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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.6 ~2 }: A2 X& `( N- _ l) }* C
CDs could have different ratings, AAA -> F,
! ?( T, n! Q4 Z" U( s" `: ]$ Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.; p; w: `4 h! D0 U: S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) D8 y+ w4 s+ F, I4 U5 Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# O# Y- a# ~1 G" _( B) p7 U# f- uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., ?3 w$ @/ d# o, Z( w! h
similar to bonds, CDs trading in the secondary market have different value at different times,# g2 c& r" O7 |* g" o, W4 ?% `. B
normally the value is calculated by adding it's principle and interest. 2 v5 w9 E: W* i' r
eg. the value of the mortgage+the interests to be recieved in the future.
$ e7 e& `! B) a( [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.
0 r: t) m8 v7 R5 k* R4 s* C5 N) ?& B1 i/ `% x/ p9 l, T: C
im not quite sure if the multiplier effect does really matter in this case.0 p, A; Z1 q% K1 v$ l! O
in stock market, it's the demand and supply pushing the price up/downwards.) Z( y% e# M. M& [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: G" c4 n4 V4 H( e, I! c) e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ n% ^7 T2 J% E$ g
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. 2 [: N7 }7 T s6 v5 Y
but the value of their assets did really drop significantly.4 b% m- M* L1 Y$ }8 G7 h# @1 O
) K8 J# O. f. x( j' n! W X[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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