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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.
& [/ P: N) R- P5 u' a. q+ gCDs could have different ratings, AAA -> F,
8 k4 Z, Q" U Z6 j$ ]' S* smore risky ones would have higher premium (interest rate) as a compensation for an investment.
. ~' R& K0 r b4 V( F; emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 G: d/ p7 D& J" `* B0 J% O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. m+ M0 e) ~; D/ Q y: S/ f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# A* W: g7 S5 `7 _3 ^" [ m
similar to bonds, CDs trading in the secondary market have different value at different times,
f( m/ H- b H$ i5 u: {/ Nnormally the value is calculated by adding it's principle and interest. # Y+ ^4 _, P; m+ }% ~. P3 o
eg. the value of the mortgage+the interests to be recieved in the future.
7 j9 J4 A' m2 x9 sbanks 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.: r- ], X) j* \
' N1 H$ l/ `6 }1 q8 Q3 D3 U) @im not quite sure if the multiplier effect does really matter in this case./ T+ y% z; w" Y& ]0 c$ e8 x
in stock market, it's the demand and supply pushing the price up/downwards.
, J4 g( ^, c; m0 z! AFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
[4 c1 `( j% r) d* h3 h+ QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 l7 b' q$ y4 D
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. , p9 V2 H: t& B3 [+ B- L5 r8 h
but the value of their assets did really drop significantly.. b" j7 z4 k5 J1 F* I
! @. S$ p0 a! C$ e
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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