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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.) j/ t- c% T9 ?+ V# Q% F% X
CDs could have different ratings, AAA -> F,
2 Z' y5 O; e: i0 J2 ?/ Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.& r+ H( t4 N+ `4 o9 o8 P8 r4 J$ g; k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! k6 T$ U2 A; B) ~6 x8 gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 z$ Q% T8 a: U& X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' b! h9 \$ R* k
similar to bonds, CDs trading in the secondary market have different value at different times,
B! F# k7 ~* L L! R3 P& }4 Anormally the value is calculated by adding it's principle and interest.
+ V" I# h! x7 }7 j7 oeg. the value of the mortgage+the interests to be recieved in the future.
4 x3 i6 y) m W+ i4 n( ?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.; i; {7 T+ a8 v, t, `: p
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im not quite sure if the multiplier effect does really matter in this case.' M5 t7 R1 [% [$ F) E
in stock market, it's the demand and supply pushing the price up/downwards.# n* \3 m, A1 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' R" S) K& [' f% ?( CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! c: `; w, j! i2 E/ \/ O$ H, v
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.
5 }% e8 t1 x7 p, ^; m% F Dbut the value of their assets did really drop significantly.
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2 [1 v! d; N% h( r J# L[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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