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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.3 a& s5 T8 z; m0 r8 f0 Y3 ?- _
CDs could have different ratings, AAA -> F,# P0 K% Q+ i$ Y: }
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; [& ^3 P; z$ w' H+ b, tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: _8 j8 r: S' h# p+ K; [0 b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 P, o# p) [4 ], o [' j7 nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ i q9 n5 z( E8 _# k
similar to bonds, CDs trading in the secondary market have different value at different times,
+ c& Q4 ~9 J+ s! c9 T/ a; T& Qnormally the value is calculated by adding it's principle and interest.
8 M1 z3 [- f7 ~! G5 _! O9 Peg. the value of the mortgage+the interests to be recieved in the future.
' ^$ @, k. J; q8 ~/ D- J d1 z; h9 Ibanks 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.' c! O: a6 [! L5 ~8 ^- F; S
$ I6 q, [6 [) M- F7 mim not quite sure if the multiplier effect does really matter in this case.
# q- Z1 @ q2 lin stock market, it's the demand and supply pushing the price up/downwards.
" B& o. J* a1 B9 zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* {- w9 s. t5 b+ V; R
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* y6 h& ^! s( d$ b, z. T' 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.
6 ]* ~% l* ~ H; u3 n8 qbut the value of their assets did really drop significantly.! h1 X# W1 Z+ ]( K# O% K: h
+ I% A' v c4 a) G% T! o+ S3 Z6 q* Z[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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