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Unquoted Public Company An unquoted public company (also called an unlisted public company) is a company that has issued shares to the public but does not have those shares listed on a public stock exchange. Instead, its securities trade privately—typically in over-the-counter (OTC) markets—or via private transactions between buyers and sellers. Key points Shares are…

Unqualified Opinion An unqualified opinion is an independent auditor’s conclusion that a company’s financial statements are fairly and appropriately presented and comply with generally accepted accounting principles (GAAP). It is commonly referred to as a “clean” audit report. What it means The auditor has obtained sufficient evidence and is satisfied that the financial statements present…

Unqualified Audit What it is An unqualified audit (also called a clean opinion or unqualified report) is an auditor’s formal opinion that a company’s financial statements fairly present its financial position and results of operations in all material respects, in accordance with applicable accounting standards (for example, GAAP). It also indicates that the auditor found…

Unpaid Dividend: What It Is and How It Works An unpaid dividend is a dividend that has been declared by a company but has not yet been distributed to shareholders. The gap exists because several important dates separate the announcement from the actual payment. During this interval the company records the amount as a liability…

Unofficial Strike: Meaning, Causes, Examples An unofficial strike—also called a wildcat strike or unofficial industrial action—is a work stoppage carried out by employees without the authorization or support of their union and without following the legal requirements for striking. Because it lacks union sanction and often bypasses established labor procedures, an unofficial strike carries heightened…

Maturity mismatch: definition and overview A maturity mismatch (also called an asset–liability mismatch) occurs when the timing of cash inflows from a company’s assets does not align with the timing of cash outflows required to meet its liabilities. Commonly this means short-term liabilities exceed short-term assets, but mismatches can also arise when long-term assets are…

Unlisted Trading Privileges (UTP) Unlisted Trading Privileges (UTP) are the rules and procedures that permit a security to be traded on an exchange even though the issuer has not met that exchange’s full listing requirements. UTP increases market access and liquidity for securities that otherwise trade off-exchange, such as over-the-counter (OTC) or “pink sheet” stocks….

Unlimited Tax Bond — Definition and Overview An unlimited tax bond is a municipal bond secured by the issuing government’s full taxing power. Repayment is supported by the authority to levy and, if needed, increase taxes (property, sales, special taxes, etc.) on residents to meet debt service. Unlimited tax bonds are a form of general…

Unlisted Security An unlisted security is a financial instrument that is not traded on a formal exchange because it does not meet—or does not seek to meet—an exchange’s listing requirements. These securities are typically traded over the counter (OTC) through market makers and dealers rather than on centralized exchanges. Key takeaways Unlisted securities trade on…

Unlimited Risk Unlimited risk describes positions or strategies where losses can, in theory, grow without bound if the market moves against the trader. In practice, unlimited risk can lead to losses far exceeding the initial investment and, in extreme cases, to margin calls or bankruptcy. Many high-risk strategies can be hedged or closed to limit…

Unlimited Marital Deduction Key takeaways The unlimited marital deduction lets a person transfer any amount of assets to a spouse—during life or at death—without incurring federal gift or estate tax on that transfer. It defers, but does not eliminate, estate tax: transferred assets are generally included in the surviving spouse’s taxable estate when that spouse…

Unlimited Liability Corporation (ULC) An unlimited liability corporation (ULC) is a corporate form available in Canada that combines incorporation with unlimited shareholder liability in specified circumstances. It’s primarily used as a cross-border vehicle because of its distinctive tax treatment between Canadian and U.S. law. Key takeaways ULCs are available only in Alberta, British Columbia and…

Unlimited Liability Unlimited liability means business owners are fully legally responsible for all debts and obligations of their business. There is no cap on this responsibility: if the business cannot repay its debts, creditors can pursue the owners’ personal assets to satisfy obligations. Key points Common in sole proprietorships and general partnerships. Owners’ personal assets…

Unlevered Free Cash Flow (UFCF) Key takeaways * Unlevered free cash flow (UFCF) is the cash a company generates before accounting for interest and other financing costs. * UFCF shows cash available to all capital providers (debt and equity) and is commonly used to value enterprise value (EV) in discounted cash flow (DCF) analysis. *…

Unlevered Cost of Capital Definition The unlevered cost of capital is the required rate of return for a project or firm assuming no debt (a debt-free or “unlevered” capital structure). It reflects the return investors would demand if the business were financed solely with equity, isolating business risk from the effects of leverage. Explore More…

Unlevered Beta: Definition, Formula, Example, and Use What unlevered beta is Unlevered beta (also called asset beta) measures a company’s systematic market risk attributable to its assets, excluding the effects of financial leverage (debt). It isolates how sensitive the company’s underlying business is to market movements by removing the impact of capital structure. Why it…

Unlawful Loan: Meaning, Laws, and Consumer Protections Key takeaways * An unlawful loan violates applicable lending laws—federal, state, or local—or required disclosures. * Common examples include loans with interest or fees that exceed legal caps, loans that exceed authorized size limits, and loans that conceal true costs. * The Truth in Lending Act (TILA) requires…

