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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.+ U. V/ ~2 M% Q& D+ y5 O2 l( m
CDs could have different ratings, AAA -> F,
6 M$ P3 t) i1 g0 X4 W$ u, D- o" vmore risky ones would have higher premium (interest rate) as a compensation for an investment.
6 y5 q3 \ e# X& d- ^, N- Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- U) }1 a A( Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& t0 F6 ?% n& O2 G2 `. lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* b4 a$ b4 z+ b$ F& j3 [. J5 c, Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
: x& p' h1 G0 T6 A* \* e' Gnormally the value is calculated by adding it's principle and interest.
1 M1 L! m3 u9 Xeg. the value of the mortgage+the interests to be recieved in the future.
9 @$ M+ B, ]+ a( v6 L$ mbanks 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.
9 Z. U U/ ?" S( _' D5 m
3 c( }, T: i# @/ ]- L1 i/ Iim not quite sure if the multiplier effect does really matter in this case.! n* }! e. S" `
in stock market, it's the demand and supply pushing the price up/downwards.& W' k. u; l3 H+ l9 o+ U* N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 Y+ f3 Z; Z# V7 y# l9 b; Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 B& J. N- p# I, X6 nThe 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.
! T8 N# n! K9 Q% D7 |. tbut the value of their assets did really drop significantly.
" @9 e- O$ {1 ^( P! U7 b$ Z, K
. r$ ]2 s9 o2 S& S7 D/ i0 P[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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