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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.5 A% j3 H! @3 f1 M
CDs could have different ratings, AAA -> F,
( a/ H3 T: W, v& b) p! m# [" umore risky ones would have higher premium (interest rate) as a compensation for an investment.: o9 f1 n0 t6 d1 G8 B4 E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 n8 I/ c+ v/ N8 a8 ~0 H7 @ O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! f. d% p$ U: G9 H- Y- F% ^ UAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% s; Q- Y& z. S$ N/ a; n3 Fsimilar to bonds, CDs trading in the secondary market have different value at different times,
4 _/ C2 @$ w" G8 u0 u2 ^2 |( j$ U( Mnormally the value is calculated by adding it's principle and interest. * Q5 w- J0 [* d+ s
eg. the value of the mortgage+the interests to be recieved in the future.
; T5 M* @3 _" J8 Q, g$ K4 qbanks 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.1 _. c$ e5 S; [9 Y7 s+ t
) r2 \* {% W; h& @1 z- mim not quite sure if the multiplier effect does really matter in this case.
' J7 k. M" r, E2 a" K u/ Sin stock market, it's the demand and supply pushing the price up/downwards.
. f; W- ?+ V6 ]; zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ s9 u. g* E8 k& _; c& j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; [) g. L* J0 e* W- h5 H1 ZThe 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.
: m) x5 _/ ?4 ]% ~0 j1 Q. Wbut the value of their assets did really drop significantly.$ [, z1 \- M% b8 F
9 t4 P/ ^7 T) _! Z8 g7 M
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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