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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.; D& C. |0 R5 P( q/ ]# |2 y
CDs could have different ratings, AAA -> F,+ J; _/ z: D+ ` b5 l5 l0 ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; L6 Q# X# H" O, l1 kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ @. V- ~3 t m) u4 b& j% `in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., `3 ]) l: o2 O/ v; z8 y8 p& R a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., L9 w# b. _6 b, e
similar to bonds, CDs trading in the secondary market have different value at different times,
* u9 p" ~2 L% E+ s: [. |normally the value is calculated by adding it's principle and interest.
: t0 z( ~: d3 Keg. the value of the mortgage+the interests to be recieved in the future. 5 A# r6 O1 m& H: Y; U6 Y
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.
- V1 q2 O# d! n; y
2 P! E* H5 D+ b0 S+ Cim not quite sure if the multiplier effect does really matter in this case.
) G9 M, N7 e. Q; |in stock market, it's the demand and supply pushing the price up/downwards.+ O$ o' O2 }3 B8 C) h* A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 E/ v* H% e. u- Z% {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& x/ }- u) @8 ^1 |) W+ B
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. " x2 X! P. G3 Q7 d! q% k
but the value of their assets did really drop significantly.+ q8 o. M' h1 U7 i9 i. s0 L
6 f5 H9 C" i U/ m6 X[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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