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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.% S4 W3 o& ^4 e A: J
CDs could have different ratings, AAA -> F,0 U% }/ j8 q' v; R9 _; |
more risky ones would have higher premium (interest rate) as a compensation for an investment. Y! C6 g+ l! f. w$ D1 T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, D- j) {' V$ ^ L7 M: g/ @5 w* ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 O1 K" I( T3 E/ n/ h% s5 PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! J; Z3 P3 X0 T5 d' nsimilar to bonds, CDs trading in the secondary market have different value at different times,) F: D0 U2 h# m- U
normally the value is calculated by adding it's principle and interest.
. K) a7 w* L; a$ x% \0 i, weg. the value of the mortgage+the interests to be recieved in the future.
8 w! A# l( [% l0 kbanks 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.- h% w0 w [2 O0 J, [/ [9 X
; b7 F p( v) [( ]4 e, ?
im not quite sure if the multiplier effect does really matter in this case., ^; D' Y6 x* ?; t* |
in stock market, it's the demand and supply pushing the price up/downwards.. V0 Y9 w0 z1 |( T* p3 d( \4 L. ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ T! T: @& e2 o: { TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; s: g" H3 L$ R$ \# a+ cThe 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.
& j4 x! K5 C* ^; S" v E( fbut the value of their assets did really drop significantly.! @! I0 [3 v( T$ E+ J9 l! F
& `# O8 b+ K2 ^6 Z3 u. l
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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