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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.
0 m! z% e( F0 _( n# t }CDs could have different ratings, AAA -> F,0 r, v4 s; X4 i7 G! i4 y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( I) e4 c- W- |* b. A# Y4 ?main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* ^2 I! F1 T4 ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., h9 {1 \# \% R; I& U& N- W7 U! b* t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 ?, _. P# g' O. V6 Dsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ | y6 r' i/ O$ g4 k) |3 Gnormally the value is calculated by adding it's principle and interest.
* t7 K4 }# f3 h8 Leg. the value of the mortgage+the interests to be recieved in the future.
4 l/ @( m7 s4 }* Y4 X- Zbanks 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 @/ _. q4 n# J& |! l5 [
8 a) Y0 h& `; N9 h- Nim not quite sure if the multiplier effect does really matter in this case.
7 S- c' K/ n4 Gin stock market, it's the demand and supply pushing the price up/downwards.
: Q9 l) h* R4 B' b: F. |" k; TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& @8 J; A) z# ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. [4 U. Z# z, a3 w
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. % n0 f( E' n, i
but the value of their assets did really drop significantly.
' w3 e! F' C: U9 N f9 F) F9 `* I) W/ m6 X3 v2 B& X% u6 g% C6 {
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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