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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.
/ r# `# V6 |% s# t9 rCDs could have different ratings, AAA -> F,1 M& p' H! ]8 X3 P- h d
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 T& X* R2 \/ j4 Y. @, @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; C4 O2 a7 c( B4 G) |/ v0 p* X" r
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; l& f' f' J& n2 i$ ?6 z% Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." d0 h6 _5 M+ k3 v7 Z; F8 p
similar to bonds, CDs trading in the secondary market have different value at different times,8 p) Z& z' V" h" q m
normally the value is calculated by adding it's principle and interest. - V: E; ]& h- z3 Y. h
eg. the value of the mortgage+the interests to be recieved in the future. # s( n- w' H6 m2 W. G; e
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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% j: n# |" d, m, g. G yim not quite sure if the multiplier effect does really matter in this case.4 e4 w' E: u7 t1 _
in stock market, it's the demand and supply pushing the price up/downwards.
2 p5 }' u$ B$ e$ g+ {! D ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# [* S4 r' z0 N4 ]6 S+ Z2 }
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
{& O$ {" B6 U4 l; k- _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. 4 `9 I0 U3 a1 f) u8 D7 E) S
but the value of their assets did really drop significantly., a9 b1 D; e6 d* [8 w
1 I% s4 R. n3 o5 S3 p9 Y& a
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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