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</a> <button aria-controls="toc-Types-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Types subsection</span> </button> <ul id="toc-Types-sublist" class="vector-toc-list"> <li id="toc-Rule_144_stock" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Rule_144_stock"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Rule 144 stock</span> </div> </a> <ul id="toc-Rule_144_stock-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Stock_derivatives" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Stock_derivatives"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Stock derivatives</span> </div> </a> <ul id="toc-Stock_derivatives-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Shareholder" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Shareholder"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Shareholder</span> </div> </a> <ul id="toc-Shareholder-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Application" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Application"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Application</span> </div> </a> <button aria-controls="toc-Application-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Application subsection</span> </button> <ul id="toc-Application-sublist" class="vector-toc-list"> <li id="toc-Shareholder_rights" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Shareholder_rights"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Shareholder rights</span> </div> </a> <ul id="toc-Shareholder_rights-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Means_of_financing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Means_of_financing"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Means of financing</span> </div> </a> <ul id="toc-Means_of_financing-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Trading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Trading"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Trading</span> </div> </a> <button aria-controls="toc-Trading-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Trading subsection</span> </button> <ul id="toc-Trading-sublist" class="vector-toc-list"> <li id="toc-Buying" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Buying"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Buying</span> </div> </a> <ul id="toc-Buying-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Selling" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Selling"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Selling</span> </div> </a> <ul id="toc-Selling-sublist" class="vector-toc-list"> <li id="toc-Short_selling" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Short_selling"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2.1</span> <span>Short selling</span> </div> </a> <ul id="toc-Short_selling-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Stock_price_fluctuations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stock_price_fluctuations"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Stock price fluctuations</span> </div> </a> <ul id="toc-Stock_price_fluctuations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Share_price_determination" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Share_price_determination"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.4</span> <span>Share price determination</span> </div> </a> <ul id="toc-Share_price_determination-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Arbitrage_trading" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Arbitrage_trading"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.5</span> <span>Arbitrage trading</span> </div> </a> <ul id="toc-Arbitrage_trading-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> 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<div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Stock</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 28 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-28" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">28 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D9%87%D9%85_(%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF)" title="سهم (اقتصاد) – Arabic" lang="ar" hreflang="ar" data-title="سهم (اقتصاد)" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AE%E0%A7%82%E0%A6%B2%E0%A6%A7%E0%A6%A8_%E0%A6%AE%E0%A6%9C%E0%A7%81%E0%A6%A6" title="মূলধন মজুদ – Bangla" lang="bn" hreflang="bn" data-title="মূলধন মজুদ" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/K%C3%B3%CD%98-phi%C3%B2" title="Kó͘-phiò – Minnan" lang="nan" hreflang="nan" data-title="Kó͘-phiò" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Stock" title="Stock – Basque" lang="eu" hreflang="eu" data-title="Stock" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B3%D9%87%D8%A7%D9%85_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87" title="سهام سرمایه – Persian" lang="fa" hreflang="fa" data-title="سهام سرمایه" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr badge-Q70894304 mw-list-item" title=""><a href="https://fr.wikipedia.org/wiki/Action_de_soci%C3%A9t%C3%A9" title="Action de société – French" lang="fr" hreflang="fr" data-title="Action de société" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B2%D5%A1%D5%AA%D5%B6%D5%A5%D5%BF%D5%AB%D6%80%D5%A1%D5%AF%D5%A1%D5%B6_%D5%AF%D5%A1%D5%BA%D5%AB%D5%BF%D5%A1%D5%AC" title="Բաժնետիրական կապիտալ – Armenian" lang="hy" hreflang="hy" data-title="Բաժնետիրական կապիտալ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A5%8D%E0%A4%9F%E0%A5%89%E0%A4%95" title="स्टॉक – Hindi" lang="hi" hreflang="hi" data-title="स्टॉक" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Stoko" title="Stoko – Ido" lang="io" hreflang="io" data-title="Stoko" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Modal_(keuangan)" title="Modal (keuangan) – Indonesian" lang="id" hreflang="id" data-title="Modal (keuangan)" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Hlutabr%C3%A9f" title="Hlutabréf – Icelandic" lang="is" hreflang="is" data-title="Hlutabréf" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Titolo_(finanza)" title="Titolo (finanza) – Italian" lang="it" hreflang="it" data-title="Titolo (finanza)" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B8%E0%B3%8D%E0%B2%9F%E0%B2%BE%E0%B2%95%E0%B3%81" title="ಸ್ಟಾಕು – Kannada" lang="kn" hreflang="kn" data-title="ಸ್ಟಾಕು" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Saham" title="Saham – Malay" lang="ms" hreflang="ms" data-title="Saham" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-cdo mw-list-item"><a href="https://cdo.wikipedia.org/wiki/G%C5%AB-pi%C3%A9u" title="Gū-piéu – Mindong" lang="cdo" hreflang="cdo" data-title="Gū-piéu" data-language-autonym="閩東語 / Mìng-dĕ̤ng-ngṳ̄" data-language-local-name="Mindong" class="interlanguage-link-target"><span>閩東語 / Mìng-dĕ̤ng-ngṳ̄</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%85%E1%80%90%E1%80%B1%E1%80%AC%E1%80%B7%E1%80%81%E1%80%BA" title="စတော့ခ် – Burmese" lang="my" hreflang="my" data-title="စတော့ခ်" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%D8%B3%D9%B9%D8%A7%DA%A9" title="سٹاک – Western Punjabi" lang="pnb" hreflang="pnb" data-title="سٹاک" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target"><span>پنجابی</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%88%D9%86%DA%89%D9%87_(%D9%88%D9%BC%D9%BE%D9%88%D9%87%D9%86%D9%87)" title="ونډه (وټپوهنه) – Pashto" lang="ps" hreflang="ps" data-title="ونډه (وټپوهنه)" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Stock" title="Stock – Simple English" lang="en-simple" hreflang="en-simple" data-title="Stock" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AE%E0%AF%82%E0%AE%B2%E0%AE%A4%E0%AE%A9%E0%AE%AA%E0%AF%8D_%E0%AE%AA%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AF%81" title="மூலதனப் பங்கு – Tamil" lang="ta" hreflang="ta" data-title="மூலதனப் பங்கு" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Stok" title="Stok – Turkish" lang="tr" hreflang="tr" data-title="Stok" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%B3%D9%B9%D8%A7%DA%A9" title="سٹاک – Urdu" lang="ur" hreflang="ur" data-title="سٹاک" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/C%E1%BB%95_phi%E1%BA%BFu" title="Cổ phiếu – Vietnamese" lang="vi" hreflang="vi" data-title="Cổ phiếu" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-classical mw-list-item"><a href="https://zh-classical.wikipedia.org/wiki/%E8%82%A1%E7%A5%A8" title="股票 – Literary Chinese" lang="lzh" hreflang="lzh" data-title="股票" data-language-autonym="文言" data-language-local-name="Literary Chinese" class="interlanguage-link-target"><span>文言</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E8%82%A1%E7%A5%A8" title="股票 – Wu" lang="wuu" hreflang="wuu" data-title="股票" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%A1%D7%98%D7%90%D7%A7%D7%A1" title="סטאקס – Yiddish" lang="yi" hreflang="yi" data-title="סטאקס" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E8%82%A1%E7%A5%A8" title="股票 – Cantonese" lang="yue" hreflang="yue" data-title="股票" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%82%A1%E7%A5%A8" title="股票 – Chinese" lang="zh" hreflang="zh" data-title="股票" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1196314#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Stock" title="View the content page [c]" 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<div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Shares into which ownership of the corporation is divided</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the total shares in a business. For individual units of corporate stock, see <a href="/wiki/Share_(finance)" title="Share (finance)">Share (finance)</a>. For "capital stock" as an input to production, see <a href="/wiki/Physical_capital" title="Physical capital">Physical capital</a>. For the goods and materials a business holds, see <a href="/wiki/Inventory" title="Inventory">Inventory</a>. For other uses, see <a href="/wiki/Stock_(disambiguation)" class="mw-disambig" title="Stock (disambiguation)">Stock (disambiguation)</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Stock" title="Special:EditPage/Stock">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Stock%22">"Stock"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Stock%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Stock%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Stock%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Stock%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Stock%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">January 2018</span>)</i></span><span 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.sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><table class="sidebar nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/200px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/300px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/400px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a class="mw-selflink selflink">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Private_credit" title="Private credit">Private credit</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li> <li><a href="/wiki/Carried_Interest" class="mw-redirect" title="Carried Interest">Carried Interest</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leveraged finance</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Asset_management" title="Asset management">Asset management</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bulls</a> and <a href="/wiki/Market_trend#Bear_market)" title="Market trend">Bears</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a> <ul><li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output 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navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330" /><table