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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. u8 ~1 n: S- _2 B! K6 o
CDs could have different ratings, AAA -> F,! ?, E1 I( U J- u6 S# X
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' A; c3 b* a7 Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 `% J/ h( J% v6 U% N, \! m+ e5 y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, L& s' y: O$ i5 V. n) ~! FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ o3 g3 o7 t* i; W9 m& i5 W. Isimilar to bonds, CDs trading in the secondary market have different value at different times,
1 H# g5 ]3 T; A; ?% ?normally the value is calculated by adding it's principle and interest.
. \" _* h6 Y& R3 m. Ueg. the value of the mortgage+the interests to be recieved in the future.
/ m, [. S: I1 C1 r5 \) G, `9 Pbanks 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.) J/ n4 r5 M$ U) d& d# I! F0 ^
% k+ G5 Q/ h5 z$ f( t/ \+ K( w: {- Fim not quite sure if the multiplier effect does really matter in this case.& r [6 Z7 F$ S% ^' A, d1 t
in stock market, it's the demand and supply pushing the price up/downwards.
) i1 z" I( \& W0 ]For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 M y0 L! ` `# TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 Z& L3 y8 E- I; a8 UThe 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. % _# O1 s) _# P; D7 h
but the value of their assets did really drop significantly.' A' y) A2 J3 d# ]
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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