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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.7 ~3 u2 r1 E# g+ _" S- ]+ c- s
CDs could have different ratings, AAA -> F,
. Q \ u: F; s8 {3 @" G2 r& Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
+ _* t- d& m) ]2 \ J( i6 Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 @6 ~2 _# p, N# [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ G) K9 C5 ^9 Y+ J8 cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 w# Z3 b" }3 j+ }9 K+ O6 g3 Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
4 Y& y/ m; e8 j7 X* Ynormally the value is calculated by adding it's principle and interest.
3 V L8 J# ? l7 _) C9 leg. the value of the mortgage+the interests to be recieved in the future.
8 a3 p& H* l4 D% \. Bbanks 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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, A5 t5 X" ^: e+ S6 _im not quite sure if the multiplier effect does really matter in this case.
& E- s5 y3 A q6 N. S6 r2 T7 win stock market, it's the demand and supply pushing the price up/downwards.
_* w# L8 T; l: o* N4 UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* T, @/ i" e3 a# |. Y! V7 i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- @1 h/ ^8 S' j, |$ j8 zThe 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.
) f/ ~$ G. K) e0 X# a, l' Ebut the value of their assets did really drop significantly.
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# B4 O# B* `+ p[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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