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l-text">Last updated: 22 Feb, 2017  
SME Glossary
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Glossary of Export Import Trade Terms Starting with - M
Words   Description
Macro Country Risks Country (or political) risks that affect all foreign firms in a host country.
Management Contract An agreement by which one firm allows another to manage its foreign activities on behalf of it. The managing firm is forbidden to make capital investment or financing decisions.
Managerial Flexibility Flexibility in the timing and scale of investment provided by a real investment option.
Manifest Document that lists in detail al the bills of lading issued by a carrier of its agent or master, i.e., a detailed summary of the total cargo of a vessel.
Manipulation Processing wherein merchandise is packed, unpacked, repacked, cleaned, sorted, graded or otherwise changed in condition but not manufactured.
Manufacturer Generally, the production of articles for use from raw or prepared materials by substantially transforming such materials into new forms.
Maquiladoras Duty-free assembly plants located mainly in the developing world. Maquiladoras are one type of foreign direct investment.
Margin Account An account maintained by an investor with a brokerage firm in which securities may be purchased by borrowing a portion of the purchase price from the brokerage, or may be sold short by borrowing the securities from the brokerage firm.
Margin Requirement A performance bond paid upon purchase of a futures contract that ensures the exchange clearinghouse against loss.
Marine Insurance Insurance that compensates the owners of goods transported overseas in the event of loss that cannot be legally recovered from the carrier.
Market Access The extent to which a domestic industry can penetrate a related market in a foreign country. Access can be limited by tariffs or other non-trade barriers.
Market Economy An economy in which resource allocations, prices and other marketing decisions are primarily determined by the free market.
Market Failure A failure of arms-length markets to efficiently complete the production of a good or service. In the eclectic paradigm, the multinational corporation’s market internalization advantages take advantage of market failure.
Market Internalization Advantages Advantages that allow the multinational corporation to internalize or exploit the failure of an arms-length market to efficiently accomplish a task.
Market Maker A financial institution that quotes bid (buy) and offer (sell) prices.
Market Model (One-Factor Market Model) The empirical version of the security market line: Rj = aj + bjRM + ej.
Market Portfolio A portfolio of all assets weighted according to their market values.
Market Risk Premium The risk premium on an average stock; (E[RM]-RF).
Market Timing An investment strategy of shifting among asset classes in an attempt to anticipate which asset classes) will appreciate or depreciate during the coming period.
Market-Based Corporate Governance System A system of corporate governance in which the supervisory board represents a dispersed set of largely equity shareholders.
Marketing Mix The set of marketing tools that the firm uses to pursue its marketing objectives in the target market. One of the most popular classifications of marketing mix tools is called the "4 P's" of marketing: product, price, place, and promotion.
Marking Letters, numbers, and other symbols on cargo packages to facilitate identification.
Marking to Market The process by which changes in the value of futures contracts are settled daily.
Maturity Date The date on which the last payment on a bond is due.
Mean-Variance Efficient An asset that has higher mean return at a given level of risk (or lower risk at a given level of return) than other assets.
Merchandise Includes goods, wares, and chattels of every description except Prohibited Merchandise, building materials, production equipment and supplies for use in operation of a zone.
Merchandise, Domestic Merchandise which has been produced in the India and not exported therefrom.
Merchandise, Foreign Imported Merchandise which has not been properly released from Customs custody into the Customs territory of the India.
Merchandise, Fungible Merchandise which for commercial purposes is identical and interchangeable in all situations.
Merchandise, Mixed Status Foreign Merchandise which has been combined with Domestic Merchandise in the zone.
Merchandise/Operations, Prohibited Merchandise, the importation of which is prohibited by law on grounds of public policy or morals, or excluded by order of the Foreign-Trade Zones Board..
Merchandise/Operations, Restricted Merchandise which may not be authorized for delivery from Customs custody without a special permit, or a waiver thereof by an agency of the Indian Government.
Mercosur The common market of the South, a customs union which includes Argentina, Brazil, Paraguay, and Uruguay in a regional trade pact that reduces tariffs on intrapact trade by up to 90 percent. Bolivia and Chile are associate members.
Merger A form of corporate acquisition in which one firm absorbs another and the assets and liabilities of the two firms are combined.
Method of Payment The way in which a merger or acquisition is financed.
Micro Country Risks Country risks that are specific to an industry, company, or project within a host country.
Micro Credit Small loans, perhaps $50 or $100, that are extended to small businesses to finance a business start-up or other business activity.
Middle Market A market segment generally represented by financing under $2 million. In leasing this sector is dominated by single investor leases.
Miller and Modigliani’s Irrelevance Proposition If financial markets are perfect, then corporate financial policy (including hedging policy) is irrelevant.
Mixed Tariff A combination of specific and ad valorem tariffs.
Monetary Assets and Liabilities(MAL) Assets and liabilities with contractual payoffs.
Money Market Hedge A hedge that replicates a currency forward contract through the spot currency and Eurocurrency markets.
Money Market Yield A bond quotation convention based on a 360-day year and semiannual coupons. (Contrast with bond equivalent yield.)
Money Markets Financial markets for debt securities that pay off in the short term (usually less than one year).
Money Supply The total amount of currency in circulation and peso deposits subject to check of the monetary system.
Monopoly Exclusive control or possession by one group of the means of producing or selling goods or services.
More Flexible Exchange Rate System The International Monetary Fund’s name for a floating exchange rate system.
Most Favored Nation (MFN) A status granted to one country by another; the granting country then accords the recipient's imports and exports the most favorable treatment that it accords any country.
Multilateral Environmental Agreements (MEAs) Environmental agreements negotiated by a number of countries.
Multinational Corporation A corporation with operations in more than one country.
Multinational Netting Elimination of offsetting cash flows within the multinational corporation.
Mutually Exclusive Investment Decisions Investment decisions in which the acceptance of a project precludes the acceptance of one or more alternative projects.
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