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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.- l1 ~7 X& U8 l6 u* u6 u S
CDs could have different ratings, AAA -> F,
$ n5 ^) }4 H( M: S7 {/ Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
& A6 \5 N( g3 [3 D) hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ Q/ z4 E, g& ^1 B5 c- A( c8 Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 F! Y: f1 q/ |, n BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% U4 J4 \3 Z" R) G3 m/ | `similar to bonds, CDs trading in the secondary market have different value at different times,
( _' @" k' d4 U/ n# ]8 Nnormally the value is calculated by adding it's principle and interest. - I9 b- Z0 X) Z& I4 _0 H1 i/ r: t- c
eg. the value of the mortgage+the interests to be recieved in the future.
4 B: W: E3 u" N5 y- qbanks 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.$ ]8 F/ V" t8 K0 [6 m8 ~# z# U0 K
+ A+ z1 U+ a+ {9 T+ Q, W+ K* H
im not quite sure if the multiplier effect does really matter in this case.
0 T! u1 D2 k# b: h6 g5 din stock market, it's the demand and supply pushing the price up/downwards.
5 T/ }, {5 e9 o9 C8 E+ KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
{4 N- z' S3 r+ k* X0 `* IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 }, K m% z8 P& @, M$ Y% EThe 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.
3 z+ f' V v7 s e" b" ebut the value of their assets did really drop significantly.
6 U. ^# H! b9 m7 X2 w- T" C2 ~; L- k# D# {0 K7 y- u# u
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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