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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.: a8 P3 I/ H0 I( Z, v
CDs could have different ratings, AAA -> F,; v1 s: F2 g7 ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.* q- v- ~& m. h& O1 f
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
`0 R7 {8 x3 Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 c9 o0 q& R% d0 HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ b9 ~0 w7 N5 E( g2 U
similar to bonds, CDs trading in the secondary market have different value at different times,
4 Y4 y1 N/ D" vnormally the value is calculated by adding it's principle and interest.
6 \& K6 u$ q4 K2 G* P4 Veg. the value of the mortgage+the interests to be recieved in the future. ) U3 T! U+ B* k% t. p. o4 L+ w
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.0 z. q3 u6 M0 y
# Y% ~! L! G, |0 yim not quite sure if the multiplier effect does really matter in this case.
' f' L# ]( y. h4 \: u3 \7 ain stock market, it's the demand and supply pushing the price up/downwards.6 N& Z4 [3 _& N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& b9 ]7 J3 Q& k g5 O% ?
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& v2 h% d6 @) y$ G
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.
' e3 U$ F6 \- c$ l1 d2 b# Tbut the value of their assets did really drop significantly.
, B0 A9 e; z- N. \& i: p1 \/ p* f, g: _
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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