M banking is the use of a smartphone or other cellular phone to conduct tasks such as monitoring account balances, transferring funds between accounts, bill payment and locating an ATM while away from

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A ma and pa shop is a family-owned independent business.

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Companies adopt a macaroni defense by issuing bonds that are redeemable at a high price in the event of a change in control.

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The Macaulay duration (named after Frederick Macaulay, an economist who developed the concept in 1938) is a measure of a bond's sensitivity to interest rate changes. Technically, duration is the weigh

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Macro accounting, also called national accounting, is a method of calculating the economic activity of a country or region.

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A macro environment is a wide, broad set of economic conditions rather than the conditions in a specific sector or industry within an economy.

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Macro risk is the risk that the political activity in a country will affect the operations of foreign companies that do business in that country.

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A macroeconomic factor is a characteristic, trend or condition that comes from or applies to a broad aspect of an economy rather than a certain population.

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Macroeconomics involves the study of aggregate factors such as employment, inflation, and gross domestic product, and evaluating how they influence the economy as a whole.

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Macromarketing describes how marketing affects an entire society's demand for goods and services.

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Macroprudential analysis is analysis of the stability of an economy's financial institutions.

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In the business world, a mad hatter is a leader, usually a CEO, who makes unusual or impulsive decisions.

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Made to Order (MTO) is a production and inventory strategy in which companies manufacture products or provide services according to each customer's specifications rather than according to a homoge

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Made to Stock (MTS) is a production and inventory strategy in which companies manufacture products or provide services according to their forecast of customer demand.

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Magna cum laude is Latin for with great honor.

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In the tax world, a main home is where a taxpayer has lived for most of the tax year or is the only home the taxpayer owns.

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Main Street refers collectively to members of the general population who invest in the capital markets.

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A maintenance bond is a surety bond for construction projects.

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Maintenance expenses are the costs associated with keeping an asset in working order and good condition.

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A maintenance margin is a limit after which a brokerage firm can make a margin call.

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A major downtrend, or bear market, is when financial assets and markets -- as with the broader economy -- fall steadily for an extended period of time.

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Major pairs are the four pairs of currencies that are most commonly traded in the foreign exchange markets.

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A major uptrend, or bull market, is when financial assets and markets -- as with the broader economy -- move in an upward direction for extended periods of time.

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A majority shareholder refers to a shareholder who owns over 50% of stock in a company.

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Making a market is a process whereby a person or brokerage house that is always prepared to buy and sell securities in order to provide liquidity to the markets.

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Make to Assemble (MTA) is a manufacturing strategy whereby the manufacturer creates or obtains all of the components of its products but does not assemble the product until a customer places an order.

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A make-whole call provision is a call provision attached to a bond, whereby the borrower must make a payment to the lender in an amount equal to the net present value of the coupon payments that the l

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The idea behind Making Home Affordable is to stabilize the economy. A major contributor to the financial crisis of 2008 was a large number of defaults on home loans, which created cash crises for lend

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Malfeasance is the legal term for intentionally doing something that is illegal.

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Malpractice insurance pays for the mistakes health care professionals make due to negligence or harmful decisions. The premium can be very high, and these premiums are a controversial cost of doing bu

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A man-year is a measure of how much work one person does in a calendar year.

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A managed account is an investment account in which a financial advisor or other kind of money manager is responsible for managing in the best interests of a client or beneficiary.

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Managed currency is the opposite of currency whose exchange rate is determined by the amount of supply and demand for the currency in the global marketplace. Most currencies, however, are managed by t

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A managed distribution policy is an issuer's commitment to make a fixed periodic dividend payment. This means investors can buy shares of a security with the confidence that they will receive a re

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A managed futures fund is an alternative asset created and maintained by a commodity trading advisor (CTA). The fund invests in commodity futures contracts. 

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Management audits are not the same as individual performance reviews. Rather, the goal is to compare an organization's overall management quality to the rest of the industry and especially to comp

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A management buyout (MBO) occurs when the current management of a company acquires a controlling interest or the entire interest in a company from existing shareholders.

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In the financial world, a management discussion and analysis (MD&A) is a written explanation of a public company's performance for the reporting period. The explanation appears in the company&

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Mancessions indicate that men are having a tougher time finding jobs. This in turn may indicate that traditionally male occupations may be waning, that women have more marketable job skills, or that m

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Mandatory Convertibles are hybrid securities (bonds linked to equities) that automatically convert to equity (stock) at a pre-determined date. Common names are PERCS (Preferred Equity Redemption Cumul

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A manufacturer's suggested retail price (MSRP) is a price that a product manufacturer tells retailers to charge for their products.

