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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.' D! E4 ]6 x8 K7 {
CDs could have different ratings, AAA -> F,
1 v1 N# [8 I+ Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 p" {. Z! O( S2 }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ S: G# H/ N# Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: S% W3 C- m$ v% x- z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 b7 f% s3 Y' `% D8 Q# g! }similar to bonds, CDs trading in the secondary market have different value at different times,* }) k( E* e" G& B
normally the value is calculated by adding it's principle and interest.
; W6 p9 R8 p! h# Deg. the value of the mortgage+the interests to be recieved in the future. 3 v2 O- R8 L2 `2 I
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.4 c" C" m" z" Y2 T
/ I" @: W4 y# N$ K/ T. r
im not quite sure if the multiplier effect does really matter in this case.! q d* n* i; @, D4 A9 p/ v
in stock market, it's the demand and supply pushing the price up/downwards.
2 e8 [' ~4 O' h% q( vFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, c! v: R$ j6 g" r6 |, z: {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 S- `: I& q( C7 S9 a+ 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. & P% L/ l- x8 f8 [% e6 x" Q
but the value of their assets did really drop significantly.+ a6 p! c: Y' U" A$ Z, `) G2 [" m
+ w5 |+ t6 ]2 H4 J/ R9 E* E. B4 e! S[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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