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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.1 r" a/ \/ j a4 b C
CDs could have different ratings, AAA -> F,: g6 W% |& d2 v. s4 {7 k6 L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 V' P* g6 Q7 E- R; u. v4 pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 I f9 \4 I/ Q3 ~6 P4 D
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' Q/ y" F# w/ q5 h( K0 X, F8 y8 rAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ P& m$ f. }$ w* g3 H+ S0 ]* Usimilar to bonds, CDs trading in the secondary market have different value at different times,! X* e* [" q' }, l5 _+ C- o+ V
normally the value is calculated by adding it's principle and interest. : V: `) @7 O5 e% P6 s% ^+ `
eg. the value of the mortgage+the interests to be recieved in the future.
5 m% r$ p7 y4 O/ `( e6 s; ~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.4 m, z% d! ^ L% Z: p; [
$ u6 n* m7 k. S7 T
im not quite sure if the multiplier effect does really matter in this case.6 k( y: f$ E/ ~) g; j
in stock market, it's the demand and supply pushing the price up/downwards.
& K$ M, E0 @( P. W* \0 C/ ]: ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 l; S: l) \4 Q: @ RA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* {) {$ y' E3 l5 i2 p1 o2 KThe 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.
7 M% n0 m! [/ d) L/ J) fbut the value of their assets did really drop significantly.0 O9 T" W$ V" V0 E; ]1 o
9 F) I7 o5 ~/ c. w1 _
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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