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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.2 H; t) J( c# R& q$ f" x; H
CDs could have different ratings, AAA -> F,* }) c, I T4 a4 k" l4 d5 q4 {
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ {/ S4 z' J; smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," R- s' E" ~# }& W { z2 G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ Q: [# w: ~" X* J0 \4 Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ |2 l) B7 p% x+ e- k0 ` Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 [2 V6 K8 v6 |% D6 Inormally the value is calculated by adding it's principle and interest. 2 n9 ]) P& [ a2 u
eg. the value of the mortgage+the interests to be recieved in the future.
7 f) Y+ L1 |1 T' Jbanks 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.
/ c) p" Q0 ~, F2 X; F% S$ i, |% U$ R7 f: e) f5 x. b5 c
im not quite sure if the multiplier effect does really matter in this case.% Z8 H! z1 X" y/ [ z# N M: A
in stock market, it's the demand and supply pushing the price up/downwards.4 Y! _4 W: ~/ A) W: z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 a3 Y, g- B- Q+ q: X4 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! R$ ~5 f! b; s. ?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.
, |; L# @( d+ i9 F0 _$ C+ Ebut the value of their assets did really drop significantly.
$ `' H) D8 s" {) q" v2 Z7 X# T% w3 X% {4 _; x* P; N
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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