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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.
- d/ d+ q _: j1 s3 K8 R$ p2 |; v8 ]CDs could have different ratings, AAA -> F,+ p9 ^, u, ~, d2 _1 @2 G
more risky ones would have higher premium (interest rate) as a compensation for an investment.! r- T" u, D, J9 B- M% F( m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ C% O1 i6 G& p2 t) p0 s0 U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! J0 i! O. W5 Y% [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* _7 Q) l% e! d7 @) S
similar to bonds, CDs trading in the secondary market have different value at different times,* k0 U8 t! q$ ?2 s" k) W' \# ^
normally the value is calculated by adding it's principle and interest. : |1 I+ ]5 \" M2 H
eg. the value of the mortgage+the interests to be recieved in the future. 1 a- L- S9 K, x% E, Z
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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& X4 _) F% X+ n7 _' h* l% W7 {4 f' pim not quite sure if the multiplier effect does really matter in this case.
! P% E y% {8 ~1 k8 Din stock market, it's the demand and supply pushing the price up/downwards.
: {5 _: S. i' E3 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" {% d) q: M3 b( q) \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. H- Z$ Q' \$ _) A5 y+ u+ k+ N
The 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. . F0 b2 m, B2 e
but the value of their assets did really drop significantly.3 T1 I3 \( G! y/ t% D" S, h
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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