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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.
! `9 I5 n/ K2 dCDs could have different ratings, AAA -> F,' c5 i3 P& d% Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.; r& W" L4 ^5 e
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& m1 |0 f! R4 _/ v* S a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 M1 U; j! u8 H0 h$ {. u0 z8 y( N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 {1 o: `% \( T ~ F- w9 ^similar to bonds, CDs trading in the secondary market have different value at different times,. n: f5 R' k- k6 \
normally the value is calculated by adding it's principle and interest. 7 d0 s: M: I: X3 {/ n! G" ~
eg. the value of the mortgage+the interests to be recieved in the future.
3 M$ ?& v- Q8 c: G/ F$ 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.* `, l5 q4 T+ e+ M3 H& D
8 V! l7 M$ R3 V3 b% [/ Rim not quite sure if the multiplier effect does really matter in this case.6 J, t' u1 _7 v& b! ^" u, G$ H: ?
in stock market, it's the demand and supply pushing the price up/downwards.
# }. r0 ` T. p8 EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& I! ?- O4 H, c3 p0 k3 q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 Q, Z: h; K7 x
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. 7 i# T5 l6 K) C! [9 V
but the value of their assets did really drop significantly.
O5 b, q. S* b: o6 [) F8 O$ [8 T. i% B/ y
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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