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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.- _, Y- ?# n$ N
CDs could have different ratings, AAA -> F,
) v* X }6 U- L% u& R8 k: Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 t& c. v3 f4 B b- ^ mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' A( j) c4 M3 W) N2 q; C5 r3 |* jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 |. |# c1 I5 d3 E* D8 k- NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ w6 i7 p% U( V+ z) P
similar to bonds, CDs trading in the secondary market have different value at different times,9 ], _ n' i# P* S/ ~
normally the value is calculated by adding it's principle and interest.
5 ?" j/ o/ [. ?eg. the value of the mortgage+the interests to be recieved in the future. " g: B- W, o6 m* h$ h) W
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.0 }5 V- G; V' ^. m/ [( q! e
4 f" R. c8 G& l/ aim not quite sure if the multiplier effect does really matter in this case.8 H9 t4 s7 J' t3 c/ ?( ~/ w1 C+ a
in stock market, it's the demand and supply pushing the price up/downwards.
) c( b$ J7 z" g) b; KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! ]3 k+ ]+ U0 s( W* x, bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ k8 I# U# h+ s5 N6 S- p* ]2 \4 `
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.
3 _7 r) R2 v1 T; Y; z. qbut the value of their assets did really drop significantly.
6 B$ l. E: H w; z$ Y) E' v# N+ y m m6 E4 v6 O7 W; P% R
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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