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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.: k' x, ?+ `, p0 y
CDs could have different ratings, AAA -> F,, _5 l) S5 w# N7 |8 L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 A+ A9 \7 ]/ r- w, m4 g& n3 wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 P/ s% F. f6 F$ Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
W1 ], I1 _3 O# ?! yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# R4 F. p. r# @$ q5 Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
: P f$ y% v/ ^& d/ @normally the value is calculated by adding it's principle and interest. / e: ^! {/ u6 V) }, I3 ~: ~
eg. the value of the mortgage+the interests to be recieved in the future. 5 h3 W8 |. o* M" i
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.
! I% R6 E& V2 D( O0 R7 k& k2 N$ E
& Q$ b/ _6 H$ xim not quite sure if the multiplier effect does really matter in this case.- r) `' z0 n* j# M0 B
in stock market, it's the demand and supply pushing the price up/downwards.
$ l+ w1 ^! p% N5 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( U1 H; X6 W# V+ ?4 H0 v7 F" W+ BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 @# k$ m9 N" `$ [8 p! pThe 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.
5 X$ i8 |! b) b3 W" l! b0 mbut the value of their assets did really drop significantly.
% ? K1 d f+ F$ {. E# f8 q9 E3 T4 x7 H# ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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