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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.
" B: U! e, K, @7 A) w1 XCDs could have different ratings, AAA -> F,5 D5 Z3 H1 p* a- {$ j7 }1 Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 \, a& S, e% ?! I5 V
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 f! W# L* b [- o3 ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 B" y* A- p, J' ~/ f' v6 e! ^+ p! FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; [% W/ `7 Z( v" ~
similar to bonds, CDs trading in the secondary market have different value at different times,
6 M7 F3 e2 R: y$ ?! J3 Fnormally the value is calculated by adding it's principle and interest. 3 ^8 C: D+ h; `/ E. p- z3 X/ H$ P
eg. the value of the mortgage+the interests to be recieved in the future.
+ n4 l1 |, r$ q' V9 U! K) wbanks 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.. G3 G( u/ O2 t1 p3 E
in stock market, it's the demand and supply pushing the price up/downwards.
4 X+ ?* U% L! I: UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 z% A+ H5 z8 _6 HA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, y" o( G# F5 ~. ]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. 0 n( O) G+ q) H- ^) y3 A
but the value of their assets did really drop significantly.
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0 y0 B* ]. _2 J( E8 w* j; O[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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