class="sidebar sidebar-collapse nomobile nowraplinks plainlist" style="width: 18em;"><tbody><tr><th class="sidebar-title"><a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg/250px-Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg" decoding="async" width="250" height="206" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg/375px-Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg/500px-Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg 2x" data-file-width="640" data-file-height="528" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Banknote" title="Banknote">Banknote</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative</a></li> <li><a class="mw-selflink selflink">Stock</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Financial_market" title="Financial market">Markets</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Stock_market" title="Stock market">Stock market</a></li> <li><a href="/wiki/Commodity_market" title="Commodity market">Commodity market</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter market (OTC)</a></li> <li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Bonds by coupon</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Fixed_rate_bond" class="mw-redirect" title="Fixed rate bond">Fixed rate bond</a></li> <li><a href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate note</a></li> <li><a href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bond</a></li> <li><a href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bond</a></li> <li><a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</a></li> <li><a href="/wiki/Commercial_paper" title="Commercial paper">Commercial paper</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Bonds by issuer</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><a href="/wiki/Pfandbrief" title="Pfandbrief">Pfandbrief</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equities (stocks)</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a class="mw-selflink selflink">Stock</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Share</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering (IPO)</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Investment_fund" title="Investment fund">Investment funds</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund (ETF)</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge fund</a></li> <li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Segregated_fund" title="Segregated fund">Segregated fund</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li> <li><a href="/wiki/Agency_security" title="Agency security">Agency security</a></li> <li><a href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed security</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li> <li><a href="/wiki/Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</a></li> <li><a href="/wiki/Residential_mortgage-backed_security" title="Residential mortgage-backed security">Residential mortgage-backed security</a></li> <li><a href="/wiki/Tranche" title="Tranche">Tranche</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</a></li> <li><a href="/wiki/Collateralized_fund_obligation" title="Collateralized fund obligation">Collateralized fund obligation</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</a></li> <li><a href="/wiki/Credit-linked_note" title="Credit-linked note">Credit-linked note</a></li> <li><a href="/wiki/Unsecured_debt" title="Unsecured debt">Unsecured debt</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivatives</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forward</a></li> <li><a href="/wiki/Futures_contract" title="Futures contract">Futures</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li> <li><a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li> <li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a></li></ul></div></div></td> </tr><tr><td class="sidebar-navbar"><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:Securities" title="Template:Securities"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Securities" title="Template talk:Securities"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Securities" title="Special:EditPage/Template:Securities"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Numismatics" title="Category:Numismatics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="background-color: lavender"><a href="/wiki/Numismatics" title="Numismatics">Numismatics</a><br /><span style="font-size:85%;">the study of currency</span></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:AIGA_Currency_Exchange_-_Euro.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/AIGA_Currency_Exchange_-_Euro.svg/120px-AIGA_Currency_Exchange_-_Euro.svg.png" decoding="async" width="120" height="112" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/AIGA_Currency_Exchange_-_Euro.svg/180px-AIGA_Currency_Exchange_-_Euro.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c8/AIGA_Currency_Exchange_-_Euro.svg/240px-AIGA_Currency_Exchange_-_Euro.svg.png 2x" data-file-width="446" data-file-height="416" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/Glossary_of_numismatics" title="Glossary of numismatics">Glossary</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c"><a href="/wiki/Currency" title="Currency">Currency</a></div></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Coin" title="Coin">Coins</a></li> <li><a href="/wiki/Banknote" title="Banknote">Banknotes</a></li> <li><a href="/wiki/Counterfeit_money" title="Counterfeit money">Forgery</a></li></ul> <ul><li><a href="/wiki/List_of_currencies" title="List of currencies">List</a></li> <li><a href="/wiki/ISO_4217" title="ISO 4217">ISO</a></li></ul> <dl><dt><a href="/wiki/List_of_circulating_currencies" title="List of circulating currencies">Circulating currencies</a></dt></dl> <ul><li><a href="/wiki/Category:Currencies_of_Africa" title="Category:Currencies of Africa">Africa</a></li> <li><a href="/wiki/Category:Currencies_of_Asia" title="Category:Currencies of Asia">Asia</a></li> <li><a href="/wiki/Category:Currencies_of_Europe" title="Category:Currencies of Europe">Europe</a></li> <li><a href="/wiki/Category:Currencies_of_North_America" title="Category:Currencies of North America">North America</a></li> <li><a href="/wiki/Category:Currencies_of_South_America" title="Category:Currencies of South America">South America</a></li> <li><a href="/wiki/Category:Currencies_of_Oceania" title="Category:Currencies of Oceania">Oceania</a></li></ul> <dl><dt><a href="/wiki/Local_currency" title="Local currency">Local currencies</a></dt></dl> <ul><li><a href="/wiki/Company_scrip" title="Company scrip">Company scrip</a></li> <li><a href="/wiki/Local_exchange_trading_system" title="Local exchange trading system">LETS</a></li> <li><a href="/wiki/Time-based_currency" title="Time-based currency">Time dollars</a></li></ul> <dl><dt><a href="/wiki/Fictional_currency" title="Fictional currency">Fictional currencies</a></dt></dl> <dl><dt><a href="/wiki/List_of_proposed_currencies" title="List of proposed currencies">Proposed currencies</a></dt></dl></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c"><a href="/wiki/History_of_money" title="History of money">History of money</a></div></div><div class="sidebar-list-content mw-collapsible-content"> <dl><dt><a href="/wiki/List_of_historical_currencies" title="List of historical currencies">Historical currencies</a></dt></dl> <ul><li><a href="/wiki/Aksumite_currency" title="Aksumite currency">Aksumite</a></li> <li><a href="/wiki/Achaemenid_currency" class="mw-redirect" title="Achaemenid currency">Achaemenid</a></li> <li><a href="/wiki/Byzantine_coinage" title="Byzantine coinage">Byzantine</a></li> <li><a href="/wiki/Ancient_Chinese_coinage" title="Ancient Chinese coinage">Chinese</a></li> <li><a href="/wiki/History_of_Philippine_money" title="History of Philippine money">Filipino</a></li> <li><a href="/wiki/Ancient_Greek_coinage" title="Ancient Greek coinage">Greek</a></li> <li><a href="/wiki/Coinage_of_India" title="Coinage of India">Indian</a></li> <li><a href="/wiki/History_of_coins_in_Italy" title="History of coins in Italy">Italian</a></li> <li><a href="/wiki/Japanese_currency" title="Japanese currency">Japanese</a></li> <li><a href="/wiki/Roman_currency" title="Roman currency">Roman</a></li> <li><a href="/wiki/History_of_Thai_money" title="History of Thai money">Thai</a></li> <li><a href="/wiki/Historical_money_of_Tibet" title="Historical money of Tibet">Tibetan</a></li></ul> <dl><dt><a href="/wiki/Category:Medieval_currencies" title="Category:Medieval currencies">Medieval currencies</a></dt></dl></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c">Production</div></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Mint_(facility)" title="Mint (facility)">Mint</a></li> <li><a href="/wiki/Category:Currency_designers" title="Category:Currency designers">Designers</a></li> <li><a href="/wiki/Coining_(mint)" title="Coining (mint)">Coining</a></li> <li><a href="/wiki/Milled_coinage" title="Milled coinage">Milling</a></li></ul> <ul><li><a href="/wiki/Hammered_coinage" title="Hammered coinage">Hammering</a></li> <li><a href="/wiki/Cast_coinage" title="Cast coinage">Cast</a></li> <li><a href="/wiki/Coinage_metals" title="Coinage metals">Metals</a></li> <li><a href="/wiki/Mint-made_errors" title="Mint-made errors">Errors</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c">Collection</div></div><div class="sidebar-list-content mw-collapsible-content"> <dl><dt><a href="/wiki/Coin_collecting" title="Coin collecting">Coin collecting</a></dt></dl> <ul><li><a href="/wiki/Coin" title="Coin">Coins</a></li> <li><a href="/wiki/Commemorative_coin" title="Commemorative coin">Commemorative coins</a></li></ul> <ul><li><a href="/wiki/Bullion_coin" title="Bullion coin">Bullion coins</a></li> <li><a href="/wiki/Coin_grading" title="Coin grading">Grading</a></li></ul> <dl><dt><a href="/wiki/Notaphily" title="Notaphily">Notaphily</a></dt></dl> <ul><li><a href="/wiki/Banknote" title="Banknote">Banknotes</a></li> <li><a href="/wiki/Commemorative_banknote" title="Commemorative banknote">Commemorative banknotes</a></li></ul> <dl><dt><a href="/wiki/Exonumia" title="Exonumia">Exonumia</a></dt></dl> <ul><li><a href="/wiki/Credit_card" title="Credit card">Credit cards</a></li> <li><a href="/wiki/Jeton" title="Jeton">Jetons</a></li> <li><a href="/wiki/Medal" title="Medal">Medals</a></li></ul> <ul><li><a href="/wiki/Token_coin" title="Token coin">Tokens</a></li> <li><a href="/wiki/Cheque" title="Cheque">Cheques</a></li> <li><a href="/wiki/Scrip" title="Scrip">Scrips</a></li></ul> <dl><dt><a href="/wiki/Scripophily" title="Scripophily">Scripophily</a></dt></dl> <ul><li><a class="mw-selflink selflink">Stocks</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bonds</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <div class="hlist"><ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/15px-United_States_penny%2C_obverse%2C_2002.png" decoding="async" width="15" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/23px-United_States_penny%2C_obverse%2C_2002.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/30px-United_States_penny%2C_obverse%2C_2002.png 2x" data-file-width="903" data-file-height="901" /></span></span> </span><a href="/wiki/Portal:Numismatics" title="Portal:Numismatics">Numismatics portal</a></li><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/17px-Bills_and_coins.svg.png" decoding="async" width="17" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/26px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/34px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></div></td></tr><tr><td class="sidebar-navbar"><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:Numismatics" title="Template:Numismatics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Numismatics" title="Template talk:Numismatics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Numismatics" title="Special:EditPage/Template:Numismatics"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Stocks</b> (also <b>capital stock</b>, or sometimes interchangeably, <b>shares</b>) consist of all the <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> by which ownership of a <a href="/wiki/Corporation" title="Corporation">corporation</a> or company is divided.