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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.9 C. w; }1 F, B+ l7 \1 F
CDs could have different ratings, AAA -> F,+ N9 K, a" j4 T
more risky ones would have higher premium (interest rate) as a compensation for an investment." I2 L8 [/ \# j4 ]5 X$ _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' f; V+ H' U) s) l! G( w" M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 A' g: R, I( Z5 \2 F& u" E3 x7 J) a; pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 s! { |! d, n
similar to bonds, CDs trading in the secondary market have different value at different times,
# E4 a5 I1 L4 [% ]normally the value is calculated by adding it's principle and interest. 4 l- B$ K) _3 w, d" {/ I4 W- I/ P+ M
eg. the value of the mortgage+the interests to be recieved in the future. - Q) A$ Y+ O1 n5 q& |. o
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.: S: N# a4 Q* Q k7 j9 Y$ A
c7 H6 K: \4 Y
im not quite sure if the multiplier effect does really matter in this case.
3 \0 i' G; i: B/ x H3 k! D3 iin stock market, it's the demand and supply pushing the price up/downwards.
" H4 z. s7 V3 q- r' KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' c% i0 O( [; c' q+ D2 X3 [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 j( r* Y* Q$ j6 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. % H$ B' V1 j0 x2 T
but the value of their assets did really drop significantly.5 q ]3 R9 V s
+ S: R% F% k0 ^4 M% [6 a6 ~[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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