What is the characteristic of a share of stock that has no authorized value printed on the stock certificate?

No-par-value stock is characterized by the absence of a stated value on the stock certificate. This means that the stock does not have a nominal value assigned to it, which allows the company more flexibility in determining the selling price of its shares. In the case of no-par-value stock, the company can issue shares without having to adhere to a minimum price that would be set if they had assigned a par value. This can be particularly advantageous in attracting investors as it offers more adaptability in pricing strategies.

Furthermore, with no-par-value stock, the company generally has broader discretion regarding how much capital is raised and how it is recorded on the balance sheet. It can also help prevent legal issues around capital maintenance since there is no minimum capital requirement based on a par value. This characteristic distinguishes no-par-value stock from par-value stock, which does have a defined value, and stated-value stock, which assigns a value for accounting purposes, even if not printed on the certificate.