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Page GLOSSARY of CORPORATE
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A
Accrual Method of Accounting A method of keeping accounts which shows expenses
incurred and income earned for a given period, although such
expenses and income may not have been actually paid or received.
Right to receive, and not actual receipt, determines the inclusion
of an item in gross income. Obligations payable to or by a taxpayer
are treated as if they are discharged when they are incurred. Abnormal Returns The difference between the return on a reputation
portfolio and the return on the market index Accountability The liability of a board of directors to shareholders
and stockholders for corporate performance and actions of the
corporation. Acquisition Acquiring control of a corporation by stock
purchase or exchange, either hostile or friendly. Adoption This is a contract principle whereby a person
agrees to assume a contract previously made for his or her benefit.
This concept is applied when a newly formed corporation accepts
a pre-incorporation contract made for its benefit by a promoter. ADR A special, negotiable certificate issued
by a US depository bank which represents a specific number of
shares of stock issued in a foreign country and traded on a
US stock exchange. Affiliate A corporation that is related to another corporation
by share holdings or other means of control (such as parent/subsidiaries
or corporations under common control). AFL-CIO Voluntary federation of America's labor unions
formed in 1955 by the merger of the American Federation of Labor
and the Congress of Industrial Organizations to give America's
working class a voice and power in bringing about economic and
social reforms. Agent Generally, a person authorized by another
(known as the principal to act for or in place of him. An agent
can enter into binding contracts or take legal action on behalf
of another. In the corporate setting, a companys officers,
directors, and employees may act as corporate agents depending
on their level of responsibility. AGM A company gathering, usually held at the end
of each fiscal year, at which shareholders and management discuss
the previous year and the outlook for the future, directors
are elected and other shareholder concerns are addressed. American Depository Receipt A special, negotiable certificate issued
by a US depository bank which represents a specific number of
shares of stock issued in a foreign country and traded on a
US stock exchange. American Federation of Labor Congress of Industrial Organizations (US)
Voluntary federation of America's labor unions formed in 1955
by the merger of the American Federation of Labor and the Congress
of Industrial Organizations to give America's working class
a voice and power in bringing about economic and social reforms.
American Stock Exchange The second-largest stock exchange in the
U.S., after the NYSE. AMEX The second-largest stock exchange in the US,
after the NYSE. Amortization An accounting procedure which gradually reduces
the cost or value of a limited life or intangible asset through
periodic charges against income. This procedure is also commonly
known as depreciation with the periodic charges usually treated
as current expenses for purposes of determining income. Annual Shareholders Meeting A company gathering, usually held at the end
of each fiscal year, at which shareholders and management discuss
the previous year and the outlook for the future, directors
are elected and other shareholder concerns are addressed. Annual Report An audited document issued annually by all
publicly listed corporations to their shareholders in accordance
with SEC regulation. Contains information on financial results
and overall performance of the previous fiscal year and comments
on future outlook Antidilution Provision Agreement that protects an investor from
a reduction in fractional ownership in a company in the event
of a stock split, issuance of additional stock or other such
measure. Antitakeover Defense A device designed to prevent a hostile takeover
by increasing the takeover cost usually through the issuance
of new preferred shares that carry severe redemption provisions.
AKA: poison pill, shareholder rights plan Articles of Dissolution An official document filed with the Secretary
of State of the state of incorporation prior to dissolution
of a partnership or corporation outlining the provisions for
the distribution of assets. Articles of Incorporation An official document filed with the Secretary
of State of the state of incorporation outlining a corporation's
purpose, powers under state law, authorized classes of securities
to be issued and the rights and liabilities of shareholders
and directors. Articles of Organization This is the name customarily given to the
document that is filed in order to form a Limited Liability
Company. It is very similar in content and function to the Articles
of Incorporation for a corporation. Asset Anything owned, whether tangible or intangible,
that has monetary value. Assumed Name A name under which an entity (i.e. a corporation)
conducts business that is not the legal name of the entity.