<sup id="cite_ref-longman_1-1" class="reference"><a href="#cite_note-longman-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> A single share of the stock means fractional ownership of the corporation in proportion to the total number of shares. This typically entitles the <a href="/wiki/Shareholder" title="Shareholder">shareholder</a> (stockholder) to that fraction of the company's earnings, proceeds from liquidation of assets (after discharge of all <a href="/wiki/Seniority_(financial)" title="Seniority (financial)">senior claims</a> such as secured and unsecured <a href="/wiki/Debt" title="Debt">debt</a>),<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> or <a href="/wiki/Voting_interest" title="Voting interest">voting power</a>, often dividing these up in proportion to the number of like shares each stockholder owns. Not all stock is necessarily equal, as certain classes of stock may be issued, for example, without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of <a href="/wiki/Shareholder" title="Shareholder">shareholders</a>. </p><p>Stock can be bought and sold <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">privately</a> or on <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a>. Transactions of the former are closely overseen by governments and regulatory bodies to prevent fraud, protect investors, and benefit the larger economy. As <a href="/wiki/Equity_issuance" title="Equity issuance">new shares are issued</a> by a company, the ownership and rights of existing shareholders are <a href="/wiki/Stock_dilution" title="Stock dilution">diluted</a> in return for cash to sustain or grow the business. Companies can also <a href="/wiki/Share_repurchase" title="Share repurchase">buy back stock</a>, which often lets investors recoup the initial investment plus <a href="/wiki/Capital_gains" class="mw-redirect" title="Capital gains">capital gains</a> from subsequent rises in stock price. <a href="/wiki/Employee_stock_option" title="Employee stock option">Stock options</a> issued by many companies as part of employee compensation do not represent ownership, but represent the right to buy ownership at a future time at a specified price. This would represent a windfall to the employees if the option were exercised when the market price is higher than the promised price, since if they immediately sold the stock they would keep the difference (minus taxes). </p><p>Stock bought and sold in private markets fall within the <a href="/wiki/Private_equity" title="Private equity">private equity</a> realm of finance. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Shares">Shares</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=1" title="Edit section: Shares"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A person who owns a percentage of the stock has the ownership of the corporation proportional to their share. The shares form a stock; the <i>stock</i> of a corporation is partitioned into <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a>, the total of which are stated at the time of business formation. Additional shares may subsequently be authorized by the existing shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared <a href="/wiki/Par_value" title="Par value">par value</a>, which is a nominal accounting value used to represent the equity on the <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a> of the corporation. In other jurisdictions, however, shares of stock may be issued without associated par value. </p><p>Shares represent a fraction of <a href="/wiki/Ownership" title="Ownership">ownership</a> in a business. A <a href="/wiki/Business" title="Business">business</a> may declare different types (or classes) of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a <a href="/wiki/Stock_certificate" title="Stock certificate">stock certificate</a>. A stock certificate is a legal document that specifies the number of shares owned by the <a href="/wiki/Shareholder" title="Shareholder">shareholder</a>, and other specifics of the shares, such as the par value, if any, or the class of the shares. </p><p>In the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Republic of Ireland</a>, <a href="/wiki/South_Africa" title="South Africa">South Africa</a>, and <a href="/wiki/Australia" title="Australia">Australia</a>, <i>stock</i> can also refer, less commonly, to all kinds of <a href="/wiki/Marketable_securities" class="mw-redirect" title="Marketable securities">marketable securities</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=2" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Stock typically takes the form of shares of either <a href="/wiki/Common_stock" title="Common stock">common stock</a> or <a href="/wiki/Preferred_stock" title="Preferred stock">preferred stock</a>. As a unit of ownership, common stock typically carries <a href="/wiki/Voting_rights" class="mw-redirect" title="Voting rights">voting rights</a> that can be exercised in corporate decisions. <a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a> differs from common stock in that it typically does not carry voting rights but is legally entitled to receive a certain level of <a href="/wiki/Dividend" title="Dividend">dividend</a> payments before any dividends can be issued to other shareholders.<sup id="cite_ref-investor_guide_6-0" class="reference"><a href="#cite_note-investor_guide-6"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-investments_7-0" class="reference"><a href="#cite_note-investments-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (September 2013)">page needed</span></a></i>]</sup> Convertible preferred stock is preferred stock that includes the ability of the holder to convert the preferred shares into a fixed number of common shares, usually any time after a predetermined date. Shares of such stock are called "convertible preferred shares" (or "convertible preference shares" in the UK). </p><p>New <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity</a> issue may have specific legal clauses attached that differentiate them from previous issues of the issuer. Some shares of common stock may be issued without the typical voting rights, for instance, or some shares may have special rights unique to them and issued only to certain parties. Often, new issues that have not been registered with a securities governing body may be <a href="/wiki/Restricted_stock" title="Restricted stock">restricted</a> from resale for certain periods of time. </p><p>Preferred stock may be <a href="/wiki/Hybrid_Investment" title="Hybrid Investment">hybrid</a> by having the qualities of bonds of fixed returns and common stock voting rights. They also have preference in the payment of dividends over common stock and also have been given preference at the time of liquidation over common stock. They have other features of accumulation in dividend. In addition, preferred stock usually comes with a letter designation at the end of the security; for example, Berkshire-Hathaway <a href="/wiki/Class_B_share" title="Class B share">Class "B" shares</a> sell under stock ticker BRK.B, whereas <a href="/wiki/Class_A_share" title="Class A share">Class "A" shares</a> of ORION DHC, Inc will sell under ticker OODHA until the company drops the "A" creating ticker OODH for its "Common" shares only designation. This extra letter does not mean that any exclusive rights exist for the shareholders but it does let investors know that the shares are considered for such, however, these rights or privileges may change based on the decisions made by the underlying company. </p> <div class="mw-heading mw-heading3"><h3 id="Rule_144_stock">Rule 144 stock</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=3" title="Edit section: Rule 144 stock"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>"<a href="/wiki/Securities_Act_of_1933#Rule_144" title="Securities Act of 1933">Rule 144</a> Stock" is an American term given to shares of stock subject to SEC Rule 144: Selling Restricted and Control Securities.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Under Rule 144, restricted and controlled securities are acquired in unregistered form. Investors either purchase or take ownership of these securities through private sales (or other means such as via ESOPs or in exchange for seed money) from the issuing company (as in the case with Restricted Securities) or from an affiliate of the issuer (as in the case with Control Securities). Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock. These individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule 144. Rule 144 allows public re-sale of restricted securities if a number of different conditions are met. </p> <div class="mw-heading mw-heading2"><h2 id="Stock_derivatives">Stock derivatives</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=4" title="Edit section: Stock derivatives"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Equity_derivative" title="Equity derivative">Equity derivative</a></div> <p>A stock <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivative</a> is any financial instrument for which the <a href="/wiki/Underlying" class="mw-redirect" title="Underlying">underlying</a> asset is the price of an equity. <a href="/wiki/Futures_contract" title="Futures contract">Futures</a> and <a href="/wiki/Option_(finance)" title="Option (finance)">options</a> are the main types of derivatives on stocks. The underlying security may be a <a href="/wiki/Stock_index" class="mw-redirect" title="Stock index">stock index</a> or an individual firm's stock, e.g. <a href="/wiki/Single-stock_futures" title="Single-stock futures">single-stock futures</a>. </p><p>Stock futures are contracts where the buyer is <a href="/wiki/Long_(finance)" title="Long (finance)">long</a>, i.e., takes on the obligation to buy on the contract maturity date, and the seller is <a href="/wiki/Short_(finance)" title="Short (finance)">short</a>, i.e., takes on the obligation to sell. <a href="/wiki/Equity_derivative#Stock_Index_Futures" title="Equity derivative">Stock index futures</a> are generally delivered by cash settlement. </p><p>A <a href="/wiki/Stock_option" class="mw-redirect" title="Stock option">stock option</a> is a class of option. Specifically, a <a href="/wiki/Call_option" title="Call option">call option</a> is the right (<i>not</i> obligation) to buy stock in the future at a fixed price and a <a href="/wiki/Put_option" title="Put option">put option</a> is the right (<i>not</i> obligation) to sell stock in the future at a fixed price. Thus, the value of a stock option changes in reaction to the underlying stock of which it is a <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivative</a>. The most popular method of valuing stock options is the <a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes model</a>.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Apart from <a href="/wiki/Employee_stock_option" title="Employee stock option">call options granted to employees</a>, most stock options are transferable. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=5" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>During the <a href="/wiki/Roman_Republic" title="Roman Republic">Roman Republic</a>, the state contracted (leased) out many of its services to private companies. These government contractors were called <i>publicani</i>, or <i>societas publicanorum</i> as individual companies.