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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.' j" I9 b h! w9 s
CDs could have different ratings, AAA -> F,( |. N* [8 Q; w
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 }, q- ^* |) l( {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 R D4 E' M2 J# u$ @" I6 Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* r9 c1 u& L) {; H$ F# q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 s d; `& B8 ?similar to bonds, CDs trading in the secondary market have different value at different times,
1 r& r% p" q; G# Nnormally the value is calculated by adding it's principle and interest. 5 ` [! u _! a
eg. the value of the mortgage+the interests to be recieved in the future. ! k0 w! r7 r9 ?" F
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., e- l5 @0 k, W8 ? j+ v% F
: l0 j+ x& R8 ?6 z+ mim not quite sure if the multiplier effect does really matter in this case.
! v. E6 }3 F3 c! O | m. xin stock market, it's the demand and supply pushing the price up/downwards.# i/ J, p* w- C. N2 J. U) ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 ]4 j3 u0 w% X t" T: Z* k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 W$ n1 m7 d, M) {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. ' w! V4 |; s/ ]4 j5 L' g! V
but the value of their assets did really drop significantly.
! T- f8 T6 V# {& t% q9 W) ^' N. i; u. U8 H( a, T: c9 s
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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