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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.
, \) l) \9 m, F; ^CDs could have different ratings, AAA -> F,
# b" X; z1 D* O/ ?7 k5 D0 ?, N3 fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
6 ^6 y+ j' Q Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 h, M$ \& j' {2 j! g! ]4 ?. I3 G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" Y- |* u2 T |/ h1 o8 `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 W [* [- ~! S$ k( {7 h7 m3 ]* Xsimilar to bonds, CDs trading in the secondary market have different value at different times,, K; I4 }8 p; p
normally the value is calculated by adding it's principle and interest. / C8 o! P5 _1 Y8 b" D( [
eg. the value of the mortgage+the interests to be recieved in the future.
3 K1 J: w* T2 T2 Z9 Gbanks 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.
$ x0 r- d0 w* m5 _( a
: P! a) Z8 }$ L- O" O/ I/ Z, H7 Yim not quite sure if the multiplier effect does really matter in this case.
; ?7 I# ?( B o0 J0 N1 [. d& din stock market, it's the demand and supply pushing the price up/downwards./ Q+ A1 n* G% _ m( J7 [ j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 u4 r) x3 ~8 O4 vA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 l% B/ D' Z4 m. V9 d/ 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. e9 f- \ y3 k8 N$ F8 w
but the value of their assets did really drop significantly.+ x+ m" q0 Z5 J% F# u; B
5 N/ t) n! a w3 h! C
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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