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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 t# {4 z; Z+ ` i
CDs could have different ratings, AAA -> F,: i7 ?! _& w+ c+ |
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. v9 g$ t9 J' O2 m0 e+ E" U7 h# Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. F: S3 w) M+ Y, h& c' I( ~
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. E" j/ T3 @8 M1 l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 f/ t: V: y: \5 l' `: A4 `similar to bonds, CDs trading in the secondary market have different value at different times,
6 b+ s7 K& b1 x" d$ e x5 Mnormally the value is calculated by adding it's principle and interest. 1 |: _, t d3 w) [) j( B
eg. the value of the mortgage+the interests to be recieved in the future.
* H) c9 }7 w( ]$ E1 Rbanks 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.
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2 L7 w+ D, _7 _9 d$ k/ Q3 Tim not quite sure if the multiplier effect does really matter in this case.7 W" j* Y/ D( h( a$ F, ^
in stock market, it's the demand and supply pushing the price up/downwards.6 @, Q# b9 k8 ?. d4 Z6 F4 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; w$ Z2 B) n) ?+ t+ uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- q" u, k4 ~( _) {1 r
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. 7 o& v& @4 w! W5 k+ W
but the value of their assets did really drop significantly.& _6 o8 |) N: t
$ r: w2 u8 i+ p3 L[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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