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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.7 v8 [3 ^" b* n2 t
CDs could have different ratings, AAA -> F,
+ M( b6 |1 I: i- n4 E) jmore risky ones would have higher premium (interest rate) as a compensation for an investment. z" f' i5 g7 ?4 {% G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* C1 ~8 `+ K8 H2 q* N# Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 A" c9 h6 h/ M+ RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 S. b4 `0 {9 m, q) r% L' K5 I6 `" D3 Y& @& `similar to bonds, CDs trading in the secondary market have different value at different times,
6 b: F9 ?% h+ p3 S' _normally the value is calculated by adding it's principle and interest.
& j* R* P, K3 s- R5 neg. the value of the mortgage+the interests to be recieved in the future. 2 A V6 _. X u( I7 r- _) N5 x; E
banks 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.2 m$ F# \5 m0 D# y* z/ J
7 h" b3 T, Z" _9 G, fim not quite sure if the multiplier effect does really matter in this case.
& t# H" y7 g" D5 q1 C$ P9 H0 E/ Oin stock market, it's the demand and supply pushing the price up/downwards.
0 L% w, E4 m7 j0 J$ {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( `; a1 K Q0 v' z6 K, I8 Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! k2 |* `7 r: F& c# `' w
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.
9 U0 c) _9 r8 A7 j/ O5 Abut the value of their assets did really drop significantly.) k, j1 [6 U7 c4 t
& ^5 F% j2 I4 g[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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