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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.2 W& h) G! _+ Q0 m* s
CDs could have different ratings, AAA -> F,) |; U% [, `9 A6 s0 S% y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" X; ^: w6 j0 C2 ?! G% W/ h/ [' imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 H* p s8 C* O! W+ Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- x/ Y$ m; P I; Z/ b, `- p6 h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( z) @7 u: n) _/ v8 W9 w* s9 W/ X
similar to bonds, CDs trading in the secondary market have different value at different times,
3 V" I1 W0 r1 R& W& Jnormally the value is calculated by adding it's principle and interest.
5 }6 d) e. Z* R( f( G, l2 E, m. L; ~eg. the value of the mortgage+the interests to be recieved in the future. 1 f8 Y6 Y0 | s$ A2 e, }; 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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6 R, y. T0 E4 vim not quite sure if the multiplier effect does really matter in this case.
: B: \0 e2 ]1 X$ [5 Oin stock market, it's the demand and supply pushing the price up/downwards." C9 T x/ N7 ?7 @! U( v7 I
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- I% T- @2 v6 _4 ?6 Y3 h) M L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 c" [' @0 s' ?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. % F# ?' }6 N3 j7 }
but the value of their assets did really drop significantly.
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0 P! D5 X" x& ^6 Y* w$ g3 a3 E[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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