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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.) X% J1 `' d# s6 H: K9 ?" t
CDs could have different ratings, AAA -> F,- ^8 @* R2 q+ y6 M3 X/ q% b$ n
more risky ones would have higher premium (interest rate) as a compensation for an investment.! `( V8 E5 P* T! c) C0 d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ M, g! F9 ~; X, @. {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! t$ E, N. G6 u3 J. WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 x' n8 ]9 T: p1 d! zsimilar to bonds, CDs trading in the secondary market have different value at different times,& j, @& B3 i) F. J- l( K
normally the value is calculated by adding it's principle and interest. % f1 [7 V" j2 g& P
eg. the value of the mortgage+the interests to be recieved in the future. / B4 {8 ~5 |& @
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.! t$ g$ E* H; [& _7 q1 M" ~0 ~
/ ~/ C. J1 n9 \$ nim not quite sure if the multiplier effect does really matter in this case.. j+ d- H/ `7 D. E
in stock market, it's the demand and supply pushing the price up/downwards.) d8 L' A1 \( j7 ~3 N9 O- d
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 d( e, }- Q; K* a0 S
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; r4 }" H1 ?* j! L- A8 c
The 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.
2 M; K) J# X* b, c ^but the value of their assets did really drop significantly.
p# X0 \; c8 h) b7 P
% _2 K: F- M! k2 ~7 q E[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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