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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.
& Q9 M, C" S Y: Z$ M6 }% TCDs could have different ratings, AAA -> F,2 R3 K+ W- w% l+ C' t- i; C& K
more risky ones would have higher premium (interest rate) as a compensation for an investment. j! q# X& }, t6 c
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( {. D- s; W. n# M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- [* k6 r$ j" ?2 a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ p) E: Z+ j8 u
similar to bonds, CDs trading in the secondary market have different value at different times,
7 \0 F' R+ k; L3 c: w) r* hnormally the value is calculated by adding it's principle and interest.
9 ?7 {8 }9 @" P7 r, geg. the value of the mortgage+the interests to be recieved in the future.
8 y/ G2 E* w3 Q2 s/ 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., P7 t) U s: o$ W. P6 L
9 v! e" {: J% z: n _6 D9 _% r
im not quite sure if the multiplier effect does really matter in this case.8 I' t3 \. B8 R) O2 ~$ y6 H
in stock market, it's the demand and supply pushing the price up/downwards.
% {- d8 ~9 ]7 I- W6 r0 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 S' C4 n7 w) V6 z q lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! K8 A, P, T8 ~# X
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.
4 a% w5 K8 m- r+ @but the value of their assets did really drop significantly.4 D# T# {* b; e% C& h
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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