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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.6 @0 T# l0 }; G. J' H- ?
CDs could have different ratings, AAA -> F,2 _& R( F1 S, M" g+ t: j" Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 X5 H0 X5 f- ~1 X5 }, X' z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 Q1 \/ n, Z7 c m4 q3 q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; ]( N3 F% l2 p$ J0 h AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 P- C; w* z7 L& ]% Ysimilar to bonds, CDs trading in the secondary market have different value at different times,/ S, Z, Q& j+ l$ p4 z& K: e4 [ M9 {
normally the value is calculated by adding it's principle and interest. 9 G) H( f7 j7 a; Z
eg. the value of the mortgage+the interests to be recieved in the future. # m- R9 P" q$ D' i
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.0 y! E* `4 ?$ k: O4 t, ]
& E: g/ D& v/ i+ N, d: bim not quite sure if the multiplier effect does really matter in this case.
, A$ I/ J. M7 q# Z% A0 M5 [in stock market, it's the demand and supply pushing the price up/downwards.
' n4 n# |4 m8 b' J4 W2 w( jFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 F9 g7 |. b( h; iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 S( t+ l$ V+ z5 GThe 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. ; Q# Y0 T/ h! ?2 I
but the value of their assets did really drop significantly.
g, v( A. s1 E/ m% m$ `9 Q; x4 P0 D! m% {4 S9 F' c) \* f, p
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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