Many states require the filing of a registration in order to
conduct business under an assumed name in their territories. Audit Report Statement of the accounting firm's assessment
of the validity and accuracy of a company's financial information
and conformity with accepted accounting practices. Authorized Shares Authorized shares are the shares described
in the articles of incorporation which a corporation is permitted
to issue. It is often advisable to authorize more shares than
will be issued so that the company has a reserve for the future. Authorized Stock See Authorized Shares
B
Benchmarking A company's use of information
about other firms in the same industry used for comparisons
and to set standards and goals. Beneficial Owner The individual who benefits
from ownership of a security, property or mutual fund regardless
of who holds title. Beta The measurement of a stock's
volatility relative to the overall market. Statistically,
it is defined as the covariance of the returns on the stock
with the market return divided by the variance of the market
return. Black-Scholes Equation An equation used to determine
the value of option securities prices based on the relationship
between six variables -- the current underlying asset price
(S), the option strike price (K), the option time-to-expiration
(t), the risks to return (r), the underlying asset payout
return (d), and the underlying asset volatility (s) -- work
together to determine the value of a standard option. Blue Sky Laws State statutes that regulate
the sale of securities to the public within the state. Most
require the registration of new issues of securities with
a state agency prior to sale. These laws also often regulate
securities brokers and salesmen. Board of Directors The collective group of individuals
elected by the shareholders of a corporation to oversee the
management of the corporation. Board of Trustees A group of people responsible
for the oversight of a nonprofit organization. Book Value The value of shares determined
on the basis of the books of a corporation (specifically calculated
from the companys balance sheet). Broker Non-Votes Proxies received from brokers
or nominees holding shares for a beneficial owner indicating
that the broker or nominee is not voting on a particular proposal
because the broker or nominee has not received instructions
from the beneficial owner(s) and does not have discretionary
voting power with respect to that item. Business Judgment Rule A rule of law which prevents directors of
a corporation from being held personally liable for incorrect
business decisions if the decision was informed and not made
in self-interest. Bylaws Bylaws are the formal rules of internal governance
adopted by a corporation. They are usually adopted at the first
shareholders meeting, and contain rules governing the
actions of shareholders, directors, officers, and other actions
of the company.
California Public Employees' Retirement
System Calpers is the nation's largest public pension
system and the world's third largest pension system with more
than $140 billion in assets invested in domestic and international
markets.
CAR The differences between the expected return
on a stock and the actual return. Cash Balance Pension Plan A defined benefit plan that maintains individual
employee accounts like a defined contribution plan. C Corporation A corporation that is subject to federal income
tax at the corporate level. In other words, it has not elected
S corporation status. The taxable income of a C corporation
is subject to tax at the corporate level while the dividends
continue to be taxed at the shareholder level. Capital Gain The profit realized on the sale or exchange
of a capital asset. The gain is the difference between the cost
or adjusted basis of an asset and the net proceeds from the
sale or exchange of such asset. Capital Loss A tax term used in reference to a loss incurred
in the sale or exchange of a capital asset. Capital Stock Another phrase for common shares, often used
when a corporation has only one class of outstanding shares. Capitalization An imprecise term, usually referring to the
amounts received by a corporation for the issuance of its shares.
It also may refer to the proceeds of loans to a corporation
made by its shareholders. Cash Method of Accounting The practice of recording the value of assets
in terms of their cost. CBOE Founded in 1973, the CBOE was established
for the trading of call options on listed stock. Today it is
the second largest securities exchange in the country and the
largest options exchange in the world. CBOT Formed in 1948 as a central marketplace for
the Midwestern grain trade, the CBOT is now the oldest and largest
futures exchange in the world. Central Index Key A unique code used by the US Securities and
Exchange Commission (SEC) to identify corporations and individual
people who have filed disclosure with the SEC. CEO The chief executive officer or CEO is the
highest ranking officer of the company, and is often Chairman
of the Board as well. Certificate of Authority A document issued by a state corporation authority
(e.g. Secretary of State) on application of a foreign corporation
granting it the right to do business in the state. Certificate of Incorporation In most states, the document that is prepared
by the Secretary of State that evidences the acceptance of the
articles of incorporation and the commencement of the corporate
existence. In Delaware, the certificate of incorporation is
the name given to the document filed with the Secretary of State. CFO The corporate executive responsible for the
financial planning and record-keeping of a company Chairman of the Board Highest-ranking director in a corporation's
board of directors. Change-in-Control Arrangements An executive employment contract that provides
the executive with a lucrative severance package in the event
of their termination. May include a continuation of salary,
bonus and/or certain benefits and perquisites, as well as accelerated
vesting of stock incentives and/or certain retirement benefits.
