The total monetary savings that would result from a person or a business choosing to lease an asset, as opposed to purchase it outright. The benefit of leasing is determined by comparing the net present value of purchasing the asset outright to the net present value of leasing it. |||Depending on the level of detail necessary in the calculation, NAL present value calculations can take into account depreciation, the average expected life of the asset, cost of repairs to the asset, expectations of interest rate changes and so on. In simplistic cases, NAL is expressed as the money that would be saved by leasing an asset instead of buying it, not taking into account the cost of capital.
An interest-earning bank account with which the customer is permitted to write drafts against money held on deposit. Also known as a "NOW account". |||Typically commercial banks, mutual-savings banks and savings-and-loan associations can offer this type of account to individuals, some nonprofit organizations and certain governmental units.
A certificate of deposit with a minimum face value of $100,000. These are guaranteed by the bank and can usually be sold in a highly liquid secondary market, but they cannot be cashed-in before maturity. |||Due to their large denominations, NCDs are bought most often by large institutional investors. Institutions often use these as a way to invest in a low-risk, low-interest security. A Yankee CD would be one example of a NCD.
An index that focuses on days where the volume has significantly decreased from the previous day's trading. |||The index tries to determine what smart investors are doing. It is believed that when volume is high, uninformed investors will sell. While on slow days, "shrewd investors" will quietly buy or sell the stock.
Passed by the U.S. Congress in 1996, the NSMIA was an attempt to update and amend previous security acts and create one uniform code that companies and regulators could follow. |||This bill deals with securities, brokers, advisors, and dealers. Its goal is to provide a federally imposed set of rules, instead of having to deal with each individual state's rules and regulations.
A subsidiary of the DTCC that provides centralized clearing, information, and settlement services to the financial industry. |||The NSCC and DTC play a major part in the settlement and clearing of securities transactions. They are the largest providers of these services worldwide.
An annual measure of the economic output of a nation that is adjusted to account for depreciation, calculated by subtracting depreciation from the gross domestic product (GDP). |||Net domestic product accounts for capital that has been consumed over the year in the form of housing, vehicle, or machinery deterioration. The depreciation accounted for is often referred to as capital consumption allowance and represents the amount needed in order to replace those depreciated assets.
A value created by professor Benjamin Graham in the mid-twentieth century to determine if a company was trading at a fair market price. NCAVPS is calculated by taking a company's current assets and subtracting the total liabilities, and then dividing the result by the total number of shares outstanding. |||According to Graham, investors will benefit greatly if they invest in companies where the stock prices are no more than 67% of their NCAV per share. A study done by the State University of New York to prove the effectiveness of this strategy showed that from the period of 1970 to 1983 an investor could have earned an average return of 29.4%, by purchasing stocks that fulfilled Graham's requirement and holding them for one year.However, Graham did make it clear that not all stocks chosen in this manner will have excessive returns, and that investors should also diversify their holdings when using this strategy.
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