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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.$ H. i+ x1 v( F, ^8 W6 ~" a
CDs could have different ratings, AAA -> F,
- ?* b9 j/ r. ]' s' K4 s/ ~8 E' G) d8 Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.! C8 W. L3 E* k% M* @) y, M' _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ y8 a# k$ m3 {/ p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" i. T1 e/ }: V# r) M0 r5 zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& n) m0 {6 p% B. P/ p; [# n' ]
similar to bonds, CDs trading in the secondary market have different value at different times,
% q8 D$ J( r, i; D" ]! dnormally the value is calculated by adding it's principle and interest.
1 a7 k# |; n. {) q4 r( @* heg. the value of the mortgage+the interests to be recieved in the future.
0 X1 M# n, p# e, a: Sbanks 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.
) [6 a$ J% ^* x3 w/ U+ T1 s- o5 v; ~
d' i1 G* T" vim not quite sure if the multiplier effect does really matter in this case.3 K+ M# l& H, @( [: I1 v
in stock market, it's the demand and supply pushing the price up/downwards.
# r4 C4 A- {. D2 E" k0 {' {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# f4 x, a" a: X7 H( w% gA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! f% @- @; E! y3 P: ]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.
/ q: E5 U( [& O; A, T- t/ u2 m! jbut the value of their assets did really drop significantly.% ^! r9 f, Y2 T: A9 i4 b- h% c
7 D, A& J' F# C6 `- X[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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