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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.8 H5 m6 z% _& ?5 w" Y7 I
CDs could have different ratings, AAA -> F,
2 H/ c. |- X8 W( e5 h, s wmore risky ones would have higher premium (interest rate) as a compensation for an investment.% B& l! @! ^, v7 e
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 F7 D/ d' d7 g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! v1 ^/ M5 r H8 F( ^# sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. p6 }) L' S! q- v W W) w: Q
similar to bonds, CDs trading in the secondary market have different value at different times,4 o, `5 [2 Y4 L% v m8 [$ z
normally the value is calculated by adding it's principle and interest.
" n& I# y/ d+ seg. the value of the mortgage+the interests to be recieved in the future.
1 T- V3 {! u9 y; Ybanks 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 n8 E$ ?2 A* ^5 W
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im not quite sure if the multiplier effect does really matter in this case.; G% {& b6 x$ P/ k7 [
in stock market, it's the demand and supply pushing the price up/downwards.
7 t* S; [: h Z& eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& x! o4 b1 M& w& jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 f5 i! @+ A( ~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.
% o6 _, W6 \3 d1 ^. Xbut the value of their assets did really drop significantly.
3 r$ L' N/ I6 t1 @* ^4 N t# m" { N1 R9 a: E& W
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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