Nonrecourse Without recourse, as in a non-recourse lease . Not permitted, under the terms of indenture , to be redeemed. Not permitted, under the terms of indenture , to be refundable. Nonsystematic risk Nonmarket or firm-specific risk factors that can be eliminated by diversification . Also called unique risk or diversifiable risk .
Systematic risk refers to risk factors common to the entire economy.
The manner in which retirement benefits are paid out. Normal backwardation theory Holds that the futures price will be bid down to a level below the expected spot price . A probability distribution for a continuous random variable that is forms a symmetrical bell-shaped curve around the mean. Normal portfolio A customized benchmark that includes all the securities from which a manager normally chooses, weighted as the manager would weight them in a portfolio . A random variable that has a normal probability distribution .