Business / Finance Glossary

Nonrecourse: In the case of default, the lender has ability to claim assets over and above what the limited partners contributed.

Nonrecourse Loan: A loan taken by limited partners used to finance their portion of the partnership, which is secured by their ownership in the venture.

Nonrecurring Charge: A one-time expense or credit shown in a company's financial statement.

Nonredeemable: Not permitted, under the terms of an indenture, to be redeemed.

Nonrefundable: Not permitted, under the terms of an indenture, to be refundable.

Nonreproducible Assets: A tangible asset with unique physical properties, like a parcel of land, a mine, or a work of art.

Nonsystematic Risk: Nonmarket or firm-specific risk factors that can be eliminated by diversification. Also called unique risk or diversifiable risk. Systematic risk refers to risk factors common to the entire economy.

Nontradables: Goods and services produced and consumed domestically that are not close substitutes to import or export goods and services.

Nonvoting Stock: A security that does not entitle the holder to vote on the corporation's resolutions or elections.

Normal Annuity Form: The manner in which retirement benefits are paid out.

Normal Backwardation Theory: Holds that the futures price will be bid down to a level below the expected spot price.

Normal Deviate: Related: Standardized value

Normal Investment Practice: The investment history of a customer, which is used as a benchmark to test the bona fide public offerings requirement of the allocation of a hot issue.

Normal Market Size (NMS): A system that categorizes the size of transactions that are normal for a particular security and forces market makers to deal within these sizes.

Normal Portfolio: A customized benchmark that includes all the securities from which a manager normally chooses, weighted as the manager would weight them in a portfolio.

Normal Probability Distribution: A probability distribution for a continuous random variable that forms a symmetrical bell-shaped curve around the mean. This distribution has no skewness or excess kurtosis.

Normal Random Variable: A random variable that has a normal probability distribution.

Normal Retirement: The age or number of working years after which a pension plan beneficiary can retire and receive unreduced benefits immediately.

Normalized Earnings: Earnings that have been adjusted in order to take into account the effect of cycles in the economy.

Normalizing Method: Making a change in the income account equivalent to the tax savings realized through the use of different depreciation methods for shareholder and income tax purposes, thus washing out the b . . . View Full Definition

Not A Name With Us: Refers to over-the-counter trading. Not a registered market maker in the security, especially in OTC and convertibles, or having nothing real to do.

Not Held Order (NH Order): Applies mainly to international equities. Market or limit order in which the customer does not desire to transact automatically at the inside market (market held) but instead has given the t . . . View Full Definition

Not Rated: A rating service indicator, neither positive nor negative, showing that a security or company has not been rated.

Not-For-Profit: An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses.

Not-Sufficient-Funds Check: A bank check having insufficient funds to back it.

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