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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.
q& a" E0 t6 v# K' gCDs could have different ratings, AAA -> F,
4 _( h1 N6 k B/ `more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ o( ?% P# j2 h- Z- M1 mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% v9 M( [! v Z5 O, c$ @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 u8 N! H7 j. R/ z. E, d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
K, e; q& I& Z7 W- Q" ksimilar to bonds, CDs trading in the secondary market have different value at different times,4 B) [7 X) p* |3 q& [
normally the value is calculated by adding it's principle and interest. ! e7 W4 P) @6 J; f8 ~* P x# @
eg. the value of the mortgage+the interests to be recieved in the future. 4 M9 B' H! T- O) G6 s! E% Q
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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/ l3 F9 j2 P" L0 {1 z+ M' d( Kim not quite sure if the multiplier effect does really matter in this case.! @6 i0 `% b" k6 A) d* o8 Y
in stock market, it's the demand and supply pushing the price up/downwards.3 W- O4 ]2 I$ \3 [& m1 h( j# h9 x
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ W& F- e5 j$ U! DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ M. S( M7 M4 c! TThe 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.
% _) k' @) h# t. sbut the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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