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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.
* E& ?% i( x( \. n+ e, aCDs could have different ratings, AAA -> F,
) n; I4 U+ u# lmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. w; t8 g. M( `1 Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 P; p: }+ q' M. x; a7 G! c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( s" `; o2 Z }- ?) e) [+ l- yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ A8 `' N8 d' V- asimilar to bonds, CDs trading in the secondary market have different value at different times,
6 H4 I' {# M( Z7 M! h! g, Lnormally the value is calculated by adding it's principle and interest.
7 ]$ K6 z# B- Y* x( p6 k% L( \" ?eg. the value of the mortgage+the interests to be recieved in the future. , m1 z7 Y2 |* y7 M
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.
& n2 @# k6 o, ?( c' S% f3 K, R: D. O# l5 C% H
im not quite sure if the multiplier effect does really matter in this case.4 f D1 l7 R5 ?/ n; C5 U& ]
in stock market, it's the demand and supply pushing the price up/downwards.
# M+ C q5 i7 iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ L8 {, {: _3 ] o; r& C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: p9 o. O% D# Z6 e: ?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. ( b8 u, ~) k4 X* ?& y
but the value of their assets did really drop significantly., ]2 S; K, ^% { M/ `* t- n
+ I$ h/ x$ H: k5 o2 _: _4 I4 E[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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