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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./ C, F) l1 A9 Y0 _3 \
CDs could have different ratings, AAA -> F,
# i2 U( u1 R& ?$ _more risky ones would have higher premium (interest rate) as a compensation for an investment.! r. G$ f6 }% G- S+ c8 G, L5 p2 g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& Y0 t! M: D% t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 m. j5 W0 A4 B% y" `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; y# c p! }6 N& E0 L
similar to bonds, CDs trading in the secondary market have different value at different times,0 g7 f2 C v- H& ]1 d
normally the value is calculated by adding it's principle and interest.
6 j+ y* J) v2 m+ feg. the value of the mortgage+the interests to be recieved in the future.
0 ?/ j. \# I4 h) abanks 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.$ A) ~' I4 B t* ~) K4 G6 }6 d
9 X, J. ^8 ?/ T/ S
im not quite sure if the multiplier effect does really matter in this case.+ k: d" g7 p0 l3 Q2 @2 X
in stock market, it's the demand and supply pushing the price up/downwards.3 M! v$ ]& Y* V" `, U9 B, Y$ C
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. Q& X" u7 z% w0 o$ D- A, [9 w9 h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: `' d1 i1 R) j7 z" I$ OThe 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 J. b- l) u% g! m/ \2 zbut the value of their assets did really drop significantly.
! R, K }+ a! }9 Y
# b' a5 U h |; m[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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