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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.0 b2 d" k L' }, I7 g% m' E
CDs could have different ratings, AAA -> F,
& i' W; V7 S2 ?- y) a" j$ c; jmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 H1 D6 L" F ^; {' H. Imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 x0 K9 Y4 p: w4 V. p) c* sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 G* n. x+ e& d8 U9 DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 h! L. q0 F4 }) g( Fsimilar to bonds, CDs trading in the secondary market have different value at different times,
# [ v( p X: Z: Y; e7 ~normally the value is calculated by adding it's principle and interest. & e3 p9 @$ j( W% i: r
eg. the value of the mortgage+the interests to be recieved in the future.
$ N7 H# @" D& N4 wbanks 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.
. u0 v' E. H" s6 ]5 m9 Y8 e0 `, ~* c6 g8 y
im not quite sure if the multiplier effect does really matter in this case.
/ `: D1 `2 |+ g- y# Z4 Tin stock market, it's the demand and supply pushing the price up/downwards.( `+ U) @) {4 ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; D' X2 P+ ^8 v* T* B% { E$ \# ?6 x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; b2 T- p- S" Y& P1 q* e. k, ~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.
% `/ p& ?0 o Pbut the value of their assets did really drop significantly.
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) M3 c7 V7 r, F[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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