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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.& m+ N& a' A0 H% Y- h% r/ G
CDs could have different ratings, AAA -> F,
b2 m2 f" \$ E$ s7 L$ jmore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 a; c9 c7 y0 b: F( s2 v, A1 Dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, Y a, V" Q4 o1 q/ d3 _+ |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 z( F# f) F; H s! @' G$ c; Z+ v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 l x; H7 Q* f& T" ]3 }! d6 G
similar to bonds, CDs trading in the secondary market have different value at different times,
1 \7 R2 ]( w% t! n* ~* u( vnormally the value is calculated by adding it's principle and interest.
2 k" a& W& C; o9 heg. the value of the mortgage+the interests to be recieved in the future.
, C! D6 n7 `- ubanks 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.
& n6 U9 O1 ]/ P5 t6 G. x7 V; a9 q; s' t+ C5 P
im not quite sure if the multiplier effect does really matter in this case.
' ?5 f- ~" h7 z% {& \- \in stock market, it's the demand and supply pushing the price up/downwards.( R7 n, ] W) {5 y2 f$ B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" f2 I0 I- U4 ?0 AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 J: s: l G, ` J' Y0 a: g$ ?2 ]
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.
) X& L4 i% l( kbut the value of their assets did really drop significantly.4 e) w' p8 W9 _8 J
$ [6 v; ^( ?4 A" o[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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