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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.6 W" }$ t# b; b+ d3 [: d
CDs could have different ratings, AAA -> F,
/ n5 p m& K# N! E( omore risky ones would have higher premium (interest rate) as a compensation for an investment.% s* m% _7 F/ Z# k# N+ Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- b9 l% ]8 o" x5 r0 e& E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* Z2 `! M W2 u% e9 q' f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ x+ m4 ^9 `% R( o) Osimilar to bonds, CDs trading in the secondary market have different value at different times,+ j3 @4 r3 p# V, \1 H
normally the value is calculated by adding it's principle and interest. + l. [" @6 T. K; s7 R6 j9 V
eg. the value of the mortgage+the interests to be recieved in the future. ! M; }* E% A$ H7 Z* I0 \ F
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.9 U2 v2 ?7 r1 ~, q* l+ f
B2 q: z7 `9 `5 s- n: b3 d2 Xim not quite sure if the multiplier effect does really matter in this case.
4 \/ @- w, x9 U" P8 Yin stock market, it's the demand and supply pushing the price up/downwards.9 n- f" x! i, Q) c8 L0 h! q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- L9 p" @8 p0 y: W! y, V/ n" M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# j8 T) ~- {7 p5 ]! o
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. 9 }9 y% _, I! a2 _ E" j, d
but the value of their assets did really drop significantly.
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8 s$ H( o L! T; B% A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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