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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.* c# M/ y t" L6 s
CDs could have different ratings, AAA -> F,
# U5 F u) t; rmore risky ones would have higher premium (interest rate) as a compensation for an investment." `1 `4 @. j& k$ T; P. b/ c
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& O( W1 Z4 L; w; {7 q3 H, Hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! C5 n3 p( i8 j3 I, E4 a; C( O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 |$ P6 v$ n7 Z% f- nsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 D4 j- Y" q# `, t2 Enormally the value is calculated by adding it's principle and interest. & T: t1 N* | s0 Q# ?. t% ~
eg. the value of the mortgage+the interests to be recieved in the future. 4 j$ B3 w- V( j* J8 H1 v- w
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.
% a: z, |4 n+ P2 j( s
2 }" S# i; W0 ~9 m) I+ w3 ?6 q; e# nim not quite sure if the multiplier effect does really matter in this case.3 Z8 g- o$ f: f H* P2 u
in stock market, it's the demand and supply pushing the price up/downwards.7 [1 {7 b4 [: k( u8 A) P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# A x% ]' D! Z* T9 U+ Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& i, G+ L# H( ]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.
4 A3 ], m' _9 x" lbut the value of their assets did really drop significantly., j. _4 I6 Z, U% S5 q9 i
: U/ T* U, Z; a7 W" i) G[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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