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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.+ ~& M, Y: i' U. y% c) t1 e3 B0 V8 m( e- C
CDs could have different ratings, AAA -> F,6 E$ G# G2 H( m; ^4 B& k
more risky ones would have higher premium (interest rate) as a compensation for an investment.) J1 x/ Z* P. b% I, L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 j4 u4 H* v! s: K% O4 A3 win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ ?7 e" `0 r/ t7 j" H X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" ^ q! y6 C2 b* a# K$ l# v! Dsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ @ J, o- Q8 znormally the value is calculated by adding it's principle and interest.
" q3 g, r' O4 ueg. the value of the mortgage+the interests to be recieved in the future.
7 ]$ |$ b& g4 _2 sbanks 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.
j9 r5 h% V9 \/ o6 a( `* Q7 O* U C! ]0 T! I
im not quite sure if the multiplier effect does really matter in this case.% u* t/ b6 }; V% i x0 ^
in stock market, it's the demand and supply pushing the price up/downwards.
% o4 r+ x/ E) T& {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! n& y% S4 X% |6 m% u7 a* v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% d1 k, d* S w3 I, M4 X( U/ YThe 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. % g: X5 q0 l9 W! e6 O2 J, Z
but the value of their assets did really drop significantly.0 l# J4 }/ e7 A1 W& a& d
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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