It is demonstrated that the magnetostatic demagnetizing factor is not the only sample-shape dependent contribution to the hysteresis loop. There are also exchange contributions, which lead to interesting effects, particularly in nanostructures. An example is the recently discovered bulging mode in two-phase nanomagnets. The bulging mode exhibits the angular symmetry of the coherent mode, but it is incoherent due to its radial variation and gives rise to negative demagnetizing factors.