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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.' v. L* L( t2 ~0 W/ L4 T' H9 }
CDs could have different ratings, AAA -> F,9 o( a7 q" f1 Q7 U* n' o, P
more risky ones would have higher premium (interest rate) as a compensation for an investment.* s3 m# V; E8 ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- G/ B- \3 I3 C5 {% F0 r4 M: \
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 a% t, ]) G' u* w, @6 W
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ n' b5 ?0 |# E* t* f- U; T
similar to bonds, CDs trading in the secondary market have different value at different times,
. y$ C: i% z, |4 }normally the value is calculated by adding it's principle and interest.
9 W3 i# x; {: X5 M* A4 x# Zeg. the value of the mortgage+the interests to be recieved in the future.
: K! A1 z9 h2 t0 R2 qbanks 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.
+ G/ z6 M/ I v$ U. ^1 K
1 @) Q4 ?% i( cim not quite sure if the multiplier effect does really matter in this case.
" r. `! A7 g* r! x H- _in stock market, it's the demand and supply pushing the price up/downwards.* f; a7 F% Q1 C5 Z+ \! B8 x9 f* ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- K0 @+ f7 x" Y- XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 c: s6 }& W1 @3 A' ?
The 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. ! G0 k7 P1 N# w
but the value of their assets did really drop significantly.+ k' v# v5 Z" j
2 M8 y/ x2 d; D$ b[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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