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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.& d- d! Y, [% i; u5 W, z7 x
CDs could have different ratings, AAA -> F,
$ G' E5 X5 I& Q% ^8 H s$ omore risky ones would have higher premium (interest rate) as a compensation for an investment./ {# Z i! k1 |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 ?0 C8 d. R0 G e+ m2 Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. I) n3 l w* _& H5 H7 }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 S0 B# J! U4 q( p+ m# N# ]8 W
similar to bonds, CDs trading in the secondary market have different value at different times,
+ J# X5 i) L" f) F. c! Ynormally the value is calculated by adding it's principle and interest.
- ~) k/ a2 z- [' Seg. the value of the mortgage+the interests to be recieved in the future. G3 l' A& ?& l1 _% ?: o
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.! ?3 u3 i, V7 }* ^- u
- r5 e5 B k9 }im not quite sure if the multiplier effect does really matter in this case.
5 P) V! Q1 H8 J# W7 Ain stock market, it's the demand and supply pushing the price up/downwards.
1 `9 @# M2 ]( J: |! F5 wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 N2 a. e+ H# B4 F% m! K, w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 v% S9 m1 }' L0 G) u* Z A' k
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 S. n, x# q6 m8 _9 Z5 D' Pbut the value of their assets did really drop significantly.
& S% X: q& v0 l, M2 R) ]1 M% o3 T0 x1 H( p5 B! e, }6 }+ [- k
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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