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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.* f4 m! L- r2 }% Y$ Y+ n' U; n
CDs could have different ratings, AAA -> F,1 y* b$ b$ f/ O; ?9 _; W2 H
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 T( Y! e2 Z8 T y5 d$ |main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, K. E# _- b1 t) u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: j2 R" T0 O1 g" y, uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 b% b, b* T& w L; g; n; }
similar to bonds, CDs trading in the secondary market have different value at different times,2 h$ S( t" `6 X+ K6 @+ L6 g6 P
normally the value is calculated by adding it's principle and interest.
6 X+ F, i$ w+ r8 Z; Z5 z6 M- \eg. the value of the mortgage+the interests to be recieved in the future.
/ i2 A% Z3 |. p* w" m7 m# Y- 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.
3 X5 }2 [9 N' ^& g! k( S0 F6 M9 }- R2 \: a& e
im not quite sure if the multiplier effect does really matter in this case.' `4 Y8 z& w5 O% ?$ S( T
in stock market, it's the demand and supply pushing the price up/downwards.
# N: ~! ]2 I8 T8 l8 DFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# ]8 e+ A0 w/ e2 \- B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! d- I% r( f& V0 m( o! Z; ?
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. , q) S9 O8 n4 M m
but the value of their assets did really drop significantly.7 `" q% R" z5 E% D m% v, ]4 ~$ [
: q9 H# C4 K! u' x[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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