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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.( d2 D* G+ V$ m( M* j9 N
CDs could have different ratings, AAA -> F,0 a) {8 |2 O9 F+ m. q2 O9 v) B* x
more risky ones would have higher premium (interest rate) as a compensation for an investment.
m+ p8 b# A+ ^, g0 emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 m& j6 q: q _! ^& N; \2 Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) P3 H9 s. N1 Q7 |/ sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; a. e+ F T) _( @! l
similar to bonds, CDs trading in the secondary market have different value at different times,/ {$ X2 a2 |) X$ A+ P
normally the value is calculated by adding it's principle and interest. # r& ]$ L" m2 I" B
eg. the value of the mortgage+the interests to be recieved in the future.
0 h b% v" X6 h3 z+ _5 ` R. G; ebanks 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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im not quite sure if the multiplier effect does really matter in this case.4 i/ B9 c) s* C- R5 x
in stock market, it's the demand and supply pushing the price up/downwards.
0 T1 D: }7 m6 G6 _3 a5 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 d/ i6 V; \1 A6 Y: n2 `% |3 hA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 `# d, {- X, H% A- F, rThe 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. ! y: x/ Z7 X: D4 Z4 l9 k
but the value of their assets did really drop significantly.4 n, x$ j' S7 T$ A |
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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