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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 \$ b. m( h7 X9 A# P
CDs could have different ratings, AAA -> F,8 W. V6 j) w/ @ B& i
more risky ones would have higher premium (interest rate) as a compensation for an investment.( C$ b* B% R9 I; W( Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- Y D( _4 }) I4 w4 i, x7 h
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, o5 d4 N5 d: @/ n7 fAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 G) J7 t( P }& K) `$ X" d
similar to bonds, CDs trading in the secondary market have different value at different times,6 t3 b$ P+ L$ g9 A, J% o, L' E
normally the value is calculated by adding it's principle and interest. ) U1 q* g0 l. b* `9 ^4 `
eg. the value of the mortgage+the interests to be recieved in the future. 8 Z1 K' o% \% |' k3 v8 p
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.# a9 w+ ]" I2 R4 {
in stock market, it's the demand and supply pushing the price up/downwards.- i4 M, O- j e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* s3 y9 v) T9 G# |4 r# p f* q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 ~; Q7 w$ O: u9 X# Z( j* @
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.
# N$ P3 }( @6 G W1 r4 Xbut the value of their assets did really drop significantly.0 m5 B0 C# h$ a5 y
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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