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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.9 r0 v* a, M" g2 c; {- o& n0 f8 O0 W' V
CDs could have different ratings, AAA -> F,1 w7 h1 |3 L0 P9 j) B7 C) s
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 V% f" H( {8 Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( Q A+ q: A- p" G8 P- r3 V* b0 Bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* p# n r* u+ Z2 {" i: _, D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' a. U& D8 P( D
similar to bonds, CDs trading in the secondary market have different value at different times,
6 R8 u% @* ~$ H6 G3 p$ Unormally the value is calculated by adding it's principle and interest. & _, v. R/ D. u. f2 ~" d1 E# Z
eg. the value of the mortgage+the interests to be recieved in the future.
, h9 ^! `* ~) M; [3 @# a7 Ubanks 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.% }3 {) F9 H1 y" C
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im not quite sure if the multiplier effect does really matter in this case.5 _* W. z% D7 b5 p
in stock market, it's the demand and supply pushing the price up/downwards.$ d7 f) S G( `6 L2 I6 Z' S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( y+ Q; j7 [& \# L! F* ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) t# W5 V) ^/ X, z1 v! K" m: r9 xThe 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 L& w# e$ W% s" K) e3 n
but the value of their assets did really drop significantly.# O) K. }( r1 e" ]+ Q' y( S% a+ U
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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