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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.# F9 F# p$ {, J
CDs could have different ratings, AAA -> F,$ q: G7 {) i) | D0 \9 G$ |1 `' N
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: C7 w. ~' K% rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 q- W! G& Q1 s: ]7 E q7 U/ win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 w% l/ o! N. S, CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* J3 z1 {2 A- Q& ?1 Ksimilar to bonds, CDs trading in the secondary market have different value at different times,
& l5 e, ` i- E' \" |+ E% lnormally the value is calculated by adding it's principle and interest. " a: f, {* |7 F& j1 _0 l
eg. the value of the mortgage+the interests to be recieved in the future. 1 P4 o/ r4 H+ B2 |2 A& K0 ^4 e
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.% W% D1 X3 }0 L& v z
+ u) r) l ]; p! ]4 m Nim not quite sure if the multiplier effect does really matter in this case.
$ G. \, {% w" H3 J9 X' \+ e/ uin stock market, it's the demand and supply pushing the price up/downwards./ y! d) C. J2 @: S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 ~" W0 P. x) d1 j0 ~' c( sA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, h) p8 v, L7 u5 K3 RThe 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.
4 F9 Q+ A; J/ z8 B& [) f1 ibut the value of their assets did really drop significantly./ X& p5 ^- n3 n* Z3 n' F
: R: Q5 I/ j7 J+ W7 G' D
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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