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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.
6 O+ J* j; l7 W T5 m$ L" }$ hCDs could have different ratings, AAA -> F,
' m* W" d h( }- Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& o. O9 D8 ]! \! f& E# i* |main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 d* O: i) f5 q) O' Q: x$ H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 `4 W% t/ O+ U# p' @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* s: l; G' e7 ~9 X/ Z N
similar to bonds, CDs trading in the secondary market have different value at different times,+ c. d7 Z. u( h I" b* c* R- b/ \
normally the value is calculated by adding it's principle and interest.
2 t+ a) e. T% G6 @7 seg. the value of the mortgage+the interests to be recieved in the future. }: \6 H B- G! m: }
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.
+ ?, S% H; K5 a% i1 _8 S; ^4 p' j+ V: I% n9 A$ s3 {. I
im not quite sure if the multiplier effect does really matter in this case.
0 O9 r7 s4 p' w3 D: K3 n5 vin stock market, it's the demand and supply pushing the price up/downwards.
I1 B9 e# f5 y% ^) X8 C# }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% E/ n. `6 N- K" |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 @7 ~& ~! ]% { `
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.
7 c. @9 p1 A3 Y; a$ p, Kbut the value of their assets did really drop significantly.
' {4 ^/ m* l' Z s- ~& j( c% Q
) M5 W- F, }$ t& o+ R/ `[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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