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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.+ i% d5 h0 I/ n. u
CDs could have different ratings, AAA -> F,
; z* U7 {/ ?0 U* j2 N u* M/ nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; [' |( }' Y7 [- Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% J0 @6 J7 y/ R% ]+ Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: ~$ {5 s% I( c ?& i% Z7 ?+ }Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 \& l+ }& O; P' I7 s R/ E9 Asimilar to bonds, CDs trading in the secondary market have different value at different times,- s1 W! L3 L4 V0 F; M
normally the value is calculated by adding it's principle and interest. % B- d) z1 d8 G' e# n% B7 x
eg. the value of the mortgage+the interests to be recieved in the future. ' l& N" k$ J8 S( o5 L1 e7 R
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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, F* q l' l# i, E% j% a: {, \im not quite sure if the multiplier effect does really matter in this case.
$ R& m4 l& g- q8 Z6 Yin stock market, it's the demand and supply pushing the price up/downwards.# u$ B( y% M( O
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, m8 _( T" N) A2 k! m; T, \: n
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 Z% E0 n) P* M! D y( v
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. 2 Z& e4 K4 D$ U2 r# s `
but the value of their assets did really drop significantly.
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# P6 |! k, e- _7 |% C% q' H[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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