Literature: authors starting with N

Nareit (2023) · REIT Industry Fact Sheet, Data as of December 31, 2022

Nareit. Nareit, January 2023; accessed October 25, 2026. Source

Total returns of the FTSE Nareit All Equity REITs Index in 2022: −24.95% (S&P 500 −18.11%), in US dollars.

Cited in: Real estate as an investment: rental property, REITs, open-end funds and private real estate

Nasdaq (2019) · Nasdaq Closing Cross – Frequently Asked Questions

Nasdaq. Nasdaq, © 2019; accessed October 25, 2026. Source

Nasdaq's closing auction is called the Closing Cross; at 16:00 it determines the official closing price, which serves as the benchmark for index funds, with deadlines for MOC, LOC and imbalance-only orders.

Cited in: Order types and execution: from limit orders to MOC, VWAP, TAS and BTIC

NBER (2026) · US Business Cycle Expansions and Contractions

National Bureau of Economic Research. NBER, Business Cycle Dating Committee; data last updated March 14, 2023, accessed October 27, 2026. Source

Official dating of US business cycles by peaks and troughs; last peak February 2020, last trough April 2020, no new peak since.

Cited in: Market expectations: what the yield curve, inflation-linked bonds and options reveal about the future · Macro dashboard and regime analysis: methodology

NCREIF (2024) · Institutional Property Values Decline for Sixth Straight Quarter (NCREIF Property Index, Q4 2023)

National Council of Real Estate Investment Fiduciaries. NCREIF, press release, January 25, 2024; accessed October 25, 2026. Source

Appraisal-based index of US commercial property held by institutional investors: market values have fallen 14.39% since the peak in the second quarter of 2022, the 2023 return was −7.95%, and the capitalization rate was 4.55% in appraisals and 5.47% for properties sold.

Cited in: Real estate as an investment: rental property, REITs, open-end funds and private real estate

NFA (2026) · Commodity Trading Advisor (CTA) Registration; Who Has to Register

National Futures Association. NFA, web pages; accessed October 25, 2026. Source

Definition of a commodity trading advisor, the registration requirement (delegated by the CFTC to the NFA) and NFA membership, with exemptions such as for advisers with no more than 15 clients in twelve months.

Cited in: CTAs and managed futures: industry, position sizing, costs and crisis protection · Glossary: CTA

Neely et al. (2014) · Forecasting the Equity Risk Premium: The Role of Technical Indicators

Neely, Christopher J.; Rapach, David E.; Tu, Jun; Zhou, Guofu. Management Science 60 (7), pp. 1772–1791. doi:10.1287/mnsc.2013.1838

Technical indicators predict the US equity premium about as well as macroeconomic variables and complement them over the business cycle.

Cited in: Technical analysis, chart patterns and candlesticks from a quant perspective

Nelson and Siegel (1987) · Parsimonious Modeling of Yield Curves

Nelson, Charles R.; Siegel, Andrew F.. The Journal of Business 60 (4). doi:10.1086/296409

Models the yield curve with a few parameters (level, slope, curvature) and forms the basis of many central bank curves.

Cited in: Duration: how strongly bonds react to interest rates · Yield curve: what the term structure reveals and why an inverted curve is seen as a warning sign · Glossary: Nelson-Siegel model

Neville et al. (2021) · The Best Strategies for Inflationary Times

Neville, Henry; Draaisma, Teun; Funnell, Ben; Harvey, Campbell R.; Van Hemert, Otto. The Journal of Portfolio Management 47 (8), pp. 8–37. doi:10.3905/jpm.2021.1.274

US, UK and Japan over 95 years: unexpected inflation hurts equities and bonds, commodities delivered positive returns in inflation surges but with large differences, and trend following provided the most reliable protection.

Cited in: Liquid real assets: inflation protection with tradable real assets in a portfolio · Glossary: Liquid real assets

NYSE (2024) · NYSE Auctions: Closing Process (Fact Sheet)

New York Stock Exchange. Intercontinental Exchange, © 2024; accessed October 25, 2026. Source

How the NYSE closing auction works: MOC and LOC orders can be entered, modified or canceled until 15:50, after which orders are only accepted against a published imbalance; imbalance publications from 15:50, close at 16:00.

