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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& h. Q* t, O" v
CDs could have different ratings, AAA -> F,
+ q9 K5 ?8 g* h0 T/ V6 k4 \4 tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% D7 _# ~/ q1 c6 y. O; smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 e0 Q$ U& s) ]- ?) O. S, Xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., y+ ]* m3 l: o% d1 L0 t: T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' R" J: e' t" B3 osimilar to bonds, CDs trading in the secondary market have different value at different times,2 p8 p9 c7 A3 \" c5 O# j8 t4 _
normally the value is calculated by adding it's principle and interest.
2 J* l4 N( j5 h3 a2 s6 [, t( v; Ceg. the value of the mortgage+the interests to be recieved in the future. & i" }5 Z+ i0 R- d/ M5 `
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) B. k( E
0 H) C# r2 e6 Wim not quite sure if the multiplier effect does really matter in this case.
0 z; O7 a4 c2 v6 B1 S8 J( \ [in stock market, it's the demand and supply pushing the price up/downwards.
( i; T" t- T3 g" ~: @% v8 @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 S9 }$ f. M# aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
?" e/ x q# P3 z, sThe 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# \2 @8 e7 i6 L: [% V
but the value of their assets did really drop significantly.
6 a5 M& P' H1 x6 K
/ |6 @; g* E1 M( X# ^. L& S# ]# A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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