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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." g4 U8 R$ z) {+ v1 k
CDs could have different ratings, AAA -> F,
) [, E' e3 U6 `1 U$ B$ Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
! Y0 W6 Y$ j$ P- a E k4 Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 j$ q: s% j+ S8 _. ]; l. _! J Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 _) B- F/ b8 m7 W& B, CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: T0 o+ V; T5 x
similar to bonds, CDs trading in the secondary market have different value at different times,
9 L$ v4 N1 Q" E1 ~$ w, Fnormally the value is calculated by adding it's principle and interest.
[! Z3 O2 w! M% i3 Ieg. the value of the mortgage+the interests to be recieved in the future. 6 y. N$ x" i& q
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.
* ~" a6 ]) F2 y" V k% w! ?- l9 I6 _* Y! N6 j' Z- g; m
im not quite sure if the multiplier effect does really matter in this case.* H; G, q# M0 ~1 S0 v; d0 {5 p
in stock market, it's the demand and supply pushing the price up/downwards.7 X& K* s# x p5 R3 V4 _+ ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 G& o) m3 p ?+ e4 {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 r' ?* L! q e4 I
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.
. w3 w( V* A0 s8 {& Y4 Qbut the value of their assets did really drop significantly.
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- ~; c3 i$ m, J8 h. P {- Y: u[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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