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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.. h) Q6 c( H1 T" L+ H! R% m
CDs could have different ratings, AAA -> F,
; _' m5 m( x) s" nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 ?9 [* @. ` g" o6 B8 Q( o' `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ \' O, c+ }, [" \6 K+ g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; K' Z- V, ~/ \ x7 gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 a8 j$ ]( l A! t! Y. [* Vsimilar to bonds, CDs trading in the secondary market have different value at different times,
- B! r6 L; G3 d, Enormally the value is calculated by adding it's principle and interest.
. h C7 s4 L9 H7 G( ^/ i* geg. the value of the mortgage+the interests to be recieved in the future. : P( r1 [" f- U
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.2 j' |5 U1 [) N- q1 s
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im not quite sure if the multiplier effect does really matter in this case.& W* p/ a0 r1 y! W) q3 e
in stock market, it's the demand and supply pushing the price up/downwards.3 _+ Z7 o& [ d6 }9 r5 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- N! E: U/ m4 o+ b' U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% B0 g% ^3 S( k: \; d* @( r
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 V; c5 b( u
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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