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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 \/ j$ j, F7 n! E) v0 `" K
CDs could have different ratings, AAA -> F,; [2 `0 ~+ Y- Y1 t1 h# C
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 z/ _: J# M, Z7 t rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 c& E/ j j( {+ a7 }5 u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' r( u( y; g# H" a' AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." r$ v1 x2 S0 Y1 Y% F3 z" t. G% A
similar to bonds, CDs trading in the secondary market have different value at different times,& z# y, W8 _6 q+ r7 w9 @8 O: e
normally the value is calculated by adding it's principle and interest. ( L/ Z; m2 E) K
eg. the value of the mortgage+the interests to be recieved in the future. : Z& p8 M9 M7 q. ~2 x" S, C
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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im not quite sure if the multiplier effect does really matter in this case./ ~8 X; ^, E$ a# z
in stock market, it's the demand and supply pushing the price up/downwards.% u2 Z; k$ e9 ~$ M& Z4 `; K
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. }. r0 t0 {1 }+ m8 J3 {" _$ w. W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: I& I# R5 _5 F2 w& s9 M4 v
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. 6 z- U4 m/ x0 K7 C
but the value of their assets did really drop significantly.. x8 g: [0 L3 [9 m- @3 l
, a4 Y0 J) N; H# Z+ v[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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