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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.! r5 {2 G) H+ t, Z
CDs could have different ratings, AAA -> F,
5 {2 \0 V K% f9 L3 z# Q. f1 nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' T% g0 ~, `2 Y. g) |' I& Y9 mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( F3 }4 {$ |+ Q# I2 b! Q7 Vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 w, X! v: B# ? }$ ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 e: ]/ R9 B0 h6 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
, o6 d8 l5 @1 Y2 F8 ynormally the value is calculated by adding it's principle and interest. # e; d5 I" E8 q( t! u. m5 W; ~
eg. the value of the mortgage+the interests to be recieved in the future.
3 {* u. m$ i _+ q- Y, n& h" X7 ubanks 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.
% |- K: O0 p, P( g1 C9 }5 h; R' n3 ^; j3 r+ Q4 j- J' k6 Q
im not quite sure if the multiplier effect does really matter in this case.
3 f' T& u+ q" x+ I) N/ Fin stock market, it's the demand and supply pushing the price up/downwards.
7 ]/ m9 v6 D$ z) j u+ R2 h* tFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: Q5 q0 f# _4 S$ z0 o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- \# M7 t2 L6 l- ~7 c% k
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.
9 `9 W7 }- u G& f5 C* h4 `but the value of their assets did really drop significantly.6 ?' j" K% x7 [8 w# H1 `
7 x& [1 E" I$ k6 l5 B
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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