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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return./ { C! d* ^8 [. Z+ c% g4 q
CDs could have different ratings, AAA -> F,9 S: S# u) V! x0 G1 T m6 y4 N0 ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 G2 t" V& X+ F. K/ ^- G, z# h
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ U2 v! K6 |8 H4 o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 m! m& q! \' v- y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- I' c: r" l% E, t8 ?% rsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 c- t4 e5 p! I% e8 D6 _; dnormally the value is calculated by adding it's principle and interest. . `$ {6 K! Q0 g& U3 S
eg. the value of the mortgage+the interests to be recieved in the future. . C) s6 t4 [5 o9 ^
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. H% X* l0 B- I
" [8 D3 y2 _* F% {" T- {im not quite sure if the multiplier effect does really matter in this case.
) f, n) G! Z: y' d0 k! cin stock market, it's the demand and supply pushing the price up/downwards.) u9 h' s* [( X: d" @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 P4 W1 k h% S8 Z( c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# x. p$ y9 Q& xThe 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.
% E" ^, X) F" y2 p+ A( obut the value of their assets did really drop significantly.
2 u! \, u4 u2 F7 v9 P9 u T! K+ [+ \( y# N% T q2 D. C# u$ | F
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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