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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." D; q: k1 m3 e9 z0 Q3 x& I9 E% C
CDs could have different ratings, AAA -> F,! M7 o1 m, j& k. `7 a
more risky ones would have higher premium (interest rate) as a compensation for an investment.( h1 ^* J% s( ?0 f# ]- g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" G4 x! W8 ]% F, Q. ~7 n$ Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
u. Q2 Y) @2 y+ p" I5 BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! u* e' l! ] e' D8 t, osimilar to bonds, CDs trading in the secondary market have different value at different times,7 T. \! w4 g4 M8 ?" k/ B- |; v7 ^
normally the value is calculated by adding it's principle and interest. 6 _3 ?$ t$ h g
eg. the value of the mortgage+the interests to be recieved in the future.
$ _7 ?* `2 @0 Y+ pbanks 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.7 q* w+ [0 t4 K* h
( p# ^$ l+ {) e9 @- w
im not quite sure if the multiplier effect does really matter in this case.2 ?; T: R8 `% ]6 P
in stock market, it's the demand and supply pushing the price up/downwards.
9 `% @: q1 o# T" P0 L0 gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( H( t+ b3 u- H7 u/ p5 ?+ W) ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 c2 i% l4 H q! w
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. 5 b) ]- [- o8 |4 J7 ^+ r. g
but the value of their assets did really drop significantly.: D$ `' w& H, r/ i+ ^
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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