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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.
, o. }8 b5 A: H# B+ w0 oCDs could have different ratings, AAA -> F,3 F' H, E1 S- j: Q4 d @! W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 A2 v! R6 |2 A4 K! ?- s. H3 Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( N& ?5 e) u3 M) }$ y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; b ?0 t9 b, q& N" H0 G+ h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 c8 p7 L% ?) Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
9 `! `) s& `2 B1 v7 M0 S! pnormally the value is calculated by adding it's principle and interest.
' m/ Y. f0 \2 I- b" I4 ^: p4 V, reg. the value of the mortgage+the interests to be recieved in the future.
+ e: ]* X6 I9 A6 {, S& I8 R4 kbanks 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. k1 ]0 l8 z+ y! L4 e$ Y, m
6 A0 L' q. j# Wim not quite sure if the multiplier effect does really matter in this case.0 I, B D/ \ |# f* a" U
in stock market, it's the demand and supply pushing the price up/downwards.
* W- E' Q" Z' e: h6 c2 x! VFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," K' O, ^+ \% b9 u1 S1 \! I0 u: k K$ A' y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# [# q$ p7 S$ G9 r
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.
8 y6 O- l$ F |9 a% B: i6 Tbut the value of their assets did really drop significantly.% d& e+ F+ q0 l/ B0 N. F1 m
X* Q/ ?) P( o! g9 O5 b9 d/ D[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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