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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.5 f' _1 j5 v$ r3 _+ U
CDs could have different ratings, AAA -> F,0 Q3 i5 |- d8 y+ r1 l
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ Y" K! b- k8 W9 z! w
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) P7 a- J$ J* O' u* a" Y% sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 U7 L5 d! N, W3 Z+ l9 x
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ ^7 T8 @1 g0 w& D! }3 C/ p% z7 xsimilar to bonds, CDs trading in the secondary market have different value at different times,; r% H# T: L( T: `$ H; F
normally the value is calculated by adding it's principle and interest.
7 `% B1 d' Q8 N! W/ D4 P' ]eg. the value of the mortgage+the interests to be recieved in the future.
E$ H, z) T+ |% 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.6 a0 b6 d7 j4 E
1 f6 i( z ~! b8 e7 |5 @0 C Rim not quite sure if the multiplier effect does really matter in this case.' v4 A2 W T1 Q0 M7 u7 z$ N
in stock market, it's the demand and supply pushing the price up/downwards., t+ d7 e' E4 o: q; |3 [2 o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 y, e9 f1 t1 o4 G' e7 g* a+ h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! C2 Y+ ^& G8 N# v/ z& j: S; S' sThe 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. : G8 U& E* r& r' a7 u
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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