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Terms starting with 'M'
M
A NASDAQ stock symbol specifying that it is the company's fourth class of preferred shares.

M1
The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts.

M2
A category within the money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.

M3
A category of the money supply that includes M2 in addition to all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets.

Macaroni Defense
An approach taken by a company that does not want to be taken over. The company issues a large number of bonds with the condition they must be redeemed at a high price if the company is taken over.

Macaulay Duration
The weighted-average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price.

Macroeconomics
The field of economics that studies the behavior of the economy as a whole.

MAD
In currencies, this is the abbreviation for the Moroccan Dirham.

Mad Hatter
A CEO or managerial team whose ability to lead a company is highly suspect.

Main Home
A person's regular or permanent place of residence.

Main Street
Used to describe the investing public, whereas terms like "Wall Street" is used for investment professionals and brokers.


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Maintenance Margin
The amount of equity that must be maintained in a margin account.

Majority Shareholder
A person or conglomerate who owns more than 50% of the outstanding shares for a corporation.

Make A Market
Standing by ready to buy or sell a particular security as a dealer for its own account and provide liquidity for its clients.

Make Whole Call (Provision)
A type of call provision on a bond allowing the borrower to pay off remaining debt early. The borrower has to make a lump sum payment derived from a formula based on the net present value (NPV) of future coupon payments will not be paid because of the call.

Managed Account
An investment account that is looked after by a hired professional money manager.

Managed Futures Account
An account that is like a mutual fund, except that positions in government securities, futures contracts, and options on futures contracts are used to manage the portfolio.

Management Buyin - MBI
When a group of investors outside of a company purchase a controlling block of shares and keep the existing management.

Management Buyout - MBO
When the managers and/or executive of a company purchase controlling interest in a company.

Management Discussion and Analysis - MD&A
A section of a company's annual report in which management discusses numerous aspects of the company, both past and present.

Management Fee
A fixed fee that a mutual fund manager charges investors for his services and work with the fund.


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Manager Universe (Benchmark)
The comparison of an account's performance to that of a representative peer group of money managers.

Managerial Accounting
The process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals.

Mandatory Convertible
A type of convertible bond that has a required conversion or redemption feature. Either on or before a contractual conversion date, the holder must convert the mandatory convertible into the underlying common stock.

Manipulation
The act of artificially inflating or deflating the price of a stock.

Manufactured Payment
A tax concept whereby the lender of a stock receives the equivalent dividend payment from the borrower of the stock.

Margin
1. Borrowed money that is used to purchase securities. This practice is referred to as "buying on margin." 2. The amount of equity contributed by a customer as a percentage of the current market value of the securities held in a margin account. 3. In a general business context, the difference between a product's (or service's) selling price and the cost of production.

Margin Account
A brokerage account in which the broker lends the customer cash to purchase securities. The loan in the account is collateralized by the securities and cash. If the value of the stock drops sufficiently, the account holder will be required to deposit more cash or sell a portion of the stock.

Margin Call
A demand that an investor using margin deposit additional money or securities to bring a margin account up to the minimum maintenance margin.

Marginal Tax Rate
The amount of tax paid on an additional dollar of income. As income rises, so does the tax rate.

Marginal Utility
The additional satisfaction a consumer gains from consuming one more unit of a good or service.


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Marital Deduction
A tax reduction that is mainly used for the purposes of estate and gifts. It allows an individual to transfer some assets to his or her spouse tax-free, thus creating a deduction in taxable income.

Mark to Market - MTM
1. The act of recording the price or value of a security, portfolio or account to reflect its current market value.

2. An accounting method that relates to how a trader calculates their trading gains and losses, and how these gains and losses are reported on the trader's income tax returns.

Markdown
The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer.

Market
1. Typically refers to the equity market where stocks are traded, but can also refer to the bond, options, or commodity market.

2. People with the desire and ability to buy a specific product.

Market Arbitrage
Purchasing and selling the same security at the same time in different markets to take advantage of a price difference between the two separate markets.

Market Cannibalization
The negative impact of a new product on the sales performance of a company's existing, related products.

Market Capitalization
The total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap.

Market Disruption
Occurrence as a result of rapid and large market declines. Market disruptions threaten to create widespread panic and disorderly market conditions.

