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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.5 L9 j" X0 [! W+ c3 S1 T; c+ O
CDs could have different ratings, AAA -> F,
: ~- _/ A) I4 a7 a/ }- fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
( C8 ~* i5 Z% X9 a: Q1 Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 T7 t7 o% }0 [6 _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 j' r" |! j6 h( R6 j, }) C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. [: g- z4 D2 q6 Z, F* W. K1 k* l, z) D
similar to bonds, CDs trading in the secondary market have different value at different times,
# N; b- ? C0 Q& znormally the value is calculated by adding it's principle and interest.
5 A6 ~+ q- u" A* ]/ J* v2 ceg. the value of the mortgage+the interests to be recieved in the future. $ J T( `3 N, d- R: j3 P' k
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.; b4 O& r$ i/ J! Z) i
9 m, f; H+ B8 u% V! H
im not quite sure if the multiplier effect does really matter in this case.
1 n/ J9 o+ I+ X1 F. c( f6 Nin stock market, it's the demand and supply pushing the price up/downwards.6 r7 J! k5 }* Q3 c- v" t
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 M/ M+ ~/ T( M- l$ C: e& TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ W x1 V% N' F1 l1 Y6 E
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.
, d& i; R6 I1 Vbut the value of their assets did really drop significantly.8 f0 G; I0 H9 B( x4 s. F
2 k4 n) E- P6 D* {4 r' J A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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