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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.
# s) X8 H! L2 w+ i1 J; w G0 o _CDs could have different ratings, AAA -> F,5 X* W7 V6 {9 K9 n
more risky ones would have higher premium (interest rate) as a compensation for an investment./ |% o6 L5 e! p; k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 ~/ j& _* {3 D/ u8 n! }# yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 g+ r% x; U8 U( ~2 K% d6 oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% _( g/ n9 o7 A) T m- @* s6 asimilar to bonds, CDs trading in the secondary market have different value at different times,
) x C" F9 |& B$ _normally the value is calculated by adding it's principle and interest.
* J- G1 d+ o) C$ Y: V2 g% Z2 Teg. the value of the mortgage+the interests to be recieved in the future.
+ N* e3 H! C8 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.
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! B4 n/ V7 k2 b+ l& L/ zim not quite sure if the multiplier effect does really matter in this case.+ j7 u9 D8 v7 H
in stock market, it's the demand and supply pushing the price up/downwards.
$ H1 v( p) p2 j3 ^7 D( T% CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! X, k2 h# ^0 C4 n4 p* }
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 v. f1 b! Q4 v- FThe 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. $ Q/ { o, B# _# z
but the value of their assets did really drop significantly.# e, t7 o% c; ]" P$ V( k
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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