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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.
5 d5 n6 H# p) F8 [1 w' Q' ~CDs could have different ratings, AAA -> F,
' q; ^, Y, J; |2 O/ E9 Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 n9 @# F* Z! ~8 R* p
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" D# }" ^& N. P" H' k7 Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 p5 k( {5 K3 |- q/ t5 G/ U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. y: m4 l* z! H3 s! |# P8 F- Z: \
similar to bonds, CDs trading in the secondary market have different value at different times,6 k) Y1 V ]* ~: t" @! I+ A* I
normally the value is calculated by adding it's principle and interest. ; ~7 k% N' L! _3 V% g
eg. the value of the mortgage+the interests to be recieved in the future.
9 m& H) J' m+ [6 U8 M" l! V% L% { Jbanks 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.
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' Z' c t C9 \' d3 l3 K, i& aim not quite sure if the multiplier effect does really matter in this case.+ g8 ~1 v( }$ y$ Q. X
in stock market, it's the demand and supply pushing the price up/downwards.& a5 A. X! y! e; I$ ^# ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* j$ M8 t/ u# K) B M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
t0 `* J. u S( D4 G$ B1 ~2 dThe 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. - D. W' W8 Q) t6 Q j: \2 O8 r
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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