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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.
# U$ Q% }1 |+ H: v' m( o" ]CDs could have different ratings, AAA -> F,, V8 C& Z) O& U
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 c! s/ C% W$ L, M4 Q( _9 Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, p2 M% S6 h$ r) ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 E) J+ h$ a- ^% r- u/ [+ PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# ^& S9 h' h1 X" p$ e0 x. `9 |
similar to bonds, CDs trading in the secondary market have different value at different times,
$ O/ `( [4 u) K, u dnormally the value is calculated by adding it's principle and interest.
3 ^! G l& K+ W# y+ J; o% Jeg. the value of the mortgage+the interests to be recieved in the future.
0 A- Z, L3 N- m1 N Bbanks 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.# Z2 s# N2 F. v- e
4 T1 o" a) m, K" uim not quite sure if the multiplier effect does really matter in this case.
8 M+ a. D5 b& v. Din stock market, it's the demand and supply pushing the price up/downwards.
" Y. B9 M) Z$ B& L; C- ^. ?! LFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 Q8 H: ^ X# V' P" O/ O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, ^2 h- h8 D3 D2 c0 d+ B! 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. ! U5 c5 G. D/ }0 Y; E
but the value of their assets did really drop significantly.
7 P# P! S. g8 b$ I2 x9 i) ~4 l. e7 P3 i) t3 p/ Y
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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