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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.9 S! M/ R$ Q2 r, W( g2 a) {0 l- Q
CDs could have different ratings, AAA -> F,
, _: [* ~; i# q6 Z0 n) lmore risky ones would have higher premium (interest rate) as a compensation for an investment.$ c( q s' o& f' y' F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ g2 L+ g! d/ }8 tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 \' G7 r( z& qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ o$ S8 n* }0 @* _ x. w5 t
similar to bonds, CDs trading in the secondary market have different value at different times,# }3 U. o8 ~5 ?0 C- q
normally the value is calculated by adding it's principle and interest. 3 q) Z: E4 v7 c4 j( I
eg. the value of the mortgage+the interests to be recieved in the future. 3 ^- X0 a9 p A4 A' Z* ^! C
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. M! X" o% e# g F: k% C9 z; g
9 C2 C/ z: G5 ]5 g- I
im not quite sure if the multiplier effect does really matter in this case.2 d) i( e; a8 X" D3 W) Q
in stock market, it's the demand and supply pushing the price up/downwards.3 N& U4 `# Y0 F7 o+ k: s* `
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, c) I6 W. B, h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 r3 s5 z, E7 @7 ]9 G! M- N
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.
$ `: v( o3 X% \- X7 l( n7 U, C% Tbut the value of their assets did really drop significantly.& N1 _9 T) J+ A. ~* \5 p. u3 ?
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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