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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 V( E, {% p$ b4 }# y% D6 J) zCDs could have different ratings, AAA -> F,! _5 N; D" n7 Q: ]/ b' v
more risky ones would have higher premium (interest rate) as a compensation for an investment.# F5 U3 z+ j3 t5 ~+ d h# r9 N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ I' E0 N3 j: y% v! X1 M. x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# F2 \3 ~# e# U9 Z; k+ g/ [! @+ f" U4 I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: H9 Z( x2 M4 x
similar to bonds, CDs trading in the secondary market have different value at different times,9 O- i, N: k, X; r" a$ Z0 D% J
normally the value is calculated by adding it's principle and interest. * |8 U; T, ]/ Y/ V
eg. the value of the mortgage+the interests to be recieved in the future.
+ @9 {" A9 S) T. F- ]8 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.: ^0 x' _9 P, ~3 \) W
$ ]0 t9 n6 \0 P4 \( I% g6 i/ ~4 o
im not quite sure if the multiplier effect does really matter in this case.. ~, G1 q7 M u% o
in stock market, it's the demand and supply pushing the price up/downwards.
4 g1 f5 ~! t' nFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 i1 p9 f: W6 c# s7 f) eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 \2 A* ?' m: w6 |; T4 f6 a" MThe 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. + `' }' s L; F8 U( X
but the value of their assets did really drop significantly.% a7 j8 v+ k8 B& V+ a' K8 P
$ p- ?- y, T6 b! U" v7 Y7 ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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