1.
Market (economics)
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A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services, Markets can also be worldwide, for example the global diamond trade. National economies can be classified, for example as developed markets or developing markets, in mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services, with or without money, is a transaction, a major topic of debate is how much a given market can be considered to be a free market, that is free from government intervention. However it is not always clear how the allocation of resources can be improved since there is always the possibility of government failure, a market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enables the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market sometimes emerges more or less spontaneously but is often constructed deliberately by human interaction in order to enable the exchange of rights of services. Markets of varying types can spontaneously arise whenever a party has interest in a good or service that other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. Markets vary in form, scale, location, and types of participants, as well as the types of goods and services traded, nevertheless, violence and they apply the market dynamics to facilitate information aggregation. However, market prices may be distorted by a seller or sellers with monopoly power, such price distortions can have an adverse effect on market participants welfare and reduce the efficiency of market outcomes. Also, the level of organization and negotiating power of buyers and sellers markedly affects the functioning of the market. Markets are a system, and systems have structure, the structure of a well-functioning market is defined by the theory of perfect competition. Market failures are often associated with time-inconsistent preferences, information asymmetries, non-perfectly competitive markets, principal–agent problems, externalities, among the major negative externalities which can occur as a side effect of production and market exchange, are air pollution and environmental degradation. There exists a popular thought, especially among economists, that markets would have a structure of a perfect competition
2.
Stock market
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Examples of the latter include shares of private companies which are sold to investors through equity crowdfunding platforms. Stock exchanges list shares of equity as well as other security types, e. g. corporate bonds. Stocks can be categorised in various way, one way is by the country where the company is domiciled. S. At the close of 2012, the size of the stock market was about US$55 trillion. By country, the largest market was the United States, followed by Japan, as of 2015, there are a total of 60 stock exchanges in the world with a total market capitalization of $69 trillion. Of these, there are 16 exchanges with a capitalization of $1 trillion or more. Apart from the Australian Securities Exchange, these 16 exchanges are based in one of three continents, North America, Europe and Asia, a stock exchange is a place where, or an organization through which, individuals and organisations can trade stocks. Many large companies have their stock listed on a stock exchange and this makes the stock more liquid and thus more attractive to many investors. It may also act as a guarantor of settlement, other stocks may be traded over the counter, that is, through a dealer. Some large companies will have their stock listed on more than one exchange in different countries, Stock exchanges may also cover other types of securities, such as fixed interest securities or derivatives, which are more likely to be traded OTC. Trade in stock markets means the transfer for money of a stock or security from a seller to a buyer and this requires these two parties to agree on a price. Equities confer an ownership interest in a particular company and their buy or sell orders may be executed on their behalf by a stock exchange trader. Some exchanges are physical locations where transactions are carried out on a trading floor and this method is used in some stock exchanges and commodity exchanges, and involves traders shouting bid and offer prices. The other type of exchange has a network of computers where trades are made electronically. An example of such an exchange is the NASDAQ, a potential buyer bids a specific price for a stock, and a potential seller asks a specific price for the same stock. Buying or selling at the means you will accept any ask price or bid price for the stock. When the bid and ask prices match, a sale takes place, on a first-come, the purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace. The exchanges provide real-time trading information on the securities, facilitating price discovery
3.
Finance
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Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty, Finance can also be defined as the science of money management. Finance aims to price assets based on their level and their expected rate of return. Finance can be broken into three different sub-categories, public finance, corporate finance and personal finance. g, health and property insurance, investing and saving for retirement. Personal finance may also involve paying for a loan, or debt obligations, net worth is a persons balance sheet, calculated by adding up all assets under that persons control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the sources of income within a year. From this analysis, the financial planner can determine to what degree, adequate protection, the analysis of how to protect a household from unforeseen risks. These risks can be divided into the following, liability, property, death, disability, health, some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance, business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a piece of the overall investment planning. Tax planning, typically the income tax is the single largest expense in a household, managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, most modern governments use a progressive tax. Typically, as ones income grows, a marginal rate of tax must be paid. Understanding how to take advantage of the tax breaks when planning ones personal finances can make a significant impact in which it can later save you money in the long term. Investment and accumulation goals, planning how to accumulate enough money - for large purchases, major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement. Achieving these goals requires projecting what they will cost, and when you need to withdraw funds that will be necessary to be able to achieve these goals, a major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the planner will suggest a combination of asset earmarking. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity
4.
