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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.
: A. @; ]5 O! \* tCDs could have different ratings, AAA -> F,
6 _' U4 c1 N5 O9 l* Q2 nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 C' Z& b C2 G. x7 o1 s0 l0 Q/ H) Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! }; w, B# F- ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 g4 `( u+ e D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( G- u1 Z! {0 f* z* N5 e
similar to bonds, CDs trading in the secondary market have different value at different times,
7 D( a4 k3 M0 t6 R, Tnormally the value is calculated by adding it's principle and interest.
N7 O) e {) c8 o- ^/ `eg. the value of the mortgage+the interests to be recieved in the future. 6 A2 d! H! T7 ]* E% z5 \# L
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./ Y% [$ {; o$ c+ q9 t- v
: T7 {2 P4 F. R" ~ z4 }4 [$ }3 _im not quite sure if the multiplier effect does really matter in this case.' n; B. h7 T* s2 @) _1 T3 ]
in stock market, it's the demand and supply pushing the price up/downwards.
& K8 _& Q$ _) u) \+ dFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 e; ?/ j) l) J3 x# z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; ?* g$ f1 g1 v6 a& b9 c
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. 9 T5 T; |' `. u1 q9 B. T. f9 Q
but the value of their assets did really drop significantly.- z. E" x/ `0 L% l
" A% Z1 B* `' r: d5 `[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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