90:; the issuing company promises not to issue further shares below par value, so investors can be confident that no one else will receive a more favorable issue price. Thus, par value is the nominal value of a security which is determined by the issuing company to be its minimum price. This was far more important in unregulated equity markets than in the regulated markets that exist today, where stock issuance prices must usually be published. The par value of stock remains unchanged in a bonus stock issue but it changes in a
135:
have "no par value" printed on their certificates. Instead of par value, some U.S. states allow no-par stocks to have a stated value, set by the board of directors of the corporation, which serves the same purpose as par value in setting the minimum legal capital that the corporation must have after
177:
Par value also refers to the official gold content of a currency. The Act to Amend the Par Value
Modification Act of 1973 of September 21, 1973 lowered the par value of the dollar against gold from $ 35 to $ 42.2222 where it remains today. This is why the face value of a 1 oz gold coin is $ 50,
128:
Even in jurisdictions that permit the issue of stock with no par value, the par value of a stock may affect its tax treatment. For example, Delaware permits the issue of stock either with or without a par value, but by choosing to assign a par value, a corporation may significantly reduce its
116:
issued today do not have par values; those that do (usually only in jurisdictions where par values are required by law) have extremely low par values (often the smallest unit of currency in circulation), for example a penny
86:
has no relation to market value and, as a concept, is somewhat archaic. The par value of a share is the value stated in the corporate charter below which shares of that class cannot be sold upon
140:
689:
655:
74:
selling at par is priced at 100% of face value. Par can also refer to a bond's original issue value or its value upon redemption at maturity.
150:, which renders the owner of those shares liability to the corporation for any calls on those shares up to the par value of the shares.
682:
643:
649:
675:
256:
213:
920:
579:
171:
574:
945:
569:
445:
939:
1468:
1422:
1362:
1158:
1064:
1148:
1116:
1020:
974:
957:
910:
385:
158:
The term "at par" is also used when two currencies are exchanged at equal value (for instance, in 1964,
933:
927:
425:
167:
163:
249:
1322:
997:
584:
1473:
1276:
1137:
1032:
915:
1164:
518:
420:
101:
value for the stock on the company's financial statement. Par value is also used to calculate
1302:
1111:
564:
528:
365:
324:
1437:
1357:
1122:
1106:
1069:
951:
894:
862:
242:
47:
143:: the call price is usually either par value or a small fixed percentage over par value.
125:$ 25.00/share. Most jurisdictions do not allow a company to issue stock below par value.
8:
1367:
1312:
1236:
1096:
1026:
855:
828:
334:
159:
1407:
1382:
1342:
1327:
1246:
1216:
1185:
1143:
887:
797:
787:
410:
1271:
1256:
1008:
617:
543:
395:
317:
1372:
1292:
1088:
969:
845:
764:
720:
698:
607:
478:
450:
390:
375:
87:
217:
1447:
1442:
1377:
1352:
1287:
1261:
1241:
1200:
1195:
1190:
1175:
1170:
1058:
992:
984:
872:
759:
622:
612:
415:
405:
400:
329:
1402:
1397:
1297:
1282:
1043:
1038:
1003:
802:
769:
715:
707:
523:
508:
473:
460:
435:
339:
307:
276:
71:
1462:
1266:
1251:
1226:
1180:
1132:
835:
792:
779:
730:
627:
602:
513:
498:
488:
440:
380:
370:
192:
106:
102:
83:
1427:
1347:
1317:
1307:
1127:
1101:
850:
840:
823:
754:
749:
725:
538:
483:
430:
360:
286:
132:
113:
1432:
1412:
1392:
1387:
1332:
1221:
1153:
594:
533:
493:
468:
344:
312:
302:
265:
187:
147:
91:
20:
1417:
1337:
1014:
877:
98:
43:
31:
1053:
1048:
963:
882:
281:
667:
1231:
867:
548:
503:
1075:
27:
19:"Over par" and "Under par" redirect here. For the golf term, see
818:
234:
741:
122:
118:
97:
In accounting, the par value allows the company to put a
656:
Securities
Industry and Financial Markets Association
16:
Stated value or face value of a financial instrument
170:, and that switch was "at par", meaning that the
1460:
178:reflecting the par value of the dollar in gold.
136:paying any dividends or buying back its stock.
683:
250:
50:. Expressions derived from this term include
690:
676:
644:Commercial Mortgage Securities Association
257:
243:
174:replaced each old dollar with a new one).
146:The shares in a corporation may be issued
650:International Capital Market Association
121:$ 0.01) par value on a stock issued at
1461:
211:
697:
671:
238:
214:"Watch Out For Those Franchise Taxes"
139:Also, par value still matters for a
580:Commercial mortgage-backed security
172:Central Bank of Trinidad and Tobago
13:
575:Collateralized mortgage obligation
14:
1485:
212:Nassar, Anthony (February 2004).
