In January 1994, Jerry Yang and David Filo were Stanford Electrical Engineering graduate students at Stanford University. They started a list of web pages in a campus trailer in February 1994, as a way to keep track of their personal interests on the Internet. The lists were published as a web site named "Jerry's Guide to the World Wide Web", and grew large enough to require categories and subcategories organized in a hierarchy. Before long they were spending more time on their home-brewed lists of favorite links than on their doctoral dissertations. Like many search engines and web directories, Yahoo diversified into a Web portal. In the late 1990s, Yahoo, MSN, Lycos, Excite and other Web portals were growing rapidly. Web portal providers rushed to acquire companies to expand their range of services, in the hope of increasing the time a user stays at the portal. In 2004, in response to Google's release of Gmail, Yahoo upgraded the storage of all free Yahoo Mail accounts from 4 MB to 1 GB, and all Yahoo Mail Plus accounts to 2 GB. In 2007, Yahoo took out the storage meters and made the storage limit unlimited. On 9 July 2004, Yahoo acquired e-mail provider Oddpost to add an Ajax interface to Yahoo Mail.[23] On 13 October 2005, Yahoo and Microsoft announced that Yahoo Messenger and MSN Messenger would become interoperable. Yahoo! Photos was shut down on 20 September 2007 in favor of Flickr. On 16 October 2007, Yahoo announced that they will no longer provide support or perform bug fixes on Yahoo 360° as they intend to abandon it in early 2008 in favor of a "universal profile" that will be similar to their Mash experimental system.[37] Yahoo partners with hundreds of premier content providers in products such as Yahoo! Sports, Yahoo! Finance, Yahoo! Music, Yahoo! Movies, Yahoo! News, and Yahoo! Games to provide media contents and news. Yahoo also provides a personalization service, My Yahoo, which enables users to collect their favorite Yahoo features, content feeds, and information into a single page. Yahoo introduced its Internet search system, called oneSearch, developed for mobile phones on March 20, 2007. The company's officials stated that in distinction from ordinary Web searches, Yahoo's new service presents a list of actual information, which may include: news headlines, images from Yahoo's Flickr photos site, business listings, local weather and links to other sites. Instead of showing only, for example, popular movies or some critical reviews, oneSearch lists local theaters that at the moment are playing a certain movie, user ratings and news headlines regarding the movie. A zip code or city name is required for Yahoo oneSearch to start delivering local search results. Yahoo! Search Marketing provides services such as Sponsored Search, Local Advertising, and Product/Travel/Directory Submit that let different businesses advertise their products and services on the Yahoo network. Yahoo! Publisher Network is an advertising tool for online publishers to place advertisements relevant to their content to monetize their websites.[40] In March 2004, Yahoo launched a paid inclusion program whereby commercial websites are guaranteed listings on the Yahoo search engine after payment.[43] This scheme is lucrative, but has proved unpopular both with website marketers (who are reluctant to pay), and the public (who are unhappy about the paid-for listings being indistinguishable from other search results).[44] As of October 2006, Paid Inclusion doesn't guarantee any commercial listing, it only helps the paid inclusion customers, by crawling their site more often and by providing some statistics on the searches that led to the page and some additional smart links (provided by customers as feeds) below the actual url. Yahoo has also been criticized for funding spyware and adware — advertising from Yahoo's clients often appears on-screen in pop-ups generated from adware that a user may have installed on their computer without realizing it by accepting online offers to download software to fix computer clocks or improve computer security, add browser enhancements, etc. The frequency of advertising pop-ups for spyware, generated from a partnership with advertising distributor Walnut Ventures, who had a direct partnership with Direct Revenue, could be increased or decreased based on Yahoo's immediate revenue needs, according to some former employees in Yahoo's sales department.[45][46] In April 2005, Shi Tao, a journalist working for a Chinese newspaper, was sentenced to 10 years in prison by the Changsha Intermediate People's Court of Hunan Province, China (First trial case no 29), for "providing state secrets to foreign entities". The "secret", as Shi Tao's family claimed, refers to a brief list of censorship orders he sent from a Yahoo Mail account to the Asia Democracy Forum before the anniversary of the Tiananmen Square Incident.[50] The verdict stated Yahoo Holdings (Hong Kong) confirmed that an IP address, registered by a Hunan newspaper that Shi Tao worked for, accessed the mail account at a particular time. He had sent the message through an anonymous Yahoo account, but police had gone straight to his offices and picked him up. Reporters Without Borders (RSF) is concerned with the ease with which Mr. Shi had been caught. In February 2006, Yahoo General Counsel submitted a statement to the U.S. Congress in which Yahoo denies knowing the true nature of the case against Shi Tao.[51] In April 2006, Yahoo Holdings (Hong Kong) is under investigation by Hong Kong's Privacy Commissioner for Personal Data. Yahoo's decision to assist China's authoritarian government came as part of a policy of reconciling its services with the Chinese government's policies. This came after China blocked Yahoo services for a time. As reported in The Washington Post and many media sources: On August 28, 2007, the World Organization for Human Rights sued Yahoo for allegedly passing information (email and IP address) with the Chinese government that caused the arrests of writers and dissidents. The suit was filed in San Francisco for journalists, Shi Tao, and Wang Xiaoning. Yahoo stated that it supported privacy and free expression for it worked with other technology companies to solve human rights concerns.[61] On May 25, 2006, Yahoo's image search was criticized for bringing up sexually explicit images even when SafeSearch was on. This was discovered by a teacher who was intending to use the service with a class to search for "www". Yahoo's response to this was, "Yahoo is aware of this issue and is working to resolve it as quickly as possible".[65]
Stock typically takes the form of shares of common stock (or voting shares). As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it typically does not carry voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders. [1] [2] Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Shares of such stock are called "convertible preferred shares" (or "convertible preference shares" in the United Kingdom). A stock option is a class of option. Specifically, a call option is the right (not obligation) to buy stock in the future at a fixed price and a put option is the right (not 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 derivative. The most popular method of valuing stock options is the Black Scholes model.[3] Apart from call options granted to employees, most stock options are transferable. During Roman times, the empire contracted out many of its services to private groups called publicani. Shares in publicani were called "socii" (for large cooperatives) and "particulae" which were analogous to today's Over-The-Counter shares of small companies. Though the records available for this time are incomplete, Edward Chancellor states in his book Devil Take the Hindmost that there is some evidence that a speculation in these shares became increasingly widespread and that perhaps the first ever speculative bubble in "stocks" occurred. The first company to issue shares of stock after the Middle Ages was the Dutch East India Company in 1606. The innovation of joint ownership made a great deal of Europe's economic growth possible following the Middle Ages. The technique of pooling capital to finance the building of ships, for example, made the Netherlands a maritime superpower. Before adoption of the joint-stock corporation, an expensive venture such as the building of a merchant ship could be undertaken only by governments or by very wealthy individuals or families. Economic Historians find the Dutch stock market of the 1600s particularly interesting: there is clear documentation of the use of stock futures, stock options, short selling, the use of credit to purchase shares, a speculative bubble that crashed in 1695, and a change in fashion that unfolded and reverted in time with the market (in this case it was headdresses instead of hemlines). Dr. Edward Stringham also noted that the uses of practices such as short selling continued to occur during this time despite the government passing laws against it. This is unusual because it shows individual parties fulfilling contracts that were not legally enforceable and where the parties involved could incur a loss. Stringham argues that this shows that contracts can be created and enforced without state sanction or, in this case, in spite of laws to the contrary.[4][5] Shareholders are granted special privileges depending on the class of stock, including the right to vote (usually one vote per share owned) on matters such as elections to the board of directors, 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 liquidation of the company. However, shareholder's rights to a company's assets are subordinate to the rights of the company's creditors. This means that shareholders typically receive nothing if a company is liquidated after bankruptcy (if the company had had enough to pay its creditors, it would not have entered bankruptcy), although a stock may have value after a bankruptcy if there is the possibility that the debts of the company will be restructured. Shareholders are considered by some to be a partial subset of stakeholders, which may include anyone who has a direct or indirect equity interest in the business entity or someone with even a non-pecuniary interest in a non-profit organization. Thus it might be common to call volunteer contributors to an association stakeholders, even though they are not shareholders. 