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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 s6 H. a5 R1 Q$ x* C/ O# j
CDs could have different ratings, AAA -> F,9 {- f O/ [' K0 `. g) Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ M) O" n( ^1 F; i
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ w" A% O+ l, p# p* k7 B* Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 z" A# N* ?5 q6 V/ JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 _2 X# G9 v0 H% s4 Q% e z
similar to bonds, CDs trading in the secondary market have different value at different times,
, ]: ~, `8 \* }2 E. Inormally the value is calculated by adding it's principle and interest.
L, s) }! I! ?9 ^' feg. the value of the mortgage+the interests to be recieved in the future.
1 ~- P1 B5 [+ L# j) j, \* Kbanks 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* s# _$ E% p+ r( U
2 m5 V2 t- D" e. F% l% e( yim not quite sure if the multiplier effect does really matter in this case.
: |; q+ j. J4 v) ^in stock market, it's the demand and supply pushing the price up/downwards.
3 a6 s& V9 e! H8 K. O. C9 {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% B! {8 H2 t; ]( e0 P1 D( x( {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; z) |2 A/ N C+ 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. # g$ ]3 P; a4 {- t) [
but the value of their assets did really drop significantly.2 c) a/ c1 [0 n* P
. ~7 G# k' H$ T" X1 s[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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