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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return., c: R, y {; f6 K4 X, {0 h6 ^
CDs could have different ratings, AAA -> F,9 w8 n3 q/ a- |7 w
more risky ones would have higher premium (interest rate) as a compensation for an investment., _: o" v* X, |4 n4 u( Q$ |9 g3 D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ s( K+ P8 N0 S$ R: ^7 J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 j( l- |+ i8 Z* ~4 M: l! oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 @' E2 C; o* b/ g% d# L3 T T
similar to bonds, CDs trading in the secondary market have different value at different times,' M2 N: @% z9 i% y" C j/ E; Y
normally the value is calculated by adding it's principle and interest. . m/ j1 H! z4 [$ p8 O
eg. the value of the mortgage+the interests to be recieved in the future. 2 p2 L1 @: U. W- J4 R# w4 x* A7 a2 D* _
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.9 W/ _* Z$ L7 z. g4 J4 \% A" S
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im not quite sure if the multiplier effect does really matter in this case.+ l, M$ ^' `; y: K
in stock market, it's the demand and supply pushing the price up/downwards.8 t! O/ K+ E; e1 Y" C( l1 x
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 v! b8 I% D, P) f# C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' j L- O2 D4 J9 ~ O% h i; [' IThe 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. # l8 n( c6 e1 Q2 O
but the value of their assets did really drop significantly.
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1 m2 J8 Z! t/ D$ H9 o2 g! ]& y4 \[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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