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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.1 }. a& y6 M# l* d
CDs could have different ratings, AAA -> F,
" |( D1 h6 \+ N/ r7 U8 Kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 k U; G7 m3 i8 Nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, q: O0 b0 t# `) ~6 e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# g9 p& v+ O* _8 O4 B6 NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 g) a- A- \6 w( zsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ j, g( C2 i9 `: ynormally the value is calculated by adding it's principle and interest. 0 @0 f4 B; Z! `* u. h3 [. B
eg. the value of the mortgage+the interests to be recieved in the future. ! ?; D: C9 f8 j- {, j6 D9 M+ [
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.- Q+ f! K) \* T0 u$ S6 E2 P& b& o2 A% W
( F$ h* F) Z: Y4 m* k' D2 g: eim not quite sure if the multiplier effect does really matter in this case.- F. G1 R& g( l+ }0 U: Y, h
in stock market, it's the demand and supply pushing the price up/downwards.
8 f% X4 W1 {8 |* V7 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ }, P3 k0 |: T! M# e& o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" C7 n7 K+ S" z5 I1 O& U& uThe 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.
2 [2 g* q) p- |) N8 N2 v1 N7 ^but the value of their assets did really drop significantly.
9 m+ v0 r# n3 C
; x7 K3 m8 |/ }) U[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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