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The term margin has two main definitions. The first refers to the ratio of profit to revenue. The second refers to money borrowed from a brokerage firm in order to leverage an investment.

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A margin account is a brokerage account that allows investors to borrow money (leverage) from the broker in order to purchase securities.

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A margin call is a brokerage firm's demand that a margin-account client deposit securities or cash into their account in order to bring the account balance up to the minimum maintenance margin req

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Margin debt is debt obtained from buying on margin.

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Margin of safety is the amount by which a company's shares are trading below their intrinsic value.

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Marginal tax rate is the rate at which an additional dollar of taxable income would be taxed. It is part of a progressive tax system, which applies different tax rates to different levels of income. A

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The marital deduction refers to the deduction the IRS allows for a taxpayer to transfer some or all of his assets tax free to his spouse prior to the calculation of estate tax owed by his estate.

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Marital property is property owned by a married couple.

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Mark-to-management is an accounting practice that prices an asset based on what management estimates its potential value to be under normal market conditions. It is the opposite of mark-to-market.

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Mark-to-market (MTM) is an accounting method that records the value of an asset according to its current market price.

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Mark-to-market losses are losses in an asset's value caused solely by a decline in market price.

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Mark-to-model is an accounting method where asset prices are assigned using the results of a financial model.

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Markdown refers to the negative spread between the price a broker charges a client for a security and the highest price at which that security is sold between brokers. It is the opposite of markup.

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A market is a location where buyers and sellers meet to exchange goods and services at prices determined by the forces of supply and demand.

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Market arbitrage is a trading strategy whereby a trader sells a security in one market and buys the same security in another market.

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A market average is the general level of prices in a stock market as expressed by a basket of frequently traded stocks.

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A market basket is a group of items that simulate the overall price movements in a market.

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Market breadth is a ratio that compares the total number of rising stocks to the total number of falling stocks.

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Market cannibalization refers to a reduction in sales volume or market share of a product as a result of the introduction of a new product made by the same company. 

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Market capitalization refers to the value of a company's outstanding shares. 

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The market capitalization rule is a regulation that places a floor on the total value of a company's stock for 30 consecutive days.

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The market conversion price is the price at which a convertible security is exchanged for common stock.

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A market correction refers to a price decline of at least 10% of any security or market index following a temporary upswing in market prices.

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Market cycles are the periods of growth and decline in a market, sector or industry.

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Market depth refers to a security's ability to tolerate the execution of large market orders without having a large effect on the security's price.

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Market discipline refers to the obligation by banks and financial institutions to manage their stakeholders' risk in the course of their day-to-day operations.

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Market discount is the loss in market value sustained by a bond following an increase in interest rates.

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A market disruption is a sharp, rapid weakening of market performance in response to external forces.

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A market distortion occurs as a result of a government's involvement in a market through monetary or fiscal policies.

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Market dynamics are the interaction of supply and demand as the basis for setting prices.

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A market economy is structured to allow market forces to determine prices with little or no government involvement.

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The strong form of market efficiency essentially proclaims that it is impossible to consistently outperform the market, particularly in the short term, because it is impossible to predict stock prices

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Market exposure is the degree to which a portfolio invests in a particular stock or market sector.

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A market failure occurs when the supply of a good or service is insufficient to meet demand. This results in an inefficient distribution of resources among market participants.

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A market identifier code (MIC) is a four-letter or digit abbreviation that represents a specific stock market.

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Market if touched (MIT) is an order that will be executed only if a security reaches (touches) a specific price.

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A market index is a metric that tracks the performance of a group of stocks. Some indices are designed to indicate the overall performance of the market, while others follow a particular sector.

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A market index target-term security (MITTS) is a debt security that offers potential upside based on gains in a market index while limiting downside losses by guaranteeing the initial investment will

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Market indicators are quantitative factors that predict the future behavior of market indices.

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Market jitters refers to apprehension among buyers and sellers resulting in choppy and unpredictable market performance.

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A market letter is a publication that offers information and advice about specific market sectors and types of securities.

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A market maker is a person or brokerage house that is always prepared to buy and sell securities in order to provide liquidity to the markets.

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A market maker spread is the difference between the bid and ask prices offered by a market maker.

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A market maven is a person who keeps abreast of market news and is a successful investor.

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Market momentum is the perceived strength of a positive or negative change in market prices.

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Market neutral refers to an investing strategy that seeks to generate similar returns regardless of the market climate.

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A market neutral fund is a mutual fund whose goal is consistent returns in any market climate.

