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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.
/ a0 C+ v: T7 A. U* w2 V" O5 vCDs could have different ratings, AAA -> F,- f% u. }9 T: F' h a# U4 f* p
more risky ones would have higher premium (interest rate) as a compensation for an investment. V# q3 a6 ]! H+ q( q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) Y) B% Q3 B% Q- R8 `6 d( y" q8 _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 B9 [% Q, [" ]" l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& n% w$ t( Q8 }similar to bonds, CDs trading in the secondary market have different value at different times,
& d+ O' g2 J6 |normally the value is calculated by adding it's principle and interest. & V. w: b0 E2 J% d$ {+ `8 V
eg. the value of the mortgage+the interests to be recieved in the future. 0 m: T @. H4 P3 V/ @
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.1 H/ {( J; F4 c4 H, o
/ U6 `' k0 v _) rim not quite sure if the multiplier effect does really matter in this case.* N0 }) y" _8 A- C7 }* R& S; X. u3 }" r
in stock market, it's the demand and supply pushing the price up/downwards.) @0 W. q1 m+ W' K
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 C1 \& Q5 O. Z# [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 X% ?9 {9 F7 w
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.
, Z8 ?5 k+ i; P ], Xbut the value of their assets did really drop significantly.
* y7 [6 J% S J( N) n( r+ j
! H1 H6 X! @& S3 p- @4 S( P' p[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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