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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.) e7 q, o @7 J
CDs could have different ratings, AAA -> F,7 k0 P8 W' L7 f( n6 O( K; q+ M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# }; j! O1 @$ `- L8 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 U! @* ^8 W# D, a' y' t$ v7 L2 N
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." ]. N0 C5 w# V5 C1 R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 q( C2 A8 T$ D7 X) V% r Z% L' Osimilar to bonds, CDs trading in the secondary market have different value at different times,
! G& Y2 P; e6 u o$ P/ T; g9 fnormally the value is calculated by adding it's principle and interest. " B, i, V# ~# t8 u! Q4 T0 h6 z6 F1 J
eg. the value of the mortgage+the interests to be recieved in the future.
; }0 {- f9 d% b. 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.: p; c: o* O- y2 T/ f/ ?# s8 N
1 Q; L$ \4 c9 W6 X+ y: @! [% D
im not quite sure if the multiplier effect does really matter in this case.
$ C4 h+ `5 \! v; ?; x% Bin stock market, it's the demand and supply pushing the price up/downwards.7 P+ |# u! t* a* S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ V6 }- ?' R$ ~- c# d9 wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& x& t( ?, Z0 c: S j( @9 f! ]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. ) ^4 T. [8 J4 w
but the value of their assets did really drop significantly.- {4 z5 i. Y) f; e o
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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