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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.
7 _$ I1 a8 P, Y- H5 {CDs could have different ratings, AAA -> F,
; `: h# _1 `" v: K5 Y }; O9 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& H/ s1 ]7 O& p1 tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, \: }3 \* T7 t+ y8 }9 \1 y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 ^! w5 ^5 [ B/ U* ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ B: q' C K( i
similar to bonds, CDs trading in the secondary market have different value at different times,. ]4 l- k1 s, r# m8 G
normally the value is calculated by adding it's principle and interest.
! u( @0 P! }+ J/ a3 d/ {4 Neg. the value of the mortgage+the interests to be recieved in the future.
- v3 V3 i# ~2 z$ g. m {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.
* Z4 p3 S6 v6 M) A( |& i- t
1 ]: B8 |. Z3 k8 m! i! a% |im not quite sure if the multiplier effect does really matter in this case.5 {$ G3 G" O' \* j$ b* |0 Z
in stock market, it's the demand and supply pushing the price up/downwards.* _1 q$ ^: W8 l0 T! |! Y5 ^- v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 c' F2 d3 b- Y, h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 S0 D, k8 p/ W0 w* EThe 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.
! r7 t$ _7 I+ cbut the value of their assets did really drop significantly.
& U$ P0 C! I; N$ W& g$ {4 ?; K, B! Y% r2 ]% ^0 R: k) Q- s
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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