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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.; n3 w- f6 | ^5 ]
CDs could have different ratings, AAA -> F,
* |6 A, h: `* c$ g1 Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
{7 m" S" y* M- O$ I Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% j" J1 R( d0 {' ~* S B
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' d" K7 j" u7 S) H4 c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 M( {4 e5 u$ L( W$ f1 ^: `$ Z) ^
similar to bonds, CDs trading in the secondary market have different value at different times,, _! V6 a3 q4 L$ h; i5 R
normally the value is calculated by adding it's principle and interest.
& O! @6 s: j4 @2 v2 W/ Heg. the value of the mortgage+the interests to be recieved in the future.
9 _$ F2 R, B8 |5 }) sbanks 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.& _7 J! p( q- b" n/ h) y
5 S3 G6 ?8 l) K& r0 d- ?& ]% eim not quite sure if the multiplier effect does really matter in this case.( z- x7 }; p! J, B% p
in stock market, it's the demand and supply pushing the price up/downwards.% {, c/ D0 s5 u( D3 E. S. u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% @: P3 E S: p( ?8 U5 T* f( \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- J8 ?5 X' N7 ]. O/ B0 o& O7 @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. * x" o, b& a6 _4 B4 E
but the value of their assets did really drop significantly.
3 h J: a/ Q. ]' H- M; c0 ~ ~
2 ]3 m) @. I- w, {! [[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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