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Stock

From Wikipedia, the free encyclopedia
This article is about the total shares in a business. For individual units of corporate stock, see Share (finance). For "capital stock" as an input to production, see Physical capital. For the goods and materials a business holds, see Inventory. For other uses, see Stock (disambiguation).

Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the shares by which ownership of a corporation or company is divided under its certificate of incorporation.[1] A single share of the stock represents a fractional interest in the corporation, deemed as personal property, in proportion to the total number of authorized and issued shares.[2] This typically entitles the shareholder (stockholder) to a proportional interest in the company's earnings and proceeds from the liquidation of assets after the discharge of all senior claims.[3] Not all stock is necessarily equal, as a corporation may issue different classes of stock with varying voting powers, designations, or priorities.[4]

Stock can be bought and sold privately or on stock exchanges, subject to federal and state securities regulations.[5] When new shares are issued, the ownership and rights of existing shareholders may be diluted unless preemptive rights are specifically granted in the charter.[6] Corporations may also buy back stock, which is legally permitted provided the capital of the corporation is not impaired.[7] Stock options issued as compensation represent a contractual right to purchase shares at a future time at a specified price, but do not constitute ownership until the option is exercised.[8]

Stock transactions conducted in private markets, often involving unregistered securities, fall within the private equity realm and are governed by specific exemptions from registration.[9] These exemptions permit trading on the condition that no public solicitation occurs, acting as a statutory exception to the general prohibition on the sale of unregistered securities.[5]

Shares

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A person who owns a percentage of the stock has the ownership of the corporation proportional to their share.[10] The shares form a stock; the stock of a corporation is partitioned into shares, the total of which are stated at the time of business formation.[11] Additional shares may subsequently be authorized by the existing shareholders and issued by the company.[12]

In some jurisdictions, each share of stock has a certain declared par value, which is a nominal accounting value used to represent the equity on the balance sheet of the corporation.[13] In other jurisdictions, however, shares of stock may be issued without associated par value.[14]

Shares represent a fraction of ownership in a business. A business may declare different types (or classes) of shares, each having distinctive ownership rules, privileges, or share values.[15] Ownership of shares may be documented by issuance of a stock certificate. A stock certificate is a legal document that specifies the number of shares owned by the shareholder, and other specifics of the shares.[16]

In the United Kingdom, Republic of Ireland, South Africa, and Australia, stock can also refer, less commonly, to all kinds of marketable securities.[17]

Types

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Stock typically takes the form of shares of either common stock or preferred stock, as authorized within a corporation's certificate of incorporation.[1] As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions, unless the board of directors restricts such powers in the governing documents.[18] Preferred stock differs from common stock in that it may be denied voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders.[19] Convertible preferred stock includes the statutory right of the holder to convert the preferred shares into a fixed number of common shares at specified times.[20]

New equity issues may have specific legal designations and preferences attached that differentiate them from previous issues.[21] Some shares of common stock may be issued without typical voting rights, or with special rights unique to them, as determined by the board of directors under "blank check" authority.[22] Often, new issues that have not been registered under the Securities Act are restricted from resale under federal securities law.[5]

Preferred stock may be hybrid by having the qualities of bonds (fixed returns) and common stock (potential voting rights).[23] They also have preference in the payment of dividends and at the time of liquidation over common stock.[24] They often feature "cumulative" dividend rights, where unpaid dividends must be settled before common shareholders receive any payment.[25] In addition, preferred stock usually comes with a letter designation; these rights or privileges are governed by the underlying company's certificate of designations.[26]

Rule 144 stock

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"Rule 144 Stock" is an American term given to shares of stock subject to SEC Rule 144 regarding the resale of restricted and control securities.[27] Under Rule 144, restricted and controlled securities are acquired in unregistered form from the issuer or an affiliate.[28] Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock.[29] Rule 144 allows public re-sale of restricted securities only if a number of specific conditions, such as holding periods and volume limitations, are met.[30]

Stock derivatives

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Further information: Equity derivative

A stock derivative is any financial instrument for which the underlying asset is the price of an equity, legally defined as a contract that derives its value from the performance of an underlying share or index.[31] Futures and options are the main types of derivatives on stocks regulated under the Commodity Exchange Act and securities laws.[32] The underlying security may be a stock index or an individual firm's stock, such as single-stock futures.

