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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.
5 U ? \1 @+ t' `CDs could have different ratings, AAA -> F,
" z" i/ v9 e* y0 D$ m8 D" nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
) ^0 l+ W7 L# W' N/ B0 r {4 Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 Z9 R' L' }% C0 s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; N$ P q# V8 _$ |7 x, l; z, M8 B- JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., T7 @5 D5 E0 J( w* |
similar to bonds, CDs trading in the secondary market have different value at different times,- y9 S" x& l& y8 S+ K# a6 \
normally the value is calculated by adding it's principle and interest.
) j8 e, ~" |4 K3 i6 |) y. W8 Leg. the value of the mortgage+the interests to be recieved in the future.
0 I. y" [3 |2 r! Y' k y* vbanks 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 E, J' _' A# [- H0 @ U
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im not quite sure if the multiplier effect does really matter in this case.
) K# T/ I* P$ Q8 d' E0 C9 {( Xin stock market, it's the demand and supply pushing the price up/downwards.$ Q _9 ^6 J, G& b" k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; Y! M% u" y; a+ J' eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ ?6 @( X* r/ ~: g
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. * I3 J8 ?% ^: j6 B" g3 e
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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