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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.% |0 _' n) c$ ?! e
CDs could have different ratings, AAA -> F,
9 q- {2 m Q, N, C4 J* @/ Smore risky ones would have higher premium (interest rate) as a compensation for an investment.8 }1 F0 Q; R: _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; s4 B0 y1 C% X
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ t4 J, v- f5 i T" q" XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 M" f; f0 ]$ f A0 rsimilar to bonds, CDs trading in the secondary market have different value at different times,! E# Q7 z2 Y- [) z
normally the value is calculated by adding it's principle and interest.
; w+ z! }9 h' ^$ S: e+ o9 |2 z& O4 seg. the value of the mortgage+the interests to be recieved in the future.
7 k l! B" [" \+ 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.
3 J [3 r" W4 z: O
g1 o' A7 Y( c. x5 q! H& x& n7 x7 Nim not quite sure if the multiplier effect does really matter in this case.$ z, C- k+ Y4 H; |
in stock market, it's the demand and supply pushing the price up/downwards.
% c+ Q* H. ~, ?9 |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: h6 n# B6 e5 Z) c0 L* I7 U9 `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- i I/ a1 N9 v4 P: M9 {: c/ dThe 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.
% P6 G; Y9 G3 C6 j$ D# Hbut the value of their assets did really drop significantly.3 w, P! O( W2 c% k' ?
* i" N: C' J8 V[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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