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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. B$ f, R+ {! W8 L2 `' c1 s
CDs could have different ratings, AAA -> F,
8 V4 `' |" C2 ?- S* ]! Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.# K8 \. Y3 i8 U7 ]0 ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 S4 p8 n- A, |! X) K" x0 |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 a6 v9 F7 w1 R5 m; R. NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 a& |% i* R f4 n
similar to bonds, CDs trading in the secondary market have different value at different times,, v1 W# T7 j' q9 i& [( }
normally the value is calculated by adding it's principle and interest.
! f2 {( o [! z3 ?2 i+ K. H2 h& heg. the value of the mortgage+the interests to be recieved in the future.
" g9 l# P" E' K! S- `# i9 O7 _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.
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q' }: @& m2 V; s4 ^$ Wim not quite sure if the multiplier effect does really matter in this case.6 E$ }' c, O; p# V
in stock market, it's the demand and supply pushing the price up/downwards.
, D- z+ X- k+ Y2 t+ n4 Y8 PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 a) @3 c f3 v: G7 r/ dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 P4 x+ |' K$ m9 b/ @
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.
: Z% Y# J& [ r2 V8 e: ]' \, Lbut the value of their assets did really drop significantly.) ?' g% d7 |8 j5 Q. d# S
$ t; M) p) o p4 R" g
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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