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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 \% q! \1 E- T" E k2 R1 X9 {CDs could have different ratings, AAA -> F,
3 b6 d% w0 q6 u$ kmore risky ones would have higher premium (interest rate) as a compensation for an investment.- K2 B0 F3 k8 G7 n6 G! S$ W! {3 w' U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
u! Q. f G3 ~' \in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 e$ h/ {5 Y$ l( eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! z" z. r- ]% f# |& c
similar to bonds, CDs trading in the secondary market have different value at different times,
& a) u) z( z& ?! T1 a7 `# Bnormally the value is calculated by adding it's principle and interest. 5 N s. d: _+ O7 h4 V
eg. the value of the mortgage+the interests to be recieved in the future. 8 ^6 x7 {* F3 j6 f2 _/ Y: p
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.1 V0 H2 h* Z9 u7 X+ D
: h8 m, T n( @ S( }# b7 aim not quite sure if the multiplier effect does really matter in this case.
7 P J* z$ E1 _# o" ein stock market, it's the demand and supply pushing the price up/downwards.2 R3 g4 u% Q% f8 }3 e) \) X# H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% u, L$ ^; s0 P) Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; {' V9 c7 X7 F/ bThe 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. ! {/ g, o4 T; y0 k; c5 A, U9 r
but the value of their assets did really drop significantly.
& p$ `) p( F2 a, c) g" G4 U! L3 B* |0 l, c" ~
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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