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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.
) x$ Z1 y( j- X0 h2 q' F6 |5 y2 uCDs could have different ratings, AAA -> F,# j( A9 B4 n* }4 q2 S0 R( u$ L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& y1 \9 E4 \( E" U* _9 g- wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 K; ?1 z" I) a$ T2 e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# j) v6 _) o4 r" N' P/ l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 R+ o5 e% u* ?) U
similar to bonds, CDs trading in the secondary market have different value at different times,4 T$ g S& s- c! @( z
normally the value is calculated by adding it's principle and interest.
. |* E7 {- n, `* L% veg. the value of the mortgage+the interests to be recieved in the future. O6 B3 Y+ G* ?3 m l+ `' m/ f& v
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.
6 F$ o. d: L. f' T l5 D
6 h$ o, F- ^7 Oim not quite sure if the multiplier effect does really matter in this case.) B2 n$ }5 U; B" {4 }
in stock market, it's the demand and supply pushing the price up/downwards.! k1 V, u8 r5 g
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. C2 v3 r" B6 K6 j, l0 x2 K8 {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ q# _- ?& ?, w& I' |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.
! z( z: p" \" {7 `: p$ S0 u Hbut the value of their assets did really drop significantly.
# Z, {2 e7 F0 e( R# w. F; z$ }. R+ H' y7 M/ q! l/ W
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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