946:Electronic communication network
264:
570:Collateralized debt obligation
446:Reverse convertible securities
205:
1:
940:Multilateral trading facility
198:
1363:Returns-based style analysis
1159:Post-modern portfolio theory
1065:Security characteristic line
7:
1117:Efficient-market hypothesis
1021:Capital asset pricing model
958:Straight-through processing
386:Contingent convertible bond
181:
153:
10:
1490:
934:Alternative Trading System
426:Inverse floating rate note
168:Trinidad and Tobago dollar
164:British West Indies dollar
18:
1209:
1084:
983:
903:
811:
778:
739:
705:
636:
593:
557:
459:
353:
295:
272:
129:franchise tax liability.
998:Arbitrage pricing theory
585:Mortgage-backed security
354:Types of bonds by payout
296:Types of bonds by issuer
77:
65:
1277:Initial public offering
1138:Modern portfolio theory
1033:Dividend discount model
916:List of stock exchanges
1165:Random walk hypothesis
519:Option-adjusted spread
421:Inflation-indexed bond
1303:Market capitalization
1112:Dollar cost averaging
565:Asset-backed security
529:Weighted-average life
366:Auction rate security
141:callable common stock
58:(over par value) and
1123:Fundamental analysis
1107:Contrarian investing
1070:Security market line
975:Liquidity aggregator
952:Direct market access
863:Quantitative analyst
558:Securitized products
54:(at the par value),
48:financial instrument
1469:Valuation (finance)
1368:Reverse stock split
1313:Market manipulation
1237:Dual-listed company
1097:Algorithmic trading
1027:Capital market line
829:Inter-dealer broker
335:Infrastructure bond
160:Trinidad and Tobago
62:(under par value).
1408:Stock market index
1247:Efficient frontier
1186:Technical analysis
1144:Momentum investing
966:(private exchange)
856:Proprietary trader
798:Shares outstanding
788:Authorised capital
411:Floating rate note
162:switched from the
1456:
1455:
1257:Flight-to-quality
1009:Buffett indicator
699:Financial markets
665:
664:
618:Exchangeable bond
544:Yield to maturity
396:Exchangeable bond
318:Subordinated debt
82:The par value of
1481:
1373:Share repurchase
1085:Trading theories
970:Crossing network
928:Over-the-counter
765:Restricted stock
721:Secondary market
692:
685:
678:
669:
668:
608:Convertible bond
451:Zero-coupon bond
391:Convertible bond
376:Commercial paper
259:
252:
245:
236:
235:
229:
228:
226:
225:
216:. Archived from
209:
88:initial offering
1489:
1488:
1484:
1483:
1482:
1480:
1479:
1478:
1459:
1458:
1457:
1452:
1443:Voting interest
1353:Public offering
1288:Mandatory offer
1262:Government bond
1242:DuPont analysis
1205:
1201:Value investing
1196:Value averaging
1191:Trend following
1176:Style investing
1171:Sector rotation
1086:
1080:
1059:Net asset value
985:Stock valuation
979:
899:
807:
774:
760:Preferred stock
735:
701:
696:
666:
661:
632:
623:Extendible bond
613:Embedded option
589:
553:
455:
416:High-yield debt
406:Fixed rate bond
401:Extendible bond
349:
330:Government bond
325:Distressed debt
291:
268:
263:
233:
232:
223:
221:
210:
206:
201:
184:
156:
80:
68:
24:
17:
12:
11:
5:
1487:
1477:
1476:
1474:Bond valuation
1471:
1454:
1453:
1451:
1450:
1445:
1440:
1435:
1430:
1425:
1420:
1415:
1410:
1405:
1403:Stock exchange
1400:
1398:Stock dilution
1395:
1390:
1385:
1380:
1375:
1370:
1365:
1360:
1355:
1350:
1345:
1340:
1335:
1330:
1325:
1323:Mean reversion
1320:
1315:
1310:
1305:
1300:
1298:Market anomaly
