Stock

For capital stock in the sense of the xed input of a

production function, see Physical capital. For the goods
and materials that a business holds, see Inventory. For
other uses, see Stock (disambiguation).

level of dividend payments before any dividends can be

issued to other shareholders.[3][4] Convertible preferred
stock is preferred stock that includes an option for the
holder to convert the preferred shares into a xed number of common shares, usually any time after a predeterThe stock (also capital stock) of a corporation consti- mined date. Shares of such stock are called convertible
preferred shares (or convertible preference shares in
tutes the equity stock of its owners. It represents the
residual assets of the company that would be due to the UK).
stockholders after discharge of all senior claims such as New equity issue may have specic legal clauses attached
secured and unsecured debt. Stockholders equity cannot that dierentiate them from previous issues of the issuer.
be withdrawn from the company in a way that is intended Some shares of common stock may be issued without the
typical voting rights, for instance, or some shares may
to be detrimental to the companys creditors.[1]
have special rights unique to them and issued only to certain parties. Often, new issues that have not been registered with a securities governing body may be restricted
1 Shares
from resale for certain periods of time.
Preferred stock may be hybrid by having the qualities of
bonds of xed returns and common stock voting rights.
They also have preference in the payment of dividends
over common stock and also have been given preference
at the time of liquidation over common stock. They have
other features of accumulation in dividend. In addition,
preferred stock usually comes with a letter designation at
the end of the security; for example, Berkshire-Hathaway
Class B shares sell under stock ticker BRK.B, whereas
Class A shares of ORION DHC, Inc will sell under
ticker OODHA until the company drops the A creating
ticker OODH for its Common shares only designation.
This extra letter does not mean that any exclusive rights
exist for the shareholders but it does let investors know
that the shares are considered for such, however, these
rights or privileges may change based on the decisions
made by the underlying company.

The stock of a corporation is partitioned into shares, the

total of which are stated at the time of business formation. Additional shares may subsequently be authorized
by the existing shareholders and issued by the company.
In some jurisdictions, each share of stock has a certain
declared par value, which is a nominal accounting value
used to represent the equity on the balance sheet of the
corporation. In other jurisdictions, however, shares of
stock may be issued without associated par value.
Shares represent a fraction of ownership in a business.
A business may declare dierent types (or classes) of
shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a stock certicate. A stock certicate is a legal document that species the amount of
shares owned by the shareholder, and other specics of
the shares, such as the par value, if any, or the class of
the shares.

In the United Kingdom, Republic of Ireland, South 2.1 Rule 144 stock
Africa, and Australia, stock can also refer to completely
dierent nancial instruments such as government bonds "Rule 144 Stock is an American term given to shares
Rule 144: Selling Restricted and
or, less commonly, to all kinds of marketable securities.[2] of stock subject SEC
Control Securities.[5] Under Rule 144, restricted and controlled securities are acquired in unregistered form. Investors either purchase or take ownership of these secu2 Types
rities through private sales (or other means such as via
ESOPs or in exchange for seed money) from the issuStock typically takes the form of shares of either common ing company (as in the case with Restricted Securities)
stock or preferred stock. As a unit of ownership, com- or from an aliate of the issuer (as in the case with Conmon stock typically carries voting rights that can be ex- trol Securities). Investors wishing to sell these securities
ercised in corporate decisions. Preferred stock diers are subject to dierent rules than those selling traditional
from common stock in that it typically does not carry common or preferred stock. These individuals will only
voting rights but is legally entitled to receive a certain be allowed to liquidate their securities after meeting the
1

specic conditions set forth by SEC Rule 144.

Stock derivatives

For more details on this topic, see equity derivative.

A stock derivative is any nancial instrument which has
a value that is dependent on the price of the underlying
stock. Futures and options are the main types of derivatives on stocks. The underlying security may be a stock
index or an individual rms stock, e.g. single-stock futures.

HISTORY

that almost every citizen participated in the government

leases.[9] There is also an evidence that the price of stocks
uctuated. The Roman orator Cicero speaks of partes illo
tempore carissimae, which means shares that had a very
high price at that time.[10] This implies a uctuation of
price and stock market behavior in Rome.
Around 1250 in France at Toulouse, 96 shares of the Socit des Moulins du Bazacle, or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned.[11] As early as
1288, the Swedish mining and forestry products company Stora has documented a stock transfer, in which the
Bishop of Vsters acquired a 12.5% interest in the mine
(or more specically, the mountain in which the copper
resource was available, Great Copper Mountain) in exchange for an estate.

