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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.# ~& }, t* n8 U
CDs could have different ratings, AAA -> F,2 a; a, H+ c& {2 y1 q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. a" Y9 d. `3 \4 |3 ~; h, xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* d# ] t3 k3 p+ `7 Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 P( `: B# k1 f( R/ y6 E- ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 I7 C. y Q5 b8 }) r9 B5 w
similar to bonds, CDs trading in the secondary market have different value at different times,
8 \* d8 B3 `7 q$ z! c3 `% b) gnormally the value is calculated by adding it's principle and interest.
. B* S) t- t0 ?9 z7 neg. the value of the mortgage+the interests to be recieved in the future.
7 b5 I j9 M u8 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.' H6 r5 O5 B% h* g. P6 N0 B* g; |# L. ?. e
/ Z- g J4 B& P& Iim not quite sure if the multiplier effect does really matter in this case.+ k$ i, n" R7 O' s( B
in stock market, it's the demand and supply pushing the price up/downwards.
& w3 T1 c5 U( [# Z" kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
O4 n0 ]9 k8 N8 uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ [" U4 H* V; U* h' l' j" }) Z& Z4 VThe 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. * } Q& g# [- ~) q! R
but the value of their assets did really drop significantly.
$ ]4 I1 C6 E8 V4 r; D5 M" }2 H# h0 `" ^
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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