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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.( ^/ S3 B" D( J/ Q, @: H" b
CDs could have different ratings, AAA -> F,
. a4 R: ~, I8 G% B8 B' Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.- r9 M) I6 O7 h& t: m9 h
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 r$ h4 j& a- g# n% m! n% @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' x& X, w5 g, ]# V. \% Q8 a0 ]$ B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- ~/ U9 r$ c8 x* l. }* H
similar to bonds, CDs trading in the secondary market have different value at different times,8 F' e- j# W+ H. B! ]5 Q/ D3 t, c
normally the value is calculated by adding it's principle and interest.
7 A8 t3 q4 @, u' d2 Weg. the value of the mortgage+the interests to be recieved in the future.
6 n7 R5 o6 y4 o4 |" \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.
0 @) O9 x* f; R5 Z. C) R Z: o( r9 f. J. T# v& I* q$ n
im not quite sure if the multiplier effect does really matter in this case.
" [# Z3 p; Y2 J1 v, Nin stock market, it's the demand and supply pushing the price up/downwards.
1 |6 M$ y- Y- C. ]0 z: dFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 s9 l* g) X5 o& M% o/ rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 [* O1 m' Y4 e) Z8 O) \" E( H1 o
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.
: j6 G6 y( S$ U \: B' x2 z& Xbut the value of their assets did really drop significantly.
) u1 e6 Q4 G& X. h5 w2 h: @' M' D2 J6 V
- V) [) f$ G6 M- W[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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