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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.% Q) R- z, y& r; g- v( p* I
CDs could have different ratings, AAA -> F,9 g- D4 s) X3 i/ n% z* H
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ k) J2 |: J, y! X' W% ]1 Z x; H
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 C5 q( k/ E4 H+ Q( ~- A5 F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. ?8 ] r1 K! MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& _2 F: t- t2 b, M4 Xsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 S2 u3 f& d9 A1 o lnormally the value is calculated by adding it's principle and interest.
1 k3 Z# y" U( F( Q Meg. the value of the mortgage+the interests to be recieved in the future. # F. F" p* }; k0 k
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.
% r& l* ?. j. @( W5 J8 f( P; j$ R5 V7 A. M- h& J
im not quite sure if the multiplier effect does really matter in this case., _1 c# ^" d8 A4 r
in stock market, it's the demand and supply pushing the price up/downwards.
; Y7 h Z8 F* VFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 x7 e9 r# J. Z5 _+ X5 T% M ]3 {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( B" A: W4 c! a! l p7 CThe 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.
, W3 Q" B: z$ U i/ ^3 d7 ibut the value of their assets did really drop significantly.
3 Q; ? x. _/ |, Q( g0 m, I- h% O/ c, R+ x
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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