University of Miami Patti and Allan Herbert Business School The Patti and Allan Herbert Business School (commonly Miami Herbert Business School) is the business school of the University of Miami in Coral Gables, Florida. Founded in 1929 and renamed in 2019 after major philanthropic support from Patti and Allan Herbert, the school offers a range…

Universe of Securities: Definition, Structure, and Uses What it means A universe of securities is the set of tradable instruments that share one or more defining characteristics. The definition can be broad (e.g., “all U.S. listed stocks”) or narrow (e.g., “investment-grade corporate bonds with maturities between 3–7 years”). How you define the universe depends on…

Universal Market Integrity Rules (UMIR) Overview Universal Market Integrity Rules (UMIR) are a national set of trading rules that govern market conduct on Canadian marketplaces. Administered by the Investment Industry Regulatory Organization of Canada (IIROC), UMIR promotes fair, equitable, and efficient trading by creating consistent standards across exchanges rather than leaving rules to each individual…

Universal Life Insurance Key takeaways * Universal life (UL) is a form of permanent life insurance that combines a death benefit with a cash-value savings component. * Premiums and (in many policies) the death benefit are flexible within policy limits. * Cash value earns interest set by the insurer (often with a minimum rate); poor…

Universal Healthcare Coverage Universal healthcare coverage means that all residents of a defined area have access to health insurance and, through it, medical and hospital care. Early modern examples date to late 19th-century Germany; today, most high-income countries (for example, France, Switzerland, and the United Kingdom) provide some form of universal coverage. Key takeaways Many…

Universal Default: What It Is and How It Works What is universal default? Universal default is a clause that appears in some credit card contracts allowing a card issuer to raise the card’s interest rate if the cardholder defaults on any credit obligation. That default can be on the credit card itself or on a…

Universal Banking — Overview Universal banking describes a financial system in which a single institution offers a broad range of services: retail banking (deposits and consumer loans), commercial banking, investment banking (securities trading, underwriting, advisory), asset management, and sometimes insurance. The model is common in Europe and exists in various forms worldwide. It aims to…

Unissued Stock: What It Is and How It Works What is unissued stock? Unissued stock refers to shares a company is authorized to create but has not yet issued or sold. These shares are not circulating on the market, do not carry voting rights or dividend entitlements, and typically have no physical certificates. They exist…

Units Per Transaction (UPT) Definition Units per transaction (UPT) measures the average number of items customers buy in a single transaction. It’s a common retail metric used to assess selling effectiveness, customer buying behavior, and potential revenue per visit. Why UPT matters Higher UPT typically increases revenue and improves profit margins without needing to increase…

Unitranche Debt Unitranche debt is a hybrid loan structure that combines senior and subordinated debt into a single financing facility. Instead of separate senior and mezzanine loans, a unitranche merges multiple lenders’ capital under one agreement and one blended interest rate, typically between what each component would charge individually. How it works Multiple lenders supply…

Unitized Fund: What it Is and How It Works A unitized fund pools investors’ money into a single managed portfolio and reports each investor’s stake as units with a per-unit value. Unit values are updated regularly (often daily) and represent each investor’s share of the pool rather than direct ownership of individual securities. How unitized…

Unitized Endowment Pool (UEP) Key takeaways * A unitized endowment pool (UEP) is a pooled investment vehicle used by endowments to invest collectively in a common portfolio of assets. * Each participating endowment owns units that represent its share of the pool; unit values are determined as of a specified buy‑in date and reported periodically….

Unitholder What is a unitholder? A unitholder is an investor who owns one or more units in an investment trust or a master limited partnership (MLP). A unit is similar to a share and represents an ownership interest in the underlying pool of assets. The rights and obligations of unitholders are set out in the…

United States v. South-Eastern Underwriters Association (1944) Key takeaways * The Supreme Court ruled in 1944 that insurance transactions crossing state lines constitute interstate commerce and are subject to federal antitrust law (Sherman Act). * Congress responded in 1945 with the McCarran–Ferguson Act, which restored primary regulatory authority over insurance to the states and limited…

United States Treasury Money Mutual Funds What they are United States Treasury money mutual funds pool investor cash to buy short‑term, low‑risk U.S. government securities—primarily Treasury bills and repurchase agreements backed by Treasuries. These funds are designed to preserve principal, provide liquidity, and serve as a cash-management vehicle. How they work Portfolio composition: Invest almost…

United States Treasury (UST) Key takeaways UST commonly refers to the U.S. Department of the Treasury and, informally, to debt issued by the United States. The Treasury manages federal finances, issues government debt, and oversees several bureaus (IRS, U.S. Mint, Bureau of the Fiscal Service, among others). U.S. Treasury securities are widely viewed as having…

United States Natural Gas Fund (UNG) The United States Natural Gas Fund (UNG) is an exchange-traded fund (ETF) designed to provide investors with exposure to movements in U.S. natural gas prices without directly trading futures contracts. It seeks to track the daily percentage changes of the price of natural gas delivered to Henry Hub, Louisiana—the…

United States Department of Agriculture (USDA) The U.S. Department of Agriculture (USDA) is the federal agency responsible for developing and implementing policies related to farming, forestry, ranching, food safety, nutrition, and rural development. Founded by President Abraham Lincoln in 1862, the USDA now oversees a broad array of programs that support agricultural producers, protect food…