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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., z/ O& y' ?$ d
CDs could have different ratings, AAA -> F,
: Q/ d# J8 ?1 c& |# Y# @- Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
- K l' |" v4 J" I% D* h9 E) u& wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 _: [+ [( \+ j; Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 y* |7 f) k, \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 ?8 ^ A& U6 I# b$ e8 z
similar to bonds, CDs trading in the secondary market have different value at different times,
( u J" S* n; T* D* ]normally the value is calculated by adding it's principle and interest. : }- U( Y0 H5 l' n; N( u8 K
eg. the value of the mortgage+the interests to be recieved in the future.
, f4 c7 g- j* @/ {+ i& D; B! w* Tbanks 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.- ` x3 ~! P: z' q+ s0 H
( X% [2 `: L" {- ]( a: X
im not quite sure if the multiplier effect does really matter in this case.
( n: h! c$ U# V- A# O8 g% Pin stock market, it's the demand and supply pushing the price up/downwards.6 ]( c8 H& w5 @$ L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 z7 @' l5 Z/ S9 s: mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." \; y& T+ \+ G4 u2 B) n: R! i
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.
$ b: r1 J/ u( g3 P h J5 Ibut the value of their assets did really drop significantly.
& V2 A5 ]0 U- q) C! a7 |/ i" i1 Y* y s% ^5 k9 M
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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