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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.3 I5 r; L+ e, w: S: w
CDs could have different ratings, AAA -> F,
M' n, }9 v9 e+ d( H! jmore risky ones would have higher premium (interest rate) as a compensation for an investment.* }5 I' _* ], Z/ c* C7 F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 Q7 X2 S/ W1 hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( E: e+ U; u& O) ^- uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( R& _! n" r# A) c! lsimilar to bonds, CDs trading in the secondary market have different value at different times,* Z j/ j; h0 O9 g5 j" }& h* ], ~
normally the value is calculated by adding it's principle and interest.
& h0 ~' ?* t0 Z6 m# g7 meg. the value of the mortgage+the interests to be recieved in the future.
! P6 x6 [' k# U( q+ Ubanks 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.
3 c3 U6 c- }0 p2 [1 L! ^4 A# E% x6 M( O
im not quite sure if the multiplier effect does really matter in this case.
, L* ]% `1 g( E! D9 v) Y0 tin stock market, it's the demand and supply pushing the price up/downwards.
4 Q$ p' D6 `' }; i- bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, `- x% i7 |1 D5 d+ W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 u* ^- W( r0 C- y) N! _
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. % q7 a; y# i9 ~8 i9 I1 b" e' Q
but the value of their assets did really drop significantly.2 B/ U4 K. U# l' J
/ |- C/ [# r% C, @" {( K' A+ w& g[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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