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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.
a' ]: t. t: `4 |. o. `. U E, rCDs could have different ratings, AAA -> F,
6 w5 P, F$ z9 G- o6 @" ]more risky ones would have higher premium (interest rate) as a compensation for an investment.* K4 Y- J' q# n; u4 s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( G: h; h% M, I1 Y; I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' d# T: n3 M. P3 o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! G9 M6 z$ y( z
similar to bonds, CDs trading in the secondary market have different value at different times,1 \0 G9 e. J* J* A5 x
normally the value is calculated by adding it's principle and interest.
+ m2 D: @6 n. U& c8 eeg. the value of the mortgage+the interests to be recieved in the future. ; x' q* Y) B+ A+ T. K Y$ w$ F
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.# E5 T7 ?7 m4 W& f' H: P, G
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im not quite sure if the multiplier effect does really matter in this case.
& Q3 A: M' a; V1 c: `9 C% P5 cin stock market, it's the demand and supply pushing the price up/downwards.
2 C: s( n3 u2 W& |; ~7 t \$ l- ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," l# h$ K- }) g% u+ E* G8 M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 F. \5 t% [6 g7 Q
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. ( a% B8 T) _+ j! W4 ?) v9 T- m
but the value of their assets did really drop significantly.+ g! `: i) V$ w% U. q/ I
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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