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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.
8 o% A( [8 Q* `4 T$ oCDs could have different ratings, AAA -> F,
8 L! u2 E# f$ N4 M, Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 m& n& S& R h
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 Y7 E. B" q+ c+ @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ S- D0 D! b( t* SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% ?. D" Y+ n. ^6 Q/ K; u c
similar to bonds, CDs trading in the secondary market have different value at different times,$ i! i2 C' m# R0 q& `5 V ^& l% B
normally the value is calculated by adding it's principle and interest. 4 R+ v# q: \$ G4 X; {2 L1 W( J
eg. the value of the mortgage+the interests to be recieved in the future. - c8 f0 `. I/ R# x# }% Y
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.# K+ O6 s7 `% U! C- E# |+ j% r9 _
6 h L6 X7 f) y" `im not quite sure if the multiplier effect does really matter in this case.1 g1 R! W8 b. d8 N; i J
in stock market, it's the demand and supply pushing the price up/downwards.5 P& F3 h2 [1 Y# _, x* V; c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 M0 _" y$ G, v8 N* N" a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 B* W, f( J; [( V' M
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. 3 a- D- l5 n. q3 b
but the value of their assets did really drop significantly.) k+ d: u+ ?1 |' m) ?3 K
% Y9 A" Y" y3 y
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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