Stock futures are contracts where the buyer is long, taking on the legal obligation to buy on the contract maturity date, and the seller is short, taking on the obligation to sell.[33] Stock index futures are generally delivered by cash settlement rather than physical delivery of the underlying shares.

A stock option is a class of option regulated as a security. Specifically, a call option is the right (not obligation) to buy stock in the future at a fixed price and a put option is the right (not obligation) to sell stock in the future at a fixed price.[34] Thus, the value of a stock option changes in reaction to the underlying stock of which it is a derivative. While various mathematical models exist for valuation, the Black–Scholes model is a widely recognized standard for determining the fair market value of transferable options.[35] Apart from call options granted to employees, which are often subject to transfer restrictions, most stock options are transferable.

History

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During the Roman Republic, the state contracted (leased) out many of its services to private companies. These government contractors were called publicani, or societas publicanorum as individual companies.[36] These companies were similar to modern corporations, or joint-stock companies more specifically, in a couple of aspects. They issued shares called partes (for large cooperatives) and particulae which were small shares that acted like today's over-the-counter shares.[37] Polybius mentions that "almost every citizen" participated in the government leases.[38][39] There is also evidence that the price of stocks fluctuated. The Roman orator Cicero speaks of partes illo tempore carissimae, which means "shares that had a very high price at that time".[40] This implies a fluctuation of price and stock market behavior in Rome.

Around 1250 in France at Toulouse, 100 shares of the Société des Moulins du Bazacle, or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned.[41]

In 1288, the Bishop of Västerås acquired a 12.5% interest in Great Copper Mountain (Stora Kopparberget in Swedish) which contained the Falun Mine. The Swedish mining and forestry products company Stora has documented a stock transfer, in 1288 in exchange for an estate.[42]

The 12.5% share of the Great Copper Mountain, dated June 16, 1288

The earliest recognized joint-stock company in modern times was the English (later British) East India Company. It was granted an English Royal Charter by Elizabeth I on 31 December 1600, with the intention of favouring trade privileges in India. The Royal Charter effectively gave the newly created Honourable East India Company (HEIC) a 15-year monopoly on all trade in the East Indies.[43]

Soon afterwards, in 1602,[44] the Dutch East India Company issued the first shares that were made tradeable on the Amsterdam Stock Exchange. Between 1602 and 1796 it traded 2.5 million tons of cargo with Asia on 4,785 ships and sent a million Europeans to work in Asia.

Shareholder

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Main article: Shareholder
Stock certificate for ten shares of the Baltimore and Ohio Railroad Company

A shareholder (or stockholder) is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. Both private and public traded companies have shareholders.

Shareholders are granted special privileges depending on the class of stock, including the right to vote on matters such as elections to the board of directors, the right to share in distributions of the company's income, the right to purchase new shares issued by the company, and the right to a company's assets during a liquidation of the company. However, shareholder's rights to a company's assets are subordinate to the rights of the company's creditors.

Shareholders are one type of stakeholders, who may include anyone who has a direct or indirect equity interest in the business entity or someone with a non-equity interest in a non-profit organization. Thus it might be common to call volunteer contributors to an association stakeholders, even though they are not shareholders.

Although directors and officers of a company are bound by fiduciary duties to act in the best interest of the shareholders, the shareholders themselves normally do not have such duties towards each other.

However, in a few unusual cases, some courts have been willing to imply such a duty between shareholders. For example, in California, United States, majority shareholders of closely held corporations have a duty not to destroy the value of the shares held by minority shareholders.[45][46]

The largest shareholders (in terms of percentages of companies owned) are often mutual funds, and, especially, passively managed exchange-traded funds.[citation needed]

Application

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The owners of a private company may want additional capital to invest in new projects within the company.[47] They may also simply wish to reduce their holding, freeing up capital for their own private use.[48] They can achieve these goals by selling shares in the company to the general public, through a sale on a stock exchange.[49] This process is called an initial public offering, or IPO.[49]

By selling shares they can sell part or all of the company to many part-owners.[47] The purchase of one share entitles the owner of that share to literally share in the ownership of the company, a fraction of the decision-making power, and potentially a fraction of the profits, which the company may issue as dividends.[50] The owner may also inherit risks associated with debt and even litigation against the corporate entity.[51]