Market Efficiency
The degree to which stock prices reflect all available, relevant information.

Market Exposure
The amount an individual or mutual fund has invested in the stock market, usually calculated as a percentage.


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Market If Touched - MIT
An order to purchase or sell a security as soon as a specific price is reached.

Market Is Off
A common phrase meaning that the market (or a major market index) is trading below the previous close.

Market Is Up
A common phrase meaning that the market (or a major market index) is trading higher than the previous close.

Market Jitters
Feelings of nervousness created when an investor is uncertain or fearful about the current investment environment.

Market Maker
A broker-dealer firm that accepts the risk of holding a particular number of shares of a particular security in order to facilitate trading in that security. Each market maker competes for customer order flow by displaying buy and sell quotations for a guaranteed number of shares. Once an order is received, the market maker immediately sells from its own inventory or seeks an offsetting order. This process takes place in mere seconds.

Market Maker Spread
The difference between the price at which a Market Maker is willing to buy a security and the price at which the firm is willing to sell it (the difference between the bid and ask for a given security). Since each market maker can either buy or sell a stock at any given time, the spread represents the market maker's profit on each trade.

Market Maven
Slang used to describe a good investor who is "in-the-know." It also implies opinion leadership.

Market Neutral
A strategy undertaken by a person or fund attempting to profit from the current direction of the market. A person using the strategy will take both long and short positions at the same time.

Market On Close - MOC
A market order to be executed as near to the end of the exchange day as possible. Also known as an "at-the-close order."

Market Order
An order to buy or sell a stock immediately at the best available current price.


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Market Out Clause
A clause in an underwriting agreement allowing the underwriter to cancel the agreement for certain specified reasons without penalty.

Market Risk
The day-to-day potential for an investor to experience losses from fluctuations in securities prices.

Market Risk Premium
The difference between the expected return on a market portfolio and the risk-free rate.

Market Segmentation
A marketing term describing the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action.

Market Sentiment
The feeling or tone of a market. It is shown by the activity and price movement of the securities.

Market Share
The percentage of total industry sales that is made up by a particular company's individual sales.

Market Surveillance
A department responsible for investigating and preventing abusive, manipulative, or illegal trading practices on the NASDAQ.

Market Technicians Association - MTA
A not-for-profit organization located in the US that promotes ethical trading practices among technical analysts.

Market Timing
1. The act of attempting to predict the future direction of the market, typically through the use of technical indicators or economic data.

2. The practice of switching among mutual fund asset classes in an attempt to profit from the changes in their market outlook.

Market Value
1. The current quoted price at which investors buy or sell a share of common stock or a bond at a given time.

2. The market capitalization plus the market value of debt. Sometimes referred to as "total market value."


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Market Value Added - MVA
The difference between the market value of a company (both equity and debt) and the capital contributed by investors.

Market Versus Quote - MVQ
A comparison between the last traded price for a security and the current bid/ask prices.

Marketable Securities
Very liquid securities that can be converted into cash quickly at a reasonable price.

Markup
The difference between the lowest current offering price among dealers and the higher price a dealer charges a customer.

Marquee Asset
A company's most appealing asset. Also referred to as a trophy asset.

Married Filing Jointly
A filing status for married couples that have wed before the end of the tax year. They can record their respective incomes, exemptions, and deductions on the same tax return.

Married Filing Separately
A filing status for married couples that choose to record their respective incomes, exemptions, and deductions on separate individual tax returns.

Married Put
An option strategy whereby an investor, holding a long position in stock, purchases a put on the same stock to protect against a depreciation in the stock's price.
Illustration for Married Put

Martingale System
A money management system of investing in which the dollar values of investments continually increase after losses, or the position size increases with lowering portfolio size.

Mass Customization
The process of delivering wide-market goods and services that are customized to satisfy a specific customer need.


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Master Fund
In general, an investment vehicle that enables individual investors to invest money into one or more underlying investments operated by professional managers.

Master Limited Partnership - MLP
A limited partnership that is publicly traded.

Master Trust
A collection of funds from individual investors that are pooled together in order to obtain wholesale prices and rates unavailable for regular investors.

Matador Bond
A foreign bond denominated in pesetas and issued in Spain by a non-Spanish company.

