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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.$ Z( E; q5 N! Z- ]
CDs could have different ratings, AAA -> F,2 A5 \9 k+ C* Q% r% P. F, ?
more risky ones would have higher premium (interest rate) as a compensation for an investment., d1 k1 W: O; C- M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( B' X1 _/ _0 U9 }) V" Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 c8 K7 i3 F0 v+ {& K! D! qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% @. \. a7 r2 _0 s6 j# p4 Ssimilar to bonds, CDs trading in the secondary market have different value at different times,$ s7 L9 r1 F0 V" t. A" R6 w- b
normally the value is calculated by adding it's principle and interest. 4 ^+ ~, C5 r$ i! U* h
eg. the value of the mortgage+the interests to be recieved in the future.
2 C# P. q. ^! U: @ Q9 H) Z- E" |2 {- ibanks 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." u1 y: L) i1 o6 F) g* t" o
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im not quite sure if the multiplier effect does really matter in this case.# A/ c! k% y' x/ q$ ?) f" A/ M
in stock market, it's the demand and supply pushing the price up/downwards.
3 _2 N/ z5 d0 N; }# G* `( y/ TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ G/ I* O( h( F! N1 V' g. O3 T. rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, t+ ]4 d/ }; W k! Z$ u" [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. ; Y1 W5 Q( N" p9 Y. N. x
but the value of their assets did really drop significantly. p2 L+ i4 e8 p2 b- k: w
1 j5 ~, e4 K1 \( N* G[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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