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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.! N' D5 O, I( ]- q; x. g7 K
CDs could have different ratings, AAA -> F,
; `5 G9 m( [, f' o. `more risky ones would have higher premium (interest rate) as a compensation for an investment.
& W% \- Q; ?: }5 C: H# n1 U8 q# Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( I# T/ L% `( X8 d) L, j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( `+ h0 ^. k( Y) x! l% @Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* @2 u' T4 ?% U M# ^similar to bonds, CDs trading in the secondary market have different value at different times,
2 m" |) ^: e4 Y) [3 tnormally the value is calculated by adding it's principle and interest. ) B4 x1 _4 T4 e
eg. the value of the mortgage+the interests to be recieved in the future. 9 h$ q' F1 G% o& Z5 D
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.
# {6 e5 E. M7 }6 F4 N; }6 p# q- `. F6 h) ~1 v- v, Y
im not quite sure if the multiplier effect does really matter in this case.
7 p: c5 k/ i( `" e9 ain stock market, it's the demand and supply pushing the price up/downwards.
& U* V' _" ?' `+ e7 j, q6 tFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 F# ~/ w* n& M* l6 j" c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ t5 Z7 n) R, U3 s1 @% M: UThe 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. ) [0 X; I9 h3 h2 W7 l
but the value of their assets did really drop significantly.! w. Y' I) l/ {7 f/ Z8 o* N
) ?( N( V$ V G0 m# l- M[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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