AKA: Golden parachute Charter May mean either the document filed with the
Secretary of State (articles of incorporation) or the grant
by the State to conduct business with limited liability. Chicago Board of Trade Formed in 1948 as a central marketplace for
the Midwestern grain trade, the CBOT is now the oldest and largest
futures exchange in the world Chicago Board Options Exchange Founded in 1973, the CBOE was established
for the trading of call options on listed stock. Today it is
the second largest securities exchange in the country and the
largest options exchange in the world. Chief Executive Officer The chief executive officer or CEO is the
highest ranking officer of the company, and is often Chairman
of the Board as well. Chief Financial Officer The corporate executive responsible for the
financial planning and record-keeping of a company. Chief Information Officer The corporate executive responsible for corporate
communications. Chief Operating Officer The corporate executive responsible for the
day-to-day management of a company. CII Founded in 1985, the Council of Institutional
Investors (CII) is "an organization of large public, Taft-Hartley
and corporate pension funds formed to address investment issues
that affect the size or security of plan assets." CIK A unique code used by the US Securities and
Exchange Commission (SEC) to identify corporations and individual
people who have filed disclosure with the SEC. CIO The corporate executive responsible for corporate
communications. Class Action Lawsuit A lawsuit filed by one or more persons on
behalf of a group of individuals all having the same grievance.
Class of Shares Multiple shares issued by the same company
of varying rights or powers. Classified Board A corporate board structure where only a
portion of the board of directors is elected each year, usually
to discourage takeover attempts. AKA: Staggered board. Close Corporation A corporation with relatively few shareholders
and no regular markets for its shares. Close corporations usually
have never made a public offering of shares and the shares themselves
may be to subject to restrictions on transfer. Code of Best Practice Guiding principles for ensuring good corporate
governance to which all publicly listed companies should aim.
Codetermination Term used to describe labor representation
(employees and union representatives) on corporate boards. Collar(s) Combinations of put options and call options
that can limit, but not eliminate, the downside risk of a stock
holding. Committee on Uniform Securities Identification
Procedures A number consisting of nine characters (including
letters and numbers) used to uniquely identify a company or
issuer and the type of security. The CUSIP systemowned
by the American Bankers Association and operated by Standard
& Poorsfacilitates the clearing and settlement
process of securities. A similar system is used to identify
foreign securities (CUSIP International Numbering System). Common Shareholders The holders of common shares, the ultimate
owners of the residual interest of a corporation. Common Shares (Common Stock) The residual ownership in the corporation.
Common shareholders select the directors to manage the corporation,
are entitled to dividends out of the earnings of the corporation
declared by the directors, and are entitled to a per share distribution
of whatever assets remain upon dissolution of the corporation
after satisfying creditors and holders of senior securities. Common-law Voting A voting system that allows shareholders
to cast all of their votes for a single candidate nominated
for a seat on the board of directors as opposed to voting for
a different candidate for each available seat. Corporate Records Corporate records usually take the form of
a corporate record book. Carefully maintaining records is very
important to assure limited liability to the corporate shareholders.
The records should include a copy of the articles of incorporation,
the minutes of all shareholder and director meetings, and a
stock register for keeping track of stock transactions. Conglomerate A corporation that has diversified operations
by acquiring enterprises in various industries. COO The corporate executive responsible for the
day-to-day management of a company. Corporate Charter An official document filed with the Secretary
of State of the state of incorporation outlining a corporation's
purpose, powers under state law, authorized classes of securities
to be issued and the rights and liabilities of shareholders
and directors. Corporate Governance The relationship between the shareholders,
directors and management of a company, as defined by the corporate
charter, bylaws, formal policy and rule of law. Corporation: Overview A corporation is a legal entity created through
the laws of its state of incorporation. Individual states have
the power to promulgate laws relating to the creation, organization
and dissolution of corporations. Many states follow the Model
Business Corporation Act. State corporation laws require articles
of incorporation to document the corporation's creation and
to provide provisions regarding the management of internal affairs.
Most state corporation statutes also operate under the assumption
that each corporation will adopt bylaws to define the rights
and obligations of officers, persons and groups within its structure.