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 dividends. 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 board of directors of the company. Although ownership of 51% of shares does result in 51% 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. 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 elect 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 and voted by insiders. 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 (most often the shareholders end up with nothing). A stock exchange is an organization that provides a marketplace for either physical or virtual trading shares, bonds and warrants and other financial products where investors (represented by stock brokers) may buy and sell shares of a wide range of companies. A company will usually list its shares by meeting and maintaining the listing requirements of a particular stock exchange and the different. In the United States, through the inter-market quotation system, stocks listed on one exchange can also be bought or sold on several other exchanges, including relatively new so-called ECNs (Electronic Communication Networks like Archipelago or Instinet). Many large foreign 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 have then to ship a certain amount of shares to a bank in the US (a certain percentage of their principal) and put it in the safe of the bank. Then the bank where they deposited the shares can issue a certain amount of so-called American Depositary Shares, short ADS (singular). If someone buys now a certain amount of ADSs the bank where the shares are deposited issues an American Depository Receipt (ADR) for the buyer of the ADSs. Although it makes sense for some companies to raise capital by offering stock on more than one exchange, a keen investor with access to information about such discrepancies could invest in expectation of their eventual convergence, known as an arbitrage trade. In today's era of electronic trading, these discrepancies, if they exist, are both shorter-lived and more quickly acted upon. As such, arbitrage opportunities disappear quickly due to the efficient nature of the market. There are various methods of buying and financing stocks. The most common means is through a stock broker. Whether they are a full service or discount broker, they arrange the transfer of stock from a seller to a buyer. Most trades are actually done through brokers listed with a stock exchange, such as the New York Stock Exchange. There are many different stock brokers 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 bank or credit union that may have a deal set up with either a full service or discount broker. 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 investor relations 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 initial public offering in which the stock is purchased directly from the company, usually without the aid of brokers. When it comes to financing a purchase of stocks there are two ways: purchasing stock with money that is currently in the buyers ownership, or by buying stock on margin. Buying stock on margin means buying stock with money borrowed against the stocks in the same account. These stocks, or collateral, guarantee that the buyer can repay the loan; otherwise, the stockbroker has the right to sell the stock (collateral) to repay the borrowed money. He can sell if the share price drops below the margin requirement, 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 the car or house as collateral. Moreover, borrowing is not free; the broker usually charges 8-10% interest. 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. 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, capital gains taxes will have to be paid on the additional proceeds, if any, that are in excess of the cost basis. The price of a stock fluctuates fundamentally due to the theory of supply and demand. Like all commodities in the market, the price of a stock is directly proportional to the demand. However, there are many factors on the basis of which the demand for a particular stock may increase or decrease. These factors are studied using methods of fundamental analysis and technical analysis to predict the changes in the stock price. A recent study shows that customer satisfaction, as measured by the American Customer Satisfaction Index (ACSI), is significantly correlated to the stock market value. Stock price is also changed based on the forecast for the company and whether their profits are expected to increase or decrease.
Air quotes (also called airsotts) refers to using one's fingers to make virtual quotation marks in the air when speaking. This is typically done with both hands held shoulder-width apart and at the eye level of the speaker, with the index and middle fingers on each hand forming a V sign and then flexing at the beginning and end of the phrase being "quoted." The air-quoted phrase is generally very short — a few words at most — in common usage, though sometimes much longer phrases may be used for comic effect.
An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary, such as a bank or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary pockets the difference. A specific example of corporate finance is the sale of stock by a company to institutional investors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc, and they have 100 shares outstanding (held by investors), you are 1/100 owner of that company. Of course, in return for the stock, the company receives cash, which it uses to expand its business in a process called "equity financing". Equity financing mixed with the sale of bonds (or any other debt financing) is called the company's capital structure. Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional setting. Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization. Managerial or corporate finance is the task of providing the funds for a corporation's activities. For small business, this is referred to as SME finance. It generally involves balancing risk and profitability, while attempting to maximize an entity's wealth and the value of its stock. There is currently a move towards converging and consolidating Finance provisions into shared services within an organization. Rather than an organization having a number of separate Finance departments performing the same tasks from different locations a more centralized version can be created. Financial economics is the branch of economics studying the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy. Financial economics concentrates on influences of real economic variables on financial ones, in contrast to pure finance. Experimental finance aims to establish different market settings and environments to observe experimentally and analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions, and attempt to discover new principles on which such theory can be extended. Research may proceed by conducting trading simulations or by establishing and studying the behaviour of people in artificial competitive market-like settings. Quantitative Behavioral Finance is a new discipline that uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation. Some of this endeavor has been lead by Gunduz Caginalp (Professor of Mathematics and Editor of Journal of Behavioral Finance during 2001-2004) and collaborators including Vernon Smith (2002 Nobel Laureate in Economics), David Porter, Don Balenovich, Vladimira Ilieva, Ahmet Duran, Huseyin Merdan). Studies by Jeff Madura, Ray Sturm and others have demonstrated significant behavioral effects in stocks and exchange traded funds. Finance qualifications: Chartered Financial Analyst (CFA),Certified International Investment Analyst(CIIA), Association of Corporate Treasurers (ACT), Masters degree in Finance, Certified Market Analyst (CMA/FAD) Dual Designation, Master Financial Manager (MFM), Corporate Finance Qualification (CF) Register Financial Planner (RFP), Certified Financial Consultants (CFC)
In the month of January of 1994, Yang and David jerry Filo were graduated students of electrical engineering of the Stanford to the university of Stanford. They have begun one list of the Web pagi in a towing of the university city in the month of February of 1994, like sense to keep posted itself of their personal interests on the Internet. The lists have been published like called Web site "guide jerry to the World Wide Web" and they have developed themselves enough large in order to demand the organized categories and sottocategorie in one hierarchy. Between little they were spending more time on their lists center-fermented of the favorite connections that on their dissertations of bachelor. Like many search engines and indices of fotoricettore, Yahoo differentiates to you in a portal of fotoricettore. Towards the end of years 90, Yahoo, MSN, Lycos, excite and others portals of fotoricettore were being developed fastly. The portali suppliers of fotoricettore have slid fast in order to acquire the companies in order to expand their range of services, in the hope of increase of the time stays of the customer to the portal. In 2004, in answer to the release of the Google di Gmail, Yahoo has modernized the storage of all the free customers of the mail of Yahoo from mb the 4 to 1 GB and to all the mail of Yahoo more the customers to 2 GB. In 2007, Yahoo has eliminated the tester of storage and has rendered the limit of limitless storage. The 9 July 2004, supplying Yahoo acquired Oddpost[23 di E-mail ] in order to add an interface of Ajax to the mail of Yahoo. 