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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.* G1 H' t4 J+ m
CDs could have different ratings, AAA -> F,* i T: P1 O: b6 w
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 k) e) J; Q b
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; G$ Y/ c7 \& w6 _1 Q% tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( G. b* Z @3 G. n0 x- E. HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% O3 t7 \( Y7 v9 Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
& @8 z* d' I: s( j( g5 ~" Znormally the value is calculated by adding it's principle and interest. 1 u: j- q0 S7 N" \, ~4 F3 I
eg. the value of the mortgage+the interests to be recieved in the future.
B8 p& T* R3 rbanks 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.& B- d6 d4 y; L: q& ~
# f7 S& v# m0 O7 k" Oim not quite sure if the multiplier effect does really matter in this case.. ^( b. y: T6 t$ ]
in stock market, it's the demand and supply pushing the price up/downwards.
; y$ V9 U5 A) D/ ~7 g3 FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. F$ m! n6 c1 x. K3 ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 `2 _* `3 J5 @
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. ; H+ H& S7 |5 s& l9 w) @
but the value of their assets did really drop significantly.* ~2 T6 [3 Z, R* _& }2 C0 V2 ?8 b
" i# f* a! A* l3 B, }/ I. ~2 h
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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