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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.
( l8 D- q1 H7 pCDs could have different ratings, AAA -> F,
+ |* `6 }6 C: g! P! [, p0 Hmore risky ones would have higher premium (interest rate) as a compensation for an investment.4 g% e3 t' `# B, f% S1 i- f3 v
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) c+ g ?4 x5 H# D4 ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 V+ c( A$ X4 |8 q' C4 @7 M) `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 \$ o* `+ T3 A. O1 w4 ?$ @6 isimilar to bonds, CDs trading in the secondary market have different value at different times,
4 M F) @4 j+ x& B* R# Inormally the value is calculated by adding it's principle and interest. $ [( b* ]! I- N! w$ B
eg. the value of the mortgage+the interests to be recieved in the future. : b% H4 @0 a* x, C" o
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.
7 v: O+ u- r3 Q4 n1 ?: X. j, F% N+ W
im not quite sure if the multiplier effect does really matter in this case.+ K. Q0 ] ^! r2 x
in stock market, it's the demand and supply pushing the price up/downwards.
- t* c1 T4 w/ N* L- o! QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( f! \. ~: ~$ u
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 T' X3 P& r% s: W: V
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.
+ E7 `3 A3 [/ `# vbut the value of their assets did really drop significantly.
+ m8 n5 V& d9 `- T+ p f2 y! g5 t, k( O U
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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