13 the October 2005, Yahoo and Microsoft has announced that the messenger of Yahoo and the messenger of MSN would become interoperable. Yahoo! The the 20 photos have interrupted september 2007 for Flickr. 16 October 2007, Yahoo has announced that more forniranno the support or will not carry out the difficulties of the bug on Yahoo 360° as they mean to abandon them to the beginning of 2008 for "a universal profile" that will be similar to their associates experiences them of poltiglia system.[36 ] the Yahoo with the hundreds of the satisfied suppliers of first minister in products which Yahoo! Sport, Yahoo! Finance, Yahoo! Music, Yahoo! Film, Yahoo! Notizie and Yahoo! Games in order to supply satisfying and the means news. Yahoo moreover supplies a personificazione service, my Yahoo, that it allows the customers to collect their characteristics of Yahoo, favorite feedings of satisfying and information in one single page. Yahoo has introduced the relative system of search of the Internet, called oneSearch, developed for the 20 telephones furnish March 2007. The civil employees of the company have declared that one in the distinction from the ordinary searches of fotoricettore, new presents of service of the Yahoo a list of the real information, that he can include: tito them of news, images from the place of the photos of Flickr of the Yahoo, list of transactions, local time and connections to other places. Instead only showing, as an example, the popular films or some reassumed criti, the oneSearch list the local theatres to us that at the moment are playing a determined film, the appraisals of the customer and the news titles them as far as the film. A code of mails them or a name of the city is demanded for the oneSearch of Yahoo in order to begin to transport turns out to you local of search. Yahoo! The search sale supplies the services which the sponsored search, local publicity and Product/Travel/Directory introduce that one leave the commerce different to make publicity to their products and services of the net of Yahoo. Yahoo! The net of the publisher is a tool of publicity for the editori online relative in order to arrange the publicity to theirs to satisfy monetize theirs websites.[39 ] in the month of March of 2004, Yahoo has launch a program paid of the inclusion for which the Web site it trades are guaranteed them that it lists to it on the Search Engine of Yahoo after ] this outline payment.[42 is lucrative, but has demonstrated unpopular both with marketers of Web site (who are reluctant to pay) and the public (who are unfortunate approximately paid-in order to lists to it that they are indistinguishable from the other search results).[43 ] beginning from October of 2006, inclusion paid does not guarantee some directory trades them, it only helps paid of the inclusion, crawling their place more often and supplying some statistics on the searches that culvert to the page and some additional sly connections (supplied from the customers like feedings) under the real URL. Yahoo moreover is criticized in order to spyware and to adware constituent a bottom for - to make publicity from the customers of the Yahoo often appears on-screen within schiocc-increases generated to adware that a customer can install on their calculating without to realize accepting it the offered ones online in order to transfer the software from the system centers them towards the satellites in order to repair the clocks of the calculating or in order to improve the emergency of the calculating, adds the increases of the browser, etc. The publicity frequency schiocc-increases for spyware, generated from an association with the publicity of the enterprises of the walnut of the distributor, that they have had an association directed with directed yield, could be increased or diminished based on the immediate needs of the yield of the Yahoo, second some former ones employs to you in the sales department.[44][45 of the Yahoo ] in the month of you open them of 2005, Shi Tao, a journalist that works for a Chinese newspaper, has been sentenziata to 10 years in prison from the intermediate court of people de Chang-Sha of the province of Hunan, China (the first case of test not 29), since "to supply it declares the secrets to the foreign entities". "the secret", poichè family of Shi exact Tao, refers to a short list of the orders that of censorship it has transmitted from a customer of the mail of Yahoo to the tribune of democracy of Asia before the anniversary of the Tiananmen square Incident.[49 ] the verdict has declared Azioni di Yahoo (Hong Kong) has confirmed that an IP address, recorded from a newspaper of Hunan that Shi Tao has worked for, caught up the customer of the mail to a particular time. She had transmitted the message with an anonymous customer of Yahoo, but the police had gone straight to its offices and selected he on the Reporter without edges (RSF) is interested of the facility with which the sig. Shi had been interfered. In the month of February of 2006, the General Counsel di Yahoo has introduced a declaration to the conference in which Yahoo it denies to know the nature to align of the argument against Shi Tao.[50 ] in the month of you open them of 2006, Azioni di Yahoo (Hong Kong) of the UNITED STATES is in examination from the commissioner of segretezza de Hong Kong for the personal data. The decision of the Yahoo in order to help the authoritarian government of China has come like member of one political of the reconciliation of the relati to you services with the Chinese political of the government. That has come after that China obstructed the services of Yahoo for a sure time. Like marked in the starter shaft de Washington and many means sources: 28 August 2007, the organization of the world for the rights of the man has cited Yahoo for presumed to communicate the information (email and IP address) with the Chinese government who has caused the arrests of the producers and the dissidents. The dressed one has been archiviato to Saint Francisco for the journalists, Shi Tao and Wang Xiaoning. Declared Yahoo that has supported the segretezza and the free expression for it has worked with other companies of technology in order to resolve the rights of the man concerns.[60 ] May on 25, 2006, search of image of the Yahoo is criticized in order to carry on the sexually explicit images also when SafeSearch was over. That has been discovered from teaching that it was meaning to use the service with a code category in order to try "WWW". The answer of the Yahoo to this was, "Yahoo is informed of this edition and is working in order to resolve it how much quickly possible".[64
Supply takes usually the shape of the portions from common stock (or the selecting portions). When, common stock usually selecting rights, which can be exercised in the korporativen decisions, carries unit of the possession. To receive preference stock differentiates itself of common stock thereby that it carries usually not selecting rights, but permit-proves permitted, in order certain level dividend payments, before all possible dividends can be published to other shareholders [ 1 ] [ 2 ] convertible preference stock is preference stock, which a choice includes, so that the owner converts the preferential portions into a locally specified number from general portions, normally at each time after a pre-determined date. Portions of such supply are called "convertible preferential portions" (or "convertible preference stocks" at the united kingdom). Although there is much public between the supplies of different companies, each new cheapness expenditure can have the certified clauses, which are attached to it that dynamically differently to the more general cases form it you. Some portions of common stock can be published without the typical selecting rights, which are contained, for example or some portions can the special rights have, which are published to certain parties to them singularly and only. This case for case fluctuations of the specific form in camp out stock is excluded over the range of this article, outside, in order to notice that all cheapness portions the same are not [ 1 ] [ 2 ] A is share option a category choice. A kaufoption (not obligation) is specific to the supply to fixed prices in the future to buy the right and a set choice is the right (not obligation) supply to fixed prices in the future to be sold. Thus the value of a share option in the reaction changes to the underlying supply, of which it is a derivative. The most popular method of evaluating the share options is the black Scholes model.