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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.
: Z. k" t* ?/ J0 l& q0 YCDs could have different ratings, AAA -> F,! [$ x# H* ]/ y3 N
more risky ones would have higher premium (interest rate) as a compensation for an investment.
1 ^, \/ g% w3 {/ p8 l2 c2 Dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 C: s0 C h$ v% L/ p9 Y' gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' s% o% i7 D4 }$ YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 C# H/ ?1 _$ U- _1 _! j! \, qsimilar to bonds, CDs trading in the secondary market have different value at different times,# I$ ?0 `, |1 m
normally the value is calculated by adding it's principle and interest.
& G5 g% ?" L$ Leg. the value of the mortgage+the interests to be recieved in the future.
+ U8 B! g, K3 E4 J% r+ G2 j$ ?4 nbanks 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 k9 H9 ^# T0 Q+ M6 Z4 P; {- A1 I) K3 ?
im not quite sure if the multiplier effect does really matter in this case. c9 w: S9 b* M9 e
in stock market, it's the demand and supply pushing the price up/downwards.5 ]( E/ _% p: ]7 E9 d( y( a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, h( c _( v* P
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' C" Q' u6 ^4 W7 A$ ~4 N) `
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 N! i1 i; t3 o- b) G+ @ O# _4 z
but the value of their assets did really drop significantly.* w# s" v6 R; R8 W2 d# I
" f7 }$ a2 H/ m, Z' b# }1 t4 R5 p[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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