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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. K- ]8 c# @8 ^7 s. l$ p4 \
CDs could have different ratings, AAA -> F,
- P" @3 l1 X3 w" ?9 Umore risky ones would have higher premium (interest rate) as a compensation for an investment./ G. e" Q' t3 v) Z% j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 T4 B' k9 g8 z6 Y/ [, Y4 z/ Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) Z! O4 Q/ w9 G2 N% i9 S AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 ~2 b% F1 z2 t8 { [5 o
similar to bonds, CDs trading in the secondary market have different value at different times,
: X2 |+ h4 Q. X" {$ c2 w Lnormally the value is calculated by adding it's principle and interest. ! b( f9 E4 C+ s1 e$ R' N2 ]8 v+ n% Z
eg. the value of the mortgage+the interests to be recieved in the future.
+ v4 u0 f$ u3 E, h; G" Cbanks 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! q4 s( E$ i' {; l# K, ^0 Q, a0 e
( m7 U; g3 N4 n* n" `9 \im not quite sure if the multiplier effect does really matter in this case.* v3 e8 F- M1 S( J
in stock market, it's the demand and supply pushing the price up/downwards.% W ]. G! J1 t/ p2 ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 o- Y* K" T1 ]+ H4 ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 T6 W- p7 [8 j v! \8 B2 J2 e
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.
6 g1 H$ H( T, j! ?3 tbut the value of their assets did really drop significantly./ F. z0 g4 e; ?& M# q8 m: t. y
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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