Stock futures are contracts where the buyer is long, i.e.,

takes on the obligation to buy on the contract maturity
date, and the seller is short, i.e., takes on the obligation to
The earliest recognized joint-stock company in modern
sell. Stock index futures are generally delivered by cash
times was the English (later British) East India Company,
settlement.
one of the most famous joint-stock companies. It was
A stock option is a class of option. Specically, a call op- granted an English Royal Charter by Elizabeth I on Detion is the right (not obligation) to buy stock in the future cember 31, 1600, with the intention of favouring trade
at a xed price and a put option is the right (not obliga- privileges in India. The Royal Charter eectively gave the
tion) to sell stock in the future at a xed price. Thus, the newly created Honourable East India Company (HEIC) a
value of a stock option changes in reaction to the under- 15-year monopoly on all trade in the East Indies.[12] The
lying stock of which it is a derivative. The most popu- company transformed from a commercial trading venture
lar method of valuing stock options is the Black Scholes to one that virtually ruled India as it acquired auxiliary
model.[6] Apart from call options granted to employees, governmental and military functions, until its dissolution.
most stock options are transferable.

History

The East India Companys ag initially had the ag of England,

St. Georges Cross, in the corner.

One of the earliest stock by the Dutch East India Company

During the Roman Republic, the state contracted (leased)

out many of its services to private companies. These
government contractors were called publicani, or societas publicanorum as individual company.[7] These companies were similar to modern corporations, or jointstock companies more specically, in a couple of aspects. They issued shares called partes (for large cooperatives) and particulae which were small shares that acted
like todays over-the-counter shares.[8] Polybius mentions

Soon afterwards, in 1602,[13] the Dutch East India Company issued the rst shares that were made tradeable on
the Amsterdam Stock Exchange, an invention that enhanced the ability of joint-stock companies to attract capital from investors as they now easily could dispose of
their shares.[14] The Dutch East India Company became
the rst multinational corporation and the rst megacorporation. Between 1602 and 1796 it traded 2.5 million
tons of cargo with Asia on 4,785 ships and sent a million
Europeans to work in Asia, surpassing all other rivals.
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 nance the
building of ships, for example, made the Netherlands a

3
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.

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
Economic historians nd the Dutch stock market of the non-prot organization. Thus it might be common to
17th century particularly interesting: there is clear docu- call volunteer contributors to an association stakeholders,
mentation of the use of stock futures, stock options, short even though they are not shareholders.
selling, the use of credit to purchase shares, a speculative Although directors and ocers of a company are bound
bubble that crashed in 1695, and a change in fashion that by duciary duties to act in the best interest of the shareunfolded and reverted in time with the market (in this holders, the shareholders themselves normally do not
case it was headdresses instead of hemlines). Edward have such duties towards each other.
Stringham also noted that the uses of practices such as However, in a few unusual cases, some courts have been
short selling continued to occur during this time despite willing to imply such a duty between shareholders. For
the government passing laws against it. This is unusual example, in California, USA, majority shareholders of
because it shows individual parties fullling contracts that closely held corporations have a duty not to destroy the
were not legally enforceable and where the parties in- value of the shares held by minority shareholders.[17][18]
volved could incur a loss. Stringham argues that this
shows that contracts can be created and enforced with- The largest shareholders (in terms of percentages of comout state sanction or, in this case, in spite of laws to the panies owned) are often mutual funds, and, especially,
passively managed exchange-traded funds.
contrary.[15][16]

Shareholder
6 Application
The owners of a private company may want additional
capital to invest in new projects within the company.
They may also simply wish to reduce their holding, freeing up capital for their own private use. They can achieve
these goals by selling shares in the company to the general
public, through a sale on a stock exchange. This process
is called an initial public oering, or IPO.

Stock certicate for ten shares of the Baltimore and Ohio Railroad Company

Main article: Shareholder

A shareholder (or stockholder) is an individual or
company (including a corporation) that legally owns one
or more shares of stock in a joint stock company. Both
private and public traded companies have shareholders.
Companies listed at the stock market are sometimes expected to strive to enhance shareholder value.

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 prots, which the company may issue as dividends. The owner may also inherit
debt and even litigation.

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.
Shareholders are granted special privileges depending on
the class of stock, including the right to vote on matters In a typical case, each share constitutes one vote. Corsuch as elections to the board of directors, the right to porations may, however, issue dierent classes of shares,
share in distributions of the companys income, the right which may have dierent voting rights. Owning the mato purchase new shares issued by the company, and the jority of the shares allows other shareholders to be outright to a companys assets during a liquidation of the voted eective control rests with the majority sharecompany. However, shareholders rights to a companys holder (or shareholders acting in concert). In this way the
assets are subordinate to the rights of the companys cred- original owners of the company often still have control of
itors.
the company.

