Not permitted, under the terms of indenture, to be redeemed. Not permitted, under the terms of indenture, to be refundable. A tangible asset with unique physical properties, like a parcel of land, a mine, or a work of art. 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.
Non-tradables Refer to goods and services produced and consumed domestically that are not close substitutes to import or export goods and services. 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. The practice of making a charge in the income account equivalent to the tax savings realized through the use of different depreciation methods for shareholder and income tax purposes, thus washing out the benefits of the tax savings reported as final net income to shareholders. 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.