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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." H! }' D! u2 o
CDs could have different ratings, AAA -> F,4 M0 I, I7 e$ s8 T" }" E
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ F+ q/ o" r5 |" m3 w, dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, R! X$ b9 t4 S8 H0 b* j& s& y9 m: _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! h6 P, p- ~0 bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 `' o$ \' V! [- a5 a9 csimilar to bonds, CDs trading in the secondary market have different value at different times,: r, W$ w9 h; }
normally the value is calculated by adding it's principle and interest. # N& N/ o+ ^5 [# @4 O
eg. the value of the mortgage+the interests to be recieved in the future. 2 ^ f2 w/ e/ S) j* f4 c) C
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.
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im not quite sure if the multiplier effect does really matter in this case.
# p( K8 g6 Z3 _! I4 }9 m* iin stock market, it's the demand and supply pushing the price up/downwards.
- ]7 p. K3 L( f+ M9 {6 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 l; K5 q. _6 V9 \. k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., t, s- b% O" [6 h9 H
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 L7 w& N% B% k
but the value of their assets did really drop significantly.
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; f* h6 ~* Q4 \- e[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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