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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.8 r# ?) ]* C6 Y2 g4 e
CDs could have different ratings, AAA -> F,
( ~/ s; g7 |. x" A( L$ j2 Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.- `, J6 H5 R2 x6 O* s5 s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 L' E1 ]/ V2 _+ R4 b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 x4 \, f$ W' G( `# JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 w4 y4 K) n# a# K
similar to bonds, CDs trading in the secondary market have different value at different times,
, i; {& Z; P# j0 `normally the value is calculated by adding it's principle and interest. 4 p- J- ?( N0 X* U y
eg. the value of the mortgage+the interests to be recieved in the future. 4 r) e6 H% Y, @( @
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.. a7 T5 Y8 s. }& T' u
& j% j9 [4 }' }$ N+ t; V5 Cim not quite sure if the multiplier effect does really matter in this case.
& ]' a `3 i0 [$ V# O! p+ i8 ~& qin stock market, it's the demand and supply pushing the price up/downwards.2 s, O x% \+ P% t
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 d/ H- J" q @, h9 l3 b AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 ?$ c* L6 \) B/ Q z
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. ( v' ^: H F0 A3 C& I& N- q) [
but the value of their assets did really drop significantly.) ]1 J7 d) S5 L
& b2 R4 i- ]$ l7 k! M L' Y, X
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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