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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.6 P( F8 n* x' @9 o2 _0 j: ]
CDs could have different ratings, AAA -> F,& A) H, }$ X! ]- V4 k
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: X( g8 n0 ^" U% _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. _! b6 z1 c% R; _& s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' m# p9 ~& I! `( S2 f7 UAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." m& d; o- @& e9 i8 y# P
similar to bonds, CDs trading in the secondary market have different value at different times,4 {& c1 c' `4 S6 e1 P: d
normally the value is calculated by adding it's principle and interest. 8 g8 @( \/ V( u2 Q3 r5 W( w
eg. the value of the mortgage+the interests to be recieved in the future. ' F5 w$ {. a. U4 r: Q
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.
9 V' ]3 H" {6 n- d* D$ {$ Oin stock market, it's the demand and supply pushing the price up/downwards.- T9 Y G5 o' F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 r/ {0 P k( n1 H$ ^% R, ^" F1 O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: a3 c/ F9 U9 v, d" @
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. # i- z# X, ?. G
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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