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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.
% W( q* i- Z1 d* w" {: ~CDs could have different ratings, AAA -> F,, [- I6 u$ [% ~ L; p- C# ^5 a
more risky ones would have higher premium (interest rate) as a compensation for an investment./ F7 R8 k8 r0 ^$ L3 J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. r" d8 l8 v" [( l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" A# _* B) ]5 X& IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ i+ S& t- E6 Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
' s2 @1 K- e0 e! K$ Cnormally the value is calculated by adding it's principle and interest. ) X' o P4 j0 L, P4 h
eg. the value of the mortgage+the interests to be recieved in the future.
' m: F! W; H" F3 |7 Ebanks 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.* { j6 l: h M- J T4 w$ n
in stock market, it's the demand and supply pushing the price up/downwards.% G& h+ z! x- z6 z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. k8 b- P- g7 m2 ]2 D1 q2 k0 X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 a9 ^$ k% ?1 D8 D
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.
) e4 g' s" l# s% ?9 b4 Vbut the value of their assets did really drop significantly.
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! d' Q; c5 h/ _) |8 n[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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