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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.2 N. y/ I( ]8 t# g |0 `
CDs could have different ratings, AAA -> F,7 J c4 {' y7 t0 A
more risky ones would have higher premium (interest rate) as a compensation for an investment./ |; x2 ~1 a, ~3 c; E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: n, x6 k% q$ I( H+ nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: x# F5 v) { e9 r& g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* _, X, u! @" u3 A0 D5 y$ |- C; r
similar to bonds, CDs trading in the secondary market have different value at different times,4 C7 g6 N0 K/ E* u+ l$ b$ j
normally the value is calculated by adding it's principle and interest.
+ V, R d- f. o; c% D2 teg. the value of the mortgage+the interests to be recieved in the future. ! W2 R4 \5 i/ u
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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im not quite sure if the multiplier effect does really matter in this case.
, c# ^7 S4 v2 N% J; ?in stock market, it's the demand and supply pushing the price up/downwards.
. ?4 i! ?9 g/ O& RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& k5 N: V5 H# @7 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: y' D! z1 T- W I& U0 y. A
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. 1 ?8 h% h! `1 z
but the value of their assets did really drop significantly.1 V* c% W: m7 u
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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