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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.' H5 [2 ^& i* J2 h% K) ?
CDs could have different ratings, AAA -> F,2 H$ n, w! j& A. \5 D1 f
more risky ones would have higher premium (interest rate) as a compensation for an investment., Y" d: R, y% b% o W/ q2 Y" f
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 ?8 s( ~* K2 l/ y) f( D2 k
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 J9 o2 f! I; W) c) h; C( vAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! H0 N! W8 n* qsimilar to bonds, CDs trading in the secondary market have different value at different times,
5 a! R7 F# ~7 b( q( ]normally the value is calculated by adding it's principle and interest.
2 x3 g2 g3 a- F% meg. the value of the mortgage+the interests to be recieved in the future. . d# \% D1 `$ c/ v, D: I* Q5 x+ U
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.) S1 N2 R# u1 @1 D; _6 [
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im not quite sure if the multiplier effect does really matter in this case.
$ W. ^# X2 C; w0 s9 gin stock market, it's the demand and supply pushing the price up/downwards.: d: \! `2 u) H0 z; ?6 d& T, w; S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' R I& B" d; Y5 d+ jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ D# t& N5 {" j$ V, r/ q! PThe 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. ! a; r0 Q4 a( X e
but the value of their assets did really drop significantly.
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# z* `+ }1 h& m[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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