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Recommend pageGlossary N to S
- Registered share
- definition:Shares registered in the name of their holders. In contrast to bearer shares, the company must maintain a share register for these kinds of shares.
Shares registered in the name of their holders. In contrast to bearer shares, the company must maintain a share register for these kinds of shares. This register sets out the name and address of the shareholders. In dealings with the company, only shareholders named in the register are recognised.
- NASDAQ
- definition:US computer stock exchange, on which technology companies in particular are listed.
US computer stock exchange, on which technology companies in particular are listed. It is the world’s largest stock exchange in terms of the total number of companies listed but the fourth largest in terms of total market capitalisation.
- NAV
- acronym of:Net Asset Value
Value of assets less liabilities. In terms of a share, the NAV is the inherent value of the share.
- Nominal value
- definition:Nominal value shares state on their face their nominal value in euros.
Nominal value shares state on their face their nominal value in euros. This is the share of the company’s subscribed capital and, hence, its total assets held by the shareholder. The smallest nominal value permitted by statute is EUR 1. All other nominal amounts must be a multiple of this.
- Net Asset Value
- definition:Value of assets less liabilities.
Value of assets less liabilities. In terms of a share, the NAV is the inherent value of the share.
- NYSE
- acronym of:New York Stock Exchange.
Abbreviation of New York Stock Exchange, the world’s largest stock exchange in terms of both market capitalisation and trading volumes. Frequently also referred to by the street in which it is located, namely “Wall Street".
- Open-end fund
- definition:The most common type of fund of Germany characterised by the fact that the number of shares issued is not limited.
The most common type of fund of Germany characterised by the fact that the number of shares issued is not limited. Depending on capital inflows, new shares are continuously issued to investors or redeemed. Sharp capital inflows increase the total assets of the open-end fund which are initially placed in the liquidity reserve prior to being invested.
- Operating earnings
- definition:Operating earnings are earnings from ordinary activities.
Operating earnings are earnings from ordinary activities, i.e. net of interest result and exceptionals and including miscellaneous taxes.
- Option
- definition:In stock market trading, this is the right to buy or sell (without obligation) securities (equities or bonds) within a certain period at a price fixed in advance in return for payment of a premium.
- Option bonds
- definition:Securities providing the bearer with fixed interest and also a limited right (option) to subscribe to the company’s shares.
Securities providing the bearer with fixed interest and also a limited right (option) to subscribe to the company’s shares. The subscription price and ratio for the share are fixed prior to the issue of the option bond. After the subscription right is exercised or the option separated, the option bond continues to existing as a normal bond until it expires. Bonds can also be issued with warrants authorising the bearer to subscribe to further bonds.
- Warrants
- definition:The securitised right issued in connection with an option bond for the subscription of shares or - more rarely - bonds.
- Outperformer
- definition:A listed company whose stock price has performed better than the average for the market as a whole or a defined stock index.
- Peer-Group
- definition:The peer group is a panel of similar companies for comparison purposes assembled according to individual criteria.
- Prime Standard
- definition:The Prime Standard is a market segment for companies seeking to attract international investors.
The Prime Standard is a market segment for companies seeking to attract international investors. It meets stringent international transparency requirements such as quarterly reporting, the application of international accounting standards (IFRS or US GAAP), publication of a calendar of the main events, at least one analyst conference per year, ad-hoc bulletins and ongoing reports in English etc. Inclusion in the Prime Standard is a condition for admission to the DAX, MDAX, SDAX and TecDAX.
- Yield
- definition:The return expressed as a percentage of the acquisition price generated by the security per year allowing for all factors (e.g. interest/dividend, price, term etc).
The return expressed as a percentage of the acquisition price generated by the security per year allowing for all factors (e.g. interest/dividend, price, term etc). Accordingly, the yield is not normally identical with the nominal interest rate or the percentage rate of the dividend.
- Articles of incorporation
- definition:Legal basis of a stock corporation stipulating its name and domicile, purpose, the amount of its share capital and containing other basic stipulations (e.g. relating to the management board and the supervisory board).
- SDAX
- acronym of:Small-Cap-Index
This index includes the prices of the 100 most important German SMAX companies in terms of market capitalisation and trading volumes weighted accounting to various factors. In addition to dividend payments, the proceeds from subscription rights are also included.
- Shareholder value
- definition:Shareholder value-oriented corporate policies aim at generating a reasonable return on shareholders’ investments.
Shareholder value-oriented corporate policies aim at generating a reasonable return on shareholders’ investments. This is also of benefit to other stakeholders, e.g. employees and suppliers as it helps to ensure the company’s long-term profitability.
- SMAX
- acronym of:Small-Cap-Exchange
Introduced in 1999, this “quality segment” includes small caps traded in the official or regulated market in Frankfurt, which apply for admission on a voluntary basis. In this connection, the companies agreed to be bound by additional publication duties.
- No-par value share
- definition:The no-par value share does not have any nominal value.
The no-par value share does not have any nominal value; instead its value is based on the number of shares issued. All no-par value shares represent the same value.
- Ordinary share
- definition:The voting share with no preferential rights, contrasted with preferential shares, which do not have any voting rights, in cases in which the company issues both kinds of shares.
- Voting right
- definition:Each shareholder is able to exercise his statutory voting rights at the annual general meeting.
Each shareholder is able to exercise his statutory voting rights at the annual general meeting. The number of votes held by a shareholder depends on the number of voting shares held. The shareholder can also have a third party, e.g. his bank or a shareholder association, exercise his voting rights on his own behalf.
- Stock options
- definition:Frequently used as an incentive for employees.