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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.0 g# v9 h0 {+ ]6 ]5 a' Q+ C
CDs could have different ratings, AAA -> F,
! ?1 }% P' P% x- G" a. H6 f Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.# o: [9 z- Q9 ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# t1 z8 o8 l5 D1 O( [7 }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 O" O" ?' p" [ n$ ]% l1 ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 j& |( f% g0 m+ b; B
similar to bonds, CDs trading in the secondary market have different value at different times,
( T0 s" M" z) y, m! z& vnormally the value is calculated by adding it's principle and interest.
, O& v' L1 f6 ] z# ^9 e$ J7 yeg. the value of the mortgage+the interests to be recieved in the future. $ I- _6 |9 X) 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.
7 {) @7 E) ?( ]" O2 w# }; b$ b
/ F* j2 d2 M4 _im not quite sure if the multiplier effect does really matter in this case.
0 A/ T- V) ?+ @% h* j# oin stock market, it's the demand and supply pushing the price up/downwards. O' [! _! W, I3 P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* L0 a [1 J% ?# X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 P' N# y2 l) y4 L0 N7 i. \3 P7 CThe 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. 3 K0 l h9 n- C
but the value of their assets did really drop significantly.; g1 q/ g- [! S5 a' z/ D; V
0 A4 W. t* ?# D+ q# K[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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