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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.7 q5 S& \3 y8 N, Q s
CDs could have different ratings, AAA -> F,6 n9 [3 }+ z. V
more risky ones would have higher premium (interest rate) as a compensation for an investment.; m$ k% y; N3 p! R0 \9 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 \5 u! y( q1 _ ?2 p) U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 u9 Y' ?3 B' }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( H- s* T0 Z9 F R/ H$ U
similar to bonds, CDs trading in the secondary market have different value at different times,1 i0 P9 z/ C2 a7 j
normally the value is calculated by adding it's principle and interest.
+ n# |6 d% @" l( g g8 ?( ~eg. the value of the mortgage+the interests to be recieved in the future.
% D; Q2 |! F7 M, s5 Obanks 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.8 l% w( O! U! Z, X& T1 i H$ W/ ~
3 _: p: C/ a+ t) e* h8 L" w# a9 S
im not quite sure if the multiplier effect does really matter in this case.$ D" e( j! n2 e5 G: j9 o
in stock market, it's the demand and supply pushing the price up/downwards.8 _+ I i6 K4 Z4 o, v* s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* a+ m/ Z* o) Z; z6 I& c+ HA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 M6 n! t/ F$ ~* y" [3 mThe 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 M: l3 C0 ]1 o* [2 p) j+ X0 ?but the value of their assets did really drop significantly.4 G/ K! I) l( R& h, ^% Z
6 @6 i! d+ H$ g2 F' c/ M9 [: r! _[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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