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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.8 q6 x: D/ C7 [7 p
CDs could have different ratings, AAA -> F,3 Z. j+ @: {- l" u
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 Z; z2 l' B- p' k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 _' L; ?$ Q; d ?; }7 F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, a5 j* y5 t4 M! A" P' {Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ h9 s+ M6 `/ Xsimilar to bonds, CDs trading in the secondary market have different value at different times,
' e" s7 q' U3 f2 E: M" Jnormally the value is calculated by adding it's principle and interest.
2 B7 d4 @, B! {, Eeg. the value of the mortgage+the interests to be recieved in the future. ( \8 l i4 P" E
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.1 D/ S, Y7 M5 d& E% Q
8 `* ?" o5 |, K* {: Z2 Xim not quite sure if the multiplier effect does really matter in this case.2 O+ g, u5 `% M6 J
in stock market, it's the demand and supply pushing the price up/downwards.
1 \5 h: o! K2 D$ xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 ?1 c) n+ {, y3 }A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' `1 m# L' B( R% cThe 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. % C5 h' V" ~* ~3 G* N0 `
but the value of their assets did really drop significantly.
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- T |( \( Q5 b/ d0 i1 T; ?[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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