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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.% g; F5 {4 p4 O( w( S
CDs could have different ratings, AAA -> F,8 w* w$ L8 U% Y, i% b) ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 V/ W/ Q' h) n5 Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' H9 V2 x P! x2 kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% c. c- D1 h& {" `; V8 x) iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., s$ i$ R! i4 k0 n) Y) K/ [
similar to bonds, CDs trading in the secondary market have different value at different times,) P9 {9 i) a9 C% }$ w* X9 K
normally the value is calculated by adding it's principle and interest. 4 u8 L( S3 I- y! _1 \0 l
eg. the value of the mortgage+the interests to be recieved in the future. % Y3 y2 N' B& ?3 l; p1 `( T0 L" ?7 ^" [
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.
2 x4 @; m2 }3 u8 s) G
" V; b. g, d; O& N$ }6 c8 I. Mim not quite sure if the multiplier effect does really matter in this case.5 T' `2 |2 j$ R: V2 J, }
in stock market, it's the demand and supply pushing the price up/downwards.
9 z2 j Y, D" p1 _2 b( oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," X8 U- f# r+ A/ y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% L% e! V+ h! w. Q* o
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 Z. J( J; H: U
but the value of their assets did really drop significantly.
$ `& R$ T" v$ {/ N8 C8 f7 _7 X" o+ R9 ]) j. B; f
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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