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> These companies were similar to modern corporations, or <a href="/wiki/Joint-stock_companies" class="mw-redirect" title="Joint-stock companies">joint-stock companies</a> more specifically, in a couple of aspects. They issued shares called <i>partes</i> (for large cooperatives) and <i>particulae</i> which were small shares that acted like today's over-the-counter shares.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Polybius mentions that "almost every citizen" participated in the government leases.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> There is also evidence that the price of stocks fluctuated. The Roman orator Cicero speaks of <i>partes illo tempore carissimae</i>, which means "shares that had a very high price at that time".<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> This implies a fluctuation of price and stock market behavior in Rome. </p><p>Around 1250 in <a href="/wiki/France" title="France">France</a> at <a href="/wiki/Toulouse" title="Toulouse">Toulouse</a>, 100 shares of the <i>Société des Moulins du Bazacle</i>, or <a href="/wiki/Bazacle_Milling_Company" title="Bazacle Milling Company">Bazacle Milling Company</a> were traded at a value that depended on the profitability of the mills the society owned.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>In 1288, the Bishop of Västerås acquired a 12.5% interest in Great Copper Mountain (Stora Kopparberget in Swedish) which contained the <a href="/wiki/Falun_Mine" title="Falun Mine">Falun Mine</a>. The <a href="/wiki/Sweden" title="Sweden">Swedish</a> mining and forestry products company <a href="/wiki/Stora" class="mw-redirect" title="Stora">Stora</a> has documented a stock transfer, in 1288 in exchange for an estate.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Stora_Kopparberg_1288.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Stora_Kopparberg_1288.jpg/220px-Stora_Kopparberg_1288.jpg" decoding="async" width="220" height="175" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Stora_Kopparberg_1288.jpg/330px-Stora_Kopparberg_1288.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Stora_Kopparberg_1288.jpg/440px-Stora_Kopparberg_1288.jpg 2x" data-file-width="704" data-file-height="560" /></a><figcaption>The 12.5% <a href="/wiki/Share_(finance)" title="Share (finance)">share</a> of the Great Copper Mountain, dated June 16, 1288</figcaption></figure> <p>The earliest recognized joint-stock company in modern times was the English (later British) <a href="/wiki/East_India_Company" title="East India Company">East India Company</a>. It was granted an English <a href="/wiki/Royal_Charter" class="mw-redirect" title="Royal Charter">Royal Charter</a> by <a href="/wiki/Elizabeth_I_of_England" class="mw-redirect" title="Elizabeth I of England">Elizabeth I</a> on 31 December 1600, with the intention of favouring trade privileges in <a href="/wiki/India" title="India">India</a>. The Royal Charter effectively gave the newly created <i>Honourable East India Company</i> (HEIC) a 15-year <a href="/wiki/Monopoly" title="Monopoly">monopoly</a> on all trade in the <a href="/wiki/East_Indies" title="East Indies">East Indies</a>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Soon afterwards, in 1602,<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</a> issued the first shares that were made tradeable on the <a href="/wiki/Amsterdam_Stock_Exchange" class="mw-redirect" title="Amsterdam Stock Exchange">Amsterdam Stock Exchange</a>. Between 1602 and 1796 it traded 2.5 million tons of cargo with Asia on 4,785 ships and sent a million Europeans to work in Asia. </p> <div class="mw-heading mw-heading2"><h2 id="Shareholder">Shareholder</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=6" title="Edit section: Shareholder"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:B%26O_RR_common_stock.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/B%26O_RR_common_stock.jpg/220px-B%26O_RR_common_stock.jpg" decoding="async" width="220" height="144" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/B%26O_RR_common_stock.jpg/330px-B%26O_RR_common_stock.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b5/B%26O_RR_common_stock.jpg/440px-B%26O_RR_common_stock.jpg 2x" data-file-width="1315" data-file-height="861" /></a><figcaption><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a> for ten shares of the <a href="/wiki/Baltimore_and_Ohio_Railroad" title="Baltimore and Ohio Railroad">Baltimore and Ohio Railroad Company</a></figcaption></figure> <p>A <b>shareholder</b> (or <i>stockholder</i>) is an <a href="/wiki/Individual" title="Individual">individual</a> or <a href="/wiki/Company_(law)" class="mw-redirect" title="Company (law)">company</a> (including a <a href="/wiki/Corporation" title="Corporation">corporation</a>) that legally owns one or more <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> of stock in a <a href="/wiki/Joint_stock_company" class="mw-redirect" title="Joint stock company">joint stock company</a>. Both private and public traded companies have shareholders. </p><p>Shareholders are granted special privileges depending on the class of stock, including the right to vote on matters such as elections to the <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a>, the right to share in distributions of the company's income, the right to purchase new shares issued by the company, and the right to a company's assets during a <a href="/wiki/Liquidation" title="Liquidation">liquidation</a> of the company. However, shareholder's rights to a company's assets are subordinate to the rights of the company's creditors. </p><p>Shareholders are one type of <a href="/wiki/Stakeholder_(corporate)" title="Stakeholder (corporate)">stakeholders</a>, who may include anyone who has a direct or indirect equity interest in the <a href="/wiki/Business_entity" class="mw-redirect" title="Business entity">business entity</a> or someone with a non-equity interest in a <a href="/wiki/Non-profit_organization" class="mw-redirect" title="Non-profit organization">non-profit organization</a>. Thus it might be common to call <a href="/wiki/Volunteering" title="Volunteering">volunteer</a> contributors to an <a href="/wiki/Voluntary_association" title="Voluntary association">association</a> stakeholders, even though they are not shareholders. </p><p>Although directors and officers of a company are bound by <a href="/wiki/Fiduciary" title="Fiduciary">fiduciary</a> duties to act in the best interest of the shareholders, the shareholders themselves normally do not have such duties towards each other. </p><p>However, in a few unusual cases, some courts have been willing to imply such a duty between shareholders. For example, in <a href="/wiki/California" title="California">California</a>, <a href="/wiki/United_States" title="United States">United States</a>, majority shareholders of <a href="/wiki/Closely_held_corporation" class="mw-redirect" title="Closely held corporation">closely held</a> corporations have a duty not to destroy the value of the shares held by minority shareholders.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>The largest shareholders (in terms of percentages of companies owned) are often mutual funds, and, especially, passively managed <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">exchange-traded funds</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Application">Application</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=7" title="Edit section: Application"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The owners of a private company may want additional capital to invest in new projects within the company. They may also simply wish to reduce their holding, freeing up capital for their own private use. They can achieve these goals by selling shares in the company to the general public, through a sale on a <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a>. This process is called an <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a>, or IPO. </p><p>By selling shares they can sell part or all of the company to many part-owners. The purchase of one share entitles the owner of that share to literally share in the ownership of the company, a fraction of the decision-making power, and potentially a fraction of the profits, which the company may issue as <a href="/wiki/Dividend" title="Dividend">dividends</a>. The owner may also inherit <a href="/wiki/Debt" title="Debt">debt</a> and even <a href="/wiki/Litigation" class="mw-redirect" title="Litigation">litigation</a>. </p><p>In the common case of a publicly traded corporation, where there may be thousands of shareholders, it is impractical to have all of them making the daily decisions required to run a company. Thus, the shareholders will use their shares as votes in the election of members of the <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a> of the company. </p><p>In a typical case, each share constitutes one vote. Corporations may, however, issue different classes of shares, which may have different voting rights. Owning the majority of the shares allows other shareholders to be out-voted – effective control rests with the majority shareholder (or shareholders acting in concert). In this way the original owners of the company often still have control of the company. </p> <div class="mw-heading mw-heading3"><h3 id="Shareholder_rights">Shareholder rights</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=8" title="Edit section: Shareholder rights"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Although ownership of 50% of shares does result in 50% ownership of a company, it does not give the shareholder the right to use a company's building, equipment, materials, or other property. This is because the company is considered a legal person, thus it owns all its assets itself. This is important in areas such as insurance, which must be in the name of the company and not the main shareholder. </p><p>In most countries, <a href="/wiki/Board_of_directors" title="Board of directors">boards of directors</a> and company <a href="/wiki/Managers" class="mw-redirect" title="Managers">managers</a> have a <a href="/wiki/Fiduciary" title="Fiduciary">fiduciary</a> responsibility to run the company in the interests of its stockholders. Nonetheless, as <a href="/wiki/Martin_J._Whitman" title="Martin J. Whitman">Martin Whitman</a> writes: </p> <dl><dd>...it can safely be stated that there does not exist any publicly traded company where management works exclusively in the best interests of OPMI [Outside Passive Minority Investor] stockholders. Instead, there are both "communities of interest" and "conflicts of interest" between stockholders (principal) and management (agent). This conflict is referred to as the <a href="/wiki/Principal%E2%80%93agent_problem" title="Principal–agent problem">principal–agent problem</a>. It would be naive to think that any management would forego management compensation, and <a href="/wiki/Management_entrenchment" title="Management entrenchment">management entrenchment</a>, just because some of these management privileges might be perceived as giving rise to a conflict of interest with OPMIs.