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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.1 U- F" p. L) |( w
CDs could have different ratings, AAA -> F,
' Y# `. B8 T7 @/ \% a" ]# jmore risky ones would have higher premium (interest rate) as a compensation for an investment., s) n+ O" O+ M, [
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, P. Y* P1 v# \7 {; K# V) yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' ^# P6 a2 d' Y- f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 Y' X+ D c3 C/ x( ?+ ~7 O" \
similar to bonds, CDs trading in the secondary market have different value at different times,
! y7 O M* w7 P% ]! S0 D8 tnormally the value is calculated by adding it's principle and interest.
p6 c& d5 J( eeg. the value of the mortgage+the interests to be recieved in the future.
. Y2 v5 F W) Q! k8 hbanks 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.) p5 T, G5 D, v. c" N6 e E* u
3 k, J( F0 k; J# |3 H3 Y/ jim not quite sure if the multiplier effect does really matter in this case.8 @6 ?& X' ]/ j7 a9 v
in stock market, it's the demand and supply pushing the price up/downwards.
3 K1 p% w1 ~" B" z5 |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 F& w1 r0 K* P3 k6 g9 ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& i( g: u0 G/ I7 q* b8 A: o
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.
/ T Q# [; s5 ^! `/ \but the value of their assets did really drop significantly.1 ]8 w7 S0 }) L# H( r- Q/ \3 ?
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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