The separation of company equity into more than one class of common shares, usually called "Class A" and "Class B." Also known as "classified stock". Taobiz explains Classified Shares The specific features of each class are set out in the corporate charter and bylaws. Voting privileges are the main reason companies create different classes, although liquidation and dividend rights may also be involved.
A structure for a board of directors in which a portion of the directors serve for different term lengths, depending on their particular classification. Under a classified system, directors serve terms usually lasting between one and eight years; longer terms are often awarded to more senior board positions (i.e. chairman of the corporate governance committee). Classified boards are often referred to as "staggered boards", although staggered boards and classified boards have somewhat different structures. Staggered boards need not be classified, but classified boards are inherently staggered. Taobiz explains Classified Board The classified board structure features continuity of direction and preservation of skill, but has come under harsh criticism from shareholder advocacy groups for a number of reasons. Opponents to the classified structure argue that the system breeds board member complacency and forces directors to develop close relations with management. Classified boards also serve as a powerful anti-takeover measure.
1. Types of listed company stock that are differentiated by the level of voting rights shareholders receive. For example, a listed company might have two share classes, or classes of stock, designated as Class A and Class B. 2. With load mutual funds, there are three share classes, Class A, Class B and Class C, which carry different sales charge, 12b-1 fees and operating expense structures. Taobiz explains Class Of Shares 1. Owners of companies that have been privately owned and go public often create class A and B share structures with different voting rights in order to maintain control and/or to make the company a more difficult target for a takeover. Obviously, it's the original owners that end up with the preferential voting class of stock. 2. Class A mutual fund shares charge a front-end load, have lower 12b-1 fees and a below-average level of operating expenses. Class B mutual fund shares charge a back-end load and have higher 12b-1 fees and operating expenses. Class C mutual fund shares are considered level-load - there's no front-end load but a low back-end load applies, as do 12b-1 fees and relatively higher operating expenses.
A classification of common stock that may be accompanied by more or fewer voting rights than Class A shares. Although Class A shares are often thought to carry more voting rights than Class B shares, this is not always the case. Companies will often try to disguise the disadvantages associated with owning shares with fewer voting rights by naming those shares "Class A", and those with more voting rights "Class B". Taobiz explains Class B Shares For example, one Class A share may be accompanied by five voting rights, while one Class B share may be accompanied by only one right to vote, or vice versa. A detailed description of a company's different classes of stock is included in the company's bylaws and charter.
A classification of common stock that may be accompanied by more or fewer voting rights than Class B shares. Although Class A shares are often thought to carry more voting rights than Class B shares, this is not always the case. Companies will often try to disguise the disadvantages associated with owning shares with fewer voting rights by naming those shares "Class A", and those with more voting rights "Class B". Taobiz explains Class A Shares For example, one Class A share may be accompanied by five voting rights, while one Class B share may be accompanied by only one right to vote, or vice versa. A detailed description of a company's different classes of stock is included in the company's bylaws and charter.
A computer system operated by the Australian Stock Exchange (ASX) that facilitates the transfer of a security's legal ownership from a seller to a buyer and also any monetary transactions between the two parties. In the ASX, the Clearing House Electronic Subregister System (CHESS) serves to facilitate the exchange and registration of securities. Taobiz explains Clearing House Electronic Subregister System - CHESS In the ASX you are required to register the titles of your securities. CHESS handles the simultaneous transfer of the securities' titles as well as money. The ASX Settlement and Transfer Corporation (ASTC) operates CHESS to increase efficiency within the ASX. The average invester will rely on a stockbroker to access CHESS and register his or her securities. This is because participants need to be authorized by the ASTC or sponsored by a participant to access CHESS.
1. The end of a trading session. The closing price is quoted in the newspaper. 2. The final procedure in a home sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred. Taobiz explains Close The close of the New York Stock Exchange is marked by ringing a bell.
A portfolio strategy used by some portfolio managers to achieve returns similar to those of their benchmark index, without exactly replicating the index. Taobiz explains Closet Indexing A portfolio manager practicing closet indexing might stick to an index in terms of weighting, industry sector or geography. A manager's performance is usually compared to that of his or her benchmark index, so there is an incentive for managers to gain returns that are at least similar to the index. Closet indexing is often viewed negatively by investors because they could simply choose an index fund and pay lower fees. Not surprisingly, "closet" indexing is so named because these practices are often not publicly announced, but a close examination of a fund's prospectus can sometimes uncover which funds are practicing closet indexing. Watch for funds with high MERs and holdings that look quite similar to the fund's benchmark index.
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