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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.) ^- u2 ?& X; g% Q' O! a) r
CDs could have different ratings, AAA -> F,. u, w# w. C) k+ q4 Z4 E3 J4 V
more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 m. Q4 A b2 A$ dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, Q* d; ?) l4 jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 C+ ?% r1 u, X0 I. t6 P0 T8 l) [4 I$ V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- Q9 o4 [" H S
similar to bonds, CDs trading in the secondary market have different value at different times,
5 Y0 Y# G& K; c$ vnormally the value is calculated by adding it's principle and interest.
9 i9 I4 k" s. O; keg. the value of the mortgage+the interests to be recieved in the future. , C! k% V4 W, D, W6 b3 q' D4 {
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' l; G9 r, \3 `' i9 @% Y$ @7 X" ~) Q6 P5 S6 L, {( @2 Y7 i# D
im not quite sure if the multiplier effect does really matter in this case.$ h+ K. A/ D8 X5 n; r
in stock market, it's the demand and supply pushing the price up/downwards.4 F/ y: L9 h+ p/ }1 w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 C) A R4 O7 q+ lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 D" ?) z* f2 q, n
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. * C3 l* ^/ a5 ~
but the value of their assets did really drop significantly.
, E8 ~( h) y9 Y9 D2 b" n7 Q$ _& u) t k, ~' h* Z+ D7 ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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