[3 ] apart from kaufoptionen granted employees, most share options is transferable. During the Roman times the realm from many of its services locked to the private groups contract, which were called publicani. Portions to publicani were called "socii" (for large participations) and "particulae", which were similar today's practicing RD cost counter portions of the small companies. The recordings, which are present during this time, are incomplete Edward chancellor conditions in its book devil taking Hindmost that there is something proof that a view in these portions became increasingly widespread and that possibly the first speculative bubble arose "in stock". The first company, to the kapitalanteile after the middle age to give change was Dutch East India company 1606. The innovation of the common possession made many of Europe economic growth possible after the middle age. The technology of combining the capital, around the building of the ships e.g. to finance formed the Netherlands sea-superpower. Before acceptance of the Gesellschaftskapitalkorporation, an expensive venture could be taken up like the building of a trading vessel only by the governments or by the very wealthy individuals or by the families. Economic historians find the Dutch stock exchange of the particularly interesting 1600s: there are free documents of the use of in camp stock, share options, leerverkauf, the use of credit note to buy portions a speculative bubble, which 1695 collided, and a change in way, which ausbritt in the time with the market and switched (in this case it was headdresses in place of that hemlines). Dr. Edward Stringham noticed also that the customs of practice continued such as leerverkauf arising during this time despite the government that adopted laws against it. This is unusual, because it shows the individual parties, which fulfill contracts, which does not permit-prove was interspersable and where the parties concerned could take themselves on a loss. Stringham argues that this shows that contracts without condition sanction or in this case are caused despite the laws and to be forced to be able contrarily [ 4 ] [ 5 ] shareholders will special privileges dependent on the category of the supply to select including the right, (normally a voice per the portion possessed) on affairs such as elections for management the right, to divide in the distributions of the income of the company the right, which grants to buy new portions, which are published by the company, and which right to the operating abilities during a liquidation of the company. However rights of the shareholder are subordinated to the operating abilities on the right of the creditors of the company. This means that shareholders receive usually nothing, if a company is liquidated after bankruptcy (if the company had not had enough to pay to its creditors them to bankruptcy would have registered), although a supply can have value after a bankruptcy, if there is the possibility that the debts of the company are restructured. Shareholders are regarded by some to be a partial subset of keepers who can include everyone with, which has a direct or an indirect cheapness interest in the restaurant unit or to someone with even a not financial interest in a nonprofit organization. So it could be general for call-participating to a connection the keepers, although they are not shareholders. By selling portions, they can sell or the whole company to part to many partial owners. The acquisition of a portion permits too literally possibly divides in the possession of the company, the break of the adoption of resolutions energy to the owner of this portion and the break of the profits, which can publish the company as dividends. Generally case of a publicly acted Korporation, in which there can be thousands shareholders, is unpractical it to have all the daily decisions to meet, which are required, in order to lead a company. Thus the shareholders use their portions as voices in the choice of the members of the management of the company. Although possession of 51% of portions the 51% possession of a company results in, it does not give the right to the shareholder, a building of the company, equipment, to use materials or other characteristic. This is, because the company is considered as a certified person, then possesses it everything its values themselves. This is important in the ranges such as insurance, which must be in the name of the company and not the principal shareholder. Although the management leads the company, the shareholder has something effect on the policy of the company, since the shareholders select the management. Each shareholder has usually a percentage of the voices, which he are alike to the percentage of the portions, or she possesses. So that long, since the shareholders agree in the fact that badly it accomplishes the management (representative), can select it a new management, which then can employ a new management crew. In practice however board elections competed genuinly are rare. Board candidates are normally set up by the inaugurating or by the board of the directors themselves, and a considerable quantity of the supply is held and selected by the inaugurating. To possess responsibility does not mean portions for commitments. If a company to loans drop back is and must, the shareholders are not responsible in each regard. However becomes all money, which will receive, by converting values into cash, used, in order to return loans and other debts first, so that shareholders money cannot receive it are and to creditors were paid (frequently, who terminate shareholders above with nothing). A stock exchange is an organization, which either for the physical or virtual acting can buy and sell a market portions, which makes connections and the authorizations and other financial products available, in which the investors (represented through in camp stock) portions of a broad distance of the companies. A company normally registers its portions, by meeting and maintaining the stock exchange permission regulations of a certain stock exchange and the different. Also in the United States by intermediate market the quotation system, the shares, which are geverzeichnet on an exchange, on some other Austaeu, including relatively new so-called ECNs (electronic communications networks such as archipelago or Instinet) can be bought or sold. Many large foreign companies decide, on United States an exchange, as well as an exchange in their homeland to register for their investor lower surface extend. These companies have then to dispatch a certain quantity of portions to a bank in US (a certain percentage of their management) and to use them in safe the bank. Then the bank, in which they laid down the portions, knows a certain quantity so-called American keeper portions, short ADS gives change (singularly). If someone buys now a certain quantity of ADSs the bank, in which the portions are laid down expenditures the American place of custody receipt (addr) for the customer of the ADSs. Although it is meaningful, thus some companies capital raise, by offering supply on more than one exchange, could a sharp investor with entrance to the information about such discrepancies in the expectation of its any convergence invest, admits as an arbitrage trade. In the today's era of electronic acting, these discrepancies, if they exist, are shortlived and function faster up. As such, arbitrage opportunities disappear fast because of the efficient nature of the market. There are different methods of the purchase and the financing of of shares. The most general means is by one in camp stock. Whether they are a full service or a Discount broker, arranges them the transmission of the supply of a salesman on a customer. Most trade really took place via the mediators, those with a stock exchange, how are registered the New York stock exchange. There are many different in camp stock, of those, how full service mediators or Discount broker select. The full service mediators normally load more per trade, but give investment advice or more personal service; the Discount brokers offer, few or no investment advice however load smaller for trade. Another kind mediator would be a bank or a loan bank, which can have an agreement, which is set up either with a full service or Discount broker. There are other ways of the purchase of the supply except through a mediator. One way is direct from the company. If at least one portion is possessed, most companies permit the acquisition of the portions directly from the company by their relationship between the investor departments. However the output capital portion in the company must be received by a regular in camp stock. Another way to buy supply in the companies is by direct general victims, that are normally sold by the company. A direct general request is a general first request into which the supply directly by the company is bought, normally without the aid of the mediators. If he comes to the financing of an acquisition of shares, there are two possibilities: Supply with money, which is at present in the customer possession or buys by the purchase of the supply on side edge. Buying supply on side edge means buying supply with the money, which is borrowed against the shares in the same account. These shares or collateral security, guarantee that the customer can return the loan; otherwise the boersenmakler has the right to sell the supply (kollateral) around the borrowed money to return. It can sell, if the portion price falls below the necessary capital invested payment, 50% at least the value of the shares in the account. Credit-financed effects purchase works on the same way as, borrowing money, in order to buy a car or a house with the car or the house as collateral security. In addition borrowing is not free; the mediator normally loads interest 8-10% up. As with the purchase of a supply, there is a negotiation fee for the efforts of the mediator, if one arranges the transmission of the supply of a salesman on a customer. This fee can dependent on, which kind of the broker activity, full services or the discount, handles highly or low its the negotiation. After the negotiation was formed, the salesman is then permitted to the whole money. An important part of selling pursues the income. Importantly on selling the supply, in the jurisdictions, which have them, capital profits tax capital profits taxes on the additional yields must be paying, if any, which are more than necessarily the cost reason situation. The price of a supply varies fundamentally because of the theory of the offer and the demand. Like all consumer durables in the market, the price of a supply is directly proportional to the demand. However it gives to increase many factors, on the basis of those the demand for a certain supply or be reduced can. These factors become with methods of the fundamental analysis and the technical analysis, which study to forecast changes in the share price. A new study shows that customer service is measured, like by the American customer service index (ACSI), referred one on the other substantially with the stock exchange value. Share price is changed also be based on the prognosis for the company and whether their profits are expected, in order to increase or be reduced.