Utrecht University
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Utrecht University is a university in Utrecht, the Netherlands. It is one of the oldest universities in the Netherlands, established March 26,1636, it had an enrollment of 30,449 students in 2012, and employed 5,295 faculty and staff. In 2011,485 PhD degrees were awarded and 7,773 scientific articles were published, the 2013 budget of the university was €765 million. The universitys motto is Sol Iustitiae Illustra Nos, which means Sun of Justice and this motto was gleaned from a literal Latin Bible translation of Malachi 4,2. Utrecht University is led by the University Board, consisting of prof. dr, bert van der Zwaan and Hans Amman. This section incorporates text translated from the Dutch Wikipedia article Utrecht University was founded on March 26,1636, the influential professor of theology Gisbertus Voetius delivered the inaugural speech, and Bernardus Schotanus became the universitys first rector magnificus. Initially, only a few dozen students attended classes at the university, seven professors worked in four faculties, philosophy, which offered all students an introductory education, and three higher-level faculties. Utrecht University flourished in the century, despite competition with the older universities of Leiden, Franeker and Groningen. Leiden, in particular, proved a strong competitor and made further improvement necessary, a botanical garden was built on the grounds of the present Sonnenborgh Observatory, and three years later the Smeetoren added an astronomical observatory. The university attracted students from abroad. They witnessed the intellectual and theological battle the proponents of the new philosophy fought with the proponents of the strict Reformed theologian Voetius, Leiden, Louvain, Groningen, Utrecht and Ghent were the five universities of the new state, and Leiden received the title of eerste hoge school. Two of the universities became part of the new Belgian state after it separated from the northern Netherlands in 1830 and this left Utrecht one of only three Dutch universities. Utrecht played a prominent role in the age of Dutch science. Around 1850 the Utrechtian School of science formed, with Pieter Harting, Gerardus J. Mulder, buys Ballot and Franciscus Donders among the leading scientists. They introduced the educational laboratory as a learning place for their students. The University is represented in the Stichting Academisch Erfgoed, a foundation with the goal of preserving university collections, the other five faculties and most of the administrative services are located in De Uithof, a campus area on the outskirts of the city. University College Utrecht is situated in the former Kromhout Kazerne, which used to be a Dutch military base, University College Roosevelt is located off-campus in the city of Middelburg in the south-west of the Netherlands. Utrecht University counts a number of distinguished scholars among its alumni and faculty, on the 2015 Academic Ranking of World Universities list, the University of Utrecht was ranked 56th in the world and the highest in the Netherlands
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Hoorn
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Hoorn is a municipality and a town in the Netherlands, in the province of North Holland. It is located on the Markermeer,35 kilometres north of Amsterdam, Hoorn had a population of 71,888 in 2014. The area of the municipality is 53.25 km2 of which 33.00 km2 consists of water, the municipality consists of the following villages and/or districts, Blokker, Hoorn, Zwaag, and parts of Bangert and De Hulk. Cape Horn, the most southerly point of the Americas, was named after the town by Willem Schouten, the Hoorn Islands of the Oceanian nation of Wallis and Futuna are also named after this city. The origin of the name Hoorn, even in old spelling Hoern or Hoirne, is surrounded in myths, Hoorns name, according to Old Frisian legends, is derived from the stepson of King Redbad, called Hornus. A third version says that the name was derived from the shape of one of its first ports. The author of the Origo Civitatis Hornensis assumes that name Hoorn was derived from Damphoorn, Damphoorn is the medieval name for a weed that could be made into whistles, which grew in abundance in the area outside the dykes of Hoorn. Chronicler Velius rejects this statement because there are no old historical entries that Hoorn was called Damphoorn and he wrote, The name was from the start Hoorn, not derived from the weed Damphoorn, as the current sentiment holds. Velius also rejects the assertion that the origin is Dampter Horn, a neighbourhood of the village Dampten. The name is most probably derived from Hornicwed, a name that is popping up in early mediaeval documents, the medieval meaning of hornic is corner, with wed or wedor being the medieval word for water. Many places and neighbourhoods in the Netherlands are called, even today, Heurne, Huurne, Hornicwed would therefore refer to the location of a corner on the coastline, the location of Hoorn at the Zuiderzee. We see hornic in the meaning of corner also reflected in another municipality in the mediaeval County of Holland, Uithoorn, meaning uithoek and this area was abandoned and flooded after 1391, following the abandonment of the old dyke. A new dyke was built inland, resulting in a bay which is now the Hoornse Hop. Hoorn was already in existence then, founded in 716, Hoorn rapidly grew to become a major harbour town. During Hollands Golden Age, Hoorn was an important home base for the Dutch East India Company, the Hoorn fleet plied the seven seas and returned laden with precious commodities. Exotic spices such as pepper, nutmeg, cloves, and mace were sold at vast profits, with their skill in trade and seafaring, sons of Hoorn established the towns name far and wide. Jan Pieterszoon Coen is famous for his violent raids in Dutch Indies and he has a big statue on the Rode Steen square in the center of Hoorn. In 1618 Willem Bontekoe undertook his first and only voyage for the VOC, Bontekoe van Hoorn, begrijpende veel wonderlijcke en gevaerlijcke saecken hem daer in wedervaren
6.
