisitions#Stock" title="Mergers and acquisitions">pay with stock</a> rather than with cash; see <a href="/wiki/Mergers_and_acquisitions#Stock" title="Mergers and acquisitions">Mergers and acquisitions § Stock</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock_swap&action=edit&section=1" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The acquiring company essentially uses its own stock as cash to purchase the business. Each <a href="/wiki/Shareholder" title="Shareholder">shareholder</a> of the acquired company will receive a predetermined number of shares from the acquiring company. </p><p>Before the swap occurs each party must accurately value their company so that a fair "<a href="/wiki/Swap_ratio" title="Swap ratio">swap ratio</a>" can be calculated. The <a href="/wiki/Business_valuation" title="Business valuation">valuation of a company</a> is complicated in general; here though, additional to <a href="/wiki/Fair_market_value" title="Fair market value">fair market value</a>, the <a href="/wiki/Stock_valuation" title="Stock valuation">investment-</a> and <a href="/wiki/Intrinsic_value_(finance)#Equity" title="Intrinsic value (finance)">intrinsic value</a> are to be determined as well. </p><p>After the valuation is complete, the parties will agree upon the swap ratio; this will determine the number of shares that each shareholder will receive. In theory, a fair ratio is such that shareholders in both previous companies now own a pro-rated share of the new company: value-wise or re <a href="/wiki/Earnings_per_share" title="Earnings per share">earnings per share</a>. The acquiring company may also need to add an extra incentive in the form of shares to ensure that the <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a> of the acquired company approve the takeover. In <a href="/wiki/South_Korea" title="South Korea">South Korea</a>, the merger ratio is defined by a certain formula according to the law, if both companies are listed on the <a href="/wiki/Korea_Exchange" title="Korea Exchange">KRX</a>. </p><p>When this swap is realised, the shareholders receive the new stock and own a share in the new company. Sometimes, a part of the agreement will not allow the new shareholders to sell for a certain time period to avoid a sudden drop in share price. This is a form of a <a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">shareholder rights plan</a> or <a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">poison pill</a> strategy that is used to combat <a href="/wiki/Hostile_takeover" class="mw-redirect" title="Hostile takeover">hostile takeovers</a>. When all things come together and are fair, then the takeover will proceed without incident. </p> <div class="mw-heading mw-heading2"><h2 id="Internal_swap">Internal swap</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock_swap&action=edit&section=2" title="Edit section: Internal swap"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Stock swaps can also happen internally within a company. <a href="/wiki/Starbucks" title="Starbucks">Starbucks</a> has used this strategy in the past. When the stock options they offered to their employees dropped so low in price that they became virtually worthless, Starbucks offered a swap option. The company allowed the employees to swap their worthless shares for more that had a higher value.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock_swap&action=edit&section=3" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">US Legal. US Legal Incorporated. Web. July 21st, 2014. <a rel="nofollow" class="external free" href="http://defenitions.uslegal.com/s/stock-swap">http://defenitions.uslegal.com/s/stock-swap</a>.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Bates, Thomas, and David Kidwell, and Robert Parino. Fundamentals of Corporate Finance. New Jersey: John Wiley and Sons, 2012. Print</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Merrit, Cam. Demand Media. The Nest. Web. July 21st, 2014. <a rel="nofollow" class="external free" href="http://budgetting.thenest.com/stock-">http://budgetting.thenest.com/stock-</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged June 2018">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup>swaps-work-22564.html</span> </li> </ol></div></div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl 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.navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_finance_and_investment_banking" title="Template:Corporate finance and investment banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_finance_and_investment_banking" title="Template talk:Corporate finance and investment banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_finance_and_investment_banking" title="Special:EditPage/Template:Corporate finance and investment banking"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corporate_finance_and_investment_banking430" style="font-size:114%;margin:0 4em"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a> and <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a class="mw-selflink selflink">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets208" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets208" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a 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