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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.
6 o" Q& A, [6 l0 ~' z& U) jCDs could have different ratings, AAA -> F,8 P+ Q8 U5 i {4 E, V' |8 k# \
more risky ones would have higher premium (interest rate) as a compensation for an investment.' v( P* \# f* I/ n1 Q; o/ M. G9 g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" [! w; |0 K2 gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* n* S" n4 J+ P0 i" LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( g1 N# }1 F0 d' E) B7 L6 tsimilar to bonds, CDs trading in the secondary market have different value at different times,
; l5 L# J6 n3 U# ?* n$ ?/ Z! s8 X' tnormally the value is calculated by adding it's principle and interest. 2 e% i6 X5 ^0 T! L7 w$ v! X
eg. the value of the mortgage+the interests to be recieved in the future. ) v* D& l3 O- ]/ d9 c3 [
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.
. @% ?5 E/ T1 q( g. k' _: a9 K2 _- a% O- T( M* ]$ k
im not quite sure if the multiplier effect does really matter in this case. [4 y4 t, m- \ E7 h) c' H
in stock market, it's the demand and supply pushing the price up/downwards.' X, `, Y+ o( ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 {7 M! o3 Y5 A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. A# a+ ]+ w! c, v) k. I5 G$ b1 OThe 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.
2 C3 c5 A0 _3 [* U3 M" O- `; Rbut the value of their assets did really drop significantly.2 F( N7 [3 x9 w: ~: _- L
2 s; J1 u) ~$ Z8 g: F5 Z+ [( j[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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