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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.; Y6 ^3 y$ S+ x& s
CDs could have different ratings, AAA -> F,1 \% T* y! r& @
more risky ones would have higher premium (interest rate) as a compensation for an investment.' l/ v& l7 }9 s8 q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 { y* v1 @" l+ `) nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. O+ j+ e" [ ], n! D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 z0 c/ z' _8 I9 @% g7 r+ N% Csimilar to bonds, CDs trading in the secondary market have different value at different times,
3 c9 x7 n6 N4 q+ t O) G: Dnormally the value is calculated by adding it's principle and interest.
0 P3 g6 f3 d& X Reg. the value of the mortgage+the interests to be recieved in the future.
+ C9 V0 M9 d- f' 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.! ?9 `3 ^/ J+ Z5 i- b
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im not quite sure if the multiplier effect does really matter in this case.' Z) |; |* i) Y! ?! s! P
in stock market, it's the demand and supply pushing the price up/downwards.' C: O0 u: Z, w( M
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; ]+ ^# s" a- q2 e# `- c+ Z9 t" O3 n- W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( W7 W$ f" U$ ^5 I0 v: L# H: l
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. 6 e- a* I3 J+ F$ n1 ?6 P& A4 B
but the value of their assets did really drop significantly.
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% X3 V- z# h# x) i" c6 g; @- B6 S[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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