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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.4 t& A! M" b# f0 S3 g1 |" P
CDs could have different ratings, AAA -> F, C6 y0 Z6 h5 {* ^$ g$ R
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# J$ g; Y) f3 a+ `& v; \main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" S* P8 j7 @# R: H4 Q) Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' X0 i# P& X7 v, [* {2 X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 V" `1 z6 H, A8 f
similar to bonds, CDs trading in the secondary market have different value at different times," Q) a1 Z' ~* ?1 I' k
normally the value is calculated by adding it's principle and interest. / `9 d, i; Z0 T/ _. j% x- I
eg. the value of the mortgage+the interests to be recieved in the future. 4 D! b9 K, e. h% P) [
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.; `" F0 _* `& f% Z3 |+ K
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im not quite sure if the multiplier effect does really matter in this case.2 n7 K) O3 e% P3 B: l. l
in stock market, it's the demand and supply pushing the price up/downwards.) y& `: e' Z( f" n; b$ F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ S! S, d. }; r+ t8 J0 W/ e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* V( c! x# V% h6 l
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. 8 O* }/ z, c- D; T
but the value of their assets did really drop significantly.
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0 Z, E8 s5 z: t8 D0 ~[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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