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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.( N- q. I, m- D3 ]0 U0 A5 W
CDs could have different ratings, AAA -> F,
7 b; a8 m( t2 I8 J+ A; B, N7 imore risky ones would have higher premium (interest rate) as a compensation for an investment.
- X7 ~1 ~ N2 D. n; Q/ wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" I, K- j ?2 ^$ `. O3 Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% n# Z" G( P0 j4 e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 G1 r+ W& q7 \: ]5 U' D9 w
similar to bonds, CDs trading in the secondary market have different value at different times,9 {, S6 N9 G$ S! `- C, P
normally the value is calculated by adding it's principle and interest. * x0 q, [$ U7 A8 ^% [& v! w4 n
eg. the value of the mortgage+the interests to be recieved in the future. 2 l$ _' f' t) I/ m/ v, c
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.1 ~. ^7 e r) G& o8 A* {- E
! M( e# Y% j z" Dim not quite sure if the multiplier effect does really matter in this case.! m* L* b# n& S0 b! q) s
in stock market, it's the demand and supply pushing the price up/downwards.
7 n6 H1 T0 |; N8 N9 [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 n: }* e* L& B3 V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 `: m% Z# u! G( I4 O( T
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. 9 b/ T6 D. a6 Q% x0 f* J$ _
but the value of their assets did really drop significantly.% B9 j% q: `4 U6 S: c
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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