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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.7 t9 B( Q. e. p
CDs could have different ratings, AAA -> F,+ B& n; @6 `8 r/ `
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 _3 @, ?2 B8 l9 K; tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- }! j0 r& h9 S; ]' Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ i$ h% e0 Z% ~* a$ `+ ^9 n$ e. U4 g* L
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 Q) Y8 ?( k) j t) b# Wsimilar to bonds, CDs trading in the secondary market have different value at different times,/ u3 j& ?5 {$ m$ W. Y" ]
normally the value is calculated by adding it's principle and interest.
& b f2 [3 H4 \5 k/ N& I, y- Leg. the value of the mortgage+the interests to be recieved in the future. " P# r" N3 q+ d+ B- N
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.
1 d8 ]; X: p0 B
2 s# C7 Y ]3 v9 yim not quite sure if the multiplier effect does really matter in this case.8 t4 Z2 N' T( v7 ^; O
in stock market, it's the demand and supply pushing the price up/downwards.- E4 j- R% H' n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: _$ _! H4 N/ m. D1 N' y1 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 R4 h% {: h" _, i
The 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. / |% a( O9 B3 ^
but the value of their assets did really drop significantly.' V4 K! p" H. B% G5 G% W. Q
4 |# v0 y+ e3 v+ l[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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