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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.5 B7 K' a8 a7 T5 @% k N
CDs could have different ratings, AAA -> F,
, e. I+ A7 d# }7 Z' Z9 ?more risky ones would have higher premium (interest rate) as a compensation for an investment.
( a! P V/ s$ I. q2 a% B; Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 d# P$ T2 B' E5 m% }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 d( g# f+ ?# P) `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 l2 v/ m3 v1 _& f5 w ?; Xsimilar to bonds, CDs trading in the secondary market have different value at different times, B) g1 T/ Z( s% M
normally the value is calculated by adding it's principle and interest.
) J+ g+ K/ n# n, G) l5 e- \9 Q$ Veg. the value of the mortgage+the interests to be recieved in the future.
" l& i% g- k' G' ~8 S" Pbanks 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.' V8 a0 Q7 ?# S3 {* P! D) d
7 R5 X$ K d# N0 J9 aim not quite sure if the multiplier effect does really matter in this case.
* I/ z& q. O% R R8 ]+ F& Iin stock market, it's the demand and supply pushing the price up/downwards.7 x# N- Z! D$ B6 c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( u# R) e, ^* I# h# q$ R( @" F4 iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# ]5 X( v! ~- VThe 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. ; p P/ i. r, v& l8 L k
but the value of their assets did really drop significantly.
( s7 L! k, C* S/ U) s) z0 d! [( Q D( b/ V+ P
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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