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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.* h$ D% I5 c1 m: M' y) X7 m
CDs could have different ratings, AAA -> F,5 ]6 \/ [5 ]# s9 D
more risky ones would have higher premium (interest rate) as a compensation for an investment.& Q3 F( A* T% m* ]; L4 r& e0 M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, J: Y4 [$ E5 a& d# x- I+ f Q+ P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 O9 }& g1 l" v* _6 P/ I/ aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 a1 ]; Z( `9 c7 f h6 Y6 J8 D# }) m
similar to bonds, CDs trading in the secondary market have different value at different times,7 n% i, T+ P+ x0 ~( r( {
normally the value is calculated by adding it's principle and interest. ( r" Q$ Z0 ^& l4 H7 _' m* H2 u M& n) b6 n. u
eg. the value of the mortgage+the interests to be recieved in the future.
7 m% F' S1 I% Q2 b2 h" }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./ S5 c# S* M8 W: }( ` g
0 S. T+ L/ W' d, x# Wim not quite sure if the multiplier effect does really matter in this case.
8 b9 m M& y) b/ `% T4 Ein stock market, it's the demand and supply pushing the price up/downwards.1 u% p2 V- ?+ ^" U, A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 A7 {7 l5 n+ Z8 I( CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: @+ k( g6 n) K0 |. A. v) t0 B! {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. 8 k! ~/ J+ b/ R5 c
but the value of their assets did really drop significantly.
' h2 W8 q6 b% `# P$ J( s v/ C' S9 S; c4 K4 Y- a
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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