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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.' F+ a/ e3 N! S. G3 o% r) U
CDs could have different ratings, AAA -> F,# e n, u- w: A3 A/ G1 S9 ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 b5 D: ~: |( [$ P# t; Y& y& cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 X. S: t# g; j1 o: A
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 F- k0 i K9 k5 `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( }+ n- n1 `. `2 n A. P
similar to bonds, CDs trading in the secondary market have different value at different times,
3 t0 s$ N$ @6 R7 jnormally the value is calculated by adding it's principle and interest.
! v! p" U9 I4 v. \5 c! ueg. the value of the mortgage+the interests to be recieved in the future.
0 ]: s7 U4 O9 J1 ]3 L$ y3 [' 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.
0 f+ c- A i e* Y# r1 C
, D5 j( j# v4 t0 m$ n3 W. Wim not quite sure if the multiplier effect does really matter in this case.
. J# y1 Y; ?1 J- r* l$ T% Ain stock market, it's the demand and supply pushing the price up/downwards.9 A( t: z' p0 W: g1 O
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* E3 {1 t) \. r$ }; ^7 `7 S
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 {0 m6 ~8 i$ C; L3 U; W) ^) J
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.
, ^0 u6 I) [2 k! X8 b( Fbut the value of their assets did really drop significantly.4 P9 T7 O3 F1 r( u' ?2 u
* {: _' w9 X( t1 ][ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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