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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.4 |/ T+ p9 Z3 L+ H
CDs could have different ratings, AAA -> F,
( \1 ?/ s$ D: K0 z3 ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ H2 g- O7 d9 y$ n, J/ kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, i9 |) v" g& a/ \$ g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 ^+ [9 j+ g. i. e2 R0 z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* \* I U$ V9 [6 } a- G7 T b
similar to bonds, CDs trading in the secondary market have different value at different times,, r2 j, g" F! j7 O. {7 n1 @7 j
normally the value is calculated by adding it's principle and interest.
( o, o" m% x# a9 ]7 ?eg. the value of the mortgage+the interests to be recieved in the future. $ @7 ~' A; ]% L; s
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.4 m- H" E% p+ w" H2 \* S& l* P
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im not quite sure if the multiplier effect does really matter in this case.( U' s {0 q* d8 Z7 K5 w, f V
in stock market, it's the demand and supply pushing the price up/downwards.
4 n( p% t2 H" R2 H7 L. v# fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, T4 C1 k3 @+ Q5 d! I g( v0 ?
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 Q9 Q+ c/ a+ h! {! FThe 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. ; b$ s/ h0 S6 J' u8 `. K
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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