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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.5 d* o* L" }+ i0 C3 [
CDs could have different ratings, AAA -> F,
! D0 a2 b& x) w: U1 j! Imore risky ones would have higher premium (interest rate) as a compensation for an investment., x( d0 f( O- E) G0 J5 ?3 Q5 ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 o5 ?& G/ c# W$ V5 k7 t" K8 h9 \- uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ ~3 B$ w' L! B, o8 K* p/ G* v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ V, ~: ~: |7 U, t; n3 S
similar to bonds, CDs trading in the secondary market have different value at different times,: e( |; l& X/ R8 x
normally the value is calculated by adding it's principle and interest.
) z& Y' K9 ^6 o7 Deg. the value of the mortgage+the interests to be recieved in the future. 5 L3 P; g* e5 j) J
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.; I! X6 W4 P" O' b
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im not quite sure if the multiplier effect does really matter in this case., I! q6 Z3 H% x; }9 p5 }6 f8 \
in stock market, it's the demand and supply pushing the price up/downwards.
5 ]- T/ ~, R8 k1 u2 m7 `For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' h l) m9 S% q$ u2 ]A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 j1 j# V7 z4 ?/ oThe 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 f6 r" |2 h+ X1 Rbut the value of their assets did really drop significantly.# A* S* G5 t6 n5 S* i. s5 B
$ G# ]9 i) G$ w, l @, e[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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