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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.- r- s+ s h0 {
CDs could have different ratings, AAA -> F,9 y# l6 ^4 c' y! o' G
more risky ones would have higher premium (interest rate) as a compensation for an investment.
) ]5 h Q2 k8 L8 [5 I% m3 S: `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 B" \# C' P/ |: A% l5 j- F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 ]( U r% B; P( A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% N( y) H+ G2 Z- @similar to bonds, CDs trading in the secondary market have different value at different times,
0 _7 {7 Z0 B: x" [0 U' unormally the value is calculated by adding it's principle and interest.
) Z; |+ m! i) x9 {% I+ yeg. the value of the mortgage+the interests to be recieved in the future.
" L# a# b+ M, R- j( r% a/ k0 Y d; Tbanks 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.
$ Y6 Q, y' X/ ^, Q- G5 }" p9 p; A0 L( E. G
im not quite sure if the multiplier effect does really matter in this case.
% N6 h1 y( d, b% I s& V1 G# vin stock market, it's the demand and supply pushing the price up/downwards.( y: k% O- ~5 e8 V) i( H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( k$ g: j2 s9 p/ a! VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 A+ G7 Q! j y) H
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.
2 Q7 E2 g% w3 N4 `1 }3 j( d* Gbut the value of their assets did really drop significantly.
' T( _. Q: n3 N2 D, S( u D
( l) t: S" l2 Y% y$ _[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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