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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.
; |1 v1 w7 A `+ s1 W, ]CDs could have different ratings, AAA -> F,
* T* A' _1 u; ~$ |+ e& j- ?- F$ i+ Umore risky ones would have higher premium (interest rate) as a compensation for an investment.( s* z6 |( ]3 }* n
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! E* `) H6 U# G( H& U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 a: L, z1 |$ sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 E2 o3 k4 A6 U' hsimilar to bonds, CDs trading in the secondary market have different value at different times,. C" y% n8 T9 ?9 J! m
normally the value is calculated by adding it's principle and interest. 7 U8 {* V8 e" G5 w+ v% h0 r" u% s
eg. the value of the mortgage+the interests to be recieved in the future.
/ t3 z; Y) o% o; v5 U0 ~. ebanks 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. m! u6 c( B o* Z- ~6 H
0 Q5 j2 j# M. s% a9 D& pim not quite sure if the multiplier effect does really matter in this case.
$ M' {- U) U O5 n I+ Pin stock market, it's the demand and supply pushing the price up/downwards.
* J" l& l( Q% j! ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( Y, z% \# n! w1 o6 ~' wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 H( K9 C2 ~5 g; W L% 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. & ^* t/ W3 E7 I0 a3 Y# w
but the value of their assets did really drop significantly.7 F" v3 o0 Z. e. b% g
* I: e% E, w3 [( g) ^; i6 i
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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