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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.
! @9 E2 {& m; q, s& pCDs could have different ratings, AAA -> F,3 e/ B) R: ?/ v* ~+ I2 ?* l
more risky ones would have higher premium (interest rate) as a compensation for an investment.! C& r& X. u9 \' P1 e
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 T# S8 c! g6 j1 Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; T9 C4 n7 m1 }$ g: y) p8 @8 h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
y/ f, p, F9 R0 [ G, _similar to bonds, CDs trading in the secondary market have different value at different times,# h% B' L5 N9 X0 N8 N! j3 X
normally the value is calculated by adding it's principle and interest. * `& q+ X2 w' {6 t6 W4 O7 P
eg. the value of the mortgage+the interests to be recieved in the future.
" L. E& w! W9 C7 J4 P$ d7 `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.' y. {! |7 S/ Y$ i' N0 t
& W+ i" ?) W. d, a9 kim not quite sure if the multiplier effect does really matter in this case.
. I, H- x' H6 k8 V2 X' v1 T% X0 @, r& }in stock market, it's the demand and supply pushing the price up/downwards.$ k4 G& i% C1 G/ j3 T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, m7 {' A4 m! G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& ^" }6 L8 \- i
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. , z) q% v$ R2 w- I$ q/ W
but the value of their assets did really drop significantly.+ O8 o7 y2 p% e5 L! r2 ?* Y/ u
7 Q. G' L7 |0 {% p[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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