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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
0 x, L- n2 h6 A, O9 V# y/ l9 p! hCDs could have different ratings, AAA -> F,% }2 }# l# a& F8 Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 H( d M& a1 M: B) p# J \* J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# C+ G# X1 A# _7 c0 r" jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
v+ u6 W; F- a: F2 j3 v/ lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 v, L, F7 I. g; L) Q0 _
similar to bonds, CDs trading in the secondary market have different value at different times,! g7 \. t7 d. Q: x
normally the value is calculated by adding it's principle and interest. I/ L# p4 w, P q& n' L
eg. the value of the mortgage+the interests to be recieved in the future.
6 f. r j" w* L2 ebanks 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.' |* s1 ~% W1 `, p% W
1 B! c3 g1 W; j; ?; Fim not quite sure if the multiplier effect does really matter in this case. r+ p/ ^2 O5 d3 I! V/ J( Y3 C
in stock market, it's the demand and supply pushing the price up/downwards.
" q6 [5 d# v3 L( U2 M. \9 UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& h% S. ?! B# n: G% [5 |/ B2 {+ bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 D9 ~8 f5 s; v# N) p" x
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.
, L& s9 g5 M+ Abut the value of their assets did really drop significantly.( w% Z- b+ v! E: ~' p( z/ o+ v
3 z( g9 T$ f e( b+ a, m
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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