Super Finance Glossary
Over 10,000 financial glossary terms...
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Browsing by the letter "N"
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Net Asset Value (NAV - Commodity Pool)
Definition: The value of each unit of participation in a commodity pool.
Definition: The value of each unit of participation in a commodity pool.
Net Asset Value (NAV - Value Of Investments)
Definition: The value of a fund's investments. For a mutual fund, the net asset value per share usually represents the fund's market price, subject to a possible sales or redemption charge. For a closed-end fund, the market price may vary significantly from the net asset value.
Definition: The value of a fund's investments. For a mutual fund, the net asset value per share usually represents the fund's market price, subject to a possible sales or redemption charge. For a closed-end fund, the market price may vary significantly from the net asset value.
Net Asset Value Arbitrage
Definition: For a number of assets, the most recent transaction price at 4PM ET does not fully reflect all available market information. One example is international equities that trade on exchanges that are located in different time zones and close 2-15 hours before U.S. markets. In addition, domestic small-capitization equities and high-yield and convertible bonds often trade infrequently and have wide bid-ask spreads. This can cause the most recent transaction price to be much different from the price that one would see in a liquid market at 4 PM, even for assets that trade on exchanges that are open at that time. Investors can take advantage of mutual funds that calculate their NAVs using stale closing prices by trading based on recent market movements. For example, if the U.S. market has risen since the close of overseas equity markets, investors can expect that overseas markets will open higher the following morning. Investors can buy a fund with a stale-price NAV for less than its current value, and they can likewise sell a fund for more than its current value on a day that the U.S. market has fallen. Similar opportunities exist when the values of infrequently or illiquidly-traded domestic assets have recently changed. Also known as Stale Price Arbitrage.
Definition: For a number of assets, the most recent transaction price at 4PM ET does not fully reflect all available market information. One example is international equities that trade on exchanges that are located in different time zones and close 2-15 hours before U.S. markets. In addition, domestic small-capitization equities and high-yield and convertible bonds often trade infrequently and have wide bid-ask spreads. This can cause the most recent transaction price to be much different from the price that one would see in a liquid market at 4 PM, even for assets that trade on exchanges that are open at that time. Investors can take advantage of mutual funds that calculate their NAVs using stale closing prices by trading based on recent market movements. For example, if the U.S. market has risen since the close of overseas equity markets, investors can expect that overseas markets will open higher the following morning. Investors can buy a fund with a stale-price NAV for less than its current value, and they can likewise sell a fund for more than its current value on a day that the U.S. market has fallen. Similar opportunities exist when the values of infrequently or illiquidly-traded domestic assets have recently changed. Also known as Stale Price Arbitrage.
Net Assets
Definition: The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand.
Definition: The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand.
Net Benefit To Leverage Factor
Definition: A linear approximation of a number, that enables one to operationalize the total impact of leverage on firm value in the capital market imperfections view of capital structure.
Definition: A linear approximation of a number, that enables one to operationalize the total impact of leverage on firm value in the capital market imperfections view of capital structure.
Net Book Value
Definition: The current book value of an asset or liability; that is, its original book value net of any accounting adjustments such as depreciation.
Definition: The current book value of an asset or liability; that is, its original book value net of any accounting adjustments such as depreciation.
Net Capital Requirement
Definition: SEC requirement that member firms and nonmember securities broker-dealers maintain a maximum ratio of indebtedness to liquid capital of 15 to 1.
Definition: SEC requirement that member firms and nonmember securities broker-dealers maintain a maximum ratio of indebtedness to liquid capital of 15 to 1.
Net Cash Balance
Definition: Beginning cash balance plus cash receipts minus cash disbursements.
Definition: Beginning cash balance plus cash receipts minus cash disbursements.
Net Change
Definition: This is the difference between a day's last trade and the previous day's last trade.
Definition: This is the difference between a day's last trade and the previous day's last trade.
Net Currency Exposure
Definition: Exposure to foreign exchange risk after netting all intracompany cash flows.
Definition: Exposure to foreign exchange risk after netting all intracompany cash flows.
Net Current Assets
Definition: The difference between current assets and current liabilities, also known as working capital.
Definition: The difference between current assets and current liabilities, also known as working capital.
Net Errors And Omissions
Definition: In balance of payments accounting, net errors and omissions record the statistical discrepancies that arise in gathering balance of payments data.
Definition: In balance of payments accounting, net errors and omissions record the statistical discrepancies that arise in gathering balance of payments data.
Net Exposed Assets
Definition: Exposed assets less exposed liabilities. This term is used with market values or, in translation accounting, with book values.
Definition: Exposed assets less exposed liabilities. This term is used with market values or, in translation accounting, with book values.
Net Financing Cost
Definition: Also called the cost of carry or, simply carry, the difference between the cost of financing the purchase of an asset and the asset's cash yield. Positive carry means that the yield earned is greater than the financing cost; negative carry means that the financing cost exceeds the yield earned.
Definition: Also called the cost of carry or, simply carry, the difference between the cost of financing the purchase of an asset and the asset's cash yield. Positive carry means that the yield earned is greater than the financing cost; negative carry means that the financing cost exceeds the yield earned.
Net Income
Definition: The company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses.
Definition: The company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses.
Net Interest Cost (NIC)
Definition: The total amount of interest that will be paid on a debt obligation by a corporate or municipal bond issuer.
Definition: The total amount of interest that will be paid on a debt obligation by a corporate or municipal bond issuer.
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