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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.: ]; Z! Q' B j% L/ X
CDs could have different ratings, AAA -> F,
8 W5 F6 R/ k& n C# n+ i* K8 F% `more risky ones would have higher premium (interest rate) as a compensation for an investment.0 c- x& L E s5 `; u6 `8 M+ d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# B C+ q! y2 H) J7 P$ ^, S
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ [0 i" Z: H5 f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 u; A: E$ g a! g ?. {& H k+ tsimilar to bonds, CDs trading in the secondary market have different value at different times,% D& J' n1 u# T, f, a/ l- f
normally the value is calculated by adding it's principle and interest.
8 g7 I- I; E# ^% S% P9 E' Aeg. the value of the mortgage+the interests to be recieved in the future.
8 ]6 c1 n7 c* q: @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.
0 b9 b$ W& w: ?7 X- Z0 q) i4 y+ O/ k, f+ Q/ A+ ~3 Q
im not quite sure if the multiplier effect does really matter in this case.& [" T7 l9 D+ f( W1 X2 Q
in stock market, it's the demand and supply pushing the price up/downwards.2 j+ g& B }9 z' F9 \" K/ c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: P8 G$ `' @9 AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
~4 D/ _1 o0 o7 s8 q- q7 b- AThe 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.
2 e7 m5 J% a* f) p: w& Pbut the value of their assets did really drop significantly.$ l* B$ F& L, b+ ?9 J
' \: O) ^+ a5 C) c, R G
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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