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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 w% [9 O$ N6 [" H, I
CDs could have different ratings, AAA -> F,
7 E5 @/ r6 a- [4 U" T; ^6 V5 Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.3 Q7 Y2 ?, I3 c; n+ ?" ?& t B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, ~9 t0 @& G" u. V) L! N- l5 y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& K' V1 z: n+ ]0 ~& ^9 ]. T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- S! R/ c* E+ v; k+ z7 W9 w' d* G
similar to bonds, CDs trading in the secondary market have different value at different times," G5 u1 f: `% B- v
normally the value is calculated by adding it's principle and interest. 8 `1 B( T# h9 o- P; d' N
eg. the value of the mortgage+the interests to be recieved in the future.
$ c/ h+ {& b( D+ N; S* u- r; rbanks 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.
C7 ]5 }4 G$ `' ^% [5 |/ T9 ^1 J5 C* x9 V3 g
im not quite sure if the multiplier effect does really matter in this case.
+ _# u0 Z8 H8 E4 Jin stock market, it's the demand and supply pushing the price up/downwards.4 @2 H" l" n# X3 W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ i& k! c, L$ y, k x, fA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: |/ L) D8 ~. r! O6 a0 R3 _" c
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.
7 |+ p' k. E! [; e5 ~/ n, L3 Wbut the value of their assets did really drop significantly.
9 @9 V6 T# M8 o3 }- O. a/ S9 E/ K+ @4 |! Y* }
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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