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Transfer of control of a firm from one group of shareholders to another group.

Tax-deferred Retirement Plans

Employee-sponsored and other plans that allow contributions and earnings to be made and accumulate tax-free until they are paid out as benefits. Withdrawals are subject to ordinary income tax and may be subject to a 10 percent tax penalty if taken prior to age 59 1/2 .

Tenancy in Common

A form of joint property agreement without right of survivorship.

Tender Offer

General offer made publicly and directly to a firm’s shareholders to buy their stock at a price well above the current market price.

Term Life Insurance

A contract that provides a death benefit but no cash accumulation or investment component.

Third Market

OTC trading of exchange-listed securities by non-exchange member brokers.


Minimum change in a security’s price, either up or down.


A scrolling, constantly updated list of current or recent security prices and/or volume.

Time Horizon

The length of time an investor hold an asset.


A verbal or electronic transaction involving one party buying a security from another. Settlement occurs one to three days later.


People who take a position in securities with the objective of making profits.


1) A change of asset ownership; 2) Moving funds between accounts.

Transfer Agent

Person employed by a firm to maintain shareholder information.

Treasury Bonds

Debts issued by the U.S. Treasury with maturities of 10 years or more.

Treasury Stock

Common stock repurchased and held by the company.

Turnover Rate

Annual share volume expressed as a percentage of total listed shares on an exchange.