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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.& y1 z$ ^; l$ E* S4 H" Y
CDs could have different ratings, AAA -> F,
, X# j. m ^! z& jmore risky ones would have higher premium (interest rate) as a compensation for an investment.9 c0 ` R4 s6 q) t* [7 E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 G+ }& a9 a. r2 ?2 V, k
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 Q& O3 z, ?, h0 m6 pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) C& d8 d. _6 N/ j: u: fsimilar to bonds, CDs trading in the secondary market have different value at different times,
4 x% c0 M) l1 x; Z, onormally the value is calculated by adding it's principle and interest.
* ^8 @) N5 Q) j- A. X' J# |eg. the value of the mortgage+the interests to be recieved in the future. 3 Q: J; {* }1 A8 G0 x
banks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.
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3 {; h2 l# |3 sim not quite sure if the multiplier effect does really matter in this case.
* ?# K' n( e$ h y( p* @( S1 M Qin stock market, it's the demand and supply pushing the price up/downwards.
( m. l0 u) T8 }/ WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 g. x- _& Y7 X0 a% W) d0 E: VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: A. G: C1 o* L) lThe capital loss that ppl suffer nowadays, i believe, most of them does not really suffer a real $ lost yet as long as they dont sell their securities. A% f$ P9 H. G: y
but the value of their assets did really drop significantly.. y z% f& \" }6 I- z0 N5 p
! `& e# \8 H+ M* k$ g4 Q[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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