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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.' v, E! q0 P" J) J
CDs could have different ratings, AAA -> F,, e& r; s+ r6 ]0 Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& \+ g- e+ K& F% \8 S2 Z/ Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ c6 f, L* q6 t7 A' e l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 t. \+ W. M( R# Y8 {/ Z, f8 c; d# aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ f( c I) Y& u) ^4 H6 j
similar to bonds, CDs trading in the secondary market have different value at different times,! K$ [ }' U. P7 D p1 _
normally the value is calculated by adding it's principle and interest.
+ F8 p7 k& z/ I. e6 yeg. the value of the mortgage+the interests to be recieved in the future. 9 u9 Y- u% ?$ p9 [
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.( H: e V' K* X/ \! O P% F" {* I
: B) U* n2 Z, Y, p
im not quite sure if the multiplier effect does really matter in this case.
* O) n# h1 Q( rin stock market, it's the demand and supply pushing the price up/downwards.
9 r8 Q0 }% a7 R7 B0 L, F5 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. k* a) Q' u' M7 W7 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& O* N. Q9 M9 @% yThe 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. 3 a/ X. W+ `. N
but the value of their assets did really drop significantly.
2 v% G* ~( n% x' f$ R# p% o( J# Y; w! k# [+ i5 v$ @# {: ^' F
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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