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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.
- m9 j9 V, ]( v6 E' V4 M) ]CDs could have different ratings, AAA -> F,
+ p* ^' d" K, \3 Umore risky ones would have higher premium (interest rate) as a compensation for an investment.
: _4 T! z! Q: e& P+ rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ a* d4 u1 y* k4 Z/ J% min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 h# _8 _3 I( K5 g1 u
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( }# D/ t' ]2 u* U: I( B$ Psimilar to bonds, CDs trading in the secondary market have different value at different times, ?8 e2 c1 ? f/ X- [7 g
normally the value is calculated by adding it's principle and interest.
1 R( r$ Z+ _7 c; r& G' Ueg. the value of the mortgage+the interests to be recieved in the future. , a, K! G* c; g7 K+ \# X
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.- R! q" W: F" o, T c* r
9 S4 t9 k: ^+ ^5 u& A5 U4 [im not quite sure if the multiplier effect does really matter in this case.9 y- d% I6 B6 v* O; @: ^5 t; F, V
in stock market, it's the demand and supply pushing the price up/downwards.
) N) D* c" }$ c4 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& T) D* y9 R+ K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 J2 ]6 M$ V+ x1 O! z7 L+ X$ EThe 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. " N5 @" t) z9 m6 ~" ^+ r# u
but the value of their assets did really drop significantly.5 w! t. a3 Z' V
! z2 M! _6 @( }6 Z! g
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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