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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.1 `8 Z$ ~# }+ l) ^( Z
CDs could have different ratings, AAA -> F,
5 I" l, n6 s3 W$ m6 L& O5 j4 _9 Emore risky ones would have higher premium (interest rate) as a compensation for an investment.1 P* I: U. F# ^
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 q" p1 N6 ]; Z9 j" Uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 i" K) O9 `( B$ O- k0 {. T7 ]" x0 t+ jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ B* H- b" Q+ @2 u9 E& `similar to bonds, CDs trading in the secondary market have different value at different times,
& Q3 _! D: t8 G+ E' [7 Enormally the value is calculated by adding it's principle and interest.
S. p, X; Y' m" d" y1 N- keg. the value of the mortgage+the interests to be recieved in the future. r' Q& R$ `7 X+ Q* v) O# B
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$ M j+ X) N, f4 G
) w8 F+ t R" Vim not quite sure if the multiplier effect does really matter in this case.( k- q/ F [7 t- P$ [
in stock market, it's the demand and supply pushing the price up/downwards.
: K# {5 @- e* y* y8 |2 iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, W9 x E9 c# a' a( z2 N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& ~8 e+ t( W1 u* wThe 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. : U3 E" {0 q, M' z' e
but the value of their assets did really drop significantly.
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0 t% k3 v/ O9 M$ E' }9 ~% F[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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