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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.) N/ s- P$ e2 B% c
CDs could have different ratings, AAA -> F,+ @" X" s y0 J( C
more risky ones would have higher premium (interest rate) as a compensation for an investment." g, g8 e0 R# {/ I$ V8 o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. \/ n* d' I( C0 M/ p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 z$ i% ?) Y [6 s) U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& t1 U- p* H; [9 z, O0 o) b" _4 xsimilar to bonds, CDs trading in the secondary market have different value at different times,6 S# G/ P9 ~4 W+ L+ k4 W
normally the value is calculated by adding it's principle and interest. 3 |& n' [" e! j
eg. the value of the mortgage+the interests to be recieved in the future. : k& v7 o) S1 R G, }5 k/ C
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.
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im not quite sure if the multiplier effect does really matter in this case.& H) d/ T+ v% @5 h$ R S: {+ R
in stock market, it's the demand and supply pushing the price up/downwards.( _9 x0 Q# S, O6 `
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 Y$ i, E8 h$ C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 F) c3 y1 S( t. }8 _" A: Y$ 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. 2 f7 |; ^" B5 Z5 t& e4 k2 h
but the value of their assets did really drop significantly.3 O7 m# O4 |$ l9 T* f# R! N9 R
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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