6.1

TRADING

Shareholder rights

giving up shares of ownership of the company. Unocial nancing known as trade nancing usually provides
Although ownership of 50% of shares does result in 50% the major part of a companys working capital (day-toownership of a company, it does not give the shareholder day operational needs).
the right to use a companys building, equipment, materials, or other property. This is because the company is
considered a legal person, thus it owns all its assets itself.
7 Trading
This is important in areas such as insurance, which must
be in the name of the company and not the main shareMain article: Stock trader
holder.
In general, the shares of a company may be transferred
In most countries, boards of directors and company
managers have a duciary responsibility to run the company in the interests of its stockholders. Nonetheless, as
Martin Whitman writes:
...it can safely be stated that there does not exist any publicly traded company where management works exclusively in the best interests
of OPMI [Outside Passive Minority Investor]
stockholders. Instead, there are both communities of interest and conicts of interest
between stockholders (principal) and management (agent). This conict is referred to as the
principalagent problem. It would be naive to
think that any management would forego management compensation, and management entrenchment, just because some of these management privileges might be perceived as giving rise to a conict of interest with OPMIs.[19]

A stockbroker using multiple screens to stay up to date on trading

from shareholders to other parties by sale or other mechanisms, unless prohibited. Most jurisdictions have established laws and regulations governing such transfers, parEven though the board of directors runs the company, the ticularly if the issuer is a publicly traded entity.
shareholder has some impact on the companys policy, as
The desire of stockholders to trade their shares has led
the shareholders elect the board of directors. Each shareto the establishment of stock exchanges, organizations
holder typically has a percentage of votes equal to the
which provide marketplaces for trading shares and other
percentage of shares he or she owns. So as long as the
derivatives and nancial products. Today, stock traders
shareholders agree that the management (agent) are perare usually represented by a stockbroker who buys and
forming poorly they can select a new board of directors
sells shares of a wide range of companies on such exwhich can then hire a new management team. In practice,
changes. A company may list its shares on an exchange
however, genuinely contested board elections are rare.
by meeting and maintaining the listing requirements of a
Board candidates are usually nominated by insiders or by
particular stock exchange. In the United States, through
the board of the directors themselves, and a considerable
the intermarket trading system, stocks listed on one examount of stock is held or voted by insiders.
change can often also be traded on other participating
Owning shares does not mean responsibility for liabili- exchanges, including electronic communication networks
ties. If a company goes broke and has to default on loans, (ECNs), such as Archipelago or Instinet.[21]
the shareholders are not liable in any way. However, all
Many large non-U.S companies choose to list on a U.S.
money obtained by converting assets into cash will be
exchange as well as an exchange in their home country
used to repay loans and other debts rst, so that sharein order to broaden their investor base. These compaholders cannot receive any money unless and until crednies must maintain a block of shares at a bank in the US,
itors have been paid (often the shareholders end up with
typically a certain percentage of their capital. On this
[20]
nothing).
basis, the holding bank establishes American depositary
shares and issues an American depositary receipt (ADR)
for each share a trader acquires. Likewise, many large
6.2 Means of nancing
U.S. companies list their shares at foreign exchanges to
Financing a company through the sale of stock in a com- raise capital abroad.
pany is known as equity nancing. Alternatively, debt - Small companies that do not qualify and cannot meet
nancing (for example issuing bonds) can be done to avoid the listing requirements of the major exchanges may be

7.2

Selling

traded over-the-counter (OTC) by an o-exchange mechanism in which trading occurs directly between parties.
The major OTC markets in the United States are the electronic quotation systems OTC Bulletin Board (OTCBB)
and OTC Markets Group (formerly known as Pink OTC
Markets Inc.)[22] where individual retail investors are also
represented by a brokerage rm and the quotation services requirements for a company to be listed are minimal. Shares of companies in bankruptcy proceedings are
usually listed by these quotation services after the stock
is delisted from an exchange.

