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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.) L! g1 A; n3 i/ H( ?0 j3 ~
CDs could have different ratings, AAA -> F,
( f! q, T( \5 D7 S5 C( mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 ?- T2 v% H+ Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 E! E$ z& M# j$ W& M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 j _* T! v" u7 v& s eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ Q* i/ Q/ h+ \& @
similar to bonds, CDs trading in the secondary market have different value at different times,
) t( y" T3 ~8 o! x$ }normally the value is calculated by adding it's principle and interest. 8 D" f9 W& u" p& }3 H& `2 Q3 |3 S( ~) E
eg. the value of the mortgage+the interests to be recieved in the future. * e8 e0 [4 }% ~. \. T
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.
$ h/ e8 I* |& C- G( y/ f8 V- A5 ]* E6 P; ?7 Y: L! r& K. P8 d o
im not quite sure if the multiplier effect does really matter in this case.% l" {5 M6 Y M3 v
in stock market, it's the demand and supply pushing the price up/downwards.# N, I% x! u' S0 u P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, l; I- w# Y8 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., N* R1 P2 {/ s9 {3 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.
7 D4 {0 b' }5 L6 e9 u) C# Zbut the value of their assets did really drop significantly.
6 t/ a/ v: O/ y' W. B2 j6 B2 ~1 o+ Q* V& p* B3 `0 h
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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