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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.
0 A4 ~% ^7 W7 [/ h7 b) I- c* m! t, \CDs could have different ratings, AAA -> F,
6 Y" w8 c. V0 c/ [- W7 f7 T! Omore risky ones would have higher premium (interest rate) as a compensation for an investment.( z: {$ B5 H3 x% z/ C/ r6 H8 O& f( o/ x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; K% s# w( B$ O5 ?8 X7 {' x$ i/ |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* A% R; r/ o$ J* J! r. ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 e+ Q# o! r2 M% B
similar to bonds, CDs trading in the secondary market have different value at different times,( K! C7 B' r6 d! H" C. T
normally the value is calculated by adding it's principle and interest. * K6 ^0 O* x! h l$ _
eg. the value of the mortgage+the interests to be recieved in the future.
" ~ \: J; X7 m/ U' W+ fbanks 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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# L& [. A; f, E( s @! F& \im not quite sure if the multiplier effect does really matter in this case.
, C$ b. R! q4 J- @2 Xin stock market, it's the demand and supply pushing the price up/downwards. L" b+ H& \' W! C A8 L6 ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 _. x5 @" }: a0 Z" s8 i h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' \1 ~6 h/ O! M7 w8 D8 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.
9 h! e# G, H0 I: I$ J3 H3 b- w+ ubut the value of their assets did really drop significantly.
2 V2 O! f* }# J+ S# v6 m* \: c, P! C% s1 c3 ^% z, c/ |
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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