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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 J- q' [$ r9 E4 k
CDs could have different ratings, AAA -> F,9 t0 }. Q7 U4 }( }7 m
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 }; N0 P4 x0 j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" @" `* u0 B; Z7 lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 b4 X/ J8 Y+ L, L! L! k6 s( p% BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; I/ a( Y- G- U0 G) D, W6 Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
: @8 Q: E' {# F; L( H0 Xnormally the value is calculated by adding it's principle and interest. 0 u$ v) o$ x: f: d: z
eg. the value of the mortgage+the interests to be recieved in the future. 8 D- u2 G1 q* j) s, S2 W
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." b& O; x9 ~3 f, x' }
/ `3 ~- w0 r; Qim not quite sure if the multiplier effect does really matter in this case.- U' i; u, G% p/ N
in stock market, it's the demand and supply pushing the price up/downwards.
) I4 e4 I" `! B) O- k0 ~& GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' P& @6 t4 P9 n) a( \ z5 S. T, d
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' c* y8 M l8 Z) O7 J# j6 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. " h! H; l( b2 K6 ?5 M
but the value of their assets did really drop significantly.& r% F/ g! K) k0 r2 B
; _3 B& r6 `9 b4 j[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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