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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.
8 W) c9 G3 e# H% m8 xCDs could have different ratings, AAA -> F,
1 M2 J0 C0 i6 |8 c, emore risky ones would have higher premium (interest rate) as a compensation for an investment.# I- y' n, D( h% r2 F: `2 y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- U0 n3 ]$ `+ h) r6 @0 X0 X
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 o. H" E/ @ V, p, s4 TAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% P2 A" t) h5 f! r! Q, ysimilar to bonds, CDs trading in the secondary market have different value at different times," v% h( Y' K1 o1 B0 _0 R
normally the value is calculated by adding it's principle and interest.
. r. h& p/ N# C. I$ P$ v1 o+ reg. the value of the mortgage+the interests to be recieved in the future.
8 ]6 x$ q4 _* L nbanks 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.& f$ k% H K$ P3 H+ X! T. T* o% ^8 }
) D( o. R; Y' c8 `9 f0 {6 Uim not quite sure if the multiplier effect does really matter in this case.
' @; j! u0 x4 K$ o6 x" p# T& `+ lin stock market, it's the demand and supply pushing the price up/downwards.
* |0 @1 C$ p7 PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 w' `4 l9 h0 B+ [/ ?
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. C4 W* G5 w: m3 o4 T5 C( 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.
9 f: d Z, K, `but the value of their assets did really drop significantly.
# J# x+ K" L _9 O+ e( p: v! x
X3 @7 @+ W. H1 H6 ^& s1 N[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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