J

Fifth letter of a Nasdaq stock symbol specifying the issue is the voting
stock of the company.
JM
The two-character ISO 3166 country code for JAMAICA.
JMD
The ISO 4217 currency code for the Jamaican Dollar.
JO
The two-character ISO 3166 country code for JORDAN.
JOD
The ISO 4217 currency code for the Jordanian Dinar.
JP
The two-character ISO 3166 country code for JAPAN.
JPY
The ISO 4217 currency code for the Japanese Yen.
Jasdaq
See: Japanese Association of Securities Dealers Automated Quotation
System
JSE
See: Johannesburg Stock Exchange
J-curve
Theory that says a country's trade deficit will initially worsen after its
currency depreciates because higher prices on foreign imports will
more than offset the reduced volume of imports in the short run.
Jakarta Stock Exchange
Established in 1977, the largest securities exchange in Indonesia.
January effect
Refers to the historical pattern that stock prices rise in the first few
days of January. Studies have suggested this holds only for small-
capitalization stocks. In recent years, there is less evidence of a
January effect.
Japanese Association of Securities Dealers Automated Quotation
System (Jasdaq)
Japanese equivalent of Nasdaq.
Jeep
See: Graduated payment mortgage
Jensen index
An index that uses the capital asset pricing model to determine
whether a money manager outperformed a market index. The alpha of
an investment or investment manager.
Jobber
A term for a market maker used on the London Stock Exchange.
Johannesburg Stock Exchange (JSE)
Established in 1886, the Johannesburg Stock Exchange is the only
stock exchange in South Africa. Gold and mining stocks form the
majority of shares listed.
Joint account
An agreement between two or more firms to share risk and financing
responsibility in purchasing or underwriting securities, or an account
owned jointly by two or more persons at a bank or brokerage house.
Joint and survivor annuity
A type of annuity opened by and intended for two people, that makes
payments for the entire lifetime of both beneficiaries, even if one of
them dies.
Joint bond
A bond that is guaranteed by the issuer and a party other than the
issuer.
Joint clearing members
Firms that clear on more than one exchange.
Joint float
An arrangement by which a group of currencies maintain a fixed
relationship relative to each other, but move jointly relative to another
currency in response to supply and demand conditions in the exchange
market.
Joint stock company
A form of business organization that falls between a corporation and a
partnership. The company sells stock, and its shareholders are free to
sell their stock, but shareholders are liable for all debts of the
company.
Jointly and severally
Municipal bond underwriting in which the account is undivided and
syndicate members are responsible for unsold bonds in proportion to
their participation, regardless of how many bonds they may have
already sold. A firm with 20% of the account is responsible for selling
20% of the unsold bonds even if has already sold 25% of the total debt
issue, for example. See: Severally but not jointly.
Joint tax return
Tax return filed by two people, usually spouses.
Joint tenants with right of survivorship
In the case of a joint account, on the death of one account holder,
ownership of the account assets is transferred to the remaining
account holder or holders.
Joint venture
An agreement between two or more firms to undertake the same
business strategy and plan of action. See: Incorporated joint venture
and Unicorporated joint venture.
Jonestown defense
An extreme defensive tactic employed by the management of a target
corporation to prevent a hostile takeover. The defensive tactics are so
extreme that they typically lead to the destruction of the target
corporation. See: Suicide.
Joseph Effect
 The tendency for persistent time series (0.50<H<1.00), to have trends
and cycles. The term "Joseph Effect" was coined by Mandelbrot in
reference to Joseph's interpretation of Pharaoh's dream of seven fat
years followed by seven lean years.
Jumbo certificate of deposit
A certificate of deposit in increments of $100,000.
Jumbo loan
Loans of $1 billion or more. Or, loans that exceed the statutory size
limit eligible for purchase or securitization by the federal agencies.
Jump ball
Used in the context of general equities. (1) Deal in which no trading
house has exclusivity (each firm is in direct competition for a piece of
business); (2) no preference in picking a particular side (buy/sell) of a
stock as profile, indicated during the block call, indicate that the sales
force could have the stock either way.
Junior debt (subordinate debt)
Debt whose holders have a claim on the firm's assets only after senior
debtholder's claims have been satisfied. Subordinated debt.
Junior issue
A debt or equity issue from one corporation over which the issue of
another firm takes precedence with respect to dividends, interest,
principal, or security in the event of liquidation.
Junior mortgage
A mortgage that will be satisfied only after more senior mortgages
have been satisfied. E.g., a first mortgage will be satisfied prior to a
second or a third mortgage.
Junior refunding
Issuing of new securities to refinance government debt that matures in
one to five years.
Junior security
A security that has a lower-priority claim on a company's assets and
income than a senior security. For example common stock is junior to
preferred stock.
Junk bond
A bond with a speculative credit rating of BB (S&P) or BA (Moody's) or
lower. Junk or high-yield bonds offer investors higher yields than bonds
of financially sound companies. Two agencies, Standard & Poors and
Moody's Investor Services, provide the rating systems for companies'
credit.
Jury of executive opinion
A method of forecasting using a composite forecast prepared by a
number of individual experts. The experts form their own opinions
initially from the data given, and revise their opinions according to the
others' opinions. Finally, the individuals' final opinions are combined.
"Just me asking"
 Used in the context of general equities. "Not a customer request for
information."
Just-in-time inventory systems
Systems that schedule materials to arrive exactly when they are
needed in the production process.
Just title
See: Clear title
Justified price
The fair market price of an asset.