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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.3 D. y" }, ?, Z1 w
CDs could have different ratings, AAA -> F,
& b% ~; Y* A( F0 m* Q% J) Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
o; T! H8 A- u& Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 O$ g2 A6 z* \: s$ W4 w3 U& I6 z/ y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ {+ w. H3 L; E$ h O9 i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 ^/ y7 V, O) T! ]6 Z+ c# l
similar to bonds, CDs trading in the secondary market have different value at different times,+ c5 x6 `3 f d8 y( K8 A7 H% I
normally the value is calculated by adding it's principle and interest.
5 H3 g8 q! K( L/ y' Zeg. the value of the mortgage+the interests to be recieved in the future.
/ h' t9 g- u0 E2 Abanks 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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% P6 N6 Q% a, {) a6 S& }im not quite sure if the multiplier effect does really matter in this case.5 t9 k9 h/ M a! E& ?
in stock market, it's the demand and supply pushing the price up/downwards.5 n) h( J [8 Q+ n, i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. j: r3 ~/ e' O0 [! Y/ b! PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 a( p" E D) j3 i' ?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.
! s' M9 @0 e" _but the value of their assets did really drop significantly.0 Q4 E* W* `# S; k' O6 J3 g
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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