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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.' K$ U5 t; u- ^9 \7 S7 z
CDs could have different ratings, AAA -> F,) P) a4 p' J/ U! y' J5 \( Y: {8 K8 ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 e) K0 h! N: imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: c$ f2 U T! v) P! O) _/ K4 a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 I4 B d0 w7 A+ m" t# a9 |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
U. f; ], y% a0 Dsimilar to bonds, CDs trading in the secondary market have different value at different times,- B( w0 V% O# o R% ~
normally the value is calculated by adding it's principle and interest.
3 o( A) d# {: d K& j# I1 N& Deg. the value of the mortgage+the interests to be recieved in the future.
" N6 W2 ^: q4 J+ Mbanks 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.
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! g* v* k9 d% }6 G Cim not quite sure if the multiplier effect does really matter in this case.
& N3 ?9 c3 P8 U _8 A5 \3 M% Y/ Nin stock market, it's the demand and supply pushing the price up/downwards.) |# c( l9 j+ B4 Z- k+ I
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 r! h, K2 ^3 l9 u9 |: J
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! y7 J8 J3 ^' u/ F9 I' NThe 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.
5 d6 X8 v3 S7 A! t, b0 P% {but the value of their assets did really drop significantly.7 g" F- C3 E- S+ o. ^
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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