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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./ Z. s/ Z; X) Y' b
CDs could have different ratings, AAA -> F,# u4 z$ i& S3 `% L9 x! Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 C, a0 b+ D7 j3 y" B0 w/ k2 v
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. E1 z8 `; m0 d, G, T/ ^0 g$ V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ m6 [: i$ u# f5 I; ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 C; h/ \' g$ T/ U' [$ Hsimilar to bonds, CDs trading in the secondary market have different value at different times,/ n" r9 u( I: U" p+ P/ ~
normally the value is calculated by adding it's principle and interest. 2 W6 \% H" U% S' b& b# i1 b* ?7 h
eg. the value of the mortgage+the interests to be recieved in the future.
2 J+ x- D+ A) h. C1 w' P- B# xbanks 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.
7 K" s( ~/ R% V) {- _6 G! ?3 K( n9 d+ }
im not quite sure if the multiplier effect does really matter in this case.
" L/ A0 I4 l5 D* X' Yin stock market, it's the demand and supply pushing the price up/downwards.
1 X5 L E" o- \& Z& E7 ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 t; `9 U" ], L, s, G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* C: i% w5 R- h7 O0 v1 _
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.
4 V1 L/ K+ l: V& m& h! h/ Wbut the value of their assets did really drop significantly.9 E3 l3 z- a D/ ^
+ P% f0 L" v) o! U+ o
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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