States also have registration laws requiring corporations that
incorporate in other states to request permission to do instate
business. There has also been a significant component
of Federal corporations law since Congress passed the Securities
Act of 1933, which regulates how corporate securities are issued
and sold. Federal securities law also governs requirements of
fiduciary conduct such as requiring corporations to make full
disclosures to shareholders and investors. The law treats a corporation as a legal "person"
that has standing to sue and be sued, distinct from its stockholders.
The legal independence of a corporation prevents shareholders
from being personally liable for corporate debts. It also allows
stockholders to sue the corporation through a derivative suit
and makes ownership in the company (shares) easily transferable.
The legal "person" status of corporations gives the
business perpetual life; deaths of officials or stockholders
do not alter the corporation's structure. Corporations are taxable entities that fall
under a different scheme from individuals. Although corporations
have a "double tax" problem --both corporate profits
and shareholder dividends are taxed -- corporate profits are
taxed at a lower rate than rates for individuals. Council of Institutional Investors Founded in 1985, the Council of Institutional
Investors (CII) is "an organization of large public, Taft-Hartley
and corporate pension funds formed to address investment issues
that affect the size or security of plan assets." Cross-Shareholding The holding of shares between two or more
publicly listed companies that give each company involved an
equity stake in the other. Often employed as a means of preventing
unsolicited takeovers. Cumulative Abnormal Return The differences between the expected return
on a stock and the actual return. Cumulative Dividends Dividends on preferred shares which carry
over from one year to the next if a preference dividend is omitted.
An omitted cumulative dividend must be made up in a later year
before any dividend may be paid on the common shares in that
later year. Cumulative Voting A method of voting that allows substantial
minority shareholders to obtain representation on the board
of directors by allowing a shareholder to cast all of his or
her available votes in an election in favor of a single candidate. CUSIP A number consisting of nine characters (including
letters and numbers) used to uniquely identify a company or
issuer and the type of security. The CUSIP systemowned
by the American Bankers Association and operated by Standard
& Poorsfacilitates the clearing and settlement
process of securities. A similar system is used to identify
foreign securities (CUSIP International Numbering System).
Dead-Hand Poison Pill An antitakeover device designed to prevent
the acquisition of a company even if a majority of shareholders
favor the acquisition. Dead hand poison pills can only be removed
by incumbent directors or their chosen successors. De Facto Corporation At common law, a partially formed corporation
that provides a shield against personal liability of shareholders
for corporate obligations. DEF 14A A document sent by publicly listed corporations
to their shareholders providing material information on corporate
matters subject to vote at the annual meeting. AKA: Proxy statement,
proxy filing Defined Benefits Plan A company retirement plan in which a retired
employee receives a specific monetary allotment based on salary
history and years of service, and in which the employer bears
the investment risk. Contributions may be made by the employee,
the employer, or both. Defined Contribution Plan A company retirement plan, such as a 401(k)
or 403(b), in which the employee chooses to defer some amount
of his/her salary into the plan and bears the investment risk. De Jure Corporation At common law, a corporation that is sufficiently
formed to be recognized as a corporation for all purposes. Delaware Court of Chancery The Delaware Court of Chancery is the forum
for the resolution of disputes involving the internal affairs
of corporations chartered in the state of Delaware. Department of Labor The US Department of Labor was created by
federal law in 1913 to "foster, promote, and develop the
welfare of the wage earners of the United States, to improve
their working conditions, and to advance their opportunities
for profitable employment." The DOL is responsible for
the administration and enforcement of over 180 federal statutes
concerning the protection of workers' rights, wages and health
and safety. Dilution The change in earnings per share or book
value per share resulting from the exercising of warrants and
stock options and the conversion of convertible securities.
Dilution of Ownership A reduction in the fractional ownership of
a shareholder's stock as a result of the the issuance of additional
shares of common stock and/or the conversion of convertible
securities. Director A person elected by shareholders to serve
on the corporation's board of directors. Directors and Officers Liability Insurance
(D&O) Professional liability coverage for legal
expenses and liability to shareholders, bondholders, creditors
or others due to actions or omissions by a director or officer
of a corporation or nonprofit organization. Disclosure The public dissemination of material, market-influencing
information. Dissident; Dissenting shareholder A shareholder who objects to a proposed corporate
action or position. Dissolution The termination of a corporations legal
existence. Dividend Payment to shareholders from or out of current
or past earnings. DOL The US Department of Labor was created by
federal law in 1913 to "foster, promote, and develop the
welfare of the wage earners of the United States, to improve
their working conditions, and to advance their opportunities
for profitable employment." The DOL is responsible for
the administration and enforcement of over 180 federal statutes
concerning the protection of workers' rights, wages and health
and safety. Domestic Corporation A corporation is domestic to the state where
it was incorporated. Double taxation Refers to the structure of taxation under
the Internal Revenue Code which subjects income earned by a
C corporation to an income tax at the corporate level and a
second tax at the shareholder level if the previously taxed
income is distributed to the shareholders as dividends. Note
that S corporations and Limited Liability Companies are not
subject to double taxation.
