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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.
# y' K! S( O1 `6 tCDs could have different ratings, AAA -> F,
! F, c% l% y9 E3 Q7 o. X5 N* qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
/ G3 a6 r! f$ O. ~+ n( N" Jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 X4 F8 c' p8 k( B$ L9 c" _1 {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ d8 y7 s4 V o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( G2 Q2 v7 H/ w% V! [5 u rsimilar to bonds, CDs trading in the secondary market have different value at different times,
3 O; [5 H9 q% Tnormally the value is calculated by adding it's principle and interest.
* f) D( N: F$ O6 @1 B" \eg. the value of the mortgage+the interests to be recieved in the future.
6 I2 O+ x3 ~0 p" \1 zbanks 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$ P' d0 u: U9 [/ I7 o. b: c8 u6 A: p
5 S! k0 `, g# @6 i! gim not quite sure if the multiplier effect does really matter in this case.8 T4 K8 a9 T* o, N
in stock market, it's the demand and supply pushing the price up/downwards.1 N& v/ D" R( ]5 b8 F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, ~' e" Z; W+ k2 A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 S" O' a6 O+ P9 o1 c
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. . C% t( d$ A+ F7 `( l* l
but the value of their assets did really drop significantly.4 B9 g) d2 a& |4 A
$ ~, Z& @+ {/ h" J5 d& j
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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