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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.
+ @8 ?$ l' S/ d$ }CDs could have different ratings, AAA -> F,
: z2 @. E4 b7 w% x6 V0 K3 y, v6 K( S6 q& Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
* D; J8 e1 W: X' U5 I% L& n1 wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 |9 x& ^8 b: \5 O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, F/ L) @4 s9 T* L7 F8 z7 _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 ~* x* F1 W# ]7 zsimilar to bonds, CDs trading in the secondary market have different value at different times,% y: H0 R! o. z2 e
normally the value is calculated by adding it's principle and interest.
- U- {/ h5 @) I5 `eg. the value of the mortgage+the interests to be recieved in the future. 4 Q) h6 q$ j; h* A
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.
3 `. C' t) o$ L3 {# Q; ~3 _8 Z6 r, U9 |2 ~/ w3 s& z5 }4 q
im not quite sure if the multiplier effect does really matter in this case.
! j- C. M& e/ }; j) Zin stock market, it's the demand and supply pushing the price up/downwards.
. L$ k$ S: Y2 \, N: c8 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' _6 w0 u: M; EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 e5 C9 t, f' ], \5 a1 Y* FThe 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.
( v e: `$ [) x* Bbut the value of their assets did really drop significantly.
~9 ~0 O; F" I
' J3 A6 _4 L! F: S+ l/ a3 p# _[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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