1295:
1290:
1285:
1280:
1274:
1269:
1264:
1259:
1254:
1249:
1244:
1239:
1234:
1229:
1224:
1219:
1217:Bid–ask spread
1213:
1211:
1207:
1206:
1204:
1203:
1198:
1193:
1188:
1183:
1178:
1173:
1168:
1162:
1156:
1151:
1146:
1141:
1135:
1130:
1125:
1120:
1114:
1109:
1104:
1099:
1093:
1091:
1082:
1081:
1079:
1078:
1073:
1067:
1062:
1056:
1051:
1046:
1044:Earnings yield
1041:
1039:Dividend yield
1036:
1030:
1024:
1018:
1012:
1006:
1001:
995:
989:
987:
981:
980:
978:
977:
972:
967:
961:
955:
949:
943:
937:
931:
930:(off-exchange)
925:
924:
923:
918:
907:
905:
904:Trading venues
901:
900:
898:
897:
892:
891:
890:
880:
875:
870:
865:
860:
859:
858:
853:
843:
838:
833:
832:
831:
826:
815:
813:
809:
808:
806:
805:
803:Treasury stock
800:
795:
790:
784:
782:
776:
775:
773:
772:
770:Tracking stock
767:
762:
757:
752:
746:
744:
737:
736:
734:
733:
728:
723:
718:
716:Primary market
712:
710:
703:
702:
695:
694:
687:
680:
672:
663:
662:
660:
659:
653:
647:
640:
638:
634:
633:
631:
630:
625:
620:
615:
610:
605:
599:
597:
591:
590:
588:
587:
582:
577:
572:
567:
561:
559:
555:
554:
552:
551:
546:
541:
536:
531:
526:
524:Risk-free bond
521:
516:
511:
509:Mortgage yield
506:
501:
496:
491:
486:
481:
476:
471:
465:
463:
461:Bond valuation
457:
456:
454:
453:
448:
443:
438:
436:Perpetual bond
433:
428:
423:
418:
413:
408:
403:
398:
393:
388:
383:
378:
373:
368:
363:
357:
355:
351:
350:
348:
347:
342:
340:Municipal bond
337:
332:
327:
322:
321:
320:
315:
308:Corporate bond
305:
299:
297:
293:
292:
290:
289:
284:
279:
273:
270:
269:
262:
261:
254:
247:
239:
231:
230:
203:
202:
200:
197:
196:
195:
190:
183:
180:
155:
152:
79:
76:
67:
64:
15:
9:
6:
4:
3:
2:
1486:
1475:
1472:
1470:
1467:
1466:
1464:
1449:
1446:
1444:
1441:
1439:
1436:
1434:
1431:
1429:
1426:
1424:
1421:
1419:
1416:
1414:
1411:
1409:
1406:
1404:
1401:
1399:
1396:
1394:
1391:
1389:
1386:
1384:
1381:
1379:
1378:Short selling
1376:
1374:
1371:
1369:
1366:
1364:
1361:
1359:
1356:
1354:
1351:
1349:
1346:
1344:
1341:
1339:
1336:
1334:
1331:
1329:
1326:
1324:
1321:
1319:
1316:
1314:
1311:
1309:
1306:
1304:
1301:
1299:
1296:
1294:
1291:
1289:
1286:
1284:
1281:
1278:
1275:
1273:
1270:
1268:
1267:Greenspan put
1265:
1263:
1260:
1258:
1255:
1253:
1252:Financial law
1250:
1248:
1245:
1243:
1240:
1238:
1235:
1233:
1230:
1228:
1227:Cross listing
1225:
1223:
1220:
1218:
1215:
1214:
1212:
1210:Related terms
1208:
1202:
1199:
1197:
1194:
1192:
1189:
1187:
1184:
1182:
1181:Swing trading
1179:
1177:
1174:
1172:
1169:
1166:
1163:
1160:
1157:
1155:
1152:
1150:
1149:Mosaic theory
1147:
1145:
1142:
1139:
1136:
1134:
1133:Market timing
1131:
1129:
1126:
1124:
1121:
1118:
1115:
1113:
1110:
1108:
1105:
1103:
1100:
1098:
1095:
1094:
1092:
1090:
1083:
1077:
1074:
1071:
1068:
1066:
1063:
1060:
1057:
1055:
1052:
1050:
1047:
1045:
1042:
1040:
1037:
1034:
1031:
1028:
1025:
1022:
1019:
1016:
1013:
1010:
1007:
1005:
1002:
999:
996:
994:
991:
990:
988:
986:
982:
976:
973:
971:
968:
965:
962:
959:
956:
953:
950:
947:
944:
941:
938:
935:
932:
929:
926:
922:
921:Trading hours
919:
917:
914:
913:
912:
909:
908:
906:
902:
896:
893:
889:
886:
885:
884:
881:
879:
876:
874:
871:
869:
866:
864:
861:
857:
854:
852:
849:
848:
847:
844:
842:
839:
837:
836:Broker-dealer
834:
830:
827:
825:
822:
821:
820:
817:
816:
814:
810:
804:
801:
799:
796:
794:
793:Issued shares
791:
789:
786:
785:
783:
781:
780:Share capital
777:
771:
