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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.
! t- o, B& x* T; ~) N, Z: YCDs could have different ratings, AAA -> F,
% |5 q2 O' W( E; k% F2 e! Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.$ }; l m6 H6 g5 P' F3 `' H% g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& b0 G" r0 t, i, M( S$ V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 ?. r, E% p, i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& ?+ e" x9 S" ^1 ssimilar to bonds, CDs trading in the secondary market have different value at different times,
q2 b! v* v, D2 q M9 L2 l0 t$ N, snormally the value is calculated by adding it's principle and interest. 5 S1 l& u7 I) H" Z9 G( x0 n
eg. the value of the mortgage+the interests to be recieved in the future. `+ q# K' f6 O, u# S
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.9 P/ C# d- h, R8 m3 s
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im not quite sure if the multiplier effect does really matter in this case.
/ n) t. U* o5 L. D2 L* r2 zin stock market, it's the demand and supply pushing the price up/downwards.
+ O) a5 i( [1 W+ O6 }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( \ R5 s4 T- f& M& I& s/ n& F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: ~( b$ m6 ]1 Q9 D* v3 eThe 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.
$ z$ x6 L. `" g, Y) ?+ h- Mbut the value of their assets did really drop significantly.
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7 O9 k" P* l8 k$ t[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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