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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.
$ M7 I$ R) C: {+ t4 y$ x# b$ Z* ~CDs could have different ratings, AAA -> F,
0 P% x. V: x; |% C. Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
" |+ k1 Y- R; M5 R; ?4 {" [main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 T1 H, u/ @, O7 d$ \
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 e$ P0 _; M$ O2 H7 U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ g7 c0 U4 _3 M/ ?similar to bonds, CDs trading in the secondary market have different value at different times,
: a- A$ Z% Q) G7 F8 o/ v8 `normally the value is calculated by adding it's principle and interest.
- M3 ~' x% H8 Y5 A& N0 Veg. the value of the mortgage+the interests to be recieved in the future. : h, u. Q& c* r+ V7 v, _4 J
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.
0 d1 i7 u! F( _5 f& i2 X0 h& h7 ~: e$ y% d1 T, G1 |4 [# Q
im not quite sure if the multiplier effect does really matter in this case.
: }5 O* V) O! A lin stock market, it's the demand and supply pushing the price up/downwards.
% Y/ w* h6 O5 S9 uFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; @" F: Y& r( h7 M: O8 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 \+ U: e( u9 H$ U& iThe 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 }$ {1 C: U! K B
but the value of their assets did really drop significantly.
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9 l& }- {5 I0 C& C O) s8 E[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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