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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./ Y/ K, b. H- _2 m5 z
CDs could have different ratings, AAA -> F,) Y! ]: a7 z9 o3 C
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 M# L1 l3 t6 r0 V" z& U5 O r7 }5 ]main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, `# L+ m) M) B5 c$ n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., C) s# p2 Y4 h: V( m2 u4 w; Y1 A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 g: s! q4 c6 h0 q- ?9 E
similar to bonds, CDs trading in the secondary market have different value at different times,
1 W; ` u, c. Cnormally the value is calculated by adding it's principle and interest.
' S' F% t: l, w0 G3 Seg. the value of the mortgage+the interests to be recieved in the future.
8 L1 v% Y% p4 Rbanks 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.9 u7 h: i+ M, S: j7 |
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im not quite sure if the multiplier effect does really matter in this case. r- J( B: b5 v% i' G$ Q% b& L' Q: B% v
in stock market, it's the demand and supply pushing the price up/downwards.
4 E4 w% Z q% dFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," d2 ]0 g2 D/ T2 U1 @3 b
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. M& v& R- k# X# P9 F( l
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.
. W: q" k- {4 R& _; h( Q5 rbut the value of their assets did really drop significantly.! S0 R. z" ?" J. Z/ v* [
5 N* ?* ~& n' n2 ~' ]6 ^6 r[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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