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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. k( C: O1 ?# p5 h
CDs could have different ratings, AAA -> F,: t# V' b, [1 v( M& ~9 k2 _( @
more risky ones would have higher premium (interest rate) as a compensation for an investment.; ~7 l. f: \2 M% q+ U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. @- _& U$ m6 U$ }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! e" j! L+ Z( eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
{7 P) {# H1 r* s: c, gsimilar to bonds, CDs trading in the secondary market have different value at different times,2 C( |/ P5 K' w7 P3 r
normally the value is calculated by adding it's principle and interest. # u& w# z `: B. E _
eg. the value of the mortgage+the interests to be recieved in the future.
$ M* c* k: b8 ?! B- [3 ?3 z3 @2 }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.8 f) Z+ Z7 D: a0 ~. H
: Y5 n; w1 T- f) r9 n5 U+ ?0 K4 @
im not quite sure if the multiplier effect does really matter in this case.
+ B: h7 M2 B2 nin stock market, it's the demand and supply pushing the price up/downwards.+ M5 H) l0 C1 ^' Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 {! D) ?, T1 h) Q" P: C. B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 F/ I; k) b6 `6 P9 I7 uThe 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. * b) [1 ^$ q3 M3 k# J9 D
but the value of their assets did really drop significantly.
3 l! Y/ Y7 T, u2 ?
, |; P1 l3 L4 i, r, j1 y) s2 o[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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