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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.
$ J$ B- q1 i( |CDs could have different ratings, AAA -> F,
+ T/ h5 k0 ^1 R4 c. x, v9 Y5 U, Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 P2 q! U4 R n$ j I% _7 K. A: l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ K4 C6 p! |9 ^$ _" N/ J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' t* e9 {' z+ y4 h4 C8 o" E! }Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" u3 |/ t) L* R- p5 f ssimilar to bonds, CDs trading in the secondary market have different value at different times," }% E& M9 g8 r, Q9 Z
normally the value is calculated by adding it's principle and interest. ; |; g% \/ H" Z
eg. the value of the mortgage+the interests to be recieved in the future. 0 ?1 O! Q% M) e
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.) I5 S' l/ {9 x% f, d2 F
8 N1 a+ C* ~6 \# ]1 q2 u
im not quite sure if the multiplier effect does really matter in this case.
* F: o+ b2 N6 }+ h6 u9 @2 Q+ sin stock market, it's the demand and supply pushing the price up/downwards.
% U2 k( h: p% ]) f) eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% O, I( u5 }6 ]- h' r* G" C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. o3 P: e% B7 ] {4 v. UThe 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. / V* z u' t4 s, `$ E- i9 ^
but the value of their assets did really drop significantly.% `& S& C8 O' [
' N9 [ ]: ]( e! u[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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