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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.; @9 j, t' d: u: w, C3 l% M
CDs could have different ratings, AAA -> F,
, ^3 U# s5 Y6 O( B5 mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
, X; C1 I/ U) e6 f, R5 J2 J' Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 f7 L l- X, e2 ]9 n" _0 p$ [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 N7 v6 m0 K2 F0 ~. vAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 O0 I e3 W+ E6 z+ y) a/ S/ h; ], f! zsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 s2 E7 d4 I; c7 ]+ Snormally the value is calculated by adding it's principle and interest.
& Z0 b( w; b9 V' V1 c! t5 Leg. the value of the mortgage+the interests to be recieved in the future.
! A+ v% p& Z5 t3 \& Y; j/ E& ^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.3 c3 _( Z9 L E, t! m4 S
1 P' O1 {( B; v6 c' n: U4 ^im not quite sure if the multiplier effect does really matter in this case.
5 E) D- s T) E" Q3 m1 zin stock market, it's the demand and supply pushing the price up/downwards.: h6 V. b5 e# J( q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 q; ]) s7 M; C0 F) {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 U* c! ?' m. @1 O$ XThe 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.
7 z8 d4 w. f# g: t- ~but the value of their assets did really drop significantly.% X9 A: X8 ?2 T) j' ~! J
) G$ a+ V- W! Z( P% C[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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