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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.. y; F8 v, w: _
CDs could have different ratings, AAA -> F,
5 l1 l7 z/ C5 G9 P& @# bmore risky ones would have higher premium (interest rate) as a compensation for an investment.
( x3 `* S& ?! Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," P: g6 p! y) \" C6 u8 v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 R$ I F& W: J8 d2 I8 G- w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 ^7 ?" r6 {7 k% bsimilar to bonds, CDs trading in the secondary market have different value at different times,
3 Y; k/ ]: V+ Wnormally the value is calculated by adding it's principle and interest.
2 f$ {# o8 @) L# aeg. the value of the mortgage+the interests to be recieved in the future.
( h( D p6 e, C$ W2 R6 O4 ubanks 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.4 H8 {: a* Z9 I5 p1 X! |1 {
2 o9 L [8 e7 {+ q
im not quite sure if the multiplier effect does really matter in this case.+ F* f2 s2 r5 {& Y/ b( u
in stock market, it's the demand and supply pushing the price up/downwards.! u) ?7 i; F L/ u. A v* g( w. X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( S! b0 M/ |% D. _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) k8 B% p! C* ?( M8 [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.
. _1 o! x6 L' |, Xbut the value of their assets did really drop significantly.
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m {, O% v8 x5 u! E! X1 u* ][ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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