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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.# _8 m; ]) E, q$ F+ o& n! c2 s
CDs could have different ratings, AAA -> F,
0 n3 ^ F8 u# ~) G% v6 N0 N) Hmore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 j9 D$ v6 [4 ^) O5 H- xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 x0 O1 m+ t# u, i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 x2 O, C( ~- p( x) o9 |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 C; \/ p4 y7 `similar to bonds, CDs trading in the secondary market have different value at different times,
! P- q9 a2 Y7 L4 ` d8 X) Dnormally the value is calculated by adding it's principle and interest.
! z- t6 l: n6 h' w0 oeg. the value of the mortgage+the interests to be recieved in the future.
6 _- a/ V# x7 D2 J. Z1 @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.
# _ M: A* k0 |8 K- |- J% l- e4 M" B! |: |2 O
im not quite sure if the multiplier effect does really matter in this case.! S! z' H6 ]3 L; }8 V1 V2 B% D
in stock market, it's the demand and supply pushing the price up/downwards.
; x1 Q s/ ^# y. ]9 L2 {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, c0 v6 k' p3 g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 t/ Y8 ?1 S5 t
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. ) f9 c' q! ]: p2 X/ b$ o) i
but the value of their assets did really drop significantly.
' u) ]" ^, i7 U U, p9 U5 I9 Y# X/ `7 s
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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