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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 r8 ^$ O, n" l l, p- [CDs could have different ratings, AAA -> F,% E1 b3 k; J6 c
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 Y% c, n2 z- S8 x; x" o( ~. c0 k i
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 \3 c" e: h( T' @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 M8 H! o8 e+ N9 R4 c: iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# ^1 m7 V7 L2 V5 ]similar to bonds, CDs trading in the secondary market have different value at different times,* p; E: n$ u) F7 g# B' i+ U" |2 B$ Z
normally the value is calculated by adding it's principle and interest.
& K, ~8 F% g( K6 m5 Y) Qeg. the value of the mortgage+the interests to be recieved in the future.
' p, r/ a5 L/ dbanks 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.2 Y% |: A6 G8 A, `7 P* G: v# l v
5 z) y/ e& Z8 Q7 F+ |; c- {
im not quite sure if the multiplier effect does really matter in this case.
; x, q$ o: _ B/ u" }6 E& Iin stock market, it's the demand and supply pushing the price up/downwards.
/ w# H; t5 U7 {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* O0 x% X* u! T- TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 ?: r2 a v# N, iThe 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.
j# }/ |/ Q' [6 B" L- _7 E- sbut the value of their assets did really drop significantly.
+ H% J3 k; f* J$ Q
# f6 B: f5 ]- F[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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