Junior equity refers to equity that ranks lower than some other form of equity. It normally refers to the common stock in a company because it is subordinate to preferred stock. Common stock ranks behind preferred stock in its claim on company dividends because dividends on preferred stock must be paid before any dividends are paid to common stock. In the event of a bankruptcy, the holders of junior equity have the lowest claim on the company's assets. Junior equity, such as common stock, is subordinate to preferred stock, while preferred stock is subordinate to holders of bonds.
Junior debt is debt that is either unsecured or has a lower priority than of another debt claim on the same asset or property. It is a debt that is lower in repayment priority than other debts in the event of the issuer's default. Junior debt is usually an unsecured form of debt, meaning there is no collateral behind the debt. In the event that the issuing company goes out of business, the junior debt has a smaller probability of being paid back, either with money or with assets, since all higher-ranking debt will be given priority. Junior debt is also called subordinated debt, due to its position in the debt hierarchy. One common junior debt is the seconds mortgage which ranks behind the first mortgage and has a lesser claim in the event of default.
The idea that movements in a time series tend to be part of larger trends and cycles more often than they are completely random. The Joseph Effect is quantified by the Hurst component, where movements fall between a Hurst range of 0 to 1. The term was coined by Benoit Mandelbrot. If a series of movements is calculated to be between 0 and 0.5 in the Hurst range, then the movement is larger and more random than what are thought to be normal random movements. If the measure is 0.5, then the movements are thought to be random movements. If it is between 0.5 and 1, the movements are thought to be part of a long-term trend. The term "Joseph Effect" alludes to an Old Testament story about Joseph, where Egypt would experience seven years of feast followed by seven years of famine.
A defensive strategy by which the target company engages in an activity that might actually ruin the company rather than prevent the hostile takeover. Also known as a "suicide pill." The term refers to the 1978 Jonestown massacre, where a religious cult (the People's Temple) led by Jim Jones committed mass suicide in Guyana.
A financier, philanthropist and one of the fathers of corporate finance in the United States. John Pierpont Morgan started his career in 1857 at his father's bank, J.S. Morgan & Co., taking it over in 1890 after his father's death. He died on March 31, 1913 in Rome as one of the richest men in the world. A leader in corporate finance, J.P. Morgan was famous for mergers, such as bringing Edison General Electric and Thompson-Houston Electric Company together to form the company General Electric. He also formed the first billion-dollar company in the world, United States Steel Corporation.
A situation in which one broker who has direct access to a stock exchange performs trades for a broker who does not have access. A fraudulent activity in the penny stock market involving two brokers trading a stock back and forth to rack up commissions and give the impression of trading volume. For example, a small firm whose volume of business is not sufficient enough to maintain a trader on the exchange would give its orders to a large dealer for execution. Jitney, or "the jitney game," is basically the same thing as circular trading. The term originated from "Jitney buses," which was a derogatory slang term for Ford buses at the beginning of the century. A reporter coined the term by alluding to the five-cent piece it cost back then for a bus ride. It has since been used to refer to something that is cheaply and poorly made.
A slang term referring to adult children who are out of school and in their working years, but are still living at home with their parents. These parents face the challenge of managing their own finances and planning for retirement while dealing with the added expense of providing for adult offspring. According to recent studies, most parents report that having KIPPERS is a pleasant experience - they like living with their adult children. However, it usually results in the parents saving less than they otherwise would for their retirement.Contrast this to the situation of a married, working couple with no children at home, where discretionary income is often higher and saving for retirement is easier. This demographic group is sometimes referred to as Dual Income No Kids (DINKs).
Slang for doing the grassroots research of a prospective investment. Individual investors and fund managers alike partake in tire kicking. Asking your full service broker or financial adviser about a company, calling and visiting a company, and doing general investigative research prior to investing in a stock are all examples of kicking the tires. The term originates from people's tendency to give a scrutinizing kick to the front tire of an automobile they are looking to buy while the salesman makes his or her pitch. Despite the metaphorical use of the term in stock picking, "kicking the tires" of a prospective investment is always an advisable thing to do, as the more you know about an investment, the better.
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