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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 C3 L0 ~/ [! t' e; V% O1 l) G( U8 H
CDs could have different ratings, AAA -> F,
5 u4 J$ d5 ~2 x' u# y ]& tmore risky ones would have higher premium (interest rate) as a compensation for an investment./ s$ @* D( g; B0 S; _% j8 \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* @9 R3 ^5 m: |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." }; b9 H3 X& L5 H1 H9 w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 \7 R4 J9 F: G3 w' r& L( c% y2 ^
similar to bonds, CDs trading in the secondary market have different value at different times, P5 W* Y. v! V
normally the value is calculated by adding it's principle and interest. ; E6 i0 K; I& g5 T" Z; o# u$ L; u
eg. the value of the mortgage+the interests to be recieved in the future. ! r2 E6 P+ y" Q
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.
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im not quite sure if the multiplier effect does really matter in this case.
' `8 t0 d7 {0 R4 H4 q Din stock market, it's the demand and supply pushing the price up/downwards.* S0 w6 R9 h6 r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; P, x# \& g t8 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. p, r2 O% w# _( IThe 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.
% ]. V1 e1 }# y6 c6 r! T: ^but the value of their assets did really drop significantly.1 N- }% l2 ]$ p- @, i( E# H+ T
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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