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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.* K0 |6 C P0 K( |% I" j$ j8 D0 A
CDs could have different ratings, AAA -> F,, c. C/ P+ X& K! U1 t1 O% a
more risky ones would have higher premium (interest rate) as a compensation for an investment.( F7 e, Q a, v. ]. v& L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 N( ]8 l: k. ]9 X7 {0 gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ c8 D0 V; j+ e# [0 R$ u U: _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 |- u- v2 f. J9 k f
similar to bonds, CDs trading in the secondary market have different value at different times,3 A" n; D/ Y4 y& Y) R
normally the value is calculated by adding it's principle and interest.
/ T, \5 Z) a; Zeg. the value of the mortgage+the interests to be recieved in the future.
* ?! ]0 F: `2 R/ l' L9 u% j! G9 O2 ?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.: k9 g) W- `" |/ a G
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im not quite sure if the multiplier effect does really matter in this case.5 X6 \' I9 L. }! q* {0 K) ]
in stock market, it's the demand and supply pushing the price up/downwards.
3 a5 w1 ~; Q h6 V& k5 mFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 S7 f/ e! R: @5 ^: M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% h& J2 ]- O2 `" Q j' iThe 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. ( x$ Q l0 _/ L1 y% t/ A4 L9 a
but the value of their assets did really drop significantly.& ?% R; i# F4 Y7 @
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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