In the common case of a publicly traded corporation, where there may be thousands of shareholders, it is impractical to have all of them making the daily decisions required to run a company.[52] Thus, the shareholders will use their shares as votes in the election of members of the board of directors of the company.[53]

In a typical case, each share constitutes one vote.[54] Corporations may, however, issue different classes of shares, which may have different voting rights.[47] Owning the majority of the shares allows other shareholders to be out-voted – effective control rests with the majority shareholder (or shareholders acting in concert).[54] In this way the original owners of the company often still have control of the company.[54]

Shareholder rights

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Although ownership of 50% of shares does result in 50% ownership of a company, it does not give the shareholder the right to use a company's building, equipment, materials, or other property.[55] This is because the company is considered a legal person, thus it owns all its assets itself.[56] This is important in areas such as insurance, which must be in the name of the company and not the main shareholder.[55]

In most countries, boards of directors and company managers have a fiduciary responsibility to run the company in the interests of its stockholders.[52] Nonetheless, management functions are legally separated from ownership, often creating a gap between the interests of passive minority stockholders and corporate insiders.[57] Instead, there are both "communities of interest" and "conflicts of interest" between stockholders (principal) and management (agent).[58] This conflict is referred to as the principal–agent problem.[58] It would be naive to think that any management would forego management compensation, and management entrenchment, just because some of these management privileges might be perceived as giving rise to a conflict of interest with OPMIs.[58]

Even though the board of directors runs the company, the shareholder has some impact on the company's policy, as the shareholders elect the board of directors.[53] Each shareholder typically has a percentage of votes equal to the percentage of shares he or she owns.[54] So as long as the shareholders agree that the management (agent) are performing poorly they can select a new board of directors which can then hire a new management team.[52] In practice, however, genuinely contested board elections are rare.[53] Board candidates are usually nominated by insiders or by the board of the directors themselves, and a considerable amount of stock is held or voted by insiders.[53]

Owning shares does not mean responsibility for liabilities.[59] If a company goes broke and has to default on loans, the shareholders are not liable in any way.[59] However, all money obtained by converting assets into cash will be used to repay loans and other debts first, so that shareholders cannot receive any money unless and until creditors have been paid.[60]

Means of financing

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Financing a company through the sale of stock in a company is known as equity financing.[47] Alternatively, debt financing (for example issuing bonds) can be done to avoid giving up shares of ownership of the company.[61] Unofficial financing known as trade financing usually provides the major part of a company's working capital.[62]

Trading

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In general, the shares of a company may be transferred from shareholders to other parties by sale or other mechanisms, unless prohibited by the certificate of incorporation.[63] Most jurisdictions have established laws and regulations governing such transfers, particularly if the issuer is a publicly traded entity.[64]

The desire of stockholders to trade their shares has led to the establishment of stock exchanges, which are regulated as national securities exchanges.[65] Today, stock traders are usually represented by a stockbroker who must be registered under federal law.[66] A company may list its shares on an exchange by meeting and maintaining specific listing requirements approved by regulatory bodies.[67]

Many large non-U.S. companies choose to list on a U.S. exchange through American Depositary Receipts (ADRs).[68] These companies must maintain a block of shares at a custodian bank, which issues the ADRs representing the foreign equity.[68] Likewise, U.S. companies may list shares abroad subject to foreign jurisdiction laws.

Small companies may be traded over-the-counter (OTC) via off-exchange mechanisms.[66] The major OTC markets, such as the OTC Bulletin Board, are subject to specific quotation requirements.[69] Shares of companies in bankruptcy proceedings often move to these services following delisting from major exchanges.[64]

Buying

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The most common method of buying stocks is through a registered broker-dealer.[66] Brokerage firms arrange the legal transfer of title from seller to buyer.[70] Most trades are executed through brokers affiliated with a registered exchange.[65]

Investors may choose between full-service brokers and discount brokers, both of which are governed by "Best Execution" obligations.[66] Another type of broker is a financial institution operating under specific regulatory exemptions.[71]

Stock can also be purchased directly from the company through Direct Stock Purchase Plans or Direct Public Offerings.[72] When financing a purchase, buyers may use their own capital or buy "on margin" by borrowing against collateral.[73] Margin requirements are strictly controlled by the Federal Reserve to ensure market stability.[73] Brokers typically charge interest on these loans, governed by the brokerage agreement and usury laws.

