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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.% l1 q! d Y( j f
CDs could have different ratings, AAA -> F,3 c! i, c3 H& T; s9 W6 ?. j$ r6 t
more risky ones would have higher premium (interest rate) as a compensation for an investment.
{% R+ D4 x! E) _9 R3 I0 Jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* t% [$ z/ p2 h( _9 ?0 v4 m& n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* I" ?9 ?, a$ {. O: ]# I; p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 d9 b* b3 ]0 P1 q( R8 u$ W( q5 }8 Fsimilar to bonds, CDs trading in the secondary market have different value at different times,' O" m9 ?2 |0 m, N
normally the value is calculated by adding it's principle and interest. / w2 Y7 b& W# K7 {9 C# w Z
eg. the value of the mortgage+the interests to be recieved in the future.
" k) I7 F* h" ~ i2 w2 p dbanks 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.% d5 K1 K8 e7 a/ e4 B5 z
# O3 C* E3 H ^, e( I1 g1 `
im not quite sure if the multiplier effect does really matter in this case.
/ X; g. e8 C. l9 |& O6 J2 {in stock market, it's the demand and supply pushing the price up/downwards." Z ~- g* D" ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, P3 A6 I- s" J. z$ A( j/ E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; ~+ \5 g' K& YThe 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. 1 Y& y. R# U: q) Y) n
but the value of their assets did really drop significantly.- h8 `5 @6 B, \
, d- u2 j- D1 x- V* J% Q, n[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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