Matched Book
A bank would be running a matched book when the distribution of maturities of its assets and liabilities are equal.

Matching Contribution
A type of contribution an employer chooses to make to his or her employee's employer-sponsored retirement plan. The contribution is based on elective deferral contributions made by the employee.

Matching Orders
Entering identical buy and sell orders at the same time to create the appearance of active trading in that security.

Matching Strategy
A strategy of creating investment portfolios that meets the individual needs of investors through tiered investment durations.

Material News
News released by a company that might affect the value of its securities or influence investors' decisions. Also known as "materiality."

Matilda Bond
An Australian dollar denominated bond, issued in the Australian market by a foreign entity.


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Mature Industry
An industry which has passed its growth and emerging stages of growth. Earnings and sales grow slower when compared to growth and emerging industries.

Maturity
1. The length of time until the principal amount of a bond must be repaid.

2. The end of the life of a security.

Maturity by Maturity Bidding - MBM
A bond auction that allows bidders (who are underwriters) to submit bids for selected maturities in its issue, rather than requiring buyers to bid for the entire issue on an all-or-none (AON) basis.

Maturity Date
The date on which a bond's principal or other liability investment is repaid to the investor and interest payments stop.

Maturity Guarantee
The dollar amount of a contract (such as a life insurance policy or segregated fund contract) that is guaranteed after a certain amount of time has elapsed.

Max Pain (TM)
The point at which options expire worthless.

May Day
Refers to May 1st, 1975, when brokerages changed from a fixed commission for securities transactions to a negotiated one.

McClellan Oscillator
A market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. It is primarily used for short and intermediate term trading.

McClellan Summation Index
The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends.

Mean
The simple mathematical average of two or more numbers.


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Mean Reversion
A strategy that involves purchasing an underperforming stock or another type of security and holding the position until the market rebounds.

Mechanical Investing
Buying and selling stocks according to a screen based on predetermined criteria, usually ranking stocks using relative strength or momentum as the central indicator, but other indicators can also be used.

Medallion Signature Guarantee
A guarantee seal applied to securities, in the process of transfer, by member institutions of the Medallion program.

Median
The midpoint of the range numbers that are arranged in order of value.

Medicare
A federal health program that subsidizes people who meet one of the following criteria:

Medicare Wages
The portion of a person's earnings that are subject to "Medicare tax."

Medium Term
Holding an asset for an intermediate period of time.

Medium Term Note - MTN
A note that usually matures in 5-10 years.

Mega Cap
Companies having a market capitalization greater than $200 billion.

Mello Roo's
Bonds used for developments that benefit a particular country or district. They are secured by special taxes based on the assessed value of the properties within the district.


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Member
1. For the New York Stock Exchange, one of over 1300 individuals or firms owning a seat on the exchange.

2. For the National Association of Securities Dealers (NASD), any broker-dealer admitted to membership in the association.

Member Firm
A broker-dealer in which at least one of the principal officers is a member of either the NYSE, another major stock exchange, a self-regulatory organization or a clearing house corporation.

Member of Household
A person who has lived in the taxpayer's home for the entire tax year.

Member Short Sales Ratio
A ratio comparing the number of short sales transacted on behalf of NYSE members to the entire amount of short sells transacted on the exchange.

Merchant Bank
A bank which deals mostly in (but is not limited to) international finance, long term loans to companies, and underwriting. Merchant banks do not provide normal banking services to the general public.

Merger
The combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock.

Merger Arbitrage
A hedge fund strategy with which the stocks of two merging companies are simultaneously bought and sold to create a riskless profit.

Merrill Lynch & Co.
One of the better known management and advisory companies. Merrill Lynch provides a wide range of services to both individual and institutional investors.

Mezzanine Financing
1. A type of equity financing used in takeovers. It uses preferred shares and convertible securities to make a target firm larger.

2. Financing that combines debt and equity.

MGF
In currencies, this is the abbreviation for the Malagasy Franc.


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Michael Milken
As an executive at Drexel Burnham Lambert Inc. during the 1980s,  Milken used high-yield junk bonds for financing and corporate takeovers. While his personal wealth was enormous, he spent two years in prison after pleading guilty to charges of securities fraud.

