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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.% G& O, r) [$ C3 U& S3 d' m
CDs could have different ratings, AAA -> F," o' S) g# \+ _6 Q: r6 ]; ^7 d
more risky ones would have higher premium (interest rate) as a compensation for an investment.; W- p( ?& m' ]8 y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 ]! ?! p1 K+ ^4 h# d' G2 y3 _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% k" ~% t$ Q" c# T2 k9 Y/ d4 ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% M/ y) n; u; o# C9 w4 p2 Q9 J- Z
similar to bonds, CDs trading in the secondary market have different value at different times,, C' t+ ~" S4 U g2 g3 I! O" K' ]
normally the value is calculated by adding it's principle and interest.
7 E( A4 @& ^7 c$ ^- Z4 ieg. the value of the mortgage+the interests to be recieved in the future. : |' K, u- k3 C3 t- g
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.
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4 l8 |) c+ K- k! ]) g' m7 Pim not quite sure if the multiplier effect does really matter in this case.( ]# @3 C2 M9 M" D% Z" B
in stock market, it's the demand and supply pushing the price up/downwards.
/ K; R' U7 q( p/ d: G* }$ BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% \1 j: S& M3 a, M& |% A* M# E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 k! g$ B7 `# q, z8 f$ |, }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. 8 a6 b8 g* t2 L( [* |8 @& z6 P
but the value of their assets did really drop significantly.# i1 t% S7 C8 d! s+ P$ y# q
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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