Also those caused quotes air (by finger it will quote or quotes bunny) refer to use one's of fingers to make actually markers of quotation in air speaking. This typically made with both hands held arms -.wirinu isolated also on at the level of the eyes of announcer, with the index and the average fingers on each hand forming in sign also after this bending at first, also, at the end being quoted of phrase "." Air -.zakavycenna4 phrase generally very soon - a little words on the large part - in the overall use, although sometimes much longer than the phrase they can be used for the comic influence.
Reality income exceeds its expense it can lend or it invests excess income. From other side, reality income of which than its expense can raise the capital by way to loan either to sell the claims of validity, decreasing its expenditures, or increasing its income. Creditor can find borrower, finansovy1 mediator, such as bank either note or fastening pokupky in rynoka of securities. Creditor obtains interest, borrower pays higher interest how creditor obtains, and pockets finansovy1 mediator difference. Specifically by an example of the corporate of finances will be the sale of stock company to the collective investors as the banks of the investments, which in turn generally sell it to the public. Stock gives whoever it has its possession to part in that company. If you buy one portion XYZ inc, and they have 100 sums of the rotating actions (they held depositors), then you 1/100 owners of that company. Of course, in return for stock, company obtains the available money, by which it uses to enlarge its matter in the caused process "financings by the release of new actions". Financings by the release of new actions mixed with the sale of fastenings (or any other financing of debts) it was caused strukturaa of capital of company. Finances are used by individuals (personal by finances), by governments (gosudarstvennya finances), by the matters (corporate by finances), also as the by wide selection of organizations including schools and profitless organizachii. On the whole, purpose of each of the works of dostigany through the benefit of sootvestvuyushchikh financial dochumentov pointed out above, with the examination to their institutional installation. Finances one of the most important aspects of management of business. Without the correct financial planning new enterprise is highly improbable in order to be successfully. Governing den'g (likvidnya active memberships) it is necessary in order to ensure the secure future both for the individual and for the organization. Managerial or corporate finances they will task ensure funds for the activities with the corporation. For the small enterprise, this is named finances sme. It generally includes to balance risk and profitableness, thus far pytayushch in order to increase wealth and value of the reality of its stock. It will at present draw near to converge and to consolidate the guarantees of finances in, it is which they divide maintenance in the limits of organization. Rather than organization having somewhat separately financial divisions to accomplish the same tasks from differently the positions more centralizing version it is possible to be created. Financial-economic economics will be the branch of economics studying the interrelation of financial-economic peremeyuyuykh, such as of price, the interest rates and portion, in contrast to those relative to real savings. Financial-economic economics concentrates on the influences of real economic peremeyuyuykh to financial-economic some, in contrast to is pure finances. Ekspirimental'no of the purpose of finances in order to establish differently installations and environments of market in order to observe ekspirimental'no and to analyze with behavior giving to by the characteristics of the substances dealing of supplies, diffusion and aggregation of information, price establishing mechanisms, and the processes of returns. Researcher into ekspirimental'no finances can study to what extent existing the financial-economic theory of economics makes the real forecasts, and the attempt to open new principles on which this theory it can be prodlenna. A study it can continue by way to conduct dealing imitations or by way to establish and to study the behavior of people in the artificial competitive of rynk-.kak of installation. By quantitative behavioral finances they will new discipline he uses mathematically and statistically methodology understand behavioral displacement together with the valuation. Certain of this work was the management Of gunduz Of chaginalp (by professor of mathematics by the editor of the periodical of the behavioral of finances during 2001-2004) and collaborator including Vernon Smith (2002 laureate nobel in the economics), porter of David, they put on Balenovich, Vladimira Ilieva, Ahmet Duran, Huseyin Merdan). The studies Of zheff Of madura, by ray Sturm and by others demonstrated considerably behavioral influences in the stocks and they shere torgovany by exchange after by funds. Qualifications of the finances: Frakhtovannyy of specialist into the region of finances (CFA), certified zarubezhnya of capital investment Analyst(.cIIA), the association of corporate kaznachev (ACT), the diploma of master in the finances, certified the designation of economist on questions of situation (CMA/FAD) dual, the manager of the original financial-economic (MFM), the economist of the planner of the register of the qualification of the corporate of finances (CF) (RFP), the certified financial-economic of consultants (CFC)
In January 1994, Jerry Yang and David Filo were Stanford Electrical Engineering graduate students at Stanford University. They started a list of web pages in a campus trailer in February 1994, as a way to keep track of their personal interests on the Internet. The lists were published as a web site named "Jerry's Guide to the World Wide Web", and grew large enough to require categories and subcategories organized in a hierarchy. Before long they were spending more time on their home-brewed lists of favorite links than on their doctoral dissertations. Like many search engines and web directories, Yahoo diversified into a Web portal. In the late 1990s, Yahoo, MSN, Lycos, Excite and other Web portals were growing rapidly. Web portal providers rushed to acquire companies to expand their range of services, in the hope of increasing the time a user stays at the portal. In 2004, in response to Google's release of Gmail, Yahoo upgraded the storage of all free Yahoo Mail accounts from 4 MB to 1 GB, and all Yahoo Mail Plus accounts to 2 GB. In 2007, Yahoo took out the storage meters and made the storage limit unlimited. On 9 July 2004, Yahoo acquired e-mail provider Oddpost[22] to add an Ajax interface to Yahoo Mail. On 13 October 2005, Yahoo and Microsoft announced that Yahoo Messenger and MSN Messenger would become interoperable. Yahoo! Photos was shut down on 20 September 2007 in favor of Flickr. On 16 October 2007, Yahoo announced that they will no longer provide support or perform bug fixes on Yahoo 360° as they intend to abandon it in early 2008 in favor of a "universal profile" that will be similar to their Mash experimental system.[35] Yahoo partners with hundreds of premier content providers in products such as Yahoo! Sports, Yahoo! Finance, Yahoo! Music, Yahoo! Movies, Yahoo! News, and Yahoo! Games to provide media contents and news. Yahoo also provides a personalization service, My Yahoo, which enables users to collect their favorite Yahoo features, content feeds, and information into a single page. Yahoo introduced its Internet search system, called oneSearch, developed for mobile phones on March 20, 2007. The company's officials stated that in distinction from ordinary Web searches, Yahoo's new service presents a list of actual information, which may include: news headlines, images from Yahoo's Flickr photos site, business listings, local weather and links to other sites. Instead of showing only, for example, popular movies or some critical reviews, oneSearch lists local theaters that at the moment are playing a certain movie, user ratings and news headlines regarding the movie. A zip code or city name is required for Yahoo oneSearch to start delivering local search results. Yahoo! Search Marketing provides services such as Sponsored Search, Local Advertising, and Product/Travel/Directory Submit that let different businesses advertise their products and services on the Yahoo network. Yahoo! Publisher Network is an advertising tool for online publishers to place advertisements relevant to their content to monetize their websites.[38] In March 2004, Yahoo launched a paid inclusion program whereby commercial websites are guaranteed listings on the Yahoo search engine after payment.[41] This scheme is lucrative, but has proved unpopular both with website marketers (who are reluctant to pay), and the public (who are unhappy about the paid-for listings being indistinguishable from other search results).[42] As of October 2006, Paid Inclusion doesn't guarantee any commercial listing, it only helps the paid inclusion customers, by crawling their site more often and by providing some statistics on the searches that led to the page and some additional smart links (provided by customers as feeds) below the actual url. Yahoo has also been criticized for funding spyware and adware — advertising from Yahoo's clients often appears on-screen in pop-ups generated from adware that a user may have installed on their computer without realizing it by accepting online offers to download software to fix computer clocks or improve computer security, add browser enhancements, etc. The frequency of advertising pop-ups for spyware, generated from a partnership with advertising distributor Walnut Ventures, who had a direct partnership with Direct Revenue, could be increased or decreased based on Yahoo's immediate revenue needs, according to some former employees in Yahoo's sales department.[43][44] In April 2005, Shi Tao, a journalist working for a Chinese newspaper, was sentenced to 10 years in prison by the Changsha Intermediate People's Court of Hunan Province, China (First trial case no 29), for "providing state secrets to foreign entities". The "secret", as Shi Tao's family claimed, refers to a brief list of censorship orders he sent from a Yahoo Mail account to the Asia Democracy Forum before the anniversary of the Tiananmen Square Incident.