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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.8 ?2 K7 K' X, Q8 w9 K
CDs could have different ratings, AAA -> F,
8 h$ w9 L [! H$ ~more risky ones would have higher premium (interest rate) as a compensation for an investment.2 y) l+ b) s. r9 F( \ ]3 ?. ~) i0 V+ g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 O6 ?7 f" L& S a- ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# g: m2 ~4 ?# U1 N1 v( D2 W
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" r g* V& O; @ h- _) t6 C6 I3 Asimilar to bonds, CDs trading in the secondary market have different value at different times,
) A9 g" X% y0 F; F) V: X/ n C& unormally the value is calculated by adding it's principle and interest. * V; ^8 V0 r- ^& Q- o
eg. the value of the mortgage+the interests to be recieved in the future.
* q" r: R; {- V5 G- P% |/ K$ bbanks 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) ^% S* \9 X% F i
/ v6 T% h# M5 R5 n5 U2 o$ b% uim not quite sure if the multiplier effect does really matter in this case./ p$ O3 }' p9 H. x& ~
in stock market, it's the demand and supply pushing the price up/downwards.
5 P/ f. S6 ?$ y# FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. R7 t& F- M! T: J" J, ` N5 b% CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: D" ~9 c. F8 d3 \9 qThe 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. , n; N# x& J$ `( I4 J
but the value of their assets did really drop significantly.0 q1 `; I7 S) L' D+ Z
$ |) ?7 q2 O' d' A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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