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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.
& N4 o- F! R4 P' y* uCDs could have different ratings, AAA -> F,% M; p: n5 b% T$ f$ Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 J# U; [- U! ~" m$ `( f% @, S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' n/ y, u: B$ a6 o5 N
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* u0 f/ W2 v9 n% `3 {! CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., j3 N- R3 z; c' G" `2 S
similar to bonds, CDs trading in the secondary market have different value at different times,6 |$ j2 n+ L/ }* T1 Q- W/ w& ?
normally the value is calculated by adding it's principle and interest. 4 o" @' ^1 t$ i
eg. the value of the mortgage+the interests to be recieved in the future. ; X8 w$ o- O0 L* B# p' i7 N, n0 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.
; D, m; s) C; N% z& Y, w8 t0 J/ g: ^6 [" o8 e( q1 E
im not quite sure if the multiplier effect does really matter in this case.
7 b. i( ]$ }, kin stock market, it's the demand and supply pushing the price up/downwards.9 X- V7 r& G2 o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; j% P \1 l- `! p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 o R; U) g( |" s
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. 8 }5 b% O% S, a+ a' x! r( T( @) [
but the value of their assets did really drop significantly.+ C: u$ v; {% y9 j2 ~# D
. ?) O% R1 t) _) m! \# P3 `1 Q5 T% ?9 ~[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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