Michigan Consumer Sentiment Index - MCSI
A survey of consumer confidence conducted by the University of Michigan. The preliminary report is released on the tenth (except on weekends) of each month. A final report for the prior month is released on the first of the month.

Micro-cap
Micro cap refers to a company with a market capitalization of between $50 million to $300 million.

Microcredit
An extremely small loan given to impoverished people to help them become self employed. ; Also known as "microlending."

Microeconomics
The study of the allocation of resources and the distribution of income, and how they are affected by the workings of government policies and the price system.

Mid-Atlantic Option
An option that can be exercised at different times during the life of the option. The various times set for exercise are written within the option and allow for flexibility for both the writer and holder of the option.

Mid-cap
Short for "Middle Cap," mid cap refers to stocks with a market capitalization of between $2 billion to $10 billion.

Middle Office
The group in a financial services company that draws on the resources of both the front and the back offices to manage the risk exposures.

Mileage Allowance
A deduction of automobile expenses for people using their vehicles for business, charity, moving, medical, or any other allowable reason.

Mill Rate
The amount of tax paid per dollar of assessed property value.


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Mini Perm
Short term financing used to pay off construction or commercial property loans, usually in 4-6 years.

Minimum Margin
The initial amount required to be deposited in a margin account before trading on margin or selling short. Also called Margin Requirement, Initial Margin and Maintenance Margin.

Minimum Price Contract
A forward contract with a provision guaranteeing a minimum price at delivery of the underlying agricultural commodity.

Minority Interest
A significant but non-controlling outside ownership interest in a company/subsidiary that is consolidated with the parent for financial reporting purposes.

Mirror Fund
A type of mutual fund, typically run by a life insurance company, that enables an investor to access another company's mutual fund through their life insurance policies.

MJSD
An acronym representing the months March, June, September, and December.

MMK
In currencies, this is the abbreviation for the Myanmar Kyat.

MNT
In currencies, this is the abbreviation for the Mongolian Tugrik.

MOB Spread
The difference in yields between a municipal bond and a treasury bond with the same time to maturity. The MOB is sometimes used for determining good tax strategies. MOB is short for 'Municipals-over-Bonds.'

Mode
A statistical term referring to the most frequently occurring term in a set of numbers.


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Modern Portfolio Theory - MPT
A theory on how risk-averse investors can construct portfolios in order to optimize market risk for expected returns, emphasizing that risk is an inherent part of higher reward. Also called portfolio theory or portfolio management theory.

Modified Accelerated Cost Recovery System - MACRS
The new accelerated cost recovery system, created after the release of the Tax Reform Act of 1986, which allows for greater accelerated depreciation over longer time periods.

Modified Dietz Method
A method of evaluating a portfolio's return based upon a time weighted analysis.

Modified Duration
A formula that expresses the measurable change in the value of a security in response to a change in interest rates. Calculated as the following:
Illustration for Modified Duration

Modified Internal Rate of Return - MIRR
The Internal Rate of Return (IRR) adjusted for negative cashflows. This is accomplished by using a "safe rate" to provide for future negative cashflows.

Modigliani-Miller Theorem - M&M
A financial theory stating that the market value of a firm is independent of the way it chooses to finance its investment or distribute dividends.

Mom and Pop
An adjective denoting a small scale and family-like atmosphere. It is often used in conjunction with different businesses and investors.

Momentum
The rate of acceleration of a security's price or volume.

Momentum Fund
When money managers look for stocks with earnings releases or price momentum in the short term, attempting to ride the wave and sell once it has peaked.

Momo Play
A slang term used to describe an investment purely as a momentum play, not worrying about the company's fundamentals.


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Monday Effect
A theory that returns on the stock market on Mondays will follow the prevailing trend from the previous Friday. Therefore, if the market was up on Friday, it should continue through the weekend and, come Monday, resume rising.

Monetarist
An economist who holds the strong belief that the economy's performance is determined almost entirely by changes in the money supply.

Monetary Conditions Index - MCI
A measure of monetary conditions in the Canadian economy. MCI gauges the effect that changes in the interest rate and exchange rate have on the economy.

Monetary Policy
The actions of a central bank, currency board, or other regulatory committee, that determine the size and rate of growth of the money supply, which in turn affects interest rates.

