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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.* K" [) K( Z0 D( y) o0 ~/ [
CDs could have different ratings, AAA -> F,5 I/ Y& c- Y2 i3 b& Z6 t8 \( K
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! L1 Q+ A8 z( O# x$ A2 {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% c( ^7 [2 V7 R% |/ Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. k- \; h* u, n+ U, m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) n' ]$ n0 a* ^+ u! ~! {. }2 ^
similar to bonds, CDs trading in the secondary market have different value at different times,
8 N0 j6 v8 |0 p& }7 Unormally the value is calculated by adding it's principle and interest. 6 Y& R: h4 Q6 k: d% [
eg. the value of the mortgage+the interests to be recieved in the future.
3 ^% f3 q; f$ ~. C3 p' l# lbanks 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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im not quite sure if the multiplier effect does really matter in this case.
7 t5 s& F [# D+ j5 uin stock market, it's the demand and supply pushing the price up/downwards.
, a+ Y3 K9 I* n# w! Y2 l" g1 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: |0 b( F* P( R- t: P% r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 J" I8 o! v6 X6 o# K3 oThe 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. ' x1 H. ^9 t& L: T
but the value of their assets did really drop significantly.
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/ {& R3 c/ A+ C$ A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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