[48] The verdict stated Yahoo Holdings (Hong Kong) confirmed that an IP address, registered by a Hunan newspaper that Shi Tao worked for, accessed the mail account at a particular time. He had sent the message through an anonymous Yahoo account, but police had gone straight to his offices and picked him up. Reporters Without Borders (RSF) is concerned with the ease with which Mr. Shi had been caught. In February 2006, Yahoo General Counsel submitted a statement to the U.S. Congress in which Yahoo denies knowing the true nature of the case against Shi Tao.[49] In April 2006, Yahoo Holdings (Hong Kong) is under investigation by Hong Kong's Privacy Commissioner for Personal Data. Yahoo's decision to assist China's authoritarian government came as part of a policy of reconciling its services with the Chinese government's policies. This came after China blocked Yahoo services for a time. As reported in The Washington Post and many media sources: On August 28, 2007, the World Organization for Human Rights sued Yahoo for allegedly passing information (email and IP address) with the Chinese government that caused the arrests of writers and dissidents. The suit was filed in San Francisco for journalists, Shi Tao, and Wang Xiaoning. Yahoo stated that it supported privacy and free expression for it worked with other technology companies to solve human rights concerns.[59] On May 25, 2006, Yahoo's image search was criticized for bringing up sexually explicit images even when SafeSearch was on. This was discovered by a teacher who was intending to use the service with a class to search for "www". Yahoo's response to this was, "Yahoo is aware of this issue and is working to resolve it as quickly as possible".[63]
Stock typically takes the form of shares of common stock (or voting shares). As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it typically does not carry voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders. [1] [2] Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Shares of such stock are called "convertible preferred shares" (or "convertible preference shares" in the United Kingdom). Although there is a great deal of commonality between the stocks of different companies, each new equity issue can have legal clauses attached to it that make it dynamically different from the more general cases. Some shares of common stock may be issued without the typical voting rights being included, for instance, or some shares may have special rights unique to them and issued only to certain parties. These case by case variations in the specific form of stock issuance is beyond the scope of this article, except to note that not all equity shares are the same. [1] [2] A stock option is a class of option. Specifically, a call option is the right (not obligation) to buy stock in the future at a fixed price and a put option is the right (not 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 derivative. The most popular method of valuing stock options is the Black Scholes model.[3] Apart from call options granted to employees, most stock options are transferable. During Roman times, the empire contracted out many of its services to private groups called publicani. Shares in publicani were called "socii" (for large cooperatives) and "particulae" which were analogous to today's Over-The-Counter shares of small companies. Though the records available for this time are incomplete, Edward Chancellor states in his book Devil Take the Hindmost that there is some evidence that a speculation in these shares became increasingly widespread and that perhaps the first ever speculative bubble in "stocks" occurred. The first company to issue shares of stock after the Middle Ages was the Dutch East India Company in 1606. The innovation of joint ownership made a great deal of Europe's economic growth possible following the Middle Ages. The technique of pooling capital to finance the building of ships, for example, made the Netherlands a maritime superpower. Before adoption of the joint-stock corporation, an expensive venture such as the building of a merchant ship could be undertaken only by governments or by very wealthy individuals or families. Economic Historians find the Dutch stock market of the 1600s particularly interesting: there is clear documentation of the use of stock futures, stock options, short selling, the use of credit to purchase shares, a speculative bubble that crashed in 1695, and a change in fashion that unfolded and reverted in time with the market (in this case it was headdresses instead of hemlines). Dr. Edward Stringham also noted that the uses of practices such as short selling continued to occur during this time despite the government passing laws against it. This is unusual because it shows individual parties fulfilling contracts that were not legally enforceable and where the parties involved could incur a loss. Stringham argues that this shows that contracts can be created and enforced without state sanction or, in this case, in spite of laws to the contrary. [4] [5] Shareholders are granted special privileges depending on the class of stock, including the right to vote (usually one vote per share owned) on matters such as elections to the board of directors, 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 liquidation of the company. However, shareholder's rights to a company's assets are subordinate to the rights of the company's creditors. This means that shareholders typically receive nothing if a company is liquidated after bankruptcy (if the company had had enough to pay its creditors, it would not have entered bankruptcy), although a stock may have value after a bankruptcy if there is the possibility that the debts of the company will be restructured. Shareholders are considered by some to be a partial subset of stakeholders, which may include anyone who has a direct or indirect equity interest in the business entity or someone with even a non-pecuniary interest in a non-profit organization. Thus it might be common to call volunteer contributors to an association stakeholders, even though they are not shareholders. 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 dividends. 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 board of directors of the company. Although ownership of 51% of shares does result in 51% 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. 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 elect 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 and voted by insiders. 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 (most often the shareholders end up with nothing). A stock exchange is an organization that provides a marketplace for either physical or virtual trading shares, bonds and warrants and other financial products where investors (represented by stock brokers) may buy and sell shares of a wide range of companies. A company will usually list its shares by meeting and maintaining the listing requirements of a particular stock exchange and the different. In the United States, through the inter-market quotation system, stocks listed on one exchange can also be bought or sold on several other exchanges, including relatively new so-called ECNs (Electronic Communication Networks like Archipelago or Instinet). Many large foreign 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 have then to ship a certain amount of shares to a bank in the US (a certain percentage of their principal) and put it in the safe of the bank. Then the bank where they deposited the shares can issue a certain amount of so-called American Depositary Shares, short ADS (singular). If someone buys now a certain amount of ADSs the bank where the shares are deposited issues an American Depository Receipt (ADR) for the buyer of the ADSs. Although it makes sense for some companies to raise capital by offering stock on more than one exchange, a keen investor with access to information about such discrepancies could invest in expectation of their eventual convergence, known as an arbitrage trade. In today's era of electronic trading, these discrepancies, if they exist, are both shorter-lived and more quickly acted upon. As such, arbitrage opportunities disappear quickly due to the efficient nature of the market. There are various methods of buying and financing stocks. The most common means is through a stock broker. Whether they are a full service or discount broker, they arrange the transfer of stock from a seller to a buyer. Most trades are actually done through brokers listed with a stock exchange, such as the New York Stock Exchange. There are many different stock brokers 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 bank or credit union that may have a deal set up with either a full service or discount broker. 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 investor relations 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 initial public offering in which the stock is purchased directly from the company, usually without the aid of brokers. When it comes to financing a purchase of stocks there are two ways: purchasing stock with money that is currently in the buyers ownership, or by buying stock on margin. Buying stock on margin means buying stock with money borrowed against the stocks in the same account. These stocks, or collateral, guarantee that the buyer can repay the loan; otherwise, the stockbroker has the right to sell the stock (collateral) to repay the borrowed money. He can sell if the share price drops below the margin requirement, 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 the car or house as collateral. Moreover, borrowing is not free; the broker usually charges 8-10% interest. 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, discount or full service, handles the transaction. 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, capital gains taxes will have to be paid on the additional proceeds, if any, that are in excess of the cost basis. The price of a stock fluctuates fundamentally due to the theory of supply and demand. Like all commodities in the market, the price of a stock is directly proportional to the demand. However, there are many factors on the basis of which the demand for a particular stock may increase or decrease. These factors are studied using methods of fundamental analysis and technical analysis to predict the changes in the stock price. A recent study shows that customer satisfaction, as measured by the American Customer Satisfaction Index (ACSI), is significantly correlated to the stock market value. Stock price is also changed based on the forecast for the company and whether their profits are expected to increase or decrease.