Dutch East India Company
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It is often considered to be the worlds first truly transnational corporation and the first company in history to actually issue bonds and shares of stock to the general public. In other words, the VOC was officially the first publicly traded company of the world, the company was also considered by many to be the very first major and the greatest corporation in history. Statistically, the VOC eclipsed all of its rivals in international trade for almost 200 years of existence. Between 1602 and 1796 the VOC sent almost a million Europeans to work in the Asia trade on 4,785 ships, the VOC enjoyed huge profits from its spice monopoly through most of the 17th century. Having been set up in 1602, to profit from the Malukan spice trade, in 1619 the VOC established a capital in the city of Jayakarta. Over the next two centuries the Company acquired additional ports as trading bases and safeguarded their interests by taking over surrounding territory and it remained an important trading concern and paid an 18% annual dividend for almost 200 years. Around the world and especially in English-speaking countries, the VOC is widely known as the Dutch East India Company, the name ‘Dutch East India Company’ is used to make a distinction with the East India Company and other East Indian companies. The abbreviation VOC stands for Vereenigde Oost-Indische Compagnie or Verenigde Oostindische Compagnie in Dutch, the VOC monogram was possibly the first globally-recognized corporate logo. The logo of the VOC consisted of a large capital V with an O on the left and it appeared on various corporate items, such as cannon and coins. The first letter of the hometown of the conducting the operation was placed on top. An Australian vintner has used the VOC logo since the late 20th century, the flag of the company was orange, white, and blue, with the company logo embroidered on it. Before the Dutch Revolt, Antwerp had played an important role as a centre in northern Europe. At the same time, the Portuguese trade system was unable to supply to satisfy growing demand. Demand for spices was relatively inelastic, and therefore each lag in the supply of pepper caused a rise in pepper prices. These three factors motivated Dutch merchants to enter the spice trade themselves. Further, a number of Dutchmen like Jan Huyghen van Linschoten and Cornelis de Houtman obtained first hand knowledge of the secret Portuguese trade routes and practices, thereby providing opportunity. The stage was set for Houtmans 1595 four-ship exploratory expedition to Banten, the main pepper port of West Java. Houtmans expedition then sailed east along the north coast of Java, losing twelve crew to a Javanese attack at Sidayu, half the crew were lost before the expedition made it back to the Netherlands the following year, but with enough spices to make a considerable profit
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Enkhuizen
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Enkhuizen is a municipality and a city in the Netherlands, in the province of North Holland and the region of West-Frisia. Enkhuizen was one of the harbour-towns of the VOC, just like Hoorn and Amsterdam and it received city rights in 1355. In the mid-17th century, Enkhuizen was at the peak of its power and was one of the most important harbour cities in the Netherlands, however, due to a variety of reasons, notably the silting up of the harbours, Enkhuizen lost its position to Amsterdam. Enkhuizen has one of the largest marinas in the Netherlands, architecturally, the Drommedaris is the oldest building in Enkhuizen, from 1540. Tourists take boat trips to and from the port to Medemblik, industrially, Enkhuizen is home to a number of seed production companies, as well as a plastics factory. Tourism is a part of the economy, too. The municipality of Enkhuizen consists of the cities, towns, villages and/or districts, Enkhuizen, Oosterdijk. Furthermore, during summer ferries for pedestrians and cyclists operate between Enkhuizen and Stavoren, between Enkhuizen and Medemblik, and between Enkhuizen and Urk and it is also possible to drive or cycle across the Houtribdijk to Lelystad, passing under naviduct near the Krabbersgat lock. Media related to Enkhuizen at Wikimedia Commons Enkhuizen travel guide from Wikivoyage Official website
8.
