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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.
( a- N% g) H# G- |CDs could have different ratings, AAA -> F,9 a1 [ R9 ~% q+ p1 G% V
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 A$ a" }) {. p$ v* f( k( y3 O( l* f1 _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 B. s# E3 }# [4 z) s# w9 ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 ~4 A3 Q& q* @0 u u8 XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 U' f3 M8 e2 g; T( D4 ~4 t# msimilar to bonds, CDs trading in the secondary market have different value at different times,3 G* e/ _ ^% t: o6 d. |
normally the value is calculated by adding it's principle and interest. 1 t4 X& v g6 d1 O! [( z/ L' G
eg. the value of the mortgage+the interests to be recieved in the future. 9 O* e* ~; f! X$ ^$ Z
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.2 m* o1 }7 ]9 Q; `3 s6 V, R5 d y
, ]* W- U; F F y% ^2 Q3 D& oim not quite sure if the multiplier effect does really matter in this case. F3 m( }1 f) a3 V1 Q! ^8 D9 V
in stock market, it's the demand and supply pushing the price up/downwards." A* X. b3 `, _
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' f4 m5 g* o) _# ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: p7 M. m1 L. @+ K7 f/ Q
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. % t, C p5 x) O9 D Q, j/ E
but the value of their assets did really drop significantly.0 K+ g$ w8 c ^
9 G7 k: m( s' U7 e% [/ v5 q2 |0 } b8 b[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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