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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." w3 y$ R& Z4 p. M0 \
CDs could have different ratings, AAA -> F,
- N% E/ v/ i% a, cmore risky ones would have higher premium (interest rate) as a compensation for an investment., V) F: `$ a3 o! d4 i& B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 ^, r; G7 g# K! o: bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 H& m9 C3 L+ L1 m7 ]3 CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 j/ |9 F" D+ v% Z" {) e
similar to bonds, CDs trading in the secondary market have different value at different times,
4 T1 K1 u! F H2 f0 A6 Z: C/ E# vnormally the value is calculated by adding it's principle and interest. 9 l! G, Q g- q" E6 F4 @( r5 I: o
eg. the value of the mortgage+the interests to be recieved in the future.
; z: L7 w O5 k G) P( c8 Vbanks 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.
/ U5 f9 I! J5 t# z- j( k4 t ^ ?$ I( m1 ~1 U9 o
im not quite sure if the multiplier effect does really matter in this case.
/ A) V8 ?. _: J* {# Uin stock market, it's the demand and supply pushing the price up/downwards.
: v0 Y* m2 c9 d" {( oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 \, i" ~1 e }3 A1 Y- pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& e# i- ^& m+ s" W8 Q3 h3 z8 RThe 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.
0 @2 o x) D1 B- F* K* [) zbut the value of their assets did really drop significantly.
1 c- D0 h) Y9 R$ k, \: U. K$ A2 m( u9 E* i! m! k+ \
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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