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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.8 ]1 J) j7 x' b$ S/ f1 P7 L
CDs could have different ratings, AAA -> F,$ K4 }8 L* b4 f# k3 \9 s6 y7 ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 P8 o7 U4 C4 Q+ D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 B) h% G0 m4 O- x, { r6 }. u. j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. j& C/ m" i$ R! S9 y& W; \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( n3 e7 {1 P* T+ Y- F! f
similar to bonds, CDs trading in the secondary market have different value at different times,7 H" _& `3 G9 p; x
normally the value is calculated by adding it's principle and interest.
8 E! K0 r* s1 f/ {& R d' \eg. the value of the mortgage+the interests to be recieved in the future. # W @: [4 W0 q4 Z8 h 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.
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: Z2 T' x4 E: \9 Z v# n& j8 K4 v pim not quite sure if the multiplier effect does really matter in this case.: ^4 P0 v2 Y" L7 y2 x0 H D
in stock market, it's the demand and supply pushing the price up/downwards.
7 ?/ U9 e# N6 GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- L. V$ c5 ?8 ~1 l% _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: i, {/ c6 L p
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. , U* J! l& N) e" h
but the value of their assets did really drop significantly.
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3 h- E% w! s0 \' I# q; E[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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