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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.
( W6 N8 C& x$ cCDs could have different ratings, AAA -> F,
* h; B- E6 ?8 |more risky ones would have higher premium (interest rate) as a compensation for an investment.2 A, x+ b6 y+ Q$ M4 o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 P" m9 X/ O n5 l$ R& P+ a" Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. t: d" A8 T1 n0 J+ Y4 C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) @- v" a: f3 u$ i8 rsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 Z- D, r( y, f7 p7 i( Inormally the value is calculated by adding it's principle and interest. 4 j1 K9 ^: I7 @0 H
eg. the value of the mortgage+the interests to be recieved in the future. " w: ^4 ~) A, h8 g, {
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.% I7 k1 T2 v' D2 s
0 E6 x: K, E, @' Y. x; Nim not quite sure if the multiplier effect does really matter in this case.
9 ^. }$ z, D" y0 M. l7 Y, rin stock market, it's the demand and supply pushing the price up/downwards.# c2 {; Z) Q) K/ C
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 t' z( k! r5 P$ C4 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 ]2 v% M9 G0 j- U9 e; r$ t9 jThe 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. " l9 M8 w7 d, j$ A
but the value of their assets did really drop significantly.
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7 g$ L0 \2 }1 W[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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