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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.
& G1 {' T: j) ~7 tCDs could have different ratings, AAA -> F,
% d2 ^6 p' W' u: l$ G! w6 Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.9 _$ V9 [9 K4 c4 i7 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 Z! a4 G5 j A+ m- X1 Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 I4 J9 w) X" k% cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! } V$ ^8 S I s, E! csimilar to bonds, CDs trading in the secondary market have different value at different times,0 Z# w" M; ^( l+ N# I
normally the value is calculated by adding it's principle and interest. # K3 V; N- I$ ]- c: E2 U, O+ u
eg. the value of the mortgage+the interests to be recieved in the future. ) B" F$ Q- E, R% h, A
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.
2 r- Q6 }9 r& X3 J3 j9 Z- D. r, s3 C& m6 t+ f: o9 }
im not quite sure if the multiplier effect does really matter in this case.7 x9 v8 o- I5 f9 ?5 x' p4 [ j
in stock market, it's the demand and supply pushing the price up/downwards.( C5 P9 s2 Z8 @: H5 Y3 N' P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, N. J( n' ?2 q- O z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, m, `/ b. r6 M7 s7 E: vThe 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. / ^. s5 z. u6 T2 j$ s9 a: c
but the value of their assets did really drop significantly." Q# Y) n" F1 r' ` \# [$ K
, h" p% q( Z- \! ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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