Cited in: Order types and execution: from limit orders to MOC, VWAP, TAS and BTIC · Glossary: Market-on-close order

Newey and West (1987) · A Simple, Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix

Newey, Whitney K.; West, Kenneth D.. Econometrica 55 (3). doi:10.2307/1913610

A covariance estimator that accounts for autocorrelation and heteroskedasticity; it is the standard for t-statistics of overlapping returns.

Cited in: Factor investing: understanding the Fama-French factors · Shiller P/E (CAPE): how expensive is the stock market? · Stock market seasonality: Sell in May, the January effect and how to test calendar effects · Return forecasting models: ARIMA, GARCH, LSTM and machine learning · Factor regression, factor allocation and factor statistics: methodology · Valuation with the Shiller P/E: methodology · Glossary: Heteroskedasticity · Glossary: Newey-West standard errors

Notteboom et al. (2026) · Tanker Sizes and Classes

Notteboom, Theo; Pallis, Athanasios; Rodrigue, Jean-Paul. Port Economics, Management and Policy, 2nd edition, Routledge 2026 (companion website to the book). Source

Overview of tanker classes from Aframax through Suezmax to VLCC and ULCC, with deadweight tonnage and typical dimensions.

Cited in: Glossary: VLCC · Glossary: Suezmax · Glossary: Aframax

Novy-Marx (2013) · The other side of value: The gross profitability premium

Novy-Marx, Robert. Journal of Financial Economics 108 (1), pp. 1–28. doi:10.1016/j.jfineco.2013.01.003

Gross profitability predicts returns about as well as valuation does; it is the other side of value.

Cited in: Factor investing: understanding the Fama-French factors · Fundamental analysis: valuing a company like an investor · Glossary: RMW · Glossary: Profitability premium

Nystrup et al. (2015) · Regime-Based Versus Static Asset Allocation: Letting the Data Speak

Nystrup, Peter; Hansen, Bo William; Madsen, Henrik; Lindström, Erik. The Journal of Portfolio Management 42 (1), pp. 103–109. doi:10.3905/jpm.2015.42.1.103

A regime-switching model with time-varying parameters for global equities and global government bonds: a static portfolio is not necessarily optimal, even without any forecasting ability.

Cited in: Regime models: hidden Markov, Markov switching and more

Nystrup, Madsen and Lindström (2015) · Stylised facts of financial time series and hidden Markov models in continuous time

Nystrup, Peter; Madsen, Henrik; Lindström, Erik. Quantitative Finance 15 (9), pp. 1531–1541. doi:10.1080/14697688.2015.1004801

Continuous-time hidden Markov models whose number of parameters grows only linearly with the number of states; more states fit the distribution and the temporal behavior of daily returns better.

Cited in: Regime methodology: how the hidden Markov model works

Nystrup et al. (2017) · Long Memory of Financial Time Series and Hidden Markov Models with Time-Varying Parameters

Nystrup, Peter; Madsen, Henrik; Lindström, Erik. Journal of Forecasting 36 (8), pp. 989–1002. doi:10.1002/for.2447

Adaptive estimation with time-varying parameters: in this way just two states reproduce the long memory of squared daily returns, and density forecasts improve.

Cited in: Regime methodology: how the hidden Markov model works

Nystrup et al. (2018) · Dynamic portfolio optimization across hidden market regimes

Nystrup, Peter; Madsen, Henrik; Lindström, Erik. Quantitative Finance 18 (1), pp. 83–95. doi:10.1080/14697688.2017.1342857

Hidden Markov forecasts of means and variances combined with model predictive control; after costs and with a one-day delay, the approach beats buy-and-hold in major stock indices.

Cited in: Regime models: hidden Markov, Markov switching and more · Regime methodology: how the hidden Markov model works