7.2 Selling
Selling stock is procedurally similar to buying stock.
Generally, the investor wants to buy low and sell high,
if not in that order (short selling); although a number of
reasons may induce an investor to sell at a loss, e.g., to
avoid further loss.
As with buying a stock, there is a transaction fee for the
brokers eorts 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
7.1 Buying
the stock, in jurisdictions that have them, capital gains
taxes will have to be paid on the additional proceeds, if
There are various methods of buying and nancing
any, that are in excess of the cost basis.
stocks, the most common being through a stockbroker.
Brokerage rms, whether they are a full-service or
discount broker, arrange the transfer of stock from a
7.3 Stock price uctuations
seller to a buyer. Most trades are actually done through
brokers listed with a stock exchange.
The price of a stock uctuates fundamentally due to the
There are many dierent brokerage rms from which to theory of supply and demand. Like all commodities in the
choose, such as full service brokers or discount brokers. market, the price of a stock is sensitive to demand. HowThe full service brokers usually charge more per trade, ever, there are many factors that inuence the demand
but give investment advice or more personal service; the for a particular stock. The elds of fundamental analysis
discount brokers oer little or no investment advice but and technical analysis attempt to understand market concharge less for trades. Another type of broker would be ditions that lead to price changes, or even predict future
a bank or credit union that may have a deal set up with price levels. A recent study shows that customer satisfaceither a full-service or discount broker.
tion, as measured by the American Customer Satisfacsignicantly correlated to the marThere are other ways of buying stock besides through a tion Index (ACSI), is
[23]
ket
value
of
a
stock.
Stock price may be inuenced by
broker. One way is directly from the company itself. If
analysts
business
forecast
for the company and outlooks
at least one share is owned, most companies will allow
for
the
companys
general
market segment. Stocks can
the purchase of shares directly from the company through
also
uctuate
greatly
due
to
pump and dump scams.
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 Oerings which
are usually sold by the company itself. A direct public
oering is an initial public oering in which the stock is
purchased directly from the company, usually without the
aid of brokers.
When it comes to nancing 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 value of 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 a car or house
as collateral. Moreover, borrowing is not free; the broker
usually charges 810% interest.

7.4 Share price determination

At any given moment, an equitys price is strictly a result
of supply and demand. The supply, commonly referred
to as the oat, is the number of shares oered for sale at
any one moment. The demand is the number of shares
investors wish to buy at exactly that same time. The
price of the stock moves in order to achieve and maintain equilibrium. The product of this instantaneous price
and the oat at any one time is the market capitalization
of the entity oering the equity at that point in time.
When prospective buyers outnumber sellers, the price
rises. Eventually, sellers attracted to the high selling price
enter the market and/or buyers leave, achieving equilibrium between buyers and sellers. When sellers outnumber buyers, the price falls. Eventually buyers enter and/or
sellers leave, again achieving equilibrium.
Thus, the value of a share of a company at any given
moment is determined by all investors voting with their

money. If more investors want a stock and are willing to

pay more, the price will go up. If more investors are selling a stock and there aren't enough buyers, the price will
go down.
Note: For Nasdaq-listed stocks, the price quote includes information on the bid and ask prices for the
stock.[24]
Of course, that does not explain how people decide the
maximum price at which they are willing to buy or the
minimum at which they are willing to sell. In professional investment circles the ecient market hypothesis
(EMH) continues to be popular, although this theory is
widely discredited in academic and professional circles.
Briey, EMH says that investing is overall (weighted by
the standard deviation) rational; that the price of a stock
at any given moment represents a rational evaluation of
the known information that might bear on the future value
of the company; and that share prices of equities are
priced eciently, which is to say that they represent accurately the expected value of the stock, as best it can be
known at a given moment. In other words, prices are the
result of discounting expected future cash ows.
The EMH model, if true, has at least two interesting consequences. First, because nancial risk is presumed to
require at least a small premium on expected value, the
return on equity can be expected to be slightly greater
than that available from non-equity investments: if not,
the same rational calculations would lead equity investors
to shift to these safer non-equity investments that could be
expected to give the same or better return at lower risk.
Second, because the price of a share at every given moment is an ecient reection of expected value, then
relative to the curve of expected returnprices will tend
to follow a random walk, determined by the emergence
of information (randomly) over time. Professional equity
investors therefore immerse themselves in the ow of fundamental information, seeking to gain an advantage over
their competitors (mainly other professional investors) by
more intelligently interpreting the emerging ow of information (news).
The EMH model does not seem to give a complete description of the process of equity price determination.
For example, stock markets are more volatile than EMH
would imply. In recent years it has come to be accepted
that the share markets are not perfectly ecient, perhaps
especially in emerging markets or other markets that are
not dominated by well-informed professional investors.

REFERENCES

nology bubble of the late 1990s (which was followed by

the dot-com bust of 20002002), technology companies
were often bid beyond any rational fundamental value because of what is commonly known as the "greater fool
theory". The greater fool theory holds that, because
the predominant method of realizing returns in equity is
from the sale to another investor, one should select securities that they believe that someone else will value at a
higher level at some point in the future, without regard to
the basis for that other partys willingness to pay a higher
price. Thus, even a rational investor may bank on others
irrationality.

