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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.
* d4 c$ M1 H! m+ j# lCDs could have different ratings, AAA -> F,& `, j" T r0 ^4 V
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" n) R) v8 @6 o$ [" Q. mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. y r$ l! R9 Z: ?& S9 U- r6 U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. C. _3 }* e5 @% j# _) C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 H. |- \0 y' W- O* `1 h" s
similar to bonds, CDs trading in the secondary market have different value at different times,. K; x" j8 x0 Z- l3 T
normally the value is calculated by adding it's principle and interest.
; p1 `+ |1 m7 M0 p+ A; |eg. the value of the mortgage+the interests to be recieved in the future. : ?0 m; A, k9 c' x6 P+ u2 |, 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.
1 g# l" ]& V: n, R* F& \, ?4 T, \3 h3 x1 \9 \, {9 J& ~
im not quite sure if the multiplier effect does really matter in this case.
5 z9 ~3 z9 Y" Win stock market, it's the demand and supply pushing the price up/downwards." Z% }9 E3 i% s; h$ k2 [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; |5 w: ~7 }- p1 ?1 @5 ?/ h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., R8 Y# y9 ]2 L" ?' ~; a
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.
4 _. c: j5 ~! O( V$ Ybut the value of their assets did really drop significantly.% x+ L: ~' O+ Y4 g* m
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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