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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.# i/ ?! z1 C' Q1 O2 O. z
CDs could have different ratings, AAA -> F,
7 H3 R: ]; Y3 ]% p; `6 J8 Umore risky ones would have higher premium (interest rate) as a compensation for an investment.$ U' ^" P, U, ~9 h0 l2 q: a6 g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 p" S& j2 \) [! B: R$ Y5 b& E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! t6 u4 ?. `* o0 @5 aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 g# y" m" Y) ^0 C: g
similar to bonds, CDs trading in the secondary market have different value at different times,: H2 u& h: d$ K* F; p
normally the value is calculated by adding it's principle and interest. 2 e- M4 d. B5 K _" l8 h
eg. the value of the mortgage+the interests to be recieved in the future. ' I% v- E$ N1 J' g0 q# a
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." J* d- j5 ^. C! V; Q
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im not quite sure if the multiplier effect does really matter in this case.$ `2 K6 b7 F4 j7 h: E w4 g6 u4 P
in stock market, it's the demand and supply pushing the price up/downwards.) d ? D- L/ ^8 j5 h8 o8 ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: J; l- M) b& f* RA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 U: n/ e- o# {
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/ Y; {' f! B7 S+ |but the value of their assets did really drop significantly.
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- G: k5 I: [( L. [[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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