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	JANUARY EFFECT Tendency of the stock market to rise between December 31 and the end of the first week in January, following year-end selling for tax purposes. JITNEY The execution and clearing of orders by one member of a stock exchange for the account of another member. Example: Broker A is a small firm whose volume of business is not sufficient to maintain a trader on the floor of the exchange. Instead it gives its orders to Broker B for execution and clearing and pays it a reduced percentage of the normal commission. JOINT VENTURE A project undertaken by two or more parties to achieve a mutual business objective(s). JUNIOR BOND ISSUE A corporate bond issue, the collateral for which has been pledged as security for other more senior debt issues and is therefore subject to these prior claims. JUNK BOND A high-risk, non-investment-grade bond with a low rating, usually BB or lower. As a result these types of bonds usually have a high yield.