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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.: ^; z) Z" |5 b+ A4 n# i
CDs could have different ratings, AAA -> F,5 K7 l9 [. C1 j8 A5 i
more risky ones would have higher premium (interest rate) as a compensation for an investment.( S4 z& c7 \5 y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 j2 }4 d* r4 }- v: \5 `
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 j* q- j+ a' p) k0 o/ r- dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! S' ]: N' m2 |/ s" w' t, ^similar to bonds, CDs trading in the secondary market have different value at different times,
' C+ n/ B% `; e0 F6 Cnormally the value is calculated by adding it's principle and interest. + a, m7 g* g9 u( K, r
eg. the value of the mortgage+the interests to be recieved in the future.
; i) u0 N+ e7 t, `, ?- e5 obanks 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.4 i& W0 p A3 c" U
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im not quite sure if the multiplier effect does really matter in this case.* e; I5 U3 m7 }7 }
in stock market, it's the demand and supply pushing the price up/downwards.
3 ^- l* q, M7 t" q1 A$ d( `/ _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. s9 j8 Q) v1 R2 U2 n
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ n7 s$ Z& H, h0 N1 NThe 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. # o$ J5 H% B2 l
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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