Air quotes (also called finger quotes or bunny quotes) refers to using one's fingers to make virtual quotation marks in the air when speaking. This is typically done with both hands held shoulder-width apart and at the eye level of the speaker, with the index and middle fingers on each hand forming a V sign and then flexing at the beginning and end of the phrase being "quoted." The air-quoted phrase is generally very short — a few words at most — in common usage, though sometimes much longer phrases may be used for comic effect.
An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary, such as a bank or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary pockets the difference. A specific example of corporate finance is the sale of stock by a company to institutional investors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc, and they have 100 shares outstanding (held by investors), you are 1/100 owner of that company. Of course, in return for the stock, the company receives cash, which it uses to expand its business in a process called "equity financing". Equity financing mixed with the sale of bonds (or any other debt financing) is called the company's capital structure. Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional setting. Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization. Managerial or corporate finance is the task of providing the funds for a corporation's activities. For small business, this is referred to as SME finance. It generally involves balancing risk and profitability, while attempting to maximize an entity's wealth and the value of its stock. There is currently a move towards converging and consolidating Finance provisions into shared services within an organization. Rather than an organization having a number of separate Finance departments performing the same tasks from different locations a more centralized version can be created. Financial economics is the branch of economics studying the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy. Financial economics concentrates on influences of real economic variables on financial ones, in contrast to pure finance. Experimental finance aims to establish different market settings and environments to observe experimentally and analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions, and attempt to discover new principles on which such theory can be extended. Research may proceed by conducting trading simulations or by establishing and studying the behaviour of people in artificial competitive market-like settings. Quantitative Behavioral Finance is a new discipline that uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation. Some of this endeavor has been lead by Gunduz Caginalp (Professor of Mathematics and Editor of Journal of Behavioral Finance during 2001-2004) and collaborators including Vernon Smith (2002 Nobel Laureate in Economics), David Porter, Don Balenovich, Vladimira Ilieva, Ahmet Duran, Huseyin Merdan). Studies by Jeff Madura, Ray Sturm and others have demonstrated significant behavioral effects in stocks and exchange traded funds. Finance qualifications: Chartered Financial Analyst (CFA),Certified International Investment Analyst(CIIA), Association of Corporate Treasurers (ACT), Masters degree in Finance, Certified Market Analyst (CMA/FAD) Dual Designation, Master Financial Manager (MFM), Corporate Finance Qualification (CF) Register Financial Planner (RFP), Certified Financial Consultants (CFC)
In January 1994, Jerry Yang and David Filo were Stanford Electrical Engineering graduate students at Stanford University. They started a list of web pages in a campus trailer in February 1994, as a way to keep track of their personal interests on the Internet. The lists were published as a web site named "Jerry's Guide to the World Wide Web", and grew large enough to require categories and subcategories organized in a hierarchy. Before long they were spending more time on their home-brewed lists of favorite links than on their doctoral dissertations. Like many search engines and web directories, Yahoo diversified into a Web portal. In the late 1990s, Yahoo, MSN, Lycos, Excite and other Web portals were growing rapidly. Web portal providers rushed to acquire companies to expand their range of services, in the hope of increasing the time a user stays at the portal. In 2004, in response to Google's release of Gmail, Yahoo upgraded the storage of all free Yahoo Mail accounts from 4 MB to 1 GB, and all Yahoo Mail Plus accounts to 2 GB. In 2007, Yahoo took out the storage meters and made the storage limit unlimited. On 9 July 2004, Yahoo acquired e-mail provider Oddpost[22] to add an Ajax interface to Yahoo Mail. On 13 October 2005, Yahoo and Microsoft announced that Yahoo Messenger and MSN Messenger would become interoperable. Yahoo! Photos was shut down on 20 September 2007 in favor of Flickr. On 16 October 2007, Yahoo announced that they will no longer provide support or perform bug fixes on Yahoo 360° as they intend to abandon it in early 2008 in favor of a "universal profile" that will be similar to their Mash experimental system.[35] Yahoo partners with hundreds of premier content providers in products such as Yahoo! Sports, Yahoo! Finance, Yahoo! Music, Yahoo! Movies, Yahoo! News, and Yahoo! Games to provide media contents and news. Yahoo also provides a personalization service, My Yahoo, which enables users to collect their favorite Yahoo features, content feeds, and information into a single page. Yahoo introduced its Internet search system, called oneSearch, developed for mobile phones on March 20, 2007. The company's officials stated that in distinction from ordinary Web searches, Yahoo's new service presents a list of actual information, which may include: news headlines, images from Yahoo's Flickr photos site, business listings, local weather and links to other sites. Instead of showing only, for example, popular movies or some critical reviews, oneSearch lists local theaters that at the moment are playing a certain movie, user ratings and news headlines regarding the movie. A zip code or city name is required for Yahoo oneSearch to start delivering local search results. Yahoo! Search Marketing provides services such as Sponsored Search, Local Advertising, and Product/Travel/Directory Submit that let different businesses advertise their products and services on the Yahoo network. Yahoo! Publisher Network is an advertising tool for online publishers to place advertisements relevant to their content to monetize their websites.[38] In March 2004, Yahoo launched a paid inclusion program whereby commercial websites are guaranteed listings on the Yahoo search engine after payment.[41] This scheme is lucrative, but has proved unpopular both with website marketers (who are reluctant to pay), and the public (who are unhappy about the paid-for listings being indistinguishable from other search results).[42] As of October 2006, Paid Inclusion doesn't guarantee any commercial listing, it only helps the paid inclusion customers, by crawling their site more often and by providing some statistics on the searches that led to the page and some additional smart links (provided by customers as feeds) below the actual url. Yahoo has also been criticized for funding spyware and adware — advertising from Yahoo's clients often appears on-screen in pop-ups generated from adware that a user may have installed on their computer without realizing it by accepting online offers to download software to fix computer clocks or improve computer security, add browser enhancements, etc. The frequency of advertising pop-ups for spyware, generated from a partnership with advertising distributor Walnut Ventures, who had a direct partnership with Direct Revenue, could be increased or decreased based on Yahoo's immediate revenue needs, according to some former employees in Yahoo's sales department.[43][44] In April 2005, Shi Tao, a journalist working for a Chinese newspaper, was sentenced to 10 years in prison by the Changsha Intermediate People's Court of Hunan Province, China (First trial case no 29), for "providing state secrets to foreign entities". The "secret", as Shi Tao's family claimed, refers to a brief list of censorship orders he sent from a Yahoo Mail account to the Asia Democracy Forum before the anniversary of the Tiananmen Square Incident.[48] The verdict stated Yahoo Holdings (Hong Kong) confirmed that an IP address, registered by a Hunan newspaper that Shi Tao worked for, accessed the mail account at a particular time. He had sent the message through an anonymous Yahoo account, but police had gone straight to his offices and picked him up. Reporters Without Borders (RSF) is concerned with the ease with which Mr. Shi had been caught. In February 2006, Yahoo General Counsel submitted a statement to the U.S. Congress in which Yahoo denies knowing the true nature of the case against Shi Tao.[49] In April 2006, Yahoo Holdings (Hong Kong) is under investigation by Hong Kong's Privacy Commissioner for Personal Data. Yahoo's decision to assist China's authoritarian government came as part of a policy of reconciling its services with the Chinese government's policies. This came after China blocked Yahoo services for a time. As reported in The Washington Post and many media sources: On August 28, 2007, the World Organization for Human Rights sued Yahoo for allegedly passing information (email and IP address) with the Chinese government that caused the arrests of writers and dissidents. The suit was filed in San Francisco for journalists, Shi Tao, and Wang Xiaoning. Yahoo stated that it supported privacy and free expression for it worked with other technology companies to solve human rights concerns.[59] On May 25, 2006, Yahoo's image search was criticized for bringing up sexually explicit images even when SafeSearch was on. This was discovered by a teacher who was intending to use the service with a class to search for "www". Yahoo's response to this was, "Yahoo is aware of this issue and is working to resolve it as quickly as possible".[63]
