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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.
9 [- F/ p5 P: ]+ M' |CDs could have different ratings, AAA -> F,
6 A; J! h* k: U) u* I$ Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
( |2 _/ u' k# o9 Z- _5 h' Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. n2 G& ~4 Y# q' B
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., w d: J$ b4 q, }6 D( ^- W" }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 U: f& u" W$ A5 q9 u8 |6 \4 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
; z1 }9 M9 M/ ]$ W! }normally the value is calculated by adding it's principle and interest. ' f) o4 \4 p$ M- w: T& x
eg. the value of the mortgage+the interests to be recieved in the future.
2 o! V! q, _$ H" ^4 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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im not quite sure if the multiplier effect does really matter in this case.6 D! h D: ]2 Y# ]; S& K5 l
in stock market, it's the demand and supply pushing the price up/downwards.
0 V/ x% G( ^4 X9 |) l% IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! F6 O2 M5 b, a+ i, tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ G. o1 i6 E# j% a
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.
~1 T* N% D5 I! Ubut 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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