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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.* D' U8 C7 Y, D6 k/ M( i
CDs could have different ratings, AAA -> F,$ {: f; l2 s0 U; R J A
more risky ones would have higher premium (interest rate) as a compensation for an investment.; D) x6 r) D/ H# @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 ?/ v$ \8 o( @. e. a- ]- nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 N* a7 R1 c7 H' I$ N' D( G" m. r9 CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* [! b* ? x$ `! K e
similar to bonds, CDs trading in the secondary market have different value at different times,
8 o/ Z8 T! O8 d/ N+ ~5 hnormally the value is calculated by adding it's principle and interest. " d2 g4 q; O2 t1 l- o& j, J
eg. the value of the mortgage+the interests to be recieved in the future.
5 v- q7 [ r0 d: ~/ a, U) wbanks 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.: R4 C1 p8 e' w7 }4 l2 \+ a
" y9 k- K) ^( p& `im not quite sure if the multiplier effect does really matter in this case.9 V' e* ^$ g; K0 o% N
in stock market, it's the demand and supply pushing the price up/downwards.
8 U# Q4 d, B: a( k$ c1 u! vFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: Z6 i/ {0 ~+ f: a" YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) ]) s( g' @* E7 U. k
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.
" @+ |5 G) q5 }7 K" `/ H N# Mbut the value of their assets did really drop significantly.5 l- D: D$ ?8 W
$ z- b( n1 Q J4 I[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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