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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.- B6 W" \- d/ u) r/ ? c
CDs could have different ratings, AAA -> F,+ N% o9 t+ U9 ~$ {$ D
more risky ones would have higher premium (interest rate) as a compensation for an investment.
* v% [$ Y# r! H) ?9 Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- d, \+ D( }. P: D8 }in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 P* w ^. w8 e2 EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- Z! _) G& c$ D- p# B% O; v) p+ V$ Z
similar to bonds, CDs trading in the secondary market have different value at different times,
* l& O! y7 O0 [- [. Nnormally the value is calculated by adding it's principle and interest. % k2 I6 j/ ?8 w. v
eg. the value of the mortgage+the interests to be recieved in the future. ; y( H# K% B0 R
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.
3 O8 g' X9 i( M+ y# [( m" c& b
) ]) Q ?; E* gim not quite sure if the multiplier effect does really matter in this case.5 X9 V2 r! `6 D; o& F9 x
in stock market, it's the demand and supply pushing the price up/downwards.
' O1 s, n8 G: c& R @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ G/ O9 v8 ~# U& z9 b9 LA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ @1 j( Y/ K2 l) ~" R, e/ I6 \8 oThe 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. 5 j. K+ t5 r, k9 L' o
but the value of their assets did really drop significantly.9 H4 i/ u8 j, j' a3 b
2 @; }# I# m; s6 m$ u& T[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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