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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
. C- L* c7 n3 \4 Y( oCDs could have different ratings, AAA -> F,1 p/ M. j3 `# E0 W- e/ Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, F0 W& d4 ~$ I8 X, umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 a( f* C$ X- s4 _% H# Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 G( N9 _9 r7 t" P% }# z1 ^8 DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) w! Q8 U; t* b( C! H
similar to bonds, CDs trading in the secondary market have different value at different times,
9 U- S3 C8 j/ @* @1 F* Hnormally the value is calculated by adding it's principle and interest. , ?, B+ w+ P; p0 r/ a
eg. the value of the mortgage+the interests to be recieved in the future. % |: q) a/ n0 \( H2 m" ?) A
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.# L# k3 |- j7 O( Z; H1 M, h( k: ~
0 O, x3 m" r" ^2 [- Zim not quite sure if the multiplier effect does really matter in this case.+ h4 W8 P( A1 q/ C1 S
in stock market, it's the demand and supply pushing the price up/downwards.+ f9 v+ n/ _$ B0 C% ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 J9 ]! y4 X- T) B0 S f3 W. mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. n) O! e; d: R( q5 f$ k$ 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.
6 ?% Y, i& _3 n4 A9 Qbut the value of their assets did really drop significantly.
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* c/ t$ |/ B; r+ g& R9 @[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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