Stock
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The stock of a corporation is constituted of the equity stock of its owners. A single share of the stock represents fractional ownership of the corporation in proportion to the number of shares. In liquidation, the stock represents the residual assets of the company that would be due to stockholders after discharge of all senior claims such as secured and unsecured debt. Stockholders equity cannot be withdrawn from the company in a way that is intended to be detrimental to the companys creditors, the stock of a corporation is partitioned into shares, the total of which are stated at the time of business formation. Additional shares may subsequently be authorized by the shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value, in other jurisdictions, however, shares of stock may be issued without associated par value. Shares represent a fraction of ownership in a business, a business may declare different types of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a stock certificate. A stock certificate is a document that specifies the amount of shares owned by the shareholder. Stock typically takes the form of shares of common stock or preferred stock. As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions, shares of such stock are called convertible preferred shares. New equity issue may have specific legal clauses attached that differentiate them from previous issues of the issuer. Some shares of stock may be issued without the typical voting rights, for instance, or some shares may have special rights unique to them. Often, new issues that have not been registered with a governing body may be restricted from resale for certain periods of time. Preferred stock may be hybrid by having the qualities of bonds of fixed returns and they also have preference in the payment of dividends over common stock and also have been given preference at the time of liquidation over common stock. They have other features of accumulation in dividend, Rule 144 Stock is an American term given to shares of stock subject to SEC Rule 144, Selling Restricted and Control Securities. Under Rule 144, restricted and controlled securities are acquired in unregistered form, investors either purchase or take ownership of these securities through private sales from the issuing company or from an affiliate of the issuer. Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock and these individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule 144
9.
Exchange rate
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In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one currency in relation to another currency. For example, an exchange rate of 119 Japanese yen to the United States dollar means that ¥119 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥119. In this case it is said that the price of a dollar in relation to yen is ¥119, trading from 20,15 GMT on Sunday until 22,00 GMT Friday. The spot exchange rate refers to the current exchange rate, the forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers, most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, the quoted rates will incorporate an allowance for a dealers margin in trading, or else the margin may be recovered in the form of a commission or in some other way. Different rates may also be quoted for cash, a form or electronically. The higher rate on documentary transactions has been justified as compensating for the additional time, on the other hand, cash is available for resale immediately, but brings security, storage, and transportation costs, and the cost of tying up capital in a stock of banknotes. Currency for international travel and cross-border payments is predominantly purchased from banks, foreign exchange brokerages and these retail outlets source currency from the inter-bank markets, which are valued by the Bank for International Settlements at 5.3 trillion US dollars per day. The purchase is made at the contract rate. Retail customers will be charged, in the form of commission or otherwise, to cover the providers costs, one form of charge is the use of an exchange rate that is less favourable than the wholesale spot rate. The difference between retail buying and selling prices is referred to as the bid-ask spread, in the foreign exchange market, a currency pair is the quotation of the relative value of a currency unit against the unit of another currency. The quotation EUR/USD1.3225 means that 1 Euro will buy 1.3225 US dollars, in other words, this is the price of a unit of Euro in US dollars. Here, EUR is called the Fixed currency, while USD is called the Variable currency, there is a market convention that determines which is the fixed currency and which is the variable currency. In most parts of the world, the order is, EUR – GBP – AUD – NZD – USD – others. Accordingly, in a conversion from EUR to AUD, EUR is the currency, AUD is the variable currency. Cyprus and Malta, which were quoted as the base to the USD, in some areas of Europe and in the retail market in the United Kingdom, EUR and GBP are reversed so that GBP is quoted as the fixed currency to the euro
10.
Stock exchange
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A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks, bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as continuous auction markets, with buyers and sellers consummating transactions at a central location, to be able to trade a security on a certain stock exchange, it must be listed there. Trade on an exchange is restricted to brokers who are members of the exchange, the initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market, supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks. There is usually no obligation for stock to be issued via the exchange itself. Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a securities market. The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans, there is little consensus among scholars as to when corporate stock was first traded. Some see the key event as the Dutch East India Companys founding in 1602, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time. Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock. Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in Amsterdam took many forms, by the 1620s, the company was expanding its securities issuance with the first use of corporate bonds
11.
Currency
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A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, silver, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