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></dd></dl> <p>Even though the board of directors runs the company, the shareholder has some impact on the company's policy, as the shareholders elect the board of directors. Each shareholder typically has a percentage of votes equal to the percentage of shares he or she owns. So as long as the shareholders agree that the management (agent) are performing poorly they can select a new board of directors which can then hire a new management team. In practice, however, genuinely contested board elections are rare. Board candidates are usually nominated by insiders or by the board of the directors themselves, and a considerable amount of stock is held or voted by insiders. </p><p>Owning shares does not mean responsibility for liabilities. If a company goes broke and has to default on loans, the shareholders are not liable in any way. However, all money obtained by converting assets into cash will be used to repay loans and other debts first, so that shareholders cannot receive any money unless and until creditors have been paid (often the shareholders end up with nothing).<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Means_of_financing">Means of financing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=9" title="Edit section: Means of financing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Financing a company through the sale of stock in a company is known as <a href="/wiki/Ownership_equity" class="mw-redirect" title="Ownership equity">equity</a> financing. Alternatively, <a href="/wiki/Debt" title="Debt">debt</a> financing (for example issuing <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>) can be done to avoid giving up shares of ownership of the company. Unofficial financing known as <a href="/wiki/Trade_financing" class="mw-redirect" title="Trade financing">trade financing</a> usually provides the major part of a company's <a href="/wiki/Working_capital" title="Working capital">working capital</a> (day-to-day operational needs). </p> <div class="mw-heading mw-heading2"><h2 id="Trading">Trading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=10" title="Edit section: Trading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Stock_trader" title="Stock trader">Stock trader</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Stockbroker.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Stockbroker.jpg/200px-Stockbroker.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Stockbroker.jpg/300px-Stockbroker.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/67/Stockbroker.jpg/400px-Stockbroker.jpg 2x" data-file-width="1024" data-file-height="768" /></a><figcaption>A stockbroker using multiple screens to stay up to date on trading</figcaption></figure> <p>In general, the shares of a company may be transferred from shareholders to other parties by sale or other mechanisms, unless prohibited. Most jurisdictions have established laws and regulations governing such transfers, particularly if the issuer is a publicly traded entity. </p><p>The desire of stockholders to trade their shares has led to the establishment of <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a>, organizations which provide marketplaces for trading <a href="/wiki/Shares" class="mw-redirect" title="Shares">shares</a> and other derivatives and financial products. Today, <a href="/wiki/Stock_trader" title="Stock trader">stock traders</a> are usually represented by a <a href="/wiki/Stockbroker" title="Stockbroker">stockbroker</a> who buys and sells shares of a wide range of companies on such exchanges. A company may list its shares on an exchange by meeting and maintaining the <a href="/wiki/Stock_exchange#Listing_requirements" title="Stock exchange">listing requirements</a> of a particular stock exchange. </p><p>Many large non-U.S companies choose to list on a U.S. exchange as well as an exchange in their home country in order to broaden their investor base. These companies must maintain a block of shares at a bank in the US, typically a certain percentage of their capital. On this basis, the holding bank establishes American depositary shares and issues an <a href="/wiki/American_depositary_receipt" title="American depositary receipt">American depositary receipt</a> (ADR) for each share a trader acquires. Likewise, many large U.S. companies list their shares at foreign exchanges to raise capital abroad. </p><p>Small companies that do not qualify and cannot meet the listing requirements of the major exchanges may be traded <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</a> (OTC) by an off-exchange mechanism in which trading occurs directly between parties. The major OTC markets in the United States are the electronic quotation systems <a href="/wiki/OTC_Bulletin_Board" title="OTC Bulletin Board">OTC Bulletin Board</a> (OTCBB) and <a href="/wiki/OTC_Markets_Group" title="OTC Markets Group">OTC Markets Group</a> (formerly known as Pink OTC Markets Inc.)<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> where individual retail investors are also represented by a <a href="/wiki/Brokerage_firm" class="mw-redirect" title="Brokerage firm">brokerage firm</a> and the quotation service's requirements for a company to be listed are minimal. Shares of companies in bankruptcy proceedings are usually listed by these quotation services after the stock is delisted from an exchange. </p> <div class="mw-heading mw-heading3"><h3 id="Buying">Buying</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=11" title="Edit section: Buying"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are various methods of buying and <a href="/wiki/Financing" class="mw-redirect" title="Financing">financing</a> stocks, the most common being through a <a href="/wiki/Stockbroker" title="Stockbroker">stockbroker</a>. Brokerage firms, whether they are a full-service or <a href="/wiki/Discounts_and_allowances" title="Discounts and allowances">discount</a> broker, arrange the transfer of stock from a seller to a buyer. Most trades are actually done through brokers listed with a stock exchange. </p><p>There are many different brokerage firms from which to choose, such as full service brokers or discount brokers. The full service brokers usually charge more per trade, but give investment advice or more personal service; the discount brokers offer little or no investment advice but charge less for trades. Another type of broker would be a <a href="/wiki/Bank" title="Bank">bank</a> or <a href="/wiki/Credit_union" title="Credit union">credit union</a> that may have a deal set up with either a full-service or discount broker. </p><p>There are other ways of buying stock besides through a broker. One way is directly from the company itself. If at least one share is owned, most companies will allow the purchase of shares directly from the company through their <a href="/wiki/Investor_relations" title="Investor relations">investor relations</a> departments. However, the initial share of stock in the company will have to be obtained through a regular stock broker. Another way to buy stock in companies is through Direct Public Offerings which are usually sold by the company itself. A direct public offering is an <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> in which the stock is purchased directly from the company, usually without the aid of brokers. </p><p>When it comes to <a href="/wiki/Financing" class="mw-redirect" title="Financing">financing</a> a purchase of stocks there are two ways: purchasing stock with money that is currently in the buyer's ownership, or by buying stock on <a href="/wiki/Margin_(finance)#Margin_buying" title="Margin (finance)">margin</a>. Buying stock on <a href="/wiki/Margin_(finance)#Margin_buying" title="Margin (finance)">margin</a> means buying stock with money borrowed against the value of stocks in the same account. These stocks, or <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a>, guarantee that the buyer can repay the <a href="/wiki/Loan" title="Loan">loan</a>; otherwise, the stockbroker has the right to sell the stock (collateral) to repay the borrowed money. He can sell if the <a href="/wiki/Share_price" title="Share price">share price</a> drops below the <a href="/wiki/Margin_(finance)#Minimum_margin_requirement" title="Margin (finance)">margin requirement</a>, at least 50% of the value of the stocks in the account. Buying on margin works the same way as borrowing money to buy a car or a house, using a car or house as collateral. Moreover, borrowing is not free; the broker usually charges 8–10% interest. </p> <div class="mw-heading mw-heading3"><h3 id="Selling">Selling</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=12" title="Edit section: Selling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Selling stock is procedurally similar to buying stock. Generally, the investor wants to buy low and sell high, if not in that order (<a href="/wiki/Short_selling" class="mw-redirect" title="Short selling">short selling</a>); although a number of reasons may induce an investor to sell at a loss, e.g., to avoid further loss. </p><p>As with buying a stock, there is a transaction fee for the broker's efforts in arranging the transfer of stock from a seller to a buyer. This fee can be high or low depending on which type of brokerage, full service or discount, handles the transaction. </p><p>After the transaction has been made, the seller is then entitled to all of the money. An important part of selling is keeping track of the earnings. Importantly, on selling the stock, in jurisdictions that have them, <a href="/wiki/Capital_gains_tax" title="Capital gains tax">capital gains taxes</a> will have to be paid on the additional proceeds, if any, that are in excess of the cost basis. </p> <div class="mw-heading mw-heading4"><h4 id="Short_selling">Short selling</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=13" title="Edit section: Short selling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Short_(finance)" title="Short (finance)">Short (finance)</a></div> <p><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a> consists of an investor immediately selling borrowed shares and then buying them back when their price has gone down (called "covering").<sup id="cite_ref-Investopedia_24-0" class="reference"><a href="#cite_note-Investopedia-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Essentially, such an investor bets<sup id="cite_ref-Investopedia_24-1" class="reference"><a href="#cite_note-Investopedia-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> that the price of the shares will drop so that they can be bought back at the lower price and thus returned to the lender at a profit. </p><p>The risks of short selling are usually higher than those of buying stock, as the loss can theoretically be unlimited since the stock's value can go up indefinitely in theory.<sup id="cite_ref-Investopedia_24-2" class="reference"><a href="#cite_note-Investopedia-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Stock_price_fluctuations">Stock price fluctuations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=14" title="Edit section: Stock price fluctuations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The price of a stock fluctuates fundamentally due to the theory of <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a>. Like all commodities in the market, the price of a stock is sensitive to demand. However, there are many factors that influence the demand for a particular stock. The fields of <a href="/wiki/Fundamental_analysis" title="Fundamental analysis">fundamental analysis</a> and <a href="/wiki/Technical_analysis" title="Technical analysis">technical analysis</a> attempt to understand market conditions that lead to price changes, or even predict future price levels. A recent study shows that customer satisfaction, as measured by the <a href="/wiki/American_Customer_Satisfaction_Index" title="American Customer Satisfaction Index">American Customer Satisfaction Index</a> (ACSI), is significantly correlated to the market value of a stock.