Selling

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Selling stock is legally a transfer of an investment security under the Uniform Commercial Code.[70] Investors may sell to realize gains or to mitigate further losses. As with buying, a transaction fee is typically charged, subject to disclosure requirements.[74]

On selling the stock, capital gains taxes may be due on proceeds exceeding the cost basis.[75] The efficient market hypothesis suggests that prices reflect all known information, a concept integrated into the "Fraud-on-the-Market" legal doctrine.[76]

Short selling

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Short selling involves the sale of a security that the seller does not own, settled by delivery of borrowed securities.[77] The investor bets that the price will drop, allowing them to buy back the shares at a lower price to return to the lender.[77] The risks are theoretically unlimited because there is no cap on how high a stock price can rise.[77]

Stock price fluctuations

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Stock prices are determined by supply and demand, influenced by material information disclosures required by law.[78] Fundamental and technical analyses are used to interpret these changes. Market manipulation, such as "pump and dump" schemes, is strictly prohibited under anti-fraud provisions.[74]

Share price determination

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At any given moment, the price is an equilibrium between the float (supply) and investor demand.[78] The efficient market hypothesis suggests that prices reflect all known information, a concept integrated into the "Fraud-on-the-Market" legal doctrine.[74] Prices result from discounting expected future cash flows, a valuation method recognized in Delaware appraisal rights cases.[79]

Behavioral finance suggests that irrationality can cause prices to deviate from fundamental value, such as during "bubbles" governed by the "greater fool theory."

Arbitrage trading

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Discrepancies in valuation between different exchanges allow for arbitrage, which is the simultaneous purchase and sale of an asset to profit from a difference in the price.[74] Electronic trading has significantly increased price transparency and reduced the duration of these discrepancies.[80]

