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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. T6 d7 c* J M- G4 H0 d% }
CDs could have different ratings, AAA -> F,
3 M$ C6 G) `; g& R: u4 `" R/ wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ s+ ]! t2 ?$ B4 J! q* S' gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, I" d+ _0 R4 f. z6 hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. R- K, c# P9 D0 n' k7 F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! u. L+ h( e4 T3 D# B
similar to bonds, CDs trading in the secondary market have different value at different times,* Z1 `5 y1 s5 j6 X2 j
normally the value is calculated by adding it's principle and interest. 7 }+ Q# x$ [7 t
eg. the value of the mortgage+the interests to be recieved in the future.
8 |+ r' q" {8 ]) O" I' @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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5 F) M7 G! N- M! l2 S( zim not quite sure if the multiplier effect does really matter in this case.6 q, V$ Y' R+ N- ?! D6 n7 ^
in stock market, it's the demand and supply pushing the price up/downwards.
4 Y* [2 q0 x3 x. E* _# WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. O4 V" G, u/ m- a2 v) _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: |5 U" y6 T: ?, D0 ], o0 |1 WThe 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. , s+ e7 b& G' @. ^# ?, a( q
but the value of their assets did really drop significantly.
, c7 M6 a2 \8 ?' ]5 k' l8 _: x6 ? ^% }( N) N
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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