What Is a Nontraditional Mortgage? A nontraditional mortgage broadly describes mortgages that do not have standard conventional characteristics. These can refer to any type of mortgage that doesn’t conform to a standard amortization schedule or have standard installment payments. Nontraditional mortgages often come with higher interest rates because of the higher payment risks associated with
What Was a Noon Average Rate Contract (NARC)? A noon average rate contract (NARC) referred to a currency forward involving an official exchange rate published by a central bank at noon each day. Established by the Bank of Canada (BOC), NARCs typically used the forex rate between the U.S. and Canadian dollar as a point
What Was the Noon Rate? The noon rate was a forex term used by the Bank of Canada (BOC) publishing a specific instance of the foreign exchange rate between the U.S. dollar and the Canadian dollar (CAD), i.e., the USD/CAD rate. The noon rate was released by 12:45 p.m. each day by the central bank
What Is No-Par Value Stock? No-par value stock is issued without the specification of a par value indicated in a company’s articles of incorporation or on its stock certificates. Most shares issued are classified as no-par or low-par value stock, where prices of the latter are determined by the amount of cash investors are willing
What Is Net Operating Profit After Tax? Net operating profit after tax (NOPAT) is a financial measure that shows how well a company performed through its core operations, net of taxes. NOPAT is frequently used in economic value added (EVA) calculations and is a more accurate look at operating efficiency for leveraged companies. NOPAT does
What Is Net Operating Profit Less Adjusted Taxes (NOPLAT)? Net operating profit less adjusted taxes (NOPLAT) is a financial metric that calculates a firm’s operating profits after adjusting for taxes. By using operating income, or income before taking interest payments into account, NOPLAT serves as a better indicator of operating efficiency than net income. Key
What Is No Quote? No quote refers to a stock or other security that is inactive or not currently being traded, and so no current two-sided market readily exists. A no quote stock therefore does not have a current bid or ask price. No quote stocks may be infrequently traded and thus difficult to buy
What Is the Nordic Model? The Nordic model is the combination of social welfare and economic systems adopted by Nordic countries. It combines features of capitalism, such as a market economy and economic efficiency, with social benefits, such as state pensions and income distribution. The Nordic model, also known as the Scandinavian model, is most commonly
What Is a Normal Distribution? Normal distribution, also known as the Gaussian distribution, is a probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean. In graphical form, the normal distribution appears as a “bell curve”. Key Takeaways The normal
What Are Non-GAAP Earnings? Non-GAAP earnings are an alternative accounting method used to measure the earnings of a company. Many companies report non-GAAP earnings in addition to their earnings based on Generally Accepted Accounting Principles (GAAP). These pro forma figures, which exclude “one-time” transactions, can sometimes provide a more accurate measure of a company’s financial