Monetary Union Index of Consumer Prices - MUICP
An average measure of inflation for all countries located in the Euro-zone.

Monetize
1. To convert into money.

2. To convert from securities into currency that can be used to purchase goods and services.

Money
1. A commodity or asset, such as gold, an officially issued currency, coin, or paper note, that can be legally exchanged for something equivalent, such as goods or services.

2. As defined by common law: a medium of exchange authorized or adopted by a domestic or foreign government and includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more nations.

Money Flow
Calculated by averaging the high, low, and closing prices, and multiplying by the daily volume. Comparing that result with the number for the previous day tells you whether money flow was positive or negative for the current day.

Money Flow Index - MFI
A momentum indicator that measures the strength of money in and out of a security. A divergence between the MFI and price trend can be interpreted as a possible trend reversal.

Money Laundering
The process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.


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Money Manager
A professional responsible for managing the securities portfolio of an individual or institutional investor. In return for a fee, the money manager has the fiduciary responsibility to choose and manage investments prudently for his or her clients.

Money Market
The securities market dealing in short-term debt and monetary instruments. Money market instruments are forms of debt that mature in less than one year and are very liquid.

Money Market Account
A savings account that offers the competitive rate of interest (real rate) in exchange for larger-than-normal deposits. Also known by the acronym MMDA, which stands for "money market demand account" or "money market deposit account."

Money Market Fund
A mutual fund that invests in short-term debt instruments. The fund's objective is to earn interest for shareholders while maintaining a net asset value of $1.00 per share.

Money Purchase Pension Plan
A defined contribution plan to which employer contributions are fixed.

Money Supply
The entire quantity of bills, coins, loans, credit, and other liquid instruments in a country's economy.

Money Zero Maturity - MZM
A measure of the liquid money supply within an economy. MZM represents all money in M2 less the time deposits, plus all money market funds.

Monopolistic Competition
A type of competition within an industry where:

1. All firms produce similar yet not perfectly substitutable products.

2. All firms are able to enter the industry if the profits are attractive.

3. All firms are profit maximizers.

4. All firms have some market power, which means none are price takers.

Monopoly
A situation in which a single company owns all or nearly all of the market for a given type of product or service. For a strict academic definition, a monopoly is a market containing a single firm.

Monopsony
Similar to a monopoly, but where a large buyer (not seller) controls a large proportion of the market and drives the prices down. Sometimes referred to as the buyers monopoly.


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Monte Carlo Simulation
A problem solving technique used to approximate the probability of certain outcomes by running multiple trial runs, called simulations, using random variables. ;

Monthly Income Preferred Securities - MIPS
Shares that are an interest in a limited partnership existing solely for the purpose of issuing preferred securities and lending the proceeds of the sales to its parent company. They usually have a $25 par value, NYSE listing, and cumulative monthly distributions.

Moore's Law
An observation, In 1965, by Intel co-founder Gordon Moore. He noticed the number of transistors per square inch on integrated circuits had doubled every year since their invention. Moore predicted the trend would continue for the foreseeable future.

MOP
In currencies, this is the abbreviation for the Macau Pataca.

Moral Hazard
The chance that a contract will change the risk-taking behavior of one or both of the involved parties.

Moral Suasion
When a government or central bank attempts to influence or persuade people instead of mandating or taking action.

Moratorium
A period of time in which a certain activity is suspended.

Morningstar Risk Rating
A rating system that measures how often a fund loses money compared to the risk free rate of return (T-bill return). A rating of 1 is considered average for each class of funds.

Mortgage
A loan, secured by the collateral of some specified real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan.

Mortgage Backed Securities - MBS
An investment instrument that represents ownership of an undivided interest in a group of mortgages. Principal and interest from the individual mortgages are used to pay investors' principal and interest on the MBS. Also known as "mortgage pass-through."


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Mortgage Banker
The lender in a mortgage contract, or the one making the loan directly.

Mortgage Broker
The matchmaker between a home buyer and the lender. The broker draws from a pool of various lenders to find the right match.

Most Active
The stocks on an exchange which had the highest volume over a given period, usually a single days trading.

