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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.
% L0 ]: E) q3 f- d5 |CDs could have different ratings, AAA -> F,0 _# B; M" h( f. H# N/ l3 N1 Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 @1 o4 Y+ K1 b3 M8 Q1 ^
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, h% T- P3 W5 X! X# Q8 hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 ~9 B& T, O* h7 U8 c8 m/ ^$ d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* H% F) r; v+ c) J; q( T
similar to bonds, CDs trading in the secondary market have different value at different times,- E3 u! ~8 V% V& f8 E; @6 h, I9 G
normally the value is calculated by adding it's principle and interest. 6 X- g8 B* n2 ?
eg. the value of the mortgage+the interests to be recieved in the future.
) N( P: h3 {8 c1 k$ D/ Qbanks 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.
7 H0 q" G3 ]5 q0 w0 I1 t) i4 P9 V! I4 l! x, r/ n* @' ^
im not quite sure if the multiplier effect does really matter in this case.
6 G L2 ~' y; d2 G* }5 yin stock market, it's the demand and supply pushing the price up/downwards.
% z! z' \7 V D$ ^1 zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% a: @4 v& Y% X8 {$ m7 ^$ _8 O! nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# z1 m0 E& o D+ |$ ~% V
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.
5 h- ?8 Y( z! B* }7 @7 w# u) M3 ~- {% Lbut the value of their assets did really drop significantly.& G& p1 |/ \$ Q3 R5 Z
: g7 q+ n6 W J6 S* T[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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