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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.
4 c$ b7 O k* P q7 r0 rCDs could have different ratings, AAA -> F,1 v6 `" f2 H2 ~4 A
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 _5 h, }; Q$ h& k; M" l3 r
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 q7 U$ H6 d7 W7 I' E hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* s' z! G% t9 [! r$ V- v/ G4 a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. ^. C k9 Z4 j6 V8 z) t e3 Rsimilar to bonds, CDs trading in the secondary market have different value at different times,1 v+ U* g& }' R' g/ G
normally the value is calculated by adding it's principle and interest. # E' N0 U3 V$ A* Y/ K, V7 E
eg. the value of the mortgage+the interests to be recieved in the future.
0 h! U! U! \( ibanks 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.5 k5 G' [: h' O7 o$ S) c
7 R4 l3 {: F I7 H. b; xim not quite sure if the multiplier effect does really matter in this case.: Q) g4 Z: x: Q9 S% i
in stock market, it's the demand and supply pushing the price up/downwards.
O$ g1 v i. f. q o, ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 b, p( c, E4 D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: G3 O( W, i5 K( A& \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. 7 _, @: G* y! d
but the value of their assets did really drop significantly.
) L7 z% h3 r- u- O- Y( {! H" Z9 e' b S2 P
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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