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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.5 K% s( X) f) Y+ h
CDs could have different ratings, AAA -> F,$ W9 t/ V8 f- R) U* A
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 m, R/ d, T) L6 r8 C7 ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ c/ F+ x& }* t0 o- z2 ?: cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( o: t/ ~0 B. \3 g3 L* E7 y2 n- r0 tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% F/ K2 ~8 ^3 t) D3 m. L0 Isimilar to bonds, CDs trading in the secondary market have different value at different times,
4 E% @2 Y6 k3 W" V. t' H6 Onormally the value is calculated by adding it's principle and interest.
- K8 I: b/ y% r- ?9 p" leg. the value of the mortgage+the interests to be recieved in the future.
% j2 h( ]) ^- E2 v+ T, k; Ebanks 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.
8 x2 e! z* N t
) {. u0 Q4 A- g1 _$ Lim not quite sure if the multiplier effect does really matter in this case.
0 a5 }% |2 |0 L8 [in stock market, it's the demand and supply pushing the price up/downwards.
! G; p: _8 K& I+ g, q+ x6 _% V& yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ Z4 [! G5 D) e$ tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ |5 }. U0 J$ D) K* M* ^
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.
7 ]4 N, F) M7 @but 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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