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Market on close (MOC) is a market order that is executed at the latest possible time during a trading session.

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A market order is an order to trade a stock at the current market price. If you do not give your broker additional instructions, the trade will automatically be entered as a market order.

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Market orientation focuses on providing products that respond to both the needs and wants of a target audience.

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A market out clause is a provision that allows an underwriter to withdraw from a stock underwriting contract.

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Market overhang refers to a decline in a stock's price driven by expectations that the price will experience further declines.

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Market penetration is the percentage of a target market that consumes a product or service. Market penetration can also be a measure of one company's sales as a percentage of all sales for a product.

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The Market Performance Committee is responsible for maintaining effective and organized trading operations on the New York Stock Exchange (NYSE).

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Market power refers to a single company's ability to control the market price of a good or service.

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Market price is the price of an asset or product as determined by supply and demand.

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A market proxy is a variable that theoretically simulates the behavior of the overall market.

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Market psychology refers to the manner in which the market reflects its participants' collective emotional state.

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Market risk is the fluctuation of returns caused by the macroeconomic factors that affect all risky assets.

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Market saturation is the maximum sales volume for a product or service under current market conditions assuming a constant level of demand.

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Market segmentation is a marketing strategy that separates individuals in a market into discrete groups based on certain criteria.

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Market segmentation theory posits that the behavior of short-term and long-term interest rates are mutually exclusive.

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Market sentiment is the general feeling about the climate of the market as expressed by the direction of market prices.

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Market share refers to a company's portion of sales within the entire market in which it operates. This metric indicates a company's size within its market.

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A market standoff agreement restricts the ability of insiders to sell their holdings following an initial public offering (IPO).

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A market strategist is an individual who makes investment recommendations based on available market information.

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Market Surveillance is a unit of the NASDAQ stock exchange whose function is to ensure that all trading is conducted in a compliant manner.

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A market swoon is an abrupt fall in the value of a market index.

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The Market Technicians Association (MTA) is a professional association for technical analysts.

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Market timing is the practice of buying and selling securities based on economic trends, corporate information, and market factors. 

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Market value refers to the current or most recently-quoted price for a market-traded security. It can also refer to the most probable price an asset, like a house, would fetch on the open market.

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Market Value Added is the difference between the capital contributed to the company by bondholders and shareholders and the final market value of the product.

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Market value of equity is the total market value of all of a company's outstanding shares.

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A market-linked certificate of deposit (CD), also called an indexed or equity-linked CD, is a type of CD where the rate of return is based on either a market index, a basket of equities, or a combinat

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Marketable securities are financial instruments that can be sold or converted into cash (at reasonable value) within one year. They are highly liquid investments that are generally issued by businesse

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A marketing mix is a combination of tactics a company uses to promote itself or its products. Its origins date back to the 1960s.

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The Markowitz efficient set, also called the efficient frontier, is a mathematical concept that reflects the combinations or portfolios that generate the maximum expected return for various levels of

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The marriage penalty refers to the increased tax burden a married couple bears when they file a joint tax return versus filing two separate tax returns.

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The marriage tax refers to the higher taxes a couple pays when they file a joint tax return versus the amount a couple pays when filing two separate tax returns.

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Deciding to file jointly or separately is a personal decision for couples, and deciding which one is optimal depends on the couple's income and deductions. It is important to note that from a lega

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A master limited partnership (MLP) is a publicly traded limited partnership. Shares of ownership are referred to as units. MLPs generally operate in the natural resource, financial services, and real

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A Master of Business Administration (MBA) is a graduate degree in business.

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A Master of Public Administration (MPA) is a graduate degree in public administration.

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The term matching contribution refers to a matching dollar amount contributed by an employer to the retirement savings account of an employee who makes a similar contribution, usually to a&#

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Material insider information is material, nonpublic information about a security or its issuer. Information is material if it might reasonably influence the users of the issuer’s financial state

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Also known as a kangaroo bond, a Matilda bond is a bond issue in the Australian market by a non-Australian company.  

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A mature industry has passed the rapid growth stage and has an established pattern of market share, earnings, and profits.

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Maturity is the date on which a bond or preferred stock issuer must repay the original principal borrowed from a bondholder or shareholder.

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Maturity date refers to the date on which the principal and interest associated with a debt security must be repaid to the holder in its entirety.

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The McClellan Oscillator was first designed by Sherman and Marian McClellan in 1969. It is an excellent tool for determining the overbought or oversold condition of the stock market.

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This term is a play on the word "McDonalds," which is a global fast-food restaurant chain whose food is usually so consistent that an item from one restaurant is indistinguishable from the sam

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The mean is the average of a series of numbers. 

