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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.: g& C7 f! E) U( M* S
CDs could have different ratings, AAA -> F,
6 X; Y$ Y* o9 fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
! J. S, P' D* |! emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 c2 L- Y- G1 @" Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 P, U/ F3 B# \8 a i! d- ]: X9 z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 D i# e" Q. ^$ d- K( `8 asimilar to bonds, CDs trading in the secondary market have different value at different times,7 S2 b: |( y* T' m; U T C. Y. {
normally the value is calculated by adding it's principle and interest.
* D0 Y& P T, l8 ^; N, Aeg. the value of the mortgage+the interests to be recieved in the future. + _6 T- {0 A& R/ Y+ i! \
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.+ C n" v/ u. Z# `3 U1 v7 p* j
% s. o& J( }4 {+ g: g# }im not quite sure if the multiplier effect does really matter in this case.2 \# b' l+ d. t, |8 Q/ ^; l
in stock market, it's the demand and supply pushing the price up/downwards.- L5 G+ u- B3 j- o# V! {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- W: w1 `' O. W8 `# I, N6 ]A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 W' ~. P9 g( n! Y6 T% L
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.
4 F4 ?' z9 I" [, t5 Qbut the value of their assets did really drop significantly.) D/ ]( S% Z/ d; S, F; E- S. t: q5 N
; e9 u& W5 c$ u+ K[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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