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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.. \! [) A4 F3 I M4 {, Q0 \+ L, Z
CDs could have different ratings, AAA -> F,# n: m+ A/ C- X2 X/ b7 c
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ X+ ^4 K2 z" b1 I5 L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* t& Q5 ?0 L4 C; tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* v9 G: M' I& G5 Q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' G/ R/ |0 g$ P7 Q9 M% d" t
similar to bonds, CDs trading in the secondary market have different value at different times,; Z( c7 L- m; }7 g" H. j' G9 k
normally the value is calculated by adding it's principle and interest.
& v! X0 s# Y3 m* [eg. the value of the mortgage+the interests to be recieved in the future.
$ _. L7 ]) ^4 h7 E2 a. ?& y# _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.% {; s J: U" ] P6 A9 P& I
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im not quite sure if the multiplier effect does really matter in this case.
8 h3 i2 E. t6 j& ?& sin stock market, it's the demand and supply pushing the price up/downwards.
* D# Y- C# c- W9 K# ]( HFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ I, e% K* P, H) H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
Q1 H+ @6 z: g8 E9 y) SThe 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. % h4 \: a% P" p6 N2 ?4 ?3 R& |# c
but the value of their assets did really drop significantly.: L, j" s, m. f$ H9 F) Y/ n
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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