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Mean reversion is the theory that interest rates, security prices, or various economic indicators will, over time, return to their long-term averages after a significant short-term move.

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The measuring principle allows traders to set a specific minimum price target when trading a stock. This technique works with any well-defined technical analysis pattern, such as a head and shoulders,

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Medicaid is a U.S. government program that provides free or low-cost health insurance coverage for low-income people.

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Medicare is the United States federal government health insurance program for Americans who are 65 years of age and older.

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Mega cap is a designation for any company with a market capitalization in excess of $200 billion.

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A merchant bank is a financial institution that engages in underwriting and business loans, catering primarily to the needs of large enterprises and high net worth individuals. In the British market,

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A merger is a corporate strategy of combining different companies into a single company in order to enhance the financial and operational strengths of both organizations.  

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Mergers & acquisitions (M&A) refer to the management, financing, and strategy involved with buying, selling, and combining companies.

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Coined the "Junk Bond King" during the 1980s, Michael Milken was instrumental in engineering a lucrative junk-bond market before being indicted on numerous counts of securities fraud. After se

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Generally speaking, a micro cap is a company worth between $50 million and $300 million.

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A mid cap is generally described as a company with a market capitalization between $2 billion and $10 billion.

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The term mileage allowance refers to a variety of travel allowances allowed by the IRS at a specific rate per mile traveled while on business or for other purposes recognized by the IRS.

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"Mine" and "yours" are colloquial references to buy and sell transactions.

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Mineral rights are a landowner's rights regarding natural resources located on his or her land.

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Mini-sized Dow options are leveraged option contracts that use the Dow Jones Industrial Average as the underlying asset.

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Minimum investment is the least amount of money an investor must invest to take part in a specific investment.

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Minimum lease payments are the lowest total amount that a renter can expect to pay during the term of a lease.

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A minimum price contract is a futures contract with a price floor.

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Minimum wage is the lowest hourly amount an employer may legally pay an employee. In the United States, the amount varies from state to state.

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Minimum-interest rules are federal regulations requiring that all loans bear interest.

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A minor downtrend is a corrective movement in the market -- lasting less than three weeks -- that goes against the direction of a secondary uptrend.

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A minor uptrend is a corrective movement in the market -- lasting less than three weeks – that goes against the direction of a secondary downtrend.

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A Minsky moment refers to a sharp decline in prevailing market sentiment and economic productivity after a long period of widespread optimism.

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Also known as a downtick, a minus tick occurs when a security sells at a price less than the preceding sale. A minus tick is the opposite of an uptick.

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Mobile banking refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring account balances, transferring funds be

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Mobile phone banking is the use of a smartphone or other cellular device to accomplish tasks such as checking account balances, transferring funds between accounts, bill payment and finding an ATM whi

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A "mom and pop" business is a colloquial reference to a small, independently owned and operated business with few employees and relatively low sales volume.   "Mom and pop" inve

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The Monday effect predicts that performance in equity markets will reflect the trends that were influencing the market toward the end of trading the previous Friday.

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Monetarism is a well-known macroeconomic school of thought developed by Milton Friedman.

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Monetary policy is the means by which the Federal Reserve manipulates the U.S. money supply in order to influence the U.S. economy's overall direction, particularly in the areas of employment, pro

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To "monetize" something is to convert non-revenue generating assets into sources of revenue. In economic terms, monetize means to convert any event, object or transaction into a form of curr

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Money is a medium of exchange for goods or services within an economy.

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Money factor represents the interest you pay when you lease a car. It is included in your monthly lease payment.

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A money manager is an individual responsible for managing an investment portfolio, providing investment advice and planning portfolio strategies.

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Money market accounts are a type of savings account that can be opened at any bank or credit union. Money market accounts usually offer higher interest rates than checking accounts and also allow indi

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Money market accounts (also known as high-yield savings accounts) offer a safe way to earn returns on your money while still keeping access to the funds. The returns you earn are based on the money ma

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The money market yield is the interest rate earned by investing in highly liquid and short-term securities. It is calculated by adjusting the holding period to its bank year (360 days) equivalence.

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A monopoly is a market environment where there is only one provider of a certain economic good or service.

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Moody's Corporation (NYSE:MCO) is a publicly traded financial services company.

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Moore's law describes the computing hardware trend that transistors on an integrated circuit will double every two years.

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The Morningstar risk rating is Morningstar's evaluation of a mutual fund's level of risk.

