Glossary

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NAV (Net Asset Value)

    The market value of a fund share, synonymous with a bid price. In the case of no-load funds, the NAV, market price, and offering price are all the same figure, which the public pays to buy shares; load fund market or offer prices are quoted after adding the sales charge to the net asset value. NAV is calculated by most funds after the close of the exchanges each day by taking the closing market value of all securities owned plus all other assets such as cash, subtracting all liabilities, then dividing the result (total net assets) by the total number of shares outstanding. The number of shares outstanding can vary each day depending on the number of purchases and redemptions.
NASD
    National Association of Securities Dealers.
NASDAQ
    National Association of Securities Dealers Automated Quote.
Nasdaq SmallCap Market
    The Nasdaq SmallCap Market comprises of over 1,400 companies that want the sponsorship of market makers, have applied for listing and meet specific and financial requirements. Once a company is approved and listed on this market, market makers are able to quote and trade the company's securities through a sophisticated electronic trading and surveillance system. The Nasdaq SmallCap Market operates from 9:30 A.M. to 4:00 P.M. EST., with extended trading in SelectNet from 8:00 A.M. to 9:30 A.M. EST and from between 4:00 P.M. and 5:15 P.M. EST.
Negotiated Underwriting/Deal
    A means by which firms choose the underwriter for a new security issue.
Net Asset Value (NAV)
    The market value of a fund share, synonymous with a bid price. In the case of no-load funds, the NAV, market price, and offering price are all the same figure, which the public pays to buy shares; load fund market or offer prices are quoted after adding the sales charge to the net asset value. NAV is calculated by most funds after the close of the exchanges each day by taking the closing market value of all securities owned plus all other assets such as cash, subtracting all liabilities, then dividing the result (total net assets) by the total number of shares outstanding. The number of shares outstanding can vary each day depending on the number of purchases and redemptions.
Net Change
    The difference between today's price of last trade and the previous day's last price. For mutual funds, it is the difference between today's closing Net Asset Value (NAV) and the previous day's closing. The previous day's close on the Nasdaq web site, for example, is updated at 3:30 A.M.
Net Present Value (NPV)
    A project's net contribution to shareholders wealth, which is determined by the present value of a project's cash flows less initial investment.
New Working Capital (NWC)
    Current assets minus current liabilities.
Net Worth
    Book value of a company's common stock, surplus, and retained earnings.
NL
    No Load
Nominal Interest Rate
    Interest as expressed in money terms.
NPVGO
    Net Present Value of Growth Opportunities. A firm valuation model where NPV of investment opportunities is explicitly examined.
NWC
    Net Working Capital is the difference between current assets and current liabilities.
NYSE
    New York Stock Exchange.