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Mid‑Cap Funds A mid‑cap fund is a pooled investment vehicle (mutual fund or ETF) that concentrates on companies with market capitalizations typically in the middle range—commonly defined as roughly $2 billion to $10 billion. These funds offer a middle ground between the stability of large‑cap stocks and the high growth (and higher volatility) of small‑cap…

Mid‑Cap (Mid‑Capitalization) Mid‑cap refers to companies with a market capitalization (market value) between $2 billion and $10 billion. These firms sit between large‑cap and small‑cap companies on the size spectrum and are typically in the middle of their growth trajectory. How market capitalization is calculated Market capitalization = current share price × shares outstanding. Explore…

Micromarketing Explained What is micromarketing? Micromarketing is a targeted advertising strategy that focuses on narrowly defined customer segments—by demographic, geography, behavior, job title, or other specific traits—and customizes products, messages, and offers for those groups. The goal is to drive action (purchase, sign-up, referral) by closely matching marketing to the needs and preferences of a…

Microfinance: How Small-Scale Financial Services Support Low-Income Individuals What is microfinance? Microfinance (or microcredit) provides financial services to people who lack access to conventional banking. Services typically include small loans (microloans), savings and checking accounts, micro-insurance, and financial or business training. Loan sizes range widely—from around $50 up to tens of thousands of dollars—though many…

Microeconomics Microeconomics examines how individuals, households, and firms make decisions about allocation of scarce resources, and how those decisions determine prices, production, and distribution within individual markets. Key takeaways Focuses on decisions and interactions in single markets: consumers, producers, and prices. Uses models of behavior (utility, production, supply and demand) tested against real-world data. Differs…

Microcredit: Definition and Key Takeaways Microcredit (or microlending) is a form of microfinance that provides very small loans to low‑income individuals to help them start or grow small businesses. Borrowers often lack collateral or formal credit histories, so loans commonly use alternative guarantees such as group lending and mandatory savings. Key takeaways: * Loans typically…

Micro‑Investing Platforms Micro‑investing platforms let people invest small amounts of money frequently, lowering the traditional barriers to entry such as account minimums and per‑trade fees. They’re designed to make investing simple and automatic so users with limited incomes or savings habits can build investment balances over time. Key takeaways Micro‑investing turns spare change or very…

Understanding Micromanagers Micromanagement is a leadership style in which a manager closely controls and monitors nearly every aspect of employees’ work. While it can produce short-term compliance, it typically undermines morale, erodes trust, and reduces long-term productivity and growth. Key takeaways Micromanagers focus on minor details and excessive oversight rather than outcomes. This style damages…

Micro‑Cap Stocks: Definition, Risks, and What Investors Should Know Key takeaways * Micro‑cap stocks have market capitalizations roughly between $50 million and $300 million. * They tend to be more volatile and riskier than larger‑cap stocks, but can outperform in strong bull markets. * Limited public information, lower liquidity, and a higher incidence of unproven…

Michigan Consumer Sentiment Index (MCSI) What it is The Michigan Consumer Sentiment Index (MCSI) is a monthly survey that measures U.S. consumers’ attitudes about their personal finances, current business conditions, and expectations for the economy. Conducted by the University of Michigan’s Survey of Consumers, it captures whether households feel optimistic, pessimistic, or neutral about the…

Who Is Michael Milken? Michael Milken is a financier turned philanthropist best known for creating and popularizing the modern high-yield (or “junk”) bond market in the 1970s and 1980s. His innovations helped companies with weak credit access capital, reshaped corporate finance, and made him one of Wall Street’s highest-paid executives — but they also led…

Michael Bloomberg Key takeaways Billionaire businessman, founder and majority owner of Bloomberg LP. Three-term mayor of New York City (2002–2013). Major philanthropist focused on the arts, education, environment, public health, and government innovation. Active in national politics (2016 support for Democrats, self-funded 2020 presidential bid) and gun-control advocacy (founder of Everytown for Gun Safety). United…

Mezzanine Financing: A Practical Guide What is mezzanine financing? Mezzanine financing is a hybrid of debt and equity that fills the capital gap between senior debt and common equity. It typically sits subordinated to senior loans but ahead of equity in the capital stack. Mezzanine instruments often include features such as high-yield interest, equity kickers…

Mezzanine Debt Key takeaways * Mezzanine debt is a subordinated, hybrid form of financing that sits between senior debt and equity on the capital structure. * It typically combines debt-like features (fixed interest) with equity-linked instruments (warrants, conversion rights). * Mezzanine financing is common in leveraged buyouts and acquisitions to reduce sponsor equity contributions. *…

Metropolitan Statistical Area (MSA) A Metropolitan Statistical Area (MSA) is a U.S. federal geographic unit used to group a core city and its surrounding communities that are socially and economically integrated. MSAs standardize regions for collecting and reporting population, labor, income, and other statistical data. How MSAs are defined An MSA must contain at least…

Metrics: what they are and how to use them Metrics are quantifiable measures that help organizations track performance, evaluate progress toward goals, and inform decisions. Well-chosen metrics translate strategy into actionable data, reveal trends, and highlight areas that need attention. Types of metrics Financial metrics Revenue: total income from sales. Gross margin = (Revenue −…

Merton Model Introduction The Merton model (1974) is a structural approach to corporate credit risk that treats a firm’s equity as a European call option on its assets. If the firm’s assets are worth less than its debt at maturity, equity holders receive nothing and the firm defaults. The model links option-pricing theory and default…