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Homeownership is a cornerstone of the American Dream. A home is a valuable asset for most people, and mortgages (or home loans) make buying one possible for many Americans.

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A mortgage accelerator is a type of checking account that allows a borrower to repay a mortgage more quickly using the balance of monthly paychecks as opposed to recurring monthly payments.

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Mortgage allocations refer to the specific mortgage information given to an MBS buyer by an MBS seller.

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A mortgage application is a document that a prospective property buyer submits to a lender to secure a mortgage. The lender must approve the application before any money is lent.

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A mortgage banker is a person or entity who lends mortgages.

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A mortgage bond uses a mortgaged property as collateral.

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A mortgage broker is an agent who connects property buyers with mortgage lenders.

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Mortgage credit certificates (MCC) are issued by state or local governments and allow some taxpayers to receive a tax credit for the interest paid on a mortgage.

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A mortgage equity withdrawal (MEW) is a loan that uses the value of a mortgaged property as collateral.

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Mortgage excess servicing is the percentage remainder of the annual yield on a mortgage-backed security (MBS) once it has been allocated between the holder, the servicer, and the underwriter.

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Mortgage fallout is the percentage of an originator's mortgages that fail to close.

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A mortgage forbearance agreement is a contractual arrangement between a mortgage lender and a borrower to help the borrower catch up on payments when he/she is behind schedule.

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Mortgage insurance is insurance for lenders that covers losses resulting from borrower default.

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Mortgage interest is the compensation a borrower pays a lender for money used to purchase property.

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A mortgage interest deduction allows mortgage borrowers to reduce their income tax liability by listing the amount of mortgage interest paid as an itemized deduction.

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A mortgage originator is an individual or institution that collaborates with the borrower to complete a mortgage transaction.

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Mortgage points (also called interest rate points or discount points) are fees you can pay to a lender at closing to lower your mortgage's interest rate -- or annual percentage rate (APR). The co

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A mortgage pool is a group of mortgages in a mortgage-backed security (MBS).

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A mortgage putback is a mandatory buyback of a mortgage by its original lender.

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A mortgage rate is the rate of interest a borrower pays on his or her mortgage.

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A mortgage rate lock is the term in a mortgage contract that stipulates the rate the borrower will pay for the entire duration of the mortgage.

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A mortgage rate lock deposit is a sum of money that a borrower must pay the lender to lock in a specific interest rate until a borrower's mortgage is approved and given out.

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A mortgage rate lock float down is a provision that allows a borrower to obtain a lower rate if interest rates decline during the process of applying for a mortgage.

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Mortgage real estate investment trusts (mREITs) invest in residential mortgages that have been bundled together into securities called mortgage-backed securities (MBS)

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Mortgage servicing rights (MSR) is an arrangement by which a third party promises to collect and disseminate mortgage payments in exchange for a fee.

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A mortgage short sale is the sale of a mortgaged property for less than the remaining value of the mortgage itself.

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Mortgage-backed securities (MBS) are securities that represent an interest in a pool of mortgage loans.

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A mortgagee is a lender in a mortgage, usually a bank, credit union, or other lending institution. A mortgagee lends money to a borrower for the purpose of purchasing real estate (usually a house) in

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In the finance world, the mosaic theory refers to a research approach whereby the analyst arrives at a conclusion by piecing together bits of publicly available information.

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The moving average is a popular technical indicator which investors use to analyze price trends. It is simply a security's average closing price over the last specified number of days.

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Moving Average Convergence Divergence, or MACD (pronounced "Mack-Dee") is a technical analysis indicator developed by famous market technician Gerald Appel. 

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Mrs. Watanabe, also referred to as "Japanese Housewives," is a slang term for small, retail investors in Japan.

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A multiple is a relative valuation metric used to estimate the value of a stock.

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A municipal bond, commonly referred to as a "muni" bond, is a debt security issued by a state or local government.

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A municipal bond fund is a mutual fund that invests primarily in securities issued by municipalities. 

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Municipal investment trusts (MITs) are entities that hold a stake in numerous municipal bonds and then sell shares to the public that represent an interest in those bonds. When the municipal bonds the

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The Municipal Securities Rulemaking Board (MSRB) regulates municipal bond underwriters and dealers in an attempt to prevent fraud and manipulation in the issuance and trading of municipal bonds. Cong

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Mutual funds are open-ended investment companies that pool investors' money into a fund operated by a portfolio manager. This manager then turns around and invests this large pool of shareholder money

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A mutual savings bank (MSB) is a type of financial institution that functions much like a bank, but with a different ownership structure. Instead of shareholders owning marketable shares, a mutual sav

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