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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.
! s( M- s8 b$ o8 L7 m; t9 `CDs could have different ratings, AAA -> F,# w9 K9 U$ |# V
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 p' @6 X" \5 Y5 U$ U$ F' F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: a9 `0 k) m$ j1 ^3 u4 S5 uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 z; s- d1 M" t+ jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! m# ^1 A( v# g3 w% W( a- Csimilar to bonds, CDs trading in the secondary market have different value at different times,8 ?/ l& X. g% [: Z. y/ q, K9 A
normally the value is calculated by adding it's principle and interest. " _& Y/ T( S8 C! e
eg. the value of the mortgage+the interests to be recieved in the future. 7 Q8 F9 \! F# o# J$ {4 z' s- M
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.
0 @' [7 c- {2 ~3 ~% j* n- m8 x+ `% c
im not quite sure if the multiplier effect does really matter in this case.
0 i5 r% w7 ~, k- ?% `9 w) u/ zin stock market, it's the demand and supply pushing the price up/downwards.* S. X4 T$ o& {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; ?, W D$ R; w. J, h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# P+ p" ~1 s4 V, d S9 y, }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. 3 W" Z+ @* B/ v* R6 v1 x' i4 c6 g
but the value of their assets did really drop significantly.
- Y. [4 s1 K8 d# q5 Q6 Q X- d. D9 y. U; c. M' A4 f
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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