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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.
( i8 r/ |& p0 C, dCDs could have different ratings, AAA -> F," L, Z) [! O6 }. y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: |' }( Q; K) Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 F& L' W) [ e# o( R- C, O7 Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ l3 j1 X4 h% t5 T6 ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 v9 f/ P) m. ^- M1 Z: G' L) J* X3 r
similar to bonds, CDs trading in the secondary market have different value at different times,# @: d* l$ ]( C) F0 ]; g! y
normally the value is calculated by adding it's principle and interest. - E( R# G' A4 X, S. J" d
eg. the value of the mortgage+the interests to be recieved in the future. - I9 @" Y7 y" C c/ Q1 ~& X
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.
6 x. L' M8 s$ X
\! A% W2 t' S# t3 k6 v, @im not quite sure if the multiplier effect does really matter in this case.1 L# o/ u$ j: ~) \+ B5 z7 h
in stock market, it's the demand and supply pushing the price up/downwards.; h! l {7 @/ Y# a7 F" J
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 i: k9 e! y* Y% N+ g0 k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# Y( O0 T4 c% ?* U0 z4 P
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. ! [* W- D3 @8 E! B7 N/ B
but the value of their assets did really drop significantly.) c# S9 H: G O2 X( I5 v# D
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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