See also

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Notes

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References

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  1. ^ a b "Delaware Code Title 8, § 102 - Contents of certificate of incorporation". Delaware Code Online.
  2. ^ "Delaware Code Title 8, § 159 - Shares of stock; personal property". Delaware Code Online.
  3. ^ "Delaware Code Title 8, § 151 - Classes and series of stock; rights". Delaware Code Online.
  4. ^ "Delaware Code Title 8, § 151(a) - Powers and designations". Delaware Code Online.
  5. ^ a b c "15 U.S. Code § 77e - Prohibitions relating to interstate commerce and the mails". Legal Information Institute.
  6. ^ "Delaware Code Title 8, § 102(b)(3) - Preemptive rights". Delaware Code Online.
  7. ^ "Delaware Code Title 8, § 160 - Corporation's powers respecting ownership of its own stock". Delaware Code Online.
  8. ^ "26 U.S. Code § 422 - Incentive stock options". Legal Information Institute.
  9. ^ "15 U.S. Code § 77d - Exempted transactions". Legal Information Institute.
  10. ^ "Delaware Code Title 8, § 159: Shares of stock; personal property". Delaware Code Online. Retrieved 31 December 2025. The shares of stock in every corporation shall be deemed personal property and transferable...
  11. ^ "Delaware Code Title 8, § 102: Contents of certificate of incorporation". Delaware Code Online. Retrieved 31 December 2025. (a)(4) The total number of shares of stock which the corporation shall have authority to issue...
  12. ^ "Delaware Code Title 8, § 161: Issuance of additional stock". Delaware Code Online. Retrieved 31 December 2025.
  13. ^ "Delaware Code Title 8, § 153: Consideration for stock". Delaware Code Online. Retrieved 31 December 2025. Shares of stock with par value may be issued for such consideration... as is determined... by the board of directors.
  14. ^ "Delaware Code Title 8, § 153(b): Stock without par value". Delaware Code Online. Retrieved 31 December 2025.
  15. ^ "Delaware Code Title 8, § 151: Classes and series of stock". Delaware Code Online. Retrieved 31 December 2025.
  16. ^ "Delaware Code Title 8, § 158: Stock certificates; uncertificated shares". Delaware Code Online. Retrieved 31 December 2025.
  17. ^ "stock". Cambridge Advanced Learner's Dictionary. Archived from the original on 26 August 2009. Retrieved 12 February 2010.
  18. ^ "Delaware Code Title 8, § 151(a): Classes and series of stock; voting powers". Delaware Code Online. Retrieved 31 December 2025.
  19. ^ "Delaware Code Title 8, § 151(c): Preferred stock dividends". Delaware Code Online. Retrieved 31 December 2025.
  20. ^ "Delaware Code Title 8, § 151(e): Convertible stock". Delaware Code Online. Retrieved 31 December 2025.
  21. ^ "Delaware Code Title 8, § 151(g): Certificate of designations". Delaware Code Online. Retrieved 31 December 2025.
  22. ^ "Delaware Code Title 8, § 151(a): Voting powers and restrictions". Delaware Code Online. Retrieved 31 December 2025.
  23. ^ "Delaware Code Title 8, § 151: Statutory authority for hybrid instruments". Delaware Code Online. Retrieved 31 December 2025.
  24. ^ "Delaware Code Title 8, § 151(d): Preference on liquidation". Delaware Code Online. Retrieved 31 December 2025.
  25. ^ "Delaware Code Title 8, § 151(c): Cumulative dividends". Delaware Code Online. Retrieved 31 December 2025.
  26. ^ "Delaware Code Title 8, § 151(g): Filing of certificate of designations". Delaware Code Online. Retrieved 31 December 2025.
  27. ^ "17 CFR § 230.144 - Persons deemed not to be engaged in a distribution and therefore not underwriters". LII / Legal Information Institute. Retrieved 31 December 2025.
  28. ^ "Rule 144: Selling Restricted and Control Securities". U.S. Securities and Exchange Commission. Retrieved 31 December 2025.
  29. ^ "SEC Rule 144 Resale Requirements". U.S. Securities and Exchange Commission. Retrieved 31 December 2025.
  30. ^ "17 CFR § 230.144(c)-(f): Conditions to be met". Legal Information Institute. Retrieved 31 December 2025.
  31. ^ "7 U.S. Code § 1a - Definitions: Derivatives". LII / Legal Information Institute. Retrieved 31 December 2025.
  32. ^ "Commodity Exchange Act". U.S. Commodity Futures Trading Commission. Retrieved 31 December 2025.
  33. ^ "26 U.S. Code § 1256 - Section 1256 contracts marked to market". Legal Information Institute. Retrieved 31 December 2025.
  34. ^ "26 U.S. Code § 1234 - Options to buy or sell". LII / Legal Information Institute. Retrieved 31 December 2025.
  35. ^ "26 U.S. Code § 409A - Inclusion in gross income of deferred compensation (Valuation of Options)". Legal Information Institute. Retrieved 31 December 2025.
  36. ^ Livy, Ab Urbe Condita
  37. ^ (Cic. pro Rabir. Post. 2; Val. Max. VI.9 §7)
