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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return." n2 o3 j3 @2 ^" r
CDs could have different ratings, AAA -> F,: A; s3 W( E+ n4 ~5 w6 w3 y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ H! x. o( P2 L4 a7 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* o! y3 ^( K6 t7 u* o* Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." ]4 d( k: L9 Q; F$ c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; G* {0 G. u8 e& X( f }( F$ Isimilar to bonds, CDs trading in the secondary market have different value at different times,, V7 [8 y' f, \. U; y/ ^: a0 z
normally the value is calculated by adding it's principle and interest.
9 m; N, x# a+ r/ c1 K; D* W- ]) leg. the value of the mortgage+the interests to be recieved in the future.
: M7 M: {, j' Y2 L4 lbanks 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." O2 v4 B8 {; f, \
0 P: @, m# h" c1 L7 ?6 @+ j! f6 ^im not quite sure if the multiplier effect does really matter in this case." J/ @; {0 @2 h0 W! N+ Z
in stock market, it's the demand and supply pushing the price up/downwards.
/ R5 o# l& m) l6 q6 U0 O$ I4 s) pFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 ?6 s7 |8 R) ~ eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; p; n! o c: S" a* O3 r& r l3 VThe 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. - e6 _5 `1 s5 ?8 g4 b' |4 A
but the value of their assets did really drop significantly.: E: R2 L0 Z A5 ^* R
$ M, @4 v2 ^8 e* B
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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