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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." _; f; h- k0 p
CDs could have different ratings, AAA -> F, y3 E' V: Z" o7 I: ]2 O' m
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 i; m% _5 f) K! E. ~6 U; H$ { F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: X r2 @! B x0 T# Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- d& h7 T- x) d2 W* FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 c, d8 i# }7 M' q$ i6 q
similar to bonds, CDs trading in the secondary market have different value at different times,
% l- K/ j, O, w0 znormally the value is calculated by adding it's principle and interest.
% U, D( ^2 }3 E) h9 xeg. the value of the mortgage+the interests to be recieved in the future.
( j$ D. ]( F0 Q0 v/ \" n; c7 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.
9 I0 ^- d6 `- C o, s2 i7 \& h5 |0 a. [9 u4 Z& `7 @" `* s. X
im not quite sure if the multiplier effect does really matter in this case.2 H9 R' x' s# m! k1 D! i3 g( V# Z
in stock market, it's the demand and supply pushing the price up/downwards.* x& d- W. n% h7 e( u0 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 V2 c8 D: |, Y; E# u, P3 C& DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* \* e( N# F+ s$ S" j3 x+ @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.
) @ X& d. ]; D. F; J! I; Fbut the value of their assets did really drop significantly.% c6 Z% h! Q/ I( m9 j6 p
) J# h, `3 l. O, ]) ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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