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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.0 {# q$ C& Y7 y1 M8 h- k1 s
CDs could have different ratings, AAA -> F,
9 w$ j4 d. {: Y0 ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
, H# d% t+ N0 c; _3 Z `* n1 c, i2 ?main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 e% O3 b7 b$ U$ Q. \
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., e6 B) \5 a5 z! v& s; F4 Z8 l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# n$ ^. `' Y6 W% @4 w" h* ^% Fsimilar to bonds, CDs trading in the secondary market have different value at different times,' y/ }# E7 n5 {$ L$ S
normally the value is calculated by adding it's principle and interest. 4 J0 @ w6 c: R+ R$ i% q
eg. the value of the mortgage+the interests to be recieved in the future. 2 U+ @! \& u" o' X, M! G
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.
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/ l q2 Z0 n# tim not quite sure if the multiplier effect does really matter in this case.3 {1 c4 Q$ `9 R5 _; m: R
in stock market, it's the demand and supply pushing the price up/downwards.$ D# H0 O# {& W: X( `- O1 a9 j* r) ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
\/ u* D, E0 ~A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: T1 A& R/ ~* k9 a& e' Z- D' R A
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. & R4 m2 H0 I. C! g% S
but the value of their assets did really drop significantly.
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3 N* n. y7 p: W% R$ g0 O" _9 H ?) Y[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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