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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.+ J- E7 Z; r; a( ]2 T/ E
CDs could have different ratings, AAA -> F,7 r& O5 b3 R; R, L) J, n% X( n$ w
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 _; a4 u0 w, K% r
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; D ?6 D- f* ?8 s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 e7 J+ m Z# q1 q( f U5 e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 V7 g1 t9 [! k4 \4 P6 s" t* y) B+ Z
similar to bonds, CDs trading in the secondary market have different value at different times,
8 L. N0 k1 W3 f) _7 X! mnormally the value is calculated by adding it's principle and interest.
2 A9 K: N/ h/ [7 ^+ @1 a! feg. the value of the mortgage+the interests to be recieved in the future.
% K9 f* E. K1 F* s$ rbanks 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.. j/ F0 u- M, p& `: F% F5 i& x
& r9 p. R; `0 o+ F
im not quite sure if the multiplier effect does really matter in this case.
u* |, B( @9 G* O r" {in stock market, it's the demand and supply pushing the price up/downwards./ M1 |7 v% h1 ^1 O/ y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* {; C) @) @' S6 `! u
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- D! |. t9 _. GThe 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.
& m4 u. g# o4 j) H+ k4 j8 B" hbut the value of their assets did really drop significantly.
& A: u7 F: `9 O, o7 m; W8 V" q c. N7 u
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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