768:
766:
763:
761:
758:
756:
753:
751:
748:
747:
745:
743:
738:
732:
731:Fourth market
729:
727:
724:
722:
719:
717:
714:
713:
711:
709:
704:
700:
693:
688:
686:
681:
679:
674:
673:
670:
657:
654:
651:
648:
645:
642:
641:
639:
635:
629:
628:Puttable bond
626:
624:
621:
619:
616:
614:
611:
609:
606:
604:
603:Callable bond
601:
600:
598:
596:
592:
586:
583:
581:
578:
576:
573:
571:
568:
566:
563:
562:
560:
556:
550:
547:
545:
542:
540:
537:
535:
532:
530:
527:
525:
522:
520:
517:
515:
514:Nominal yield
512:
510:
507:
505:
502:
500:
497:
495:
492:
490:
489:Current yield
487:
485:
484:Credit spread
482:
480:
477:
475:
472:
470:
467:
466:
464:
462:
458:
452:
449:
447:
444:
442:
441:Puttable bond
439:
437:
434:
432:
429:
427:
424:
422:
419:
417:
414:
412:
409:
407:
404:
402:
399:
397:
394:
392:
389:
387:
384:
382:
379:
377:
374:
372:
371:Callable bond
369:
367:
364:
362:
359:
358:
356:
352:
346:
343:
341:
338:
336:
333:
331:
328:
326:
323:
319:
316:
314:
311:
310:
309:
306:
304:
301:
300:
298:
294:
288:
285:
283:
280:
278:
275:
274:
271:
267:
260:
255:
253:
248:
246:
241:
240:
237:
220:on 2011-03-17
219:
215:
208:
204:
194:
193:Watered stock
191:
189:
186:
185:
179:
175:
173:
169:
165:
161:
151:
149:
144:
142:
137:
134:
133:No-par stocks
130:
126:
124:
120:
115:
114:common stocks
110:
108:
107:share capital
104:
103:legal capital
100:
95:
93:
89:
85:
75:
73:
63:
61:
57:
53:
49:
45:
41:
37:
33:
29:
22:
1428:Tender offer
1348:Public float
1318:Market trend
1308:Market depth
1128:Growth stock
1102:Buy and hold
1011:(Cap-to-GDP)
851:Floor trader
841:Market maker
824:Floor broker
812:Participants
755:Golden share
750:Common stock
726:Third market
637:Institutions
595:Bond options
539:Yield spread
431:Lottery bond
361:Accrual bond
287:Fixed income
222:. Retrieved
218:the original
207:
176:
157:
145:
138:
131:
127:
111:
96:
81:
69:
59:
55:
51:
40:stated value
39:
35:
25:
1433:Uptick rule
1413:Stock split
1393:Squeeze-out
1388:Speculation
1333:Open outcry
1222:Block trade
1154:Pairs trade
534:Yield curve
494:Dirty price
469:Clean price
345:Global bond
313:Senior debt
303:Agency bond
266:Bond market
188:Pull to par
166:to the new
148:partly paid
92:stock split
21:Par (score)
1463:Categories
1438:Volatility
1418:Stock swap
1338:Order book
1089:strategies
1015:Book value
883:Arbitrager
878:Speculator
224:2010-12-30
199:References
99:de minimis
44:face value
32:accounting
1054:Fed model
1049:EV/EBITDA
964:Dark pool
895:Regulator
740:Types of
706:Types of
474:Convexity
282:Debenture
60:under par
36:par value
1383:Slippage
1343:Position
1328:Momentum
1232:Dividend
911:Exchange
868:Investor
549:Z-spread
504:I-spread
499:Duration
182:See also
154:Currency
56:over par
1272:Haircut
1076:T-model
888:Scalper
708:markets
658:(SIFMA)
28:finance
1293:Margin
1161:(PMPT)
1023:(CAPM)
873:Hedger
846:Trader
819:Broker
742:stocks
652:(ICMA)
646:(CMSA)
479:Coupon
381:Consol
52:at par
38:means
1448:Yield
1423:Trade
1358:Rally
1279:(IPO)
1167:(RMH)
1140:(MPT)
1119:(EMH)
1072:(SML)
1061:(NAV)
1035:(DDM)
1029:(CML)
1000:(APT)
993:Alpha
960:(STP)
954:(DMA)
948:(ECN)
942:(MTF)
936:(ATS)
112:Many
84:stock
78:Stock
66:Bonds
46:of a
1283:Long
1087:and
1017:(BV)
1004:Beta
277:Bond
72:bond
30:and
123:USD
119:USD
109:.
105:or
42:or
26:In
1465::
94:.
70:A
34:,
691:e
684:t
677:v
258:e
251:t
244:v
227:.
117:(
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.