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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.
2 i+ v# z) J0 s5 }CDs could have different ratings, AAA -> F,1 R8 u) j9 C9 q. z+ o- g
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 |; ~% B. i l0 o, u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% h+ ?+ M) R+ b; g/ m" m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." @( U V" |6 ]& l# C, g; O. a- q- c @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ Z% r( {& L* e% asimilar to bonds, CDs trading in the secondary market have different value at different times,
: Z4 [5 I [, Y/ B% O; h7 S: Pnormally the value is calculated by adding it's principle and interest. 6 N, @8 A o2 ~7 S4 G" b; u ~, L
eg. the value of the mortgage+the interests to be recieved in the future.
% @8 c% R+ S7 p6 r" Q7 C9 Rbanks 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.
$ e0 M7 ?6 I# Q( @' H- Z0 X$ `
! b# |# @0 F+ ~3 q% M+ Z+ Lim not quite sure if the multiplier effect does really matter in this case.
, i3 a7 I( D- G) |1 ^( ?* M R- Q. _in stock market, it's the demand and supply pushing the price up/downwards.
/ \4 B8 {6 g& yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% a: m0 Y# S0 f9 o! f
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 J4 V# G6 B. V3 s
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 T7 B% M) q! D& z. Wbut the value of their assets did really drop significantly.
' f8 }- }7 Y. L1 S: S' S, S( T J1 x1 V. E2 `& O* v
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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