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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.9 ?5 P* \- j4 I2 r7 A" C5 c( i/ Z
CDs could have different ratings, AAA -> F,* e& b9 ` t& y$ h( W4 s, I
more risky ones would have higher premium (interest rate) as a compensation for an investment." o+ s+ ]8 L* H% G! i$ |3 w
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 C6 _$ O. o1 C) W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, h/ R& h! y: N; Z% _! sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 X: H: r2 I+ Z( x
similar to bonds, CDs trading in the secondary market have different value at different times,
- A1 b8 N0 b* T8 p/ T& O, mnormally the value is calculated by adding it's principle and interest. ' _+ A) J) n. ?1 O+ v; t2 ?: m! N: v
eg. the value of the mortgage+the interests to be recieved in the future. 1 T& Z5 p/ z( B' l+ x: `5 U f
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.
F) g+ p0 W+ Nin stock market, it's the demand and supply pushing the price up/downwards.5 m0 j9 `& S6 C, [; g$ N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 F, V; |2 o" r: ~9 w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; F, c. p9 ~7 I- H/ s; wThe 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.
! t; p; A' u% R9 [4 j% ybut the value of their assets did really drop significantly.+ V7 ?. k, I6 k L2 [+ ^4 I1 O$ i9 g
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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