E
Earnings Per Share Equals a firms net income divided
by the number of shares held by shareholders. Economic Value Added A financial performance measure developed
by Stern Stewart & Co. used to evaluate a company's true
profit, defined by Stern Stewart as "the amount by which
earnings exceed or fall short of the required minimum rate
of return that shareholders and lenders could get by investing
in other securities of comparable risk." EDGAR The SEC's Electronic Data Gathering, Analysis,
and Retrieval system used by all public companies to electronically
transmit required filings and ongoing disclosure obligations.
Electronic Data Gathering, Analysis,
and Retrieval System The SEC's Electronic Data Gathering, Analysis,
and Retrieval system used by all public companies to electronically
transmit required filings and ongoing disclosure obligations.
Employee Benefit Plan A plan created or maintained by an employer
or employee organization, providing benefits to employees.
The two main types are employee pension plans and employee
welfare plans. Employee Retirement Income Security Act
Federal legislation (US Code Title 29, Chapter 18, associated
Internal Revenue Code and miscellaneous provisions) adopted
in 1974 that established legal guidelines for private pension
plan administration and investment practices including regulations
relating to plan funding, participation, vesting, termination,
disclosure, federal tax treatment and fiduciary responsibility
of plan administrators. Employee Stock Ownership Plan A trust established by a corporation for
the allocation of stock to its employees as a form of employee
benefit. Equity A financial term referring in general to
the extent of an ownership interest in a venture. Equity refers
not to a legal concept, but to a financial definition that
an owners equity in a business is equal to the businesss
assets minus its liabilities. Equity Financing Raising money by the sale of stock. ERISA Federal legislation (US Code Title 29,
Chapter 18, associated Internal Revenue Code and miscellaneous
provisions) adopted in 1974 that established legal guidelines
for private pension plan administration and investment practices
including regulations relating to plan funding, participation,
vesting, termination, disclosure, federal tax treatment and
fiduciary responsibility of plan administrators. ESOP A trust established by a corporation for
the allocation of stock to its employees as a form of employee
benefit. EVA A financial performance measure developed
by Stern Stewart & Co. used to evaluate a company's true
profit, defined by Stern Stewart as "the amount by which
earnings exceed or fall short of the required minimum rate
of return that shareholders and lenders could get by investing
in other securities of comparable risk." Event Study Empirical study of the prices of an asset
prior to and directly following a specific event, like an
announcement, merger, or dividend. Executive Director A member of a company's board of directors
who is also an employee of the company. AKA: Inside director
Externalization The offsetting of costs onto society at
large, as in the externalization of costs related to the health
care impact of tobacco related products onto the public at
large. Externalized costs do not appear on earnings statements
or balance sheets, but nevertheless may impact the sustainability
of the firms earnings.
F
Fair Disclosure The release of all material, market-influencing
information to the public at the same time. FASB A professional standards board created
by accountants to establish standards of financial accounting
(Generally Accepted Accounting Principles (GAAP)) and reporting
in the private sector. The FASB is officially recognized as
authoritative by the Securities and Exchange Commission. FDI Investment of foreign assets directly into
a domestic company's structures, equipment, and organizations.
It does not include foreign investment into the stock markets.
