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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." b* f* `$ l' q$ C& I- k+ h8 o4 w
CDs could have different ratings, AAA -> F,, b6 i9 X5 M# ~, L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 e% _) I0 U8 |% v. amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' @$ T$ {! w6 k9 \" \6 E# ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& L, }* ~. A1 E2 G H, R9 MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 d% j: ]& [8 g2 W0 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 B# _- x8 |5 @5 U* [normally the value is calculated by adding it's principle and interest. 8 K0 j, m8 G0 r. k2 z i3 u9 N4 o
eg. the value of the mortgage+the interests to be recieved in the future.
+ |: h* o" ?. Z2 Y) R: ^' g4 s5 [, ]. ]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.
8 I4 [; j7 h; A9 t. F
/ v' ^* \& A1 j% k1 w- C4 fim not quite sure if the multiplier effect does really matter in this case.
% L, N$ O, b' _ b- Tin stock market, it's the demand and supply pushing the price up/downwards.& O; [8 b" u: s; ]0 R/ T1 ?8 o0 p Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* b: A: d' g' E' h" B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 M4 I/ ~* P$ P4 l4 `
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. 9 Z4 I, a: Y1 s' k; f
but the value of their assets did really drop significantly.+ h+ u# Z" T8 L
0 M( n# J/ r: A1 f" l
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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