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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.8 M- p* N/ z/ T/ p( x
CDs could have different ratings, AAA -> F,, N' l4 Y* r7 z5 X5 ~% t, o
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 b2 d" N3 m9 G/ ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ ^4 G& t; q: L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. h9 ~ B/ W" E4 o( k! J# a8 |& F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." H2 M0 j# y, \7 I+ v: J' m
similar to bonds, CDs trading in the secondary market have different value at different times,
# D& M) j/ b& Wnormally the value is calculated by adding it's principle and interest.
( t. y9 E% w3 I u( {# k# |0 l% yeg. the value of the mortgage+the interests to be recieved in the future.
# v! \& @% J) b& }" c0 ?1 ibanks 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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e8 a0 E; I, _7 ]: }( H8 l" Bim not quite sure if the multiplier effect does really matter in this case.6 S8 j9 ]3 M. S5 s- B
in stock market, it's the demand and supply pushing the price up/downwards. Q& g0 I+ z$ J+ k; O& j$ ]+ e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& D7 U- r3 l+ [% o8 m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! ~ b% l# y4 w; q8 I, n- o8 c3 ~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 E+ O" w+ }! C
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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