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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.
' N, ~( K: D# g) s( fCDs could have different ratings, AAA -> F,
6 U- E/ g7 I# l( h- s4 n9 X; v8 Z. Pmore risky ones would have higher premium (interest rate) as a compensation for an investment./ K9 @! p% [3 e$ x: u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ V, A& t1 S6 {* f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 H& p U! _4 v+ Y2 P" h$ k+ T8 t! D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." m, F2 I4 Y0 z! B
similar to bonds, CDs trading in the secondary market have different value at different times,
. r9 C; z+ H9 r4 {* e8 @normally the value is calculated by adding it's principle and interest.
* J/ j; ^& m3 \7 zeg. the value of the mortgage+the interests to be recieved in the future.
6 O$ L. a' n, u7 Wbanks 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.
& m3 _4 {8 E( h7 \
: h$ k1 a5 ~$ Cim not quite sure if the multiplier effect does really matter in this case.3 `8 s) e( S7 ~8 E0 k8 z
in stock market, it's the demand and supply pushing the price up/downwards.
( `1 z/ h" E/ Z& k% J! m: y+ P9 rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," ~ x8 [) N/ N' E, y2 J1 s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., B/ O8 }' p h' H4 y, [$ Y: ~1 N
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. ) f0 h# N& J8 d- A5 }& g" J
but the value of their assets did really drop significantly.
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: x0 a3 x) L! ?& v6 e[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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