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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 R/ L; i" P1 ~/ C
CDs could have different ratings, AAA -> F,$ Q' Y, t* o P4 N0 r/ Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.) s) i4 D3 H# y. G9 g" C3 L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" Q1 b( I6 ^% b% Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! J" ^% J. T4 c) W. [+ V2 T1 ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# Z. k4 V* d1 v; X% W8 `
similar to bonds, CDs trading in the secondary market have different value at different times,! ^2 M2 Z9 _/ @) A7 G+ Z) X$ v
normally the value is calculated by adding it's principle and interest. ! u7 [8 o# M# g* q1 O
eg. the value of the mortgage+the interests to be recieved in the future. 0 ^, x1 c$ G7 }0 @4 E/ j
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.* R7 H+ J9 m v0 \. q; |6 f& a
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im not quite sure if the multiplier effect does really matter in this case.
0 M& n1 Z! z; Sin stock market, it's the demand and supply pushing the price up/downwards.
2 {1 r( s# k+ @- k% W) Q2 q9 MFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: C/ i% S8 K: r! }) u, p4 F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." I* l8 l2 S- T7 |4 y( p; r! S2 Z
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. 7 ~4 a& z2 E8 U$ H5 ~
but the value of their assets did really drop significantly. n2 a* F# A. _9 Z' {
7 G6 q, i' c+ H% A! H _6 o[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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