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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.+ h+ X1 k% y9 q2 t) u* ?
CDs could have different ratings, AAA -> F,
0 Y; q4 R; p2 y- }% s+ X. Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.% X- C/ v {2 M# ]# C& L+ _# q( E& y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# u8 H$ \( x% k4 [
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. |& Y2 C& m: h% K8 J3 f m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, M! i% `9 ^/ Q8 c- b3 ?similar to bonds, CDs trading in the secondary market have different value at different times,
1 Q3 V$ ~ e6 m8 \0 k( Enormally the value is calculated by adding it's principle and interest.
, {/ T x8 X4 B0 W+ N$ e3 ]& Beg. the value of the mortgage+the interests to be recieved in the future.
& x ^8 {/ C, h6 @3 j3 Hbanks 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.
1 k" h1 m2 J% s+ \9 r5 I# a( x* J6 n5 A; k0 q+ g; x
im not quite sure if the multiplier effect does really matter in this case., a4 \. S! `" d$ ~$ `
in stock market, it's the demand and supply pushing the price up/downwards.9 B" q, a3 \5 }. J* d; B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) ?& B5 I% \* c( {6 Y# {: C @0 `A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; f: M9 B$ B/ P+ V( s. aThe 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. " F; }- r B# W' N
but the value of their assets did really drop significantly.5 w" Z9 U4 i* Q0 l) W. x
$ ?# q# k0 Z& z1 f. [
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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