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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.# R0 I/ N- U# D$ o
CDs could have different ratings, AAA -> F,- y; _/ W6 g6 U' J: ]5 F0 K
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 `6 ?7 W. o' W1 M# |5 C3 h6 u4 k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& r; X1 ?' E& _5 S* B \. P3 |' c- tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 d' }+ j) a ^! U2 H* @1 ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: A2 ~. K/ B2 m
similar to bonds, CDs trading in the secondary market have different value at different times,: U- v r* B7 I, A9 \* O+ Z
normally the value is calculated by adding it's principle and interest. & _: W( s+ E7 O2 @& f
eg. the value of the mortgage+the interests to be recieved in the future.
5 ?: ^. o2 Y4 V1 k; [ rbanks 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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" p3 r5 d( N7 Q1 A5 K5 jim not quite sure if the multiplier effect does really matter in this case.0 g9 r) F4 i" @7 Z
in stock market, it's the demand and supply pushing the price up/downwards.
9 @% \9 J, z+ h; v v. g) H) bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* F0 {; I7 `) Q* U) W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: h. ~5 h2 Z2 J2 GThe 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. : z) ^6 k8 a: ]; l! y
but the value of their assets did really drop significantly.
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, c0 Y4 ^( A3 A- z5 J2 w- @! y0 |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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