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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.* y5 P, ^4 W7 E2 U
CDs could have different ratings, AAA -> F,
. S; @1 K$ n/ H B1 b* B' amore risky ones would have higher premium (interest rate) as a compensation for an investment.
. O G$ u1 B0 d3 N& rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 b; K# M) i; G/ w0 S" n! cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ s' K/ ?9 k- i0 u3 k. J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 f6 {/ p+ E6 `0 |" r+ q4 {/ wsimilar to bonds, CDs trading in the secondary market have different value at different times,9 D7 ^# c) j+ m( k* }, L
normally the value is calculated by adding it's principle and interest. : K& ~' N, X1 h. G+ D$ b" J
eg. the value of the mortgage+the interests to be recieved in the future. 1 A9 }! n+ E4 w: ]9 f( X
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.6 K4 G; l! F+ A5 |
/ t$ y/ _6 ]( z8 T: S6 Qim not quite sure if the multiplier effect does really matter in this case.
$ n2 H! s4 e' m9 k6 |" iin stock market, it's the demand and supply pushing the price up/downwards.
& B6 E4 j/ M3 t* {. m, y" X# jFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* L2 u; E2 ~& ^, e' c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ z: I; [' S- |# e6 X% M- 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.
3 Q, `3 M# B, J& d/ i) V" Kbut the value of their assets did really drop significantly.
& J# M* R% H# N& l; k) T
- W1 F% [% j. E: x0 {0 b/ ~6 B9 @[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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