Most Recent Quarter - MRQ
Short for "Most Recent Quarter." It is literally a reference to the previous quarter

Mothballing
The preservation of a production facility without using it to produce. Machinery in a mothballed facility is kept in working order so that production may be restored quickly if needed.

Moving Average
Frequently used in technical analysis, a moving average is an indicator that shows the average value of a security's price over a period of time. When calculating, you need to specify the time span, i.e. 200 days and so forth.

Moving Average Chart
A tool used by technical analysts to track the price movements of a security or commodity. It plots average daily settlement prices over a defined period of time, anywhere from a few days to a couple years.

Moving Average Convergence Divergence - MACD
The "MACD" is a trend following momentum indicator that shows the relationship between two moving averages of prices. To Calculate the MACD subtract the 26-day EMA from a 12-day EMA. A 9-day dotted EMA of the MACD called the signal line is then plotted on top of the MACD.

Moving Expenses
Deductible expenses that are related to moving an individual and/or his or her family and possessions for employment reasons.

MP3
A file extension that encodes music into three layers for the compression of audio signals. Because MP3 files are relatively small, they can easily be transferred across the Internet.


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Mr. Copper
Otherwise known as Yasuo Hamanaka, Mr. Copper was a trader in the copper market who lost over $2.5 Billion for his employer, Sumitomo Corp. (in Japan). The losses amassed from unauthorized trading in secret accounts between 1985 and 1996.

MRO
In currencies, this is the abbreviation for the Mauritanian Ouguiya.

MTL
In currencies, this is the abbreviation for the Maltese Lira.

Multinational Corporation - MNC
A corporation that has its facilities and other assets in at least one other foreign country. Sometimes referred to as transnational corporation.

Multiple
Another term for price/earnings ratio (P/E ratio or PE) - a measure of the value of a company's stock determined by its current share price divided by its current annual earnings per share (EPS).

Multiple Compression
The effect that arises when a stock trades at a certain multiple and, while earnings may be good, the stock price doesn't move or sometimes goes down. The result is that the given multiple is reduced even though nothing is fundamentally wrong with the company. The valuation has been called into question and the multiple you are willing to pay for that stock is the only thing different.

Multiples Approach
A valuation theory based on the idea that similar assets sell at similar prices. This assumes that a ratio comparing value to some firm-specific variable (operating margins, cash flow, etc.) is the same across similar firms.

Multiplier Effect
The expansion of a country's money supply that results from the collective of member banks being able to lend more money than they take in.

Municipal Bond
A debt security issued by a state, municipality, or county, in order to finance its capital expenditures. Municipal bonds are exempt from federal taxes and from most state and local taxes, especially if you live in the state the bond is issued.

Municipal Bond Fund
A mutual fund that invests in municipal bonds, operating either as an investment trust or as an open-end fund.


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Municipal Convertible
A zero-coupon municipal bond that can be converted into an interest-bearing bond under certain circumstances.

Municipal Securities Rulemaking Board - MSRB
A regulating body that creates rules and policies for those that deal municipal bonds, notes and other municipal securities. Activities include regulating the underwriting, trading and selling of municipal securities when financing public projects.

MUR
In currencies, this is the abbreviation for the Mauritius Rupee.

Mutual Company
A private company whose ownership is based through its customers.

Mutual Fund
A security that gives small investors access to a well diversified portfolio of equities, bonds, and other securities. Each shareholder participates in the gain or loss of the fund. Shares are issued and can be redeemed as needed. The fund's net asset value (NAV) is determined each day. Each mutual fund portfolio is invested to match the objective stated in the prospectus.

Mutual Fund Liquidity Ratio
A ratio published monthly by the Investment Company Institute that compares the amount of cash to assets held by mutual fund portfolios.

Mutual Fund Timing
A legal but frowned-upon practice whereby traders attempt to profit from the short-term differences between the daily closing prices of a mutual fund.

MVR
In currencies, this is the abbreviation for the Maldive Rufiyaa.

MWK
In currencies, this is the abbreviation for the Malawi Kwacha.

MXP
In currencies, this is the abbreviation for the Mexican Peso.


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MYR
In currencies, this is the abbreviation for the Malaysian Ringgit.

MZM
In currencies, this is the abbreviation for the Mozambique Metical.





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