  38. ^ (Polybius, 6, 17, 3)
  39. ^ Hawk, Barry (2015). Law and Commerce in Pre-Industrial Societies. Brill Publishers. p. 232. ISBN 978-90-04-30622-6. Archived from the original on 10 February 2023. Retrieved 8 February 2023.
  40. ^ (Cicero, P. VAT. 12, 29.)
  41. ^ "Paris: It Started with the Lyons Bourse | NYSE Euronext". Archived from the original on 13 September 2012. Retrieved 18 December 2009.
  42. ^ International Council on Monuments and Sites (ICOMOS) (2000), Mining Area of the Great Copper Mountain in Falun – Advisory Body Evaluation (PDF), United Nations Educational, Scientific and Cultural Organization, archived from the original (PDF) on 12 June 2004
  43. ^ Irwin, Douglas A. (December 1991). "Mercantilism as Strategic Trade Policy: The Anglo-Dutch Rivalry for the East India Trade" (PDF). The Journal of Political Economy. 99 (6). The University of Chicago Press: 1296–1314. doi:10.1086/261801. JSTOR 2937731. S2CID 17937216. Archived (PDF) from the original on 31 July 2020. Retrieved 31 July 2019. at 1299.
  44. ^ Stringham, Edward (2003). "The Extralegal Development of Securities Trading in Seventeenth Century Amsterdam". SSRN 1676251.
  45. ^ Jones v. H. F. Ahmanson & Co., 1 Cal. 3d)
  46. ^ "Jones v. H.F. Ahmanson & Co. (1969) 1 C3d 93". Online.ceb.com. Archived from the original on 10 May 2008. Retrieved 12 February 2010.
  47. ^ a b c d "8 Del. C. § 151 - Classes and series of stock; rights". Delaware Code Online.
  48. ^ "15 U.S. Code § 77d - Exempted transactions". Legal Information Institute.
  49. ^ a b "15 U.S. Code § 77e - Prohibitions relating to interstate commerce and the mails". Legal Information Institute.
  50. ^ "8 Del. C. § 170 - Dividends; payment; series of stock". Delaware Code Online.
  51. ^ "8 Del. C. § 325 - Actions against officers, directors or stockholders to enforce liability of corporation". Delaware Code Online.
  52. ^ a b c "8 Del. C. § 141 - Board of directors; powers; number, qualifications, terms and quorum". Delaware Code Online.
  53. ^ a b c d "8 Del. C. § 211 - Meetings of stockholders". Delaware Code Online.
  54. ^ a b c d "8 Del. C. § 212 - Voting rights of stockholders; proxies; limitations". Delaware Code Online.
  55. ^ a b "8 Del. C. § 122 - Specific powers". Delaware Code Online.
  56. ^ "8 Del. C. § 106 - Commencement of corporate existence". Delaware Code Online.
  57. ^ "8 Del. C. § 141(a) - Management by Board of Directors". Delaware Code Online.
  58. ^ a b c "8 Del. C. § 144 - Interested directors; quorum". Delaware Code Online.
  59. ^ a b "8 Del. C. § 102(b)(6) - Provision eliminating or limiting personal liability". Delaware Code Online.
  60. ^ "8 Del. C. § 281 - Payment and distribution to claimants and stockholders". Delaware Code Online.
  61. ^ "8 Del. C. § 122(13) - Power to borrow money". Delaware Code Online.
  62. ^ "Uniform Commercial Code Article 9 - Secured Transactions". Legal Information Institute.
  63. ^ "8 Del. C. § 151 - Classes and series of stock; rights". Delaware Code Online.
  64. ^ a b "15 U.S. Code § 78l - Registration requirements for securities". Legal Information Institute.
  65. ^ a b "15 U.S. Code § 78f - National securities exchanges". Legal Information Institute.
  66. ^ a b c d "15 U.S. Code § 78o - Registration and regulation of brokers and dealers". Legal Information Institute.
  67. ^ "15 U.S. Code § 78s - Registration, responsibilities, and oversight of self-regulatory organizations". Legal Information Institute.
  68. ^ a b "17 CFR § 229.202 - Description of registrant's securities". eCFR.
  69. ^ "17 CFR § 240.15c2-11 - Publication or submission of quotations without specified information". eCFR.
  70. ^ a b "Uniform Commercial Code Article 8 - Investment Securities". Legal Information Institute.
  71. ^ "15 U.S. Code § 78c - Definitions and application". Legal Information Institute.
  72. ^ "15 U.S. Code § 77e - Prohibitions relating to interstate commerce". Legal Information Institute.
  73. ^ a b "12 CFR Part 220 - Credit by Brokers and Dealers (Regulation T)". eCFR.
  74. ^ a b c d "17 CFR § 240.10b-5 - Employment of manipulative and deceptive devices". eCFR.
  75. ^ "26 U.S. Code § 1001 - Determination of amount of and recognition of gain or loss". Legal Information Institute.
  76. ^ Basic Inc. v. Levinson, 485 U.S. 224 (U.S. Supreme Court 1988).
  77. ^ a b c "17 CFR § 242.200 - Regulation SHO". eCFR.
  78. ^ a b "15 U.S. Code § 78m - Periodical and other reports". Legal Information Institute.
  79. ^ "8 Del. C. § 262 - Appraisal rights". Delaware Code Online.
  80. ^ "15 U.S. Code § 78k-1 - National market system for securities". Legal Information Institute.


Further reading

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