7.5 Arbitrage trading

When companies raise capital by oering stock on more
than one exchange, the potential exists for discrepancies
in the valuation of shares on dierent exchanges. A keen
investor with access to information about such discrepancies may invest in expectation of their eventual convergence, known as arbitrage trading. Electronic trading has resulted in extensive price transparency (ecientmarket hypothesis) and these discrepancies, if they exist,
are short-lived and quickly equilibrated.

8 See also
9 References
[1] stock Denition. Investopedia. Retrieved 25 February
2012.
[2] Cambridge Advanced Learners Dictionary.
nary.cambridge.org. Retrieved 2010-02-12.

Dictio-

[3] Common Stock vs. Preferred Stock, and Stock Classes.

InvestorGuide.com.
[4] Zvi Bodie, Alex Kane, Alan J. Marcus, Investments, 9th
Ed., ISBN 978-0078034695.
[5] Rule 144: Selling Restricted and Control Securities. US
Securities and Exchange Commission. Retrieved 18 May
2013.
[6] Black Scholes Calculator.
trieved 2010-02-12.

Tradingtoday.com.

[7] Livy, Ab Urbe Condita

Another theory of share price determination comes

According [8] (Cic. pro Rabir. Post. 2; Val. Max. VI.9 7)
from the eld of Behavioral Finance.
to Behavioral Finance, humans often make irrational
[9] (Polybius, 6, 17, 3)
decisionsparticularly, related to the buying and selling
of securitiesbased upon fears and misperceptions of [10] (Cicero, P. VAT. 12, 29.)
outcomes. The irrational trading of securities can often
create securities prices which vary from rational, funda- [11] http://www.euronext.com/editorial/wide/
editorial-1989-EN.html
mental price valuations. For instance, during the tech-

Re-

[12] Irwin, Douglas A. (December 1991). Mercantilism as

Strategic Trade Policy: The Anglo-Dutch Rivalry for the
East India Trade. The Journal of Political Economy.
The University of Chicago Press. 99 (6): 12961314.
doi:10.1086/261801. JSTOR 2937731. at 1299.
[13] Stringham, Edward (2003). The Extralegal Development of Securities Trading in Seventeenth Century Amsterdam. The Quarterly Review of Economics and Finance. Retrieved 13 September 2011.
[14] The oldest share in the world, issued by the Dutch East
India Company (Vereenigde Oost-Indische Compagnie or
VOC), 1606.
[15] Stringham, Edward (2002). The Origin of the London
Stock Exchange as a Self Policing Club. Journal of Private Enterprise. Retrieved 16 August 2010.
[16] Devil the Hindmost by Edward Chancellor.
[17] Jones v. H. F. Ahmanson & Co., 1 Cal. 3d)
[18] Jones v. H.F. Ahmanson & Co. (1969) 1 C3d 93. Online.ceb.com. Retrieved 2010-02-12.
[19] Whitman, 2004, 5
[20] Jackson, Thomas (2001). The Logic and Limits of
Bankruptcy Law. Oxford Oxfordshire: Oxford University
Press. p. 32. ISBN 1-58798-114-9.
[21] Stock Trading. ShareWorld. Retrieved 24 February
2012.
[22] Stock Trading. US Securities and Exchange Commission. Retrieved 18 May 2013.
[23] Mithas, Sunil (January 2006). Increased Customer Satisfaction Increases Stock Price. Research@Smith. University of Maryland. Retrieved 25 February 2012.
[24] Understanding Stock Prices: Bid, Ask, Spread. Youngmoney.com. Retrieved 2010-02-12.

10

External links

Stock exchanges at DMOZ

Stocks investing at DMOZ

11

11
11.1

TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES

Text and image sources, contributors, and licenses

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Zogmen, Ravionweb, Kuru, John, Gobonobo, KenBest, IronGargoyle, Ckatz, 16@r, Slakr, Ehheh, Dicklyon, Big Smooth, Bwpach, Caiaa, Hu12, Levineps, Typelighter, OnBeyondZebrax, Sabik, Tawkerbot2, BBuchbinder, Marceki111~enwiki, Mellery, 5-HT8, Nettrust,
Dgw, Bakanov, Prestonp, Xzqx, Burgwerworldz, Atticmouse, Neil9999, Wikipediarules2221, Tawkerbot4, Minfo, Zanzaro~enwiki, Zalgo,
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Jonkerz, Lotje, Gulbenk, Vrenator, Clarkcj12, Duoduoduo, Tbhotch, Reach Out to the Truth, DARTH SIDIOUS 2, Kenettic, Onel5969,
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11.2

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11.3

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11.3

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