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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.$ f: E f! d1 F5 N' ~
CDs could have different ratings, AAA -> F,) T) B' Y' S# D4 w5 G& j1 m* _
more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 l$ n* C9 f; d4 P. O) ]# Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" T7 e, S2 K- O- W0 i) s: K) zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ p1 `/ B% Z, D4 ?4 Q$ {+ b s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 ]0 Q( c% ^: J1 ]3 ?& Q
similar to bonds, CDs trading in the secondary market have different value at different times,3 |* e: ]5 r) f
normally the value is calculated by adding it's principle and interest.
1 l5 K9 @% Y$ A% x2 Heg. the value of the mortgage+the interests to be recieved in the future.
, ?/ B# o* Q- s8 tbanks 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.1 n9 {7 ]" j) h- ~$ L, d
. G) i" @/ ]# |5 G# T$ mim not quite sure if the multiplier effect does really matter in this case.
$ Y& ]' s7 [' u0 l+ n- d1 Cin stock market, it's the demand and supply pushing the price up/downwards.
& j4 Z2 r" h8 A# ?5 h, F& E7 xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- r1 | e r* d: k# R4 B. @+ L% J
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- A) k3 ^- ?9 O; _8 c
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.
7 Y* Z; D, N% `( U0 a; sbut the value of their assets did really drop significantly.7 D7 _) R, X8 \6 B/ |
, [6 B7 U2 f& x% C* W3 z0 ^6 n[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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