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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.6 O e& i4 `6 ~: L) F
CDs could have different ratings, AAA -> F,0 w+ x$ h0 l# n' u; _
more risky ones would have higher premium (interest rate) as a compensation for an investment./ a q! J- C3 n1 h! M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( I, U9 {/ z9 [5 c; W" V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: _6 ?" e4 B4 S7 _. w# F7 RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 \4 M2 X k# w, `) } X0 X5 v
similar to bonds, CDs trading in the secondary market have different value at different times,
' B: q; u! z4 c ]0 wnormally the value is calculated by adding it's principle and interest. 2 Q+ V3 C" k) l7 K4 y
eg. the value of the mortgage+the interests to be recieved in the future. $ d* i: f) [, q% T' K2 d
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.% }: ?; @, o. O3 N; r
$ [* e5 {$ H* r- i2 s+ \( [
im not quite sure if the multiplier effect does really matter in this case.
# K) O: G P$ n9 m5 f4 F* y7 pin stock market, it's the demand and supply pushing the price up/downwards.
2 I+ o3 M: ^% _' d$ d, gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ r+ W/ J0 D% T1 x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 M N0 K8 h+ _/ ^. q, `) JThe 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. # F i+ x! b/ v* n2 t
but the value of their assets did really drop significantly.
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7 f8 D& i6 [- K9 y, |) T0 F[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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