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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./ G- G$ Y- N0 S! d, H. h8 s, \, V
CDs could have different ratings, AAA -> F,9 X. Y6 y$ A- K2 X2 _& P
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( A( t7 `8 P8 r! s( k# U( Qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ K5 _2 N( X) j2 C8 Y% w3 iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 A$ d2 G' B7 Z5 g/ P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: B/ x, Y; z4 r& H' o4 asimilar to bonds, CDs trading in the secondary market have different value at different times,- }0 h9 b v3 [# l, t. c m% b
normally the value is calculated by adding it's principle and interest. * S+ e" _) u4 g X1 \3 E
eg. the value of the mortgage+the interests to be recieved in the future. + J) q& _1 H. q0 U0 [: A2 M7 I
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.
/ {( y) O4 ? B9 r7 n8 \2 C! e5 @ @" ?0 A8 I$ k8 h
im not quite sure if the multiplier effect does really matter in this case.
6 l( z( K- I3 ^. ^8 @in stock market, it's the demand and supply pushing the price up/downwards.
/ ^ H7 X. ~; ^5 a: SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& z% q3 O: m# h" n* c; i, k7 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 I* l- s$ \6 C3 PThe 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. 6 t3 |( i C/ ?2 ?3 E
but the value of their assets did really drop significantly.
& C8 \$ I- m: i- d X
; V6 B0 N+ @0 S7 m[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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