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Stock price may be influenced by analysts' business forecast for the company and outlooks for the company's general market segment. Stocks can also fluctuate greatly due to <a href="/wiki/Pump_and_dump" title="Pump and dump">pump and dump</a> scams <style data-mw-deduplicate="TemplateStyles:r1033199720">.mw-parser-output div.crossreference{padding-left:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><span role="note" class="hatnote navigation-not-searchable crossreference">(also see <a href="/wiki/List_of_S%26P_600_companies" title="List of S&P 600 companies">List of S&P 600 companies</a>)</span>. </p> <div class="mw-heading mw-heading3"><h3 id="Share_price_determination">Share price determination</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=15" title="Edit section: Share price determination"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>At any given moment, an equity's price is strictly a result of supply and demand. The supply, commonly referred to as the <i><a href="/wiki/Public_float" title="Public float">float</a></i>, is the number of shares offered for sale at any one moment. The demand is the number of shares investors wish to buy at exactly that same time. The price of the stock moves in order to achieve and maintain <a href="/wiki/Economic_equilibrium" title="Economic equilibrium">equilibrium</a>. The product of this instantaneous price and the float at any one time is the <a href="/wiki/Market_capitalization" title="Market capitalization">market capitalization</a> of the entity offering the equity at that point in time. </p><p>When prospective buyers outnumber sellers, the price rises. Eventually, sellers attracted to the high selling price enter the market and/or buyers leave, achieving equilibrium between buyers and sellers. When sellers outnumber buyers, the price falls. Eventually buyers enter and/or sellers leave, again achieving equilibrium. </p><p>Thus, the value of a share of a company at any given moment is determined by all investors voting with their money. If more investors want a stock and are willing to pay more, the price will go up. If more investors are selling a stock and there are not enough buyers, the price will go down.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>b<span class="cite-bracket">]</span></a></sup> </p><p>That does not explain how people decide the maximum price at which they are willing to buy or the minimum at which they are willing to sell. In professional investment circles the <a href="/wiki/Efficient_market_hypothesis" class="mw-redirect" title="Efficient market hypothesis">efficient market hypothesis</a> (EMH) continues to be popular, although this theory is controversial in academic and professional circles. Briefly, EMH says that investing is overall (weighted by the <a href="/wiki/Standard_deviation" title="Standard deviation">standard deviation</a>) rational; that the price of a stock at any given moment represents a rational evaluation of the known information that might bear on the future value of the company; and that share prices of equities are priced <i>efficiently</i>, which is to say that they represent accurately the <a href="/wiki/Expected_value" title="Expected value">expected value</a> of the stock, as best it can be known at a given moment. In other words, prices are the result of discounting expected future cash flows. </p><p>The EMH model, if true, has at least two interesting consequences. First, because financial <a href="/wiki/Risk_(financial)" class="mw-redirect" title="Risk (financial)">risk</a> is presumed to require at least a small premium on expected value, the <a href="/wiki/Return_on_equity" title="Return on equity">return on equity</a> can be expected to be slightly greater than that available from non-equity investments: if not, the same rational calculations would lead equity investors to shift to these safer non-equity investments that could be expected to give the same or better return at lower risk. Second, because the price of a share at every given moment is an "efficient" reflection of expected value, then—relative to the curve of expected return—prices will tend to follow a <a href="/wiki/Random_walk" title="Random walk">random walk</a>, determined by the emergence of information (randomly) over time. Professional equity investors therefore immerse themselves in the flow of fundamental information, seeking to gain an advantage over their competitors (mainly other professional investors) by more intelligently interpreting the emerging flow of information (news). </p><p>The EMH model does not seem to give a complete description of the process of equity price determination. For example, stock markets are more volatile than EMH would imply. In recent years it has come to be accepted that the share markets are not perfectly efficient, perhaps especially in emerging markets or other markets that are not dominated by well-informed professional investors. </p><p>Another theory of share price determination comes from the field of <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral finance</a>. According to behavioral finance, humans often make irrational decisions—particularly, related to the buying and selling of securities—based upon fears and misperceptions of outcomes. The irrational trading of securities can often create securities prices which vary from rational, fundamental price valuations. For instance, during the technology bubble of the late 1990s (which was followed by the <a href="/wiki/Dot-com_bust" class="mw-redirect" title="Dot-com bust">dot-com bust</a> of 2000–2002), technology companies were often bid beyond any rational fundamental value because of what is commonly known as the "<a href="/wiki/Greater_fool_theory" title="Greater fool theory">greater fool theory</a>". The "greater fool theory" holds that, because the predominant method of realizing returns in equity is from the sale to another investor, one should select securities that they believe that someone else will value at a higher level at some point in the future, without regard to the basis for that other party's willingness to pay a higher price.Thus, even a rational investor may bank on others' irrationality. </p> <div class="mw-heading mw-heading3"><h3 id="Arbitrage_trading">Arbitrage trading</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=16" title="Edit section: Arbitrage trading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When companies raise capital by offering stock on more than one exchange, the potential exists for discrepancies in the valuation of shares on different exchanges. A keen investor with access to information about such discrepancies may invest in expectation of their eventual convergence, known as <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> trading. <a href="/wiki/Electronic_trading" title="Electronic trading">Electronic trading</a> has resulted in extensive price transparency (<a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">efficient-market hypothesis</a>) and these discrepancies, if they exist, are short-lived and quickly equilibrated.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=17" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Arrangements_between_railroads" title="Arrangements between railroads">Arrangements between railroads</a></li> <li><a href="/wiki/Boiler_room_(business)" title="Boiler room (business)">Boiler room</a></li> <li><a href="/wiki/Bucket_shop_(stock_market)" title="Bucket shop (stock market)">Bucket shop</a></li> <li><a href="/wiki/Buying_in_(securities)" title="Buying in (securities)">Buying in (securities)</a></li> <li><a href="/wiki/Concentrated_stock" class="mw-redirect" title="Concentrated stock">Concentrated stock</a></li> <li><a href="/wiki/Employee_stock_ownership" title="Employee stock ownership">Employee stock ownership</a></li> <li><a href="/wiki/Equity_investment" class="mw-redirect" title="Equity investment">Equity investment</a></li> <li><a href="/wiki/Global_Industry_Classification_Standard" title="Global Industry Classification Standard">GICS</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/House_stock" title="House stock">House stock</a></li> <li><a href="/wiki/Insider_trading" title="Insider trading">Insider trading</a></li> <li><a href="/wiki/Category:Money_managers" title="Category:Money managers">Money managers</a></li> <li><a href="/wiki/Naked_short_selling" title="Naked short selling">Naked short selling</a></li> <li><a href="/wiki/Penny_stock" title="Penny stock">Penny stock</a></li> <li><a href="/wiki/Scripophily" title="Scripophily">Scripophily</a></li> <li><a href="/wiki/Social_ownership" title="Social ownership">Social ownership</a></li> <li><a href="/wiki/Stock_and_flow" title="Stock and flow">Stock and flow</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Stock_token" class="mw-redirect" title="Stock token">Stock token</a></li> <li><a href="/wiki/Stub_(stock)" title="Stub (stock)">Stub (stock)</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li> <li>Traditional and alternative <a href="/wiki/Investment" title="Investment">investments</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=18" title="Edit section: Notes"><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 reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">In <a href="/wiki/American_English" title="American English">American English</a>, the word "stocks" is also used to refer to shares.<sup id="cite_ref-longman_1-0" class="reference"><a href="#cite_note-longman-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></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">"For <a href="/wiki/Nasdaq" title="Nasdaq">Nasdaq</a>-listed stocks, the price quote includes information on the bid and ask prices for the stock."<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></span> </li> </ol></div></div> <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&action=edit&section=19" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626" /><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-longman-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-longman_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-longman_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFSummers2007" class="citation book cs1">Summers, Della (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=antLdkMwxMwC"><i>Longman Business English Dictionary</i></a>. Pearson Longman. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4058-5259-3" title="Special:BookSources/978-1-4058-5259-3"><bdi>978-1-4058-5259-3</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/954137383">954137383</a>. <q>stock - <i>especially AmE</i> one of the shares into which ownership of a company is divided, or these shares considered together" <br />"When a company issues shares or stocks <i>especially AmE</i>, it makes them available for people to buy for the first time.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Longman+Business+English+Dictionary&rft.pub=Pearson+Longman&rft.date=2007&rft_id=info%3Aoclcnum%2F954137383&rft.isbn=978-1-4058-5259-3&rft.aulast=Summers&rft.aufirst=Della&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DantLdkMwxMwC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></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"><a rel="nofollow" class="external text" href="https://www.collinsdictionary.com/dictionary/english/stock">stock</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210430075917/https://www.collinsdictionary.com/dictionary/english/stock">Archived</a> 30 April 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> in Collins English Dictionary: "A stock is one of the parts or shares that the value of a company is divided into, that people can buy."</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/s/stock.asp">"stock"</a>. Investopedia. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181225173008/https://www.investopedia.com/terms/s/stock.asp">Archived</a> from the original on 25 December 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">25 February</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=stock&rft.pub=Investopedia&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fs%2Fstock.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090826030956/http://dictionary.cambridge.org/define.asp?key=78290&dict=CALD">"stock"</a>. Cambridge Advanced Learner's Dictionary. Archived from <a rel="nofollow" class="external text" href="http://dictionary.cambridge.org/define.asp?key=78290&dict=CALD">the original</a> on 26 August 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">12 February</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=stock&rft.pub=Cambridge+Advanced+Learner%27s+Dictionary&rft_id=http%3A%2F%2Fdictionary.cambridge.org%2Fdefine.asp%3Fkey%3D78290%26dict%3DCALD&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-investor_guide-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-investor_guide_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20190106064446/http://www.investorguide.com/article/11166/stock-classes-the-difference-between-common-stock-and-preferred-stock-igu/">"Common Stock vs. Preferred Stock, and Stock Classes"</a>. <i>InvestorGuide.com</i>. Archived from <a rel="nofollow" class="external text" href="http://www.investorguide.com/igu-article-818-stock-basics-common-and-preferred-stock.html">the original</a> on 6 January 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">10 June</span> 2007</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=InvestorGuide.com&rft.atitle=Common+Stock+vs.+Preferred+Stock%2C+and+Stock+Classes&rft_id=http%3A%2F%2Fwww.investorguide.com%2Figu-article-818-stock-basics-common-and-preferred-stock.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-investments-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-investments_7-0">^</a></b></span> <span class="reference-text">Zvi Bodie, Alex Kane, Alan J. Marcus, <i>Investments</i>, 9th Ed., <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-803469-5" title="Special:BookSources/978-0-07-803469-5">978-0-07-803469-5</a>.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/investor/pubs/rule144.htm">"Rule 144: Selling Restricted and Control Securities"</a>. US Securities and Exchange Commission. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170309050854/https://www.sec.gov/investor/pubs/rule144.htm">Archived</a> from the original on 9 March 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">18 May</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Rule+144%3A+Selling+Restricted+and+Control+Securities&rft.pub=US+Securities+and+Exchange+Commission&rft_id=https%3A%2F%2Fwww.sec.gov%2Finvestor%2Fpubs%2Frule144.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.tradingtoday.com/black-scholes">"Black Scholes Calculator"</a>. Tradingtoday.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100414114230/http://www.tradingtoday.com/black-scholes">Archived</a> from the original on 14 April 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">12 February</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Black+Scholes+Calculator&rft.pub=Tradingtoday.com&rft_id=http%3A%2F%2Fwww.tradingtoday.com%2Fblack-scholes&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a href="/wiki/Livy" title="Livy">Livy</a>, <i><a href="/wiki/Ab_Urbe_Condita_Libri_(Livy)" class="mw-redirect" title="Ab Urbe Condita Libri (Livy)">Ab Urbe Condita</a></i></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">(Cic. pro Rabir. Post. 2; Val. Max. VI.9 §7)</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">(Polybius, 6, 17, 3)</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHawk2015" class="citation book cs1">Hawk, Barry (2015). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=H9XdCgAAQBAJ&dq=societas+publicanorum&pg=PA232"><i>Law and Commerce in Pre-Industrial Societies</i></a>. <a href="/wiki/Brill_Publishers" title="Brill Publishers">Brill Publishers</a>. p. 232. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-90-04-30622-6" title="Special:BookSources/978-90-04-30622-6"><bdi>978-90-04-30622-6</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230210143155/https://books.google.com/books?id=H9XdCgAAQBAJ&pg=PA232&dq=societas+publicanorum&hl=en&sa=X&redir_esc=y#v=onepage&q=societas%20publicanorum&f=false">Archived</a> from the original on 10 February 2023<span class="reference-accessdate">. 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VAT. 12, 29.)</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://archive.today/20120913/http://www.euronext.com/editorial/wide/editorial-1989-EN.html">"Paris: It Started with the Lyons Bourse | NYSE Euronext"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.euronext.com/editorial/wide/editorial-1989-EN.html">the original</a> on 13 September 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">18 December</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Paris%3A+It+Started+with+the+Lyons+Bourse+%26%23124%3B+NYSE+Euronext&rft_id=http%3A%2F%2Fwww.euronext.com%2Feditorial%2Fwide%2Feditorial-1989-EN.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFInternational_Council_on_Monuments_and_Sites_(ICOMOS)2000" class="citation cs2">International Council on Monuments and Sites (ICOMOS) (2000), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20040612073721/https://whc.unesco.org/archive/advisory_body_evaluation/1027.pdf"><i>Mining Area of the Great Copper Mountain in Falun – Advisory Body Evaluation</i></a> <span class="cs1-format">(PDF)</span>, United Nations Educational, Scientific and Cultural Organization, archived from <a rel="nofollow" class="external text" href="https://whc.unesco.org/archive/advisory_body_evaluation/1027.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 12 June 2004</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Mining+Area+of+the+Great+Copper+Mountain+in+Falun+%E2%80%93+Advisory+Body+Evaluation&rft.pub=United+Nations+Educational%2C+Scientific+and+Cultural+Organization&rft.date=2000&rft.au=International+Council+on+Monuments+and+Sites+%28ICOMOS%29&rft_id=https%3A%2F%2Fwhc.unesco.org%2Farchive%2Fadvisory_body_evaluation%2F1027.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFIrwin1991" class="citation journal cs1">Irwin, Douglas A. (December 1991). <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/pubs/ifdp/1990/392/ifdp392.pdf">"Mercantilism as Strategic Trade Policy: The Anglo-Dutch Rivalry for the East India Trade"</a> <span class="cs1-format">(PDF)</span>. <i>The Journal of Political Economy</i>. <b>99</b> (6). The University of Chicago Press: <span class="nowrap">1296–</span>1314. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F261801">10.1086/261801</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2937731">2937731</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:17937216">17937216</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200731010304/https://www.federalreserve.gov/pubs/ifdp/1990/392/ifdp392.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 31 July 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">31 July</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Political+Economy&rft.atitle=Mercantilism+as+Strategic+Trade+Policy%3A+The+Anglo-Dutch+Rivalry+for+the+East+India+Trade&rft.volume=99&rft.issue=6&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1296-%3C%2Fspan%3E1314&rft.date=1991-12&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A17937216%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2937731%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1086%2F261801&rft.aulast=Irwin&rft.aufirst=Douglas+A.&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fpubs%2Fifdp%2F1990%2F392%2Fifdp392.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span> at 1299.</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStringham2003" class="citation ssrn cs1">Stringham, Edward (2003). 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Ahmanson & Co.</i>, 1 Cal. 3d)</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://online.ceb.com/calcases/C3/1C3d93.htm">"Jones v. H.F. Ahmanson & Co. (1969) 1 C3d 93"</a>. Online.ceb.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080510233236/http://online.ceb.com/calcases/C3/1C3d93.htm">Archived</a> from the original on 10 May 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">12 February</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Jones+v.+H.F.+Ahmanson+%26+Co.+%281969%29+1+C3d+93&rft.pub=Online.ceb.com&rft_id=http%3A%2F%2Fonline.ceb.com%2Fcalcases%2FC3%2F1C3d93.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text">Whitman, 2004, 5</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFJackson2001" class="citation book cs1">Jackson, Thomas (2001). <i>The Logic and Limits of Bankruptcy Law</i>. 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Retrieved <span class="nowrap">18 May</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Stock+Trading&rft.pub=US+Securities+and+Exchange+Commission&rft_id=https%3A%2F%2Fwww.sec.gov%2Fanswers%2Fpink.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-Investopedia-24"><span class="mw-cite-backlink">^ <a href="#cite_ref-Investopedia_24-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Investopedia_24-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Investopedia_24-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/ask/answers/how-does-one-make-money-short-selling/">"How an Investor Can Make Money Short Selling Stocks"</a>. <i>Investopedia</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201130183340/https://www.investopedia.com/ask/answers/how-does-one-make-money-short-selling/">Archived</a> from the original on 30 November 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">14 February</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=How+an+Investor+Can+Make+Money+Short+Selling+Stocks&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fask%2Fanswers%2Fhow-does-one-make-money-short-selling%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMithas2006" class="citation web cs1">Mithas, Sunil (January 2006). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120317033602/http://www.rhsmith.umd.edu/research/ras/spring2006/2.html">"Increased Customer Satisfaction Increases Stock Price"</a>. <i>Research@Smith</i>. University of Maryland. Archived from <a rel="nofollow" class="external text" href="http://www.rhsmith.umd.edu/research/ras/spring2006/2.html">the original</a> on 17 March 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">25 February</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Research%40Smith&rft.atitle=Increased+Customer+Satisfaction+Increases+Stock+Price&rft.date=2006-01&rft.aulast=Mithas&rft.aufirst=Sunil&rft_id=http%3A%2F%2Fwww.rhsmith.umd.edu%2Fresearch%2Fras%2Fspring2006%2F2.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080907181339/http://www.youngmoney.com/investing/sharebuilder/goals/031021_08">"Understanding Stock Prices: Bid, Ask, Spread"</a>. Youngmoney.com. 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Retrieved <span class="nowrap">12 February</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Understanding+Stock+Prices%3A+Bid%2C+Ask%2C+Spread&rft.pub=Youngmoney.com&rft_id=http%3A%2F%2Fwww.youngmoney.com%2Finvesting%2Fsharebuilder%2Fgoals%2F031021_08&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/a/arbitrage.asp#:~:text=costs%20or%20taxes).-,What%20Is%20Arbitrage%3F,difference%20between%20the%20two%20prices.">"Arbitrage: How Arbitraging Works in Investing, with Examples"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211224185707/https://www.investopedia.com/terms/a/arbitrage.asp#:~:text=costs%20or%20taxes).