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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.# _4 t" Z* [# l O) M
CDs could have different ratings, AAA -> F,6 H, U/ F; f1 I; F' s0 {8 X
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ d! M) w1 h0 U# Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 D( `6 B; F. P( p7 F; X. H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" E, A" V+ b" m. h5 W1 TAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! |/ v- F& V* ~- U% q
similar to bonds, CDs trading in the secondary market have different value at different times,: l8 _& K( x% Q& ?% _
normally the value is calculated by adding it's principle and interest. 4 `) t1 b% h6 ^; K# f: k7 e
eg. the value of the mortgage+the interests to be recieved in the future. 9 C( @% M7 l9 C6 f
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.
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; e# J7 B$ y! m K! Q5 wim not quite sure if the multiplier effect does really matter in this case.. M5 w% h" z4 g' f6 F* C
in stock market, it's the demand and supply pushing the price up/downwards.
3 g0 y" d4 K# L, m- kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* W2 @. F, f" G) r. G" U# oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, n9 _5 l: G! |! W- vThe 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.
3 d# M/ `) p( Q- Ebut the value of their assets did really drop significantly.
9 J1 M) x! J3 \$ Z+ J8 \& W9 ]4 p+ ^+ P$ m2 P0 g: P/ _! {
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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