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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.; L# e9 m! B r" u, V |
CDs could have different ratings, AAA -> F,
# k* Q: S! O9 r: _$ r* L5 M3 Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 l) P$ o/ H6 F2 q. Jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! M3 N5 j# Y' H( D; k. R
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 _1 g* r: V; o6 V* f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 ~, Q7 ^8 R1 q# o: n) B( Nsimilar to bonds, CDs trading in the secondary market have different value at different times,& K. _" j* Z+ K% }/ Z
normally the value is calculated by adding it's principle and interest.
/ b/ p6 X* z2 ieg. the value of the mortgage+the interests to be recieved in the future.
& t+ G; U. t1 m$ T+ k W$ Sbanks 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.0 h, n7 z) n6 C1 a, y- g" c
% x( b4 X7 k* B: W \0 Vim not quite sure if the multiplier effect does really matter in this case.8 y' D4 H! q4 ^9 u! N
in stock market, it's the demand and supply pushing the price up/downwards. g' D4 M( n9 I. {% m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; m$ A4 r' Q8 [7 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 z; C0 s& w: h& {+ j, i/ F7 V- wThe 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. ! b! e5 r; r; d+ t$ \" M3 E+ C
but the value of their assets did really drop significantly.7 E& s4 w) w6 H% N9 Y
8 Z b9 R' A! Q9 k" x `( w[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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