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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.
1 o6 O: s( m+ e4 A" t* lCDs could have different ratings, AAA -> F,7 B% ?. J% t( I+ Y* R" h2 R1 q1 [
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 }% v" ^0 O0 e" |6 \3 m* U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( ^3 T3 m' B0 y' h& _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ _) z$ \9 U# R5 u* t, R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* u9 [! M1 H8 m. T/ ?
similar to bonds, CDs trading in the secondary market have different value at different times,
; h. N) t. ^' w0 m2 Z! jnormally the value is calculated by adding it's principle and interest.
* N. X9 g1 R( f! b2 |eg. the value of the mortgage+the interests to be recieved in the future. ' d3 J" q' w* @& I6 _8 q3 I$ t
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 M- N3 v3 D0 M4 S
- q/ y( ^5 ]% r1 }- ^im not quite sure if the multiplier effect does really matter in this case., {, i9 k: e, t
in stock market, it's the demand and supply pushing the price up/downwards.
( p( N4 j5 g2 R, ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# G" \8 i" a8 \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# o e* N& ^6 J1 ]* M- kThe 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 y5 R- J/ H2 {6 b( I$ D& Obut the value of their assets did really drop significantly.
/ |4 s! q4 q( ?+ _& n# J9 k6 W4 B
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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