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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.; k4 ~- d, R$ h
CDs could have different ratings, AAA -> F,4 U5 p8 G, @/ H/ P- p
more risky ones would have higher premium (interest rate) as a compensation for an investment.. |& C5 P& A, F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. J1 N+ l/ f2 \8 S) F) ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. F0 C/ a, q3 o7 I3 f8 m+ b! s( S+ s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! H; X, f' S( w/ x
similar to bonds, CDs trading in the secondary market have different value at different times,
3 H+ Z7 Q+ o2 [2 B; Q) Inormally the value is calculated by adding it's principle and interest. ' k' k# Z. k C# w& p; ]
eg. the value of the mortgage+the interests to be recieved in the future. ) `- t( z5 f A1 }! T
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.
; `8 p/ @$ w: s, ~4 v$ l- m( `, A( w9 j9 ^; y
im not quite sure if the multiplier effect does really matter in this case.% G5 {( k% ^ p+ Q0 @4 u
in stock market, it's the demand and supply pushing the price up/downwards.7 X* \# {: M, X3 ?' v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 X) n5 O4 l% ?+ A7 k$ e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. N1 Z ^; ^: k7 _. KThe 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.
+ N) F& J' j4 Ubut the value of their assets did really drop significantly.+ o- x) H4 n3 ?: q9 M
7 @# z" x7 K: ~. ]& ?$ L[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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