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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.8 ~$ r$ t+ C3 }7 X, G' Z! m
CDs could have different ratings, AAA -> F,
/ [" }8 C d$ \8 w j7 ]+ y# c, Xmore risky ones would have higher premium (interest rate) as a compensation for an investment.% t. O+ G1 N8 A1 K
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% {7 v+ x1 {9 q9 tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# G7 V: }7 j ~: u, YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& g) K- j+ N" a0 B% R7 Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
1 N& D( ^. w0 f6 V/ W+ b0 Xnormally the value is calculated by adding it's principle and interest. ' f9 x; j( D3 b" v
eg. the value of the mortgage+the interests to be recieved in the future.
) _, B) v1 u" D+ `. i2 Gbanks 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 R0 o" n! f0 c2 _2 H
) c$ a. c/ [; c
im not quite sure if the multiplier effect does really matter in this case.9 ]* E$ `7 ~0 @7 g% Q
in stock market, it's the demand and supply pushing the price up/downwards.
' u( y( Y! R7 ?3 e) m6 xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: A- F- f$ T' d$ B( B; e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. d/ Y; u8 Z/ t; m! H- O( \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.
! }6 s1 M3 A7 h+ B. tbut the value of their assets did really drop significantly./ P- v: o. L' q$ k9 `$ {
+ ^3 b b0 B, q, J! K; }[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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