Stock Market

Corporations are listed on country-specific stock exchanges. Players can buy and sell shares, receive dividend income, and speculate on corporate performance. Each country has its own exchange showing corporations headquartered there.

Exchanges

Exchange pages display: market cap, share price, total revenue, net income, CEO, sector type, and headquarters location. Price history is shown as OHLC candlestick charts (open, high, low, close per period).

Share Price Formula

Share prices are computed each turn from three fundamental components:

Tangible Book Per Share (weight 1.0):

Where sectorNPV values each sector at its annual profit discounted by the cost of capital, and bondHoldings includes mark-to-market bonds and IMF receivables held by the corporation.

Earnings Power Per Share (weight 0.4):

normalizedAnnualEarnings is a 3-turn rolling average of annualised after-tax income, with equity-method additions from any cross-corporation stock holdings already applied.

Growth Premium Per Share (weight 0.1):

This is a Gordon Growth Model terminal value. The growth rate is capped just below the cost of capital so the denominator stays positive.

Final price:

The formula produces a fundamental value each turn. During normal operation the market price equals this fundamental value. Additional multipliers (sentiment, order flow, IMF bailout) can adjust the displayed market price in real time.

Constants:

Buying and Selling Shares

From any corporation page, navigate to the Shares tab.

Market Orders

Buy or sell immediately at the current market price through the system's market maker. Fills instantly with infinite liquidity.

Limit Orders

Place a buy or sell order at a target price. The order sits on the book and fills automatically when the market price crosses your limit. You can set an optional expiry (cancel after N turns if unfilled).

• Buy limit orders: Funds are held in escrow until filled or cancelled
• Sell limit orders: Shares are reserved until filled or cancelled

Partial Fills

If insufficient liquidity exists at your limit price, the order fills partially — the matched portion executes, the remainder stays open.

Order-Flow Price Eligibility

Corporations with a public float below 5% of total shares do not use the live market price for order execution. Instead, trades fall back to the fundamental share price computed by the turn formula. This prevents a single concentrated holder from manipulating the order-flow clamp and round-tripping against their own quote.

Dividends

The CEO sets a dividend rate (0–25% of after-tax income). Dividends are paid to all shareholders each turn in proportion to their share count. Higher dividend rates attract income-focused investors but reduce the corporation's reinvestment capacity.

Dividend rate changes have a 24-hour cooldown before another change can be made.

CEO Share Management

Share Issuance

• Public issuance: Issue up to 50% of outstanding shares to the public float (dilutes existing shareholders). Proceeds go to corporate liquid capital at the current execution price. Limited to once per 24 hours.
• Self-issuance: Issue up to 20% of outstanding shares to yourself as CEO at a 15% premium; proceeds go to corporate liquid capital. Also limited to once per 24 hours and shares the same issuance cooldown with public issuance.

Stock Splits and Reverse Splits

The CEO can change the total share count via a split or reverse split. All shareholders and the public float are scaled proportionally — ownership percentages stay the same, market cap is unchanged. Share price scales inversely to keep total value constant.

• Forward split: Up to 100x current total shares
• Reverse split: Down to a minimum of 1,000,000 total shares
• Cooldown: 48 turns between changes
• Open orders: Any open share orders on the corporation are auto-cancelled and refunded when a split occurs

Post-Split Price Smoothing

For 3 turns total (the turn the split happens plus the next 2 turns), the share-price formula uses biased smoothing weights to prevent the price from snapping back to the pre-split equilibrium immediately:

The higher previous-price weight means the scaled price set by the consolidate route drifts gradually toward its natural equilibrium across multiple turns, rather than being overwritten by fundamental value on the very next turn. This cooldown applies to both forward splits and reverse splits.

Share History

The Shares tab on every corporation page includes a full audit trail of every share movement:

Split Audit Rows

When a CEO drives a stock split or reverse split, the history records an expandable row showing:

• Old total shares → new total shares
• Old share price → new share price
• Old public float → new public float
• Full shareholder register before and after, including each holder's name, share count, and percentage

This lets any player audit structural changes and verify that ownership percentages were preserved and that no holder was accidentally dropped during the restructure.

CEO Elections (Shareholder Vote)

When the CEO office is vacant, shareholders can vote for candidates. The vote is weighted by shares — 500 shares = 500 votes, not one vote per holder.

Candidate eligibility:

• Must be located in the corporation's HQ state
• Must be in the corporation's home country
• Self-voting is allowed

The leading candidate (highest share-weighted vote total) receives a pending CEO offer notification. They must accept the position before taking office.

Corporate Ownership and Subsidiaries

Corporations can hold shares in other corporations. When one corporation holds more than 50% of another corporation's outstanding shares, the target becomes a subsidiary of the controlling corporate parent. The largest corporate stake above 50% wins ties.

Subsidiary status is visible on the corporation page and affects cross-holding calculations in the share-price formula.

Hostile Takeovers

When a corporation (the acquirer) holds at least 75% of a target corporation's shares, the acquirer's CEO can initiate a hostile takeover:

• Minority buyout: All remaining minority shareholders are paid 125% of the current market price per share (forex-aware)
• Sector merge: Overlapping sectors (same state and sector type) are combined, summing revenue, workers, and margins
• Unique sectors: Sectors that don't overlap are reassigned to the parent
• Cash transfer: The target's liquid capital is transferred to the parent
• Orders cancelled: All open share orders and listings on the target are cancelled
• Restrictions: Cannot target insolvent corporations or corporations with outstanding bonds

Stock Exchange Index

The exchange page shows aggregate stats for all listed corporations:

• Total market capitalization
• Average share price movement
• Top movers (largest price % change)

National GDP growth is influenced by corporate sector growth rates, so a healthy stock market generally reflects a growing economy — and vice versa.

Currency

Each exchange displays values in that country's currency. If you hold shares in a UK corporation, dividends are paid in GBP. When the forex system is enabled, dividends are automatically converted to your home currency at the market-maker rate (0.275% spread). There is no per-holding preference — this conversion is automatic for all dividend income.

Strategic Considerations

Income investors: High-dividend corporations pay consistent per-turn income. Look for profitable, stable sectors with CEOs who maintain high dividend rates.

Growth investors: Low or zero dividend corporations reinvest profits into expansion. Share price appreciation comes from rising tangible book value and earnings power.

Speculation: Share prices react to economic events each turn via the fundamental formula. If you anticipate a subsidy bill passing or a major sector entering a state, position before the turn processes.

Influence: Owning enough shares gives you a voice in CEO elections. A significant stake can swing a contested vote.

Concentration risk: Corporations with very low public floats (below 5%) fall back to fundamental pricing for trades, which can create a liquidity gap between the market quote and execution price.

See also: Corporations, Corporate Bonds, Currency Exchange, National Metrics