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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return. B5 n( u1 K- D5 l3 ^
CDs could have different ratings, AAA -> F," w% }) l" U& o r# H- A
more risky ones would have higher premium (interest rate) as a compensation for an investment.' _, j7 [9 A. }) e7 k; V' j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! {- Y0 k% I- j1 |/ o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 z9 T( w3 |. q9 S. S# l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; I+ f6 b5 p# B9 |* \8 q3 S' o
similar to bonds, CDs trading in the secondary market have different value at different times,
u/ ?6 ~, b$ ]7 L) Snormally the value is calculated by adding it's principle and interest.
, \4 r: m/ r$ X/ [: e' Meg. the value of the mortgage+the interests to be recieved in the future.
8 E5 f0 u: \) n: q4 kbanks 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./ s) f+ C+ E; o8 u* i
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im not quite sure if the multiplier effect does really matter in this case.; \% m) S. D& G+ p- l7 j
in stock market, it's the demand and supply pushing the price up/downwards.
* |3 {8 B2 _! {9 h& S/ _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! x8 X n$ F6 ]4 H& o- ~6 t& k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 Y: y0 v$ L* ] a' T4 s
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. a6 Q! ~( t a
but the value of their assets did really drop significantly. G3 o8 G0 g+ ^
3 o2 F- G/ a( r7 d7 Z9 J$ O% l[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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