-,What%20Is%20Arbitrage%3F,difference%20between%20the%20two%20prices.">Archived</a> from the original on 24 December 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">26 November</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Arbitrage%3A+How+Arbitraging+Works+in+Investing%2C+with+Examples&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fa%2Farbitrage.asp%23%3A~%3Atext%3Dcosts%2520or%2520taxes%29.-%2CWhat%2520Is%2520Arbitrage%253F%2Cdifference%2520between%2520the%2520two%2520prices.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></span> </li> </ol></div> <p><br /> </p> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=20" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFGrahamJason_Zweig2003" class="citation book cs1"><a href="/wiki/Benjamin_Graham" title="Benjamin Graham">Graham, Benjamin</a>; <a href="/wiki/Jason_Zweig" title="Jason Zweig">Jason Zweig</a> (8 July 2003) [1949]. <a rel="nofollow" class="external text" href="https://archive.org/details/harrypotterhalfb00rowl_0"><i>The Intelligent Investor</i></a>. Warren E. Buffett (collaborator) (2003 ed.). <a href="/wiki/HarperCollins" title="HarperCollins">HarperCollins</a>. front cover. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-06-055566-1" title="Special:BookSources/0-06-055566-1"><bdi>0-06-055566-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Intelligent+Investor&rft.pages=front+cover&rft.edition=2003&rft.pub=HarperCollins&rft.date=2003-07-08&rft.isbn=0-06-055566-1&rft.aulast=Graham&rft.aufirst=Benjamin&rft.au=Jason+Zweig&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fharrypotterhalfb00rowl_0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFGraham,_B.Dodd,_D.Dodd,_D.L.F.1934" class="citation book cs1">Graham, B.; <a href="/wiki/David_Dodd" title="David Dodd">Dodd, D.</a>; Dodd, D.L.F. (1934). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=wXlrnZ1uqK0C"><i>Security Analysis: The Classic 1934 Edition</i></a>. <a href="/wiki/McGraw-Hill_Education" class="mw-redirect" title="McGraw-Hill Education">McGraw-Hill Education</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-070-24496-2" title="Special:BookSources/978-0-070-24496-2"><bdi>978-0-070-24496-2</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/34023635">34023635</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Security+Analysis%3A+The+Classic+1934+Edition&rft.pub=McGraw-Hill+Education&rft.date=1934&rft_id=info%3Alccn%2F34023635&rft.isbn=978-0-070-24496-2&rft.au=Graham%2C+B.&rft.au=Dodd%2C+D.&rft.au=Dodd%2C+D.L.F.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DwXlrnZ1uqK0C&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li> <li><i><a href="/wiki/Rich_Dad_Poor_Dad" title="Rich Dad Poor Dad">Rich Dad Poor Dad</a>: What the Rich Teach Their Kids about Money That the Poor and Middle Class Do Not!</i>, by <a href="/wiki/Robert_Kiyosaki" title="Robert Kiyosaki">Robert Kiyosaki</a> and <a href="/wiki/Sharon_Lechter" title="Sharon Lechter">Sharon Lechter</a>. <a href="/wiki/Warner_Business_Books" class="mw-redirect" title="Warner Business Books">Warner Business Books</a>, 2000. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-446-67745-0" title="Special:BookSources/0-446-67745-0">0-446-67745-0</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFClason,_George2015" class="citation book cs1"><a href="/wiki/George_Samuel_Clason" title="George Samuel Clason">Clason, George</a> (2015). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=wlQLrgEACAAJ"><i>The Richest Man in Babylon: Original 1926 Edition</i></a>. <a href="/wiki/CreateSpace" title="CreateSpace">CreateSpace Independent Publishing Platform</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-508-52435-9" title="Special:BookSources/978-1-508-52435-9"><bdi>978-1-508-52435-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Richest+Man+in+Babylon%3A+Original+1926+Edition&rft.pub=CreateSpace+Independent+Publishing+Platform&rft.date=2015&rft.isbn=978-1-508-52435-9&rft.au=Clason%2C+George&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DwlQLrgEACAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBogle2007" class="citation book cs1"><a href="/wiki/John_C._Bogle" title="John C. Bogle">Bogle, John C.</a> (2007). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/littlebookofcomm00bogl"><i>The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns</i></a></span>. John Wiley and Sons. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/littlebookofcomm00bogl/page/216">216</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-10210-7" title="Special:BookSources/978-0-470-10210-7"><bdi>978-0-470-10210-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Little+Book+of+Common+Sense+Investing%3A+The+Only+Way+to+Guarantee+Your+Fair+Share+of+Stock+Market+Returns&rft.pages=216&rft.pub=John+Wiley+and+Sons&rft.date=2007&rft.isbn=978-0-470-10210-7&rft.aulast=Bogle&rft.aufirst=John+C.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Flittlebookofcomm00bogl&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBuffett,_W.Cunningham,_L.A.2009" class="citation book cs1"><a href="/wiki/Warren_Buffett" title="Warren Buffett">Buffett, W.</a>; Cunningham, L.A. (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=njy3PQAACAAJ"><i>The Essays of Warren Buffett: Lessons for Investors and Managers</i></a>. <a href="/wiki/Wiley_(publisher)" title="Wiley (publisher)">John Wiley & Sons (Asia) Pte Limited</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-82441-2" title="Special:BookSources/978-0-470-82441-2"><bdi>978-0-470-82441-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Essays+of+Warren+Buffett%3A+Lessons+for+Investors+and+Managers&rft.pub=John+Wiley+%26+Sons+%28Asia%29+Pte+Limited&rft.date=2009&rft.isbn=978-0-470-82441-2&rft.au=Buffett%2C+W.&rft.au=Cunningham%2C+L.A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dnjy3PQAACAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStanley,_Thomas_J.Danko,_W.D.1998" class="citation book cs1"><a href="/wiki/Thomas_J._Stanley" title="Thomas J. Stanley">Stanley, Thomas J.</a>; Danko, W.D. (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ldpaww5kkmoC"><i>The Millionaire Next Door</i></a>. <a href="/wiki/Gallery_Books" class="mw-redirect" title="Gallery Books">Gallery Books</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-671-01520-6" title="Special:BookSources/978-0-671-01520-6"><bdi>978-0-671-01520-6</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/98046515">98046515</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Millionaire+Next+Door&rft.pub=Gallery+Books&rft.date=1998&rft_id=info%3Alccn%2F98046515&rft.isbn=978-0-671-01520-6&rft.au=Stanley%2C+Thomas+J.&rft.au=Danko%2C+W.D.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dldpaww5kkmoC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSoros,_George1988" class="citation book cs1"><a href="/wiki/George_Soros" title="George Soros">Soros, George</a> (1988). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=JDSii-QgejoC"><i>The Alchemy of Finance: Reading the Mind of the Market</i></a>. A Touchstone book. <a href="/wiki/Simon_%26_Schuster" title="Simon & Schuster">Simon & Schuster</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-671-66238-7" title="Special:BookSources/978-0-671-66238-7"><bdi>978-0-671-66238-7</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/87004745">87004745</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Alchemy+of+Finance%3A+Reading+the+Mind+of+the+Market&rft.series=A+Touchstone+book&rft.pub=Simon+%26+Schuster&rft.date=1988&rft_id=info%3Alccn%2F87004745&rft.isbn=978-0-671-66238-7&rft.au=Soros%2C+George&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DJDSii-QgejoC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFisher,_Philip_Arthur1996" class="citation book cs1"><a href="/wiki/Philip_Arthur_Fisher" title="Philip Arthur Fisher">Fisher, Philip Arthur</a> (1996). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=UES-QgAACAAJ"><i>Common Stocks and Uncommon Profits and Other Writings</i></a>. Wiley Investment Classics. <a href="/wiki/Wiley_(publisher)" title="Wiley (publisher)">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-11927-2" title="Special:BookSources/978-0-471-11927-2"><bdi>978-0-471-11927-2</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/95051449">95051449</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Common+Stocks+and+Uncommon+Profits+and+Other+Writings&rft.series=Wiley+Investment+Classics&rft.pub=Wiley&rft.date=1996&rft_id=info%3Alccn%2F95051449&rft.isbn=978-0-471-11927-2&rft.au=Fisher%2C+Philip+Arthur&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DUES-QgAACAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStock" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stock&action=edit&section=21" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output 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srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/06/Wiktionary-logo-v2.svg/41px-Wiktionary-logo-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/06/Wiktionary-logo-v2.svg/54px-Wiktionary-logo-v2.svg.png 2x" data-file-width="391" data-file-height="391" /></span></span></span><span class="sister-link"><a href="https://en.wiktionary.org/wiki/Special:Search/Stock" class="extiw" title="wikt:Special:Search/Stock">Definitions</a> from Wiktionary</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png" decoding="async" width="20" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/40px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></span><span class="sister-link"><a href="https://commons.wikimedia.org/wiki/Category:Stocks" class="extiw" title="c:Category:Stocks">Media</a> from Commons</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/27px-Wikinews-logo.svg.png" decoding="async" width="27" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/41px-Wikinews-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/54px-Wikinews-logo.svg.png 2x" data-file-width="759" data-file-height="415" /></span></span></span><span class="sister-link"><a href="https://en.wikinews.org/wiki/Special:Search/Stock" class="extiw" title="n:Special:Search/Stock">News</a> from Wikinews</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/23px-Wikiquote-logo.svg.png" decoding="async" width="23" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/35px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/46px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></span><span class="sister-link"><a href="https://en.wikiquote.org/wiki/Stock_market" class="extiw" title="q:Stock market">Quotations</a> from Wikiquote</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/26px-Wikisource-logo.svg.png" decoding="async" width="26" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/39px-Wikisource-logo.svg.png 1.5x, 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.navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></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 class="mw-selflink selflink">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 href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" title="Yield (finance)">Yield</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" /><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style></div><div role="navigation" class="navbox" aria-labelledby="Corporate_finance_and_investment_banking430" 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: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 class="mw-selflink selflink">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 href="/wiki/Stock_swap" title="Stock swap">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" 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