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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.. s8 V6 l( y; S* A) ~6 V6 R+ s9 x1 D
CDs could have different ratings, AAA -> F,
" a- k) R/ G& j& w) L+ jmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# S; b' A2 H( }' A' pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, Q1 w. q( r! j$ W4 k7 Vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 e6 d5 Q o- f, kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& F, m1 X1 j7 Q ?
similar to bonds, CDs trading in the secondary market have different value at different times,! z0 ~7 {1 I7 s2 N F
normally the value is calculated by adding it's principle and interest. - K! v4 S# G" r4 F9 J
eg. the value of the mortgage+the interests to be recieved in the future. 4 P' J* F! S* v% o# o0 J
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.+ q* K+ _$ p: a' L" Q
1 d1 V* K7 A e8 a: n2 sim not quite sure if the multiplier effect does really matter in this case.
, e+ o. x' ] ?- I% n }7 Y' b1 T4 Min stock market, it's the demand and supply pushing the price up/downwards.
' o/ w4 W9 ~/ h: I' H( H# ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 P# e, i$ S Y, T ~A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 ^) v$ L# B9 ~1 ^& E7 ~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. ! I- H/ l9 B0 _5 U
but the value of their assets did really drop significantly.0 o2 r0 j5 ~" w5 p% \8 O3 R% x6 z- E9 k
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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