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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.
( ]9 l! C3 w" [: ^1 Y+ Y! B% J5 lCDs could have different ratings, AAA -> F,4 S3 C6 y$ F2 w9 ?3 A# r5 d3 @; w
more risky ones would have higher premium (interest rate) as a compensation for an investment.: V5 S: j! S0 X# O# @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, k0 v" H& D8 Y/ [4 B
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 {& E/ e6 N$ v, L0 d9 o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: N) o$ ~* }1 X* n
similar to bonds, CDs trading in the secondary market have different value at different times,9 H9 i* a% ~7 \! r* [$ g
normally the value is calculated by adding it's principle and interest. 2 t$ W, F' Y, w' A
eg. the value of the mortgage+the interests to be recieved in the future. & k+ }7 o6 g; Y& }* 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.
# z( P& M6 F! r& f" o6 @
- D2 K3 H0 n$ H) E5 rim not quite sure if the multiplier effect does really matter in this case.7 O1 n: H7 o( h" O6 q# ], I6 W
in stock market, it's the demand and supply pushing the price up/downwards.
& Y$ T/ h6 d* A/ H2 `8 {! U/ CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
K v6 _/ W- r0 y, cA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 L) @2 ?! o. r: S& I# R2 z
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.
& Y1 a, z9 L# pbut the value of their assets did really drop significantly.* w) _1 T' c0 P2 F$ h
$ T4 z4 j; o% c+ D( O6 d& e
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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