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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.. G+ c/ d8 ?" G3 b
CDs could have different ratings, AAA -> F,' o/ i$ T* h' c3 r, c+ }
more risky ones would have higher premium (interest rate) as a compensation for an investment.% _+ o* D; f6 m; C3 J* _2 {" F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ S: @4 _- \6 _' o% Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ O! `. F: l p+ d. FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& S ?# G7 S! i! N# g
similar to bonds, CDs trading in the secondary market have different value at different times,
) i: R" p% A" a; ] f2 A/ O& |4 Tnormally the value is calculated by adding it's principle and interest.
R" i6 X# ~: y, V* Eeg. the value of the mortgage+the interests to be recieved in the future.
% E1 _8 m, Q* ^7 }8 X, V( Kbanks 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.
3 S( g3 X% m7 W# G
3 V% }! r, Q- r. n; {im not quite sure if the multiplier effect does really matter in this case.
! S+ n+ L- I, iin stock market, it's the demand and supply pushing the price up/downwards.4 F& |; s+ [; z! i% i- T* R& l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: t! I y' I# s% _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 h- O4 E2 F1 e8 D
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. $ w4 I4 |$ F" K% ]& X" \! t
but the value of their assets did really drop significantly.) [; G {4 a; i5 k7 A1 e
Y+ [/ K2 J3 q7 U* U( t. e[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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