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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 ^2 y F# b( E9 R6 X% W
CDs could have different ratings, AAA -> F,
]# e' U$ l; k" Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# |# i8 T, @ Z- h3 B, ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, D/ U7 n; t9 Z l1 k# D8 j$ E7 z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 h8 ^( H3 F) ~2 LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 A' e5 \. T p, E& t2 Z3 j4 d$ Nsimilar to bonds, CDs trading in the secondary market have different value at different times,5 ?: G" n6 E+ `( p: f
normally the value is calculated by adding it's principle and interest. P6 b ?1 w* x& A, c& h
eg. the value of the mortgage+the interests to be recieved in the future.
3 y! ~# |* f2 F$ j# ~. Pbanks 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.8 [( B; \; E% h
% m% x! [( x- o; W* Nim not quite sure if the multiplier effect does really matter in this case.6 e: f6 }, p. }" r+ w
in stock market, it's the demand and supply pushing the price up/downwards.
s/ ?* L- u; k* _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 p$ a$ S8 X: [: U% nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 l/ s( d7 b; C+ H8 r3 CThe 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.
{3 I; F0 I" A( z: o" j& O+ jbut the value of their assets did really drop significantly.
; t' M/ _, g( H/ p0 J _1 i" e, y+ s" X3 ^! @8 H% r5 h/ b D
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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