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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.
% ]! [+ {' `% @$ J, H( R RCDs could have different ratings, AAA -> F,. J( v& L7 Z' M! X: f8 o4 p: [
more risky ones would have higher premium (interest rate) as a compensation for an investment., X$ Z r& I5 i% ^7 D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' n, |7 V5 P- \2 Q9 k$ Q" ?$ Iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- L! H* h# V+ `% V, o) j& ~; e5 i$ S( _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 B1 @ X1 h: t5 Y" y0 t
similar to bonds, CDs trading in the secondary market have different value at different times,
, ^" s, a# T# F2 cnormally the value is calculated by adding it's principle and interest. 5 w( x3 I" a* P5 ?. x- z
eg. the value of the mortgage+the interests to be recieved in the future. , S! }5 {' p& @0 t( v7 ?
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.) e1 K2 ~, E4 h. i
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im not quite sure if the multiplier effect does really matter in this case.
+ Z3 o4 s" F9 R b) ^0 Yin stock market, it's the demand and supply pushing the price up/downwards.- J$ A3 T) h8 m/ H; A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 Z5 W! T0 |0 G9 i- g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 b9 U# p/ l P! T: Q9 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. # o" n& A1 w. e1 W) l
but the value of their assets did really drop significantly.0 j5 J- L/ J! {( G7 d
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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