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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.: n' H1 }! x+ m5 y
CDs could have different ratings, AAA -> F,
- C# v4 f4 v) n& nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 C3 u V" n- cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 A2 R! l( i N8 S8 m* vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- p% T6 N- \7 h2 L. LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 N' n0 A6 j% k4 Z3 B- Q+ i
similar to bonds, CDs trading in the secondary market have different value at different times,6 P; a- l' m9 w# {3 I3 R
normally the value is calculated by adding it's principle and interest.
, ?7 r1 `$ {3 }, G1 Q6 Z" F, |& q! [eg. the value of the mortgage+the interests to be recieved in the future.
& L5 t+ r- `+ K/ e, s3 Hbanks 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.$ ]) t& J5 S1 d& D9 U& R( }4 y
8 T, R4 E# O: N% _9 yim not quite sure if the multiplier effect does really matter in this case.0 i& L4 X2 U( e( o4 f/ g
in stock market, it's the demand and supply pushing the price up/downwards.
& p' L1 G8 b% zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, h3 m+ j! x, u- ~; u/ J8 `# m& c% ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: o- _- T# D4 v5 Z/ b8 ~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.
; u4 q+ O4 [5 q5 d$ c V, nbut the value of their assets did really drop significantly.
3 r2 J$ ?) e* R# O" c. M7 N+ a) W3 j* `: g& F- W; U
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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