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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.
: _8 S$ a+ a# R4 @CDs could have different ratings, AAA -> F,1 w5 U$ G0 ]* [: u# A0 E. g# o
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& R) g' v* U, zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 _' ?6 ?6 z0 J2 e# `$ ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. L6 ^$ `8 r7 G) N# B. t1 k& p( F4 K3 H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 @1 h' a0 E a% ^
similar to bonds, CDs trading in the secondary market have different value at different times,
/ O7 q4 }2 D5 K# C9 a! Mnormally the value is calculated by adding it's principle and interest. # g8 C% g) C# ^
eg. the value of the mortgage+the interests to be recieved in the future.
% x/ \) _# R4 ^" V# n+ [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.
9 o6 x; v+ q/ p6 f: r* `8 I
5 T% j$ T4 J" N0 ^, f* e' Rim not quite sure if the multiplier effect does really matter in this case.
# T9 N0 J# m6 M) Uin stock market, it's the demand and supply pushing the price up/downwards.
Y, R' N, `0 f! [* SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 U4 @% C, Q/ J5 [
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 H5 u8 ~$ p; n& ], {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; \ U! z# j* @9 G3 ^2 Xbut the value of their assets did really drop significantly.( F: O0 g% Y3 `4 @7 T% H/ }% T2 I
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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