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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+ q: {9 g M
CDs could have different ratings, AAA -> F,
1 A% S# @4 G2 ?more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ ^+ \7 w1 F4 j X9 h! Cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, J2 ~* f# z% @ ~
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, ~8 m. S: @0 l. I( T2 j7 c$ W3 D" dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 I" F3 q; H% v" j! zsimilar to bonds, CDs trading in the secondary market have different value at different times,
5 w/ k) e" H# W& p% Snormally the value is calculated by adding it's principle and interest.
# Y. Q+ X. u- m4 @eg. the value of the mortgage+the interests to be recieved in the future.
$ J1 @' z/ _. N- F$ {: Zbanks 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.
4 t" k9 R% _! c/ Y$ w
' g8 p0 f* b1 d3 e8 |8 eim not quite sure if the multiplier effect does really matter in this case. }1 m: X7 h" H; Z4 X1 \' d
in stock market, it's the demand and supply pushing the price up/downwards.
6 ]/ J1 o& y0 J2 c8 U/ vFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, Z% _8 ^8 G- i' D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* F& s& t- V/ k8 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. , k' m4 a$ \- X9 `
but the value of their assets did really drop significantly.% O- D# u/ a# k, N2 c( B( {
: e: c# C* Q& q1 ~4 _[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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