Equity Securities and Valuation

Free NASAA Series 65 (Uniform Investment Adviser Law Examination) lesson in Investment Vehicle Characteristics. 20 min read, ~3,000 words.

Common stock = voting rights + residual claim; preferred stock = fixed dividend + priority but usually no vote. ADRs let U.S. investors hold foreign shares in dollars; sponsored ADRs must file with the SEC. Cumulative preferred accumulates unpaid dividends as arrears, paid before any common dividend. DDM: Price =...