Merrill Lynch: Overview, History, and Recent Changes What is Merrill Lynch? Merrill Lynch—now commonly known as “Merrill”—is the wealth management division of Bank of America. Founded in 1914 by Charles E. Merrill, it grew into one of Wall Street’s most recognizable firms, offering retail brokerage, investment banking, asset management, prime brokerage, and commodities trading. Today…

Mergers and Acquisitions (M&A) Mergers and acquisitions (M&A) describe transactions in which companies combine, buy, or transfer major assets. These deals reshape industries, create scale, provide access to new markets and technologies, and are financed and structured in many different ways. This article explains core concepts, common deal types, financing approaches, valuation methods, shareholder effects,…

Merger Arbitrage: Strategy, Mechanics, and Risks What is merger arbitrage? Merger arbitrage (or risk arbitrage) is an event‑driven investing strategy that seeks to profit from price discrepancies that arise when one company announces a planned merger or acquisition of another. Traders—often hedge funds or specialized arbitrageurs—take positions based on the probability the deal will close…

Mergers Explained: Types, Process, and Notable Examples Key takeaways * A merger combines two companies into a single legal entity to increase market share, reduce costs, or expand capabilities. * Types include horizontal, vertical, conglomerate, congeneric (product-extension), market-extension, reverse mergers, and SPAC deals—each serves different strategic goals. * Mergers can create synergies and economies of…

Merchant Discount Rate (MDR): Definition and What Merchants Need to Know What is the Merchant Discount Rate? The merchant discount rate (MDR) is the fee a business pays to accept debit and credit card payments. It’s usually expressed as a percentage of each transaction (commonly about 1%–3%) and can include a fixed cent amount per…

What is a merchant bank? A merchant bank is a financial institution that provides specialized services to private corporations, multinational companies, and high‑net‑worth individuals. Unlike retail banks, merchant banks generally do not offer consumer deposit accounts (checking or savings) to the general public. Their work centers on corporate finance, international transactions, and advisory services. Core…

Merchandising: How Retailers Drive Sales and Shape Customer Experience Merchandising is the set of strategies retailers use to promote and sell products, enhance the customer experience, and drive revenue. It combines product selection, pricing, display design, promotion, and inventory decisions to influence buying behavior both in physical stores and online. Key takeaways Merchandising covers product…

What Is Mercantilism? Mercantilism was the dominant economic doctrine in Europe from the 16th to the 18th century. It held that the world’s wealth was essentially finite and that national power depended on accumulating precious metals and maintaining a favorable balance of trade. Governments tightly regulated trade, promoted exports, limited imports, and used colonies and…

Menu Costs Menu costs are the costs firms incur when they change prices. These can be literal (reprinting menus or price tags) or indirect (updating systems, contacting distributors, or losing sales while customers adjust). Menu costs help explain why many prices are “sticky”—slow to respond to changes in costs or demand—and are a central idea…

Mental Accounting Mental accounting is a behavioral-economics concept describing how people mentally separate money into different “accounts” based on its source or intended use. This labeling leads to inconsistent and often irrational financial choices because it violates the economic principle that money is fungible—every dollar has the same value regardless of origin. Key points People…

Memorandum of Understanding (MOU) Overview A Memorandum of Understanding (MOU) is a formal written document that records the mutual intentions of two or more parties about a proposed relationship or project. It outlines general terms, objectives, and expectations and commonly serves as a precursor to a binding contract. MOUs are widely used in international relations,…

Understanding Melt-Ups A melt-up is a rapid, often unexpected surge in the price of an asset or asset class driven more by investor behavior — herding and fear of missing out (FOMO) — than by improvements in economic fundamentals. Because the rise is propelled by sentiment and momentum rather than sustainable underlying strength, melt-ups are…

Medium-Term Note (MTN) What is an MTN? A medium-term note (MTN) is a fixed-income security with a typical maturity of about five to 10 years. MTNs bridge the gap between short-term notes (up to five years) and long-term bonds (more than 10 years). Issuers — commonly corporations — can continuously offer MTNs through dealers, tailoring…

Medium of Exchange What it is A medium of exchange is any widely accepted instrument or system—such as cash, metal, or digital tokens—used to facilitate the buying and selling of goods and services. Its primary role is to remove the inefficiencies of barter by providing a commonly accepted measure of value. Explore More Resources ›…

Medical Cost Ratio (MCR) Medical Cost Ratio (MCR), also called the medical loss ratio, measures how much of an insurer’s collected premiums is paid out as medical claims and related healthcare services. It is calculated as: MCR = (Total medical claims paid ÷ Total premiums collected) × 100% Explore More Resources › Read more Government…

Medicaid: What it is and how it works Medicaid is a joint federal–state program that provides health coverage to low-income individuals and families in the United States. States administer their own programs within broad federal rules, and the federal government matches a portion of state spending. Key points Covers doctor visits, hospital stays, long-term care,…

Median: Definition, Calculation, and When to Use It What is the median? The median is the middle value in a list of numbers sorted from smallest to largest (or largest to smallest). It marks the point where 50% of observations lie below and 50% lie above. Because it depends only on the order of values,…

Media Kit: Meaning, Components, and How to Create One A media kit is a curated package of information and promotional materials a company or creator provides to journalists, partners, sponsors, and influencers. It presents your brand, audience, products, and contact details in a concise, professional format so others can quickly understand and work with you….