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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 E1 ?7 ]( N- g" z0 v% V/ s
CDs could have different ratings, AAA -> F,
% w# w! [+ t r5 C4 y: b# m6 d$ b, Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& G3 A9 I1 j3 F: Dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 ~, d) `5 z7 Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# ]; H2 F/ W& `, Z* b3 {! w' A8 fAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. V$ R# ^' Q4 X ~* Asimilar to bonds, CDs trading in the secondary market have different value at different times,7 D s! n: s- X! c
normally the value is calculated by adding it's principle and interest.
4 o$ \, A+ f# J4 o1 ~eg. the value of the mortgage+the interests to be recieved in the future. $ ]* C% Y. i5 U; w" \0 B$ O
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.# c* X: i! _+ o4 s- B$ T
* V( G! s J& `2 B
im not quite sure if the multiplier effect does really matter in this case.
$ u3 p N- T! e2 p6 b; xin stock market, it's the demand and supply pushing the price up/downwards.
! w+ J- i$ |$ z8 d, CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& P3 J% x0 I9 C' P, a, _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 e& ~) j1 J; t9 V, kThe 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.
- ]# [. p2 V) }/ h7 Mbut the value of their assets did really drop significantly.
" N0 P6 y6 O0 w4 A5 n8 W4 \0 W# k$ f: ]- T; x+ e* j7 x$ n$ Q& q
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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