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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.- B% R9 m u) y- M7 f
CDs could have different ratings, AAA -> F,
# {* w7 h+ q. Q! l" ~; Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& a" e0 e4 ?, m" D- _! B& V) b2 Bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' @6 ]/ d: [+ M4 H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 V" T# q0 R7 L' ]# yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 |( E& a# f xsimilar to bonds, CDs trading in the secondary market have different value at different times,7 D/ Y/ ~1 {6 K& e, S" k$ N
normally the value is calculated by adding it's principle and interest. : w5 x; Y+ F0 `. z& R) \
eg. the value of the mortgage+the interests to be recieved in the future.
; [; a: I% u* M% L7 B& Hbanks 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.- W4 a) X5 M1 k
: e! n8 y) e5 G. o) e$ b. {
im not quite sure if the multiplier effect does really matter in this case./ K. h$ q( n8 d
in stock market, it's the demand and supply pushing the price up/downwards.- c& G6 H: T: s5 ]1 I2 K4 A" [* ~& M" v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 d, W) l, |( r+ u( g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& i/ x# H" a% d, l: I4 w7 i
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.
2 F% Z- G6 Z# e; R4 Xbut the value of their assets did really drop significantly.+ c# |, D: D) j9 d' z) j; p, J8 T. S
7 T: o9 A: X& T0 \% h[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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