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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.3 T6 |! }* J- K0 J% y+ O1 a \, O3 F
CDs could have different ratings, AAA -> F,
" K- F% E6 x( K) n8 A% i$ z2 ymore risky ones would have higher premium (interest rate) as a compensation for an investment.& C! y {$ g: ^# F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 F, J, u# x( i5 Q' win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# y I6 |' ~3 j! W. Y9 p$ P5 w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 X( e; V6 i0 V \/ @
similar to bonds, CDs trading in the secondary market have different value at different times,6 B4 c5 r9 v+ {" Y
normally the value is calculated by adding it's principle and interest. 6 F+ R- O/ D$ J' h8 y
eg. the value of the mortgage+the interests to be recieved in the future.
7 y# u4 }0 a) S' \8 }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.; g6 _* B8 c# C' ?
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im not quite sure if the multiplier effect does really matter in this case.% T, u% c1 |4 q2 |) p
in stock market, it's the demand and supply pushing the price up/downwards.0 z. k* q7 a: a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& K) d3 N6 B; f6 i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 j) m, I* n% g: N1 c4 gThe 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. ; t6 }' w- v7 l8 @0 C
but the value of their assets did really drop significantly.
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5 f9 L9 O8 f! A: z) w, S3 C" b[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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