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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.4 P9 f2 C! E h
CDs could have different ratings, AAA -> F,- |1 }4 y5 i& y3 `- f) R: n# Q: T
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# w. ?: [' c0 _8 B, S: A/ gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; s5 B/ S6 K) F- G1 Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ {5 F- P R. V4 J: V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# ]0 k g' k* L! C* L$ z9 F
similar to bonds, CDs trading in the secondary market have different value at different times,+ Q/ _3 S2 ~4 K3 c3 u, {& o/ J
normally the value is calculated by adding it's principle and interest.
% V8 H6 [& ]6 k) }eg. the value of the mortgage+the interests to be recieved in the future.
0 _/ F; |! Q# A0 sbanks 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.
0 O' K/ u) X: B$ V( A* j0 `0 r& U6 N; E, S' R+ ^" F
im not quite sure if the multiplier effect does really matter in this case.
0 ~+ H3 u6 N7 Kin stock market, it's the demand and supply pushing the price up/downwards.. Y, M* r/ Q+ m8 ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ U9 T; ?0 k8 t$ [: i3 R7 L6 N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 m4 _3 I- e8 _0 F5 dThe 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.
2 s% P8 B) w1 S4 u$ }' fbut the value of their assets did really drop significantly.
& V. o. H5 E. o& A5 v* V; d. q; j4 S- g& c. S& D
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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