Stock typically takes the form of shares of common stock (or voting shares). As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it typically does not carry voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders. [1] [2] Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Shares of such stock are called "convertible preferred shares" (or "convertible preference shares" in the United Kingdom). Although there is a great deal of commonality between the stocks of different companies, each new equity issue can have legal clauses attached to it that make it dynamically different from the more general cases. Some shares of common stock may be issued without the typical voting rights being included, for instance, or some shares may have special rights unique to them and issued only to certain parties. These case by case variations in the specific form of stock issuance is beyond the scope of this article, except to note that not all equity shares are the same. [1] [2] A stock option is a class of option. Specifically, a call option is the right (not obligation) to buy stock in the future at a fixed price and a put option is the right (not 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 derivative. The most popular method of valuing stock options is the Black Scholes model.[3] Apart from call options granted to employees, most stock options are transferable. During Roman times, the empire contracted out many of its services to private groups called publicani. Shares in publicani were called "socii" (for large cooperatives) and "particulae" which were analogous to today's Over-The-Counter shares of small companies. Though the records available for this time are incomplete, Edward Chancellor states in his book Devil Take the Hindmost that there is some evidence that a speculation in these shares became increasingly widespread and that perhaps the first ever speculative bubble in "stocks" occurred. The first company to issue shares of stock after the Middle Ages was the Dutch East India Company in 1606. The innovation of joint ownership made a great deal of Europe's economic growth possible following the Middle Ages. The technique of pooling capital to finance the building of ships, for example, made the Netherlands a maritime superpower. Before adoption of the joint-stock corporation, an expensive venture such as the building of a merchant ship could be undertaken only by governments or by very wealthy individuals or families. Economic Historians find the Dutch stock market of the 1600s particularly interesting: there is clear documentation of the use of stock futures, stock options, short selling, the use of credit to purchase shares, a speculative bubble that crashed in 1695, and a change in fashion that unfolded and reverted in time with the market (in this case it was headdresses instead of hemlines). Dr. Edward Stringham also noted that the uses of practices such as short selling continued to occur during this time despite the government passing laws against it. This is unusual because it shows individual parties fulfilling contracts that were not legally enforceable and where the parties involved could incur a loss. Stringham argues that this shows that contracts can be created and enforced without state sanction or, in this case, in spite of laws to the contrary. [4] [5] Shareholders are granted special privileges depending on the class of stock, including the right to vote (usually one vote per share owned) on matters such as elections to the board of directors, 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 liquidation of the company. However, shareholder's rights to a company's assets are subordinate to the rights of the company's creditors. This means that shareholders typically receive nothing if a company is liquidated after bankruptcy (if the company had had enough to pay its creditors, it would not have entered bankruptcy), although a stock may have value after a bankruptcy if there is the possibility that the debts of the company will be restructured. Shareholders are considered by some to be a partial subset of stakeholders, which may include anyone who has a direct or indirect equity interest in the business entity or someone with even a non-pecuniary interest in a non-profit organization. Thus it might be common to call volunteer contributors to an association stakeholders, even though they are not shareholders. 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 dividends. 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 board of directors of the company. Although ownership of 51% of shares does result in 51% 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. 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 elect 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 and voted by insiders. 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 (most often the shareholders end up with nothing). A stock exchange is an organization that provides a marketplace for either physical or virtual trading shares, bonds and warrants and other financial products where investors (represented by stock brokers) may buy and sell shares of a wide range of companies. A company will usually list its shares by meeting and maintaining the listing requirements of a particular stock exchange and the different. In the United States, through the inter-market quotation system, stocks listed on one exchange can also be bought or sold on several other exchanges, including relatively new so-called ECNs (Electronic Communication Networks like Archipelago or Instinet). Many large foreign 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 have then to ship a certain amount of shares to a bank in the US (a certain percentage of their principal) and put it in the safe of the bank. Then the bank where they deposited the shares can issue a certain amount of so-called American Depositary Shares, short ADS (singular). If someone buys now a certain amount of ADSs the bank where the shares are deposited issues an American Depository Receipt (ADR) for the buyer of the ADSs. Although it makes sense for some companies to raise capital by offering stock on more than one exchange, a keen investor with access to information about such discrepancies could invest in expectation of their eventual convergence, known as an arbitrage trade. In today's era of electronic trading, these discrepancies, if they exist, are both shorter-lived and more quickly acted upon. As such, arbitrage opportunities disappear quickly due to the efficient nature of the market. There are various methods of buying and financing stocks. The most common means is through a stock broker. Whether they are a full service or discount broker, they arrange the transfer of stock from a seller to a buyer. Most trades are actually done through brokers listed with a stock exchange, such as the New York Stock Exchange. There are many different stock brokers 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 bank or credit union that may have a deal set up with either a full service or discount broker. 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 investor relations 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 initial public offering in which the stock is purchased directly from the company, usually without the aid of brokers. When it comes to financing a purchase of stocks there are two ways: purchasing stock with money that is currently in the buyers ownership, or by buying stock on margin. Buying stock on margin means buying stock with money borrowed against the stocks in the same account. These stocks, or collateral, guarantee that the buyer can repay the loan; otherwise, the stockbroker has the right to sell the stock (collateral) to repay the borrowed money. He can sell if the share price drops below the margin requirement, 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 the car or house as collateral. Moreover, borrowing is not free; the broker usually charges 8-10% interest. 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, discount or full service, handles the transaction. 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, capital gains taxes will have to be paid on the additional proceeds, if any, that are in excess of the cost basis. The price of a stock fluctuates fundamentally due to the theory of supply and demand. Like all commodities in the market, the price of a stock is directly proportional to the demand. However, there are many factors on the basis of which the demand for a particular stock may increase or decrease. These factors are studied using methods of fundamental analysis and technical analysis to predict the changes in the stock price. A recent study shows that customer satisfaction, as measured by the American Customer Satisfaction Index (ACSI), is significantly correlated to the stock market value. Stock price is also changed based on the forecast for the company and whether their profits are expected to increase or decrease.