Federal Tax Identification Number A number given to a business entity by the
federal government for tax purposes. Fiduciary An individual, corporation or association
entrusted with legal authority and duty to manage and invest
assets for another party. Fiduciary Trust/responsibility The power entrusted to a individual, corporation
or association (fiduciary) to manage assets for another person
(principal) beneficial to his/her interests. Financial Accounting Standards Board A professional standards board created
by accountants to establish standards of financial accounting
(Generally Accepted Accounting Principles (GAAP)) and reporting
in the private sector. The FASB is officially recognized as
authoritative by the Securities and Exchange Commission. Financial Statement A written report that quantitatively summarizes
the financial status of an organization for a stated period
of time. Includes an income statement and balance sheet describing
the flow of resources, profit or loss, and the distribution
or retention of profits. Fiscal Year A twelve month period used by a company
for accounting purposes. Focus List The California Public Employees' Retirement
System (CalPERS) annual list of under-performing companies
whose poor long-term stock performance, corporate governance
practices and economic value-added (EVA) evaluation provide
the focus for the pension fund's corporate governance activism.
Foreign Direct Investment Investment of foreign assets directly into
a domestic company's structures, equipment, and organizations.
It does not include foreign investment into the stock markets.
Foreign Corporation A corporation is referred to as a foreign
corporation in all states outside its state of incorporation.
In order to conduct business in another state, it must register
for a certificate of authority to conduct business in the
other state. Form 10K An audited document issued annually by
all publicly listed corporations to their shareholders in
accordance with SEC regulation. Contains information on financial
results and overall performance of the previous fiscal year
and comments on future outlook. AKA: Annual report Form 10Q A report filed quarterly in accordance with
SEC regulations containing unaudited financial statements.
AKA: Quarterly report Form 8K Form filed by corporations with the SEC
to report corporate changes or material events which are important
to investors and not previously disclosed in any other form.
Forward Looking Statement A statement made by an official representative
of a corporation concerning future earnings potential or operations.
Franchise Tax A tax on the privilege of carrying on business
in a state. It is typically measured by the earnings or amount
of business done within the state. Friendly Takeover A takeover favored and supported by the
management of the target company
G
GAAP A set of uniform accounting rules for recording
and reporting financial information as established by the
Financial Accounting Standards Board. GASB An accounting standards board formed in
1984 by the Financial Accounting Foundation (FAF) to develop
accounting standards for state and local governmental entities.
Generally Accepted Accounting Principles
A set of uniform accounting rules for recording
and reporting financial information as established by the
Financial Accounting Standards Board. General Corporation A general corporation, also known as a C
corporation, is the most common corporate structure. A general
corporation may have an unlimited number of stockholders.
Consequently, it is usually chosen by those companies planning
to have more than 30 stockholders or large public stock offerings.
Since a corporation is a separate legal entity, a stockholder's
personal liability is usually limited to the amount of investment
in the corporation and no more. GIGN The GIGN is an informal network of international
institutional investors who share a common interest in good
corporate governance and improving long-term shareholder value.
Glass-Steagall Act Federal legislation passed in 1933 that
separated investment and commercial banking firms and prohibited
banks from owning corporate stock. Global Institutional Governance Network The GIGN is an informal network of international
institutional investors who share a common interest in good
corporate governance and improving long-term shareholder value.
Golden Bungee (cords) A lucrative executive pay package that
includes a severance agreement and cash, options, or other
incentive to remain associated with the company. Usually included
as a provision in an executives employment contract that is
triggered as a result of a merger or buyout. The executive
reaps the benefits of a farewell package but retains a position
with the newly combined company. Golden Handshake A clause in an executive employment contract
that provides the executive with a lucrative severance package
in the event of their termination. May include a continuation
of salary, bonus and/or certain benefits and perquisites,
as well as accelerated vesting of stock options. Golden Hello A cash payment or other remuneration paid
to a new executive as an incentive to join a company Golden Parachute A clause in an executive employment contract
that provides the executive with a lucrative severance package
in the event of their termination. May include a continuation
of salary, bonus and/or certain benefits and perquisites,
as well as accelerated vesting of stock options. AKA: Golden
handshake Government Accounting Standards Board An accounting standards board formed in
1984 by the Financial Accounting Foundation (FAF) to develop
accounting standards for state and local governmental entities.
Greenmail(ing) The practice of taking a stake in a company
subject to a hostile takeover, forcing the target company
to buy back its own shares at a premium to prevent a takeover.
H
Historical Cost An accounting principle requiring all financial
statement items to be based on original cost. Holding Company A company that owns a majority of the shares
of one or more corporations. A holding company is not engaged
in any business other than the ownership of shares. Hostile Takeover An unsolicited takeover not supported by
the management and board of directors of the target company.
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