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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.. O2 a4 ~* E6 G% N, a% w4 ^
CDs could have different ratings, AAA -> F,
& l9 g; }) i/ x: P; I) Z4 Amore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 w0 t$ h. } g+ J4 U* zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 z+ A" e( D& l- z! t6 T, T$ }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* |1 F# L7 z) V: j4 ?/ q h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ |) [) W. x. a ~9 P) o! ^similar to bonds, CDs trading in the secondary market have different value at different times,% K0 J7 i( j# l* O9 S, E* r
normally the value is calculated by adding it's principle and interest.
, u0 y' f3 }% p7 @0 D/ Aeg. the value of the mortgage+the interests to be recieved in the future.
# X; N. I5 f c2 q _9 Obanks 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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. {' D: H1 n0 }8 v7 l$ g$ _1 J0 Xim not quite sure if the multiplier effect does really matter in this case.3 p+ l3 I% W# }
in stock market, it's the demand and supply pushing the price up/downwards.
' W; N7 u% m, y6 hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ {* X5 w: D0 v% j+ n/ G- DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% U1 f! ]0 n( S8 }2 f2 `
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.
0 `- ?& F) P, A+ gbut the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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