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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.
. |$ H) `" b' YCDs could have different ratings, AAA -> F,7 }* l; [. T- }$ X4 I& n' v
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 L1 G, ^* o7 Z0 N0 Q8 Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ p; o7 j5 p* E2 S8 W( L, i9 c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% ^5 m G. k, {8 E5 _7 E
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 }8 b- K: v# G% \; w2 L
similar to bonds, CDs trading in the secondary market have different value at different times,
0 i, o: B$ Z! ]3 }) {normally the value is calculated by adding it's principle and interest.
8 \! L: \; V; g) K# J( @eg. the value of the mortgage+the interests to be recieved in the future. 1 c8 t2 a. ], c/ b
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.
7 h2 g4 _ _0 g9 {# x" y8 rin stock market, it's the demand and supply pushing the price up/downwards.
# z z+ A3 ~6 oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 i/ U* P- p7 ?2 A- P9 |) PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 m! p/ L/ Z6 C( R" `9 QThe 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.
' c4 r. H! w* o( U0 t; v" zbut the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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