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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.: d( q7 e* S8 J" q
CDs could have different ratings, AAA -> F,
, a# o% v+ m0 Q9 M1 T# Xmore risky ones would have higher premium (interest rate) as a compensation for an investment.- d; c7 e, h2 r h8 t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; C( K) K0 a6 i0 jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 ?3 `: ~0 W( g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 C$ ^ n/ |7 x% F( s4 I' P5 ?
similar to bonds, CDs trading in the secondary market have different value at different times,
$ o: q4 W u( `) E4 c8 n$ `2 Onormally the value is calculated by adding it's principle and interest. 0 d' H8 ^3 y& R' d8 B
eg. the value of the mortgage+the interests to be recieved in the future. t7 J$ r8 ?9 b
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.( x8 F0 {6 C1 {; [9 \1 D3 t% ]6 c" i
) O4 f8 R" R) N% }! W
im not quite sure if the multiplier effect does really matter in this case.
* Z( s* S: c4 P4 w3 s; m. G6 s# X6 ^* Z* Hin stock market, it's the demand and supply pushing the price up/downwards.
8 Q' U" e9 W1 L3 gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ y) K# ?- |: u" ~, w" `2 c3 mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, V9 e( q6 H: F N1 m/ _7 Q U. qThe 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. : u* K0 ~! w: y: `% K6 N! e
but the value of their assets did really drop significantly.
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+ z* V& @" `) |' J& S1 J# C' i[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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