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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.4 q1 l+ ]7 G3 L* E6 g6 {( {
CDs could have different ratings, AAA -> F,0 w1 R, d( T& D5 m
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, Q; z3 j' c3 L I) {; O+ bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 o6 t3 E( I; z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. R" }/ j) H, C0 P4 T' e( |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 g) N5 Q0 E F9 K8 z; y. |
similar to bonds, CDs trading in the secondary market have different value at different times,! Y# p8 B+ M7 Z2 N# n
normally the value is calculated by adding it's principle and interest.
( E) T/ H6 p2 ~2 Q: z Ieg. the value of the mortgage+the interests to be recieved in the future. # O2 G; s( |0 Z1 I1 g3 \
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.
+ g n. l1 E ^$ d) P& U6 ~2 |7 v+ Zin stock market, it's the demand and supply pushing the price up/downwards.
3 ]. H( w2 C1 [/ XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' r- F! N: d c2 J( |- G1 L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. l0 r% S: D7 F( i7 P, q* r
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.
, r: g7 v9 ?8 m! x5 P O8 j- Xbut the value of their assets did really drop significantly.8 Q) n/ k P# i- a6 R4 Q" d
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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