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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.
1 U* v2 H8 N7 n! o- I% l1 gCDs could have different ratings, AAA -> F,- X: E6 u5 Q1 \
more risky ones would have higher premium (interest rate) as a compensation for an investment.) H- A! V7 @& |% a6 e" z2 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 T1 F( v7 Z6 w0 m6 ^in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& j/ I* w o9 S& E% z m( ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 h9 b8 V; ~, ]' h7 [
similar to bonds, CDs trading in the secondary market have different value at different times,; G8 a- F& t3 B) Q
normally the value is calculated by adding it's principle and interest.
' G/ s, L5 M% I, ueg. the value of the mortgage+the interests to be recieved in the future.
8 f; X2 Y9 \& C6 xbanks 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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im not quite sure if the multiplier effect does really matter in this case.- y7 H& X! O% G" q7 L4 e
in stock market, it's the demand and supply pushing the price up/downwards.
$ f2 O* _9 T$ i9 M# S/ iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 w7 g5 F2 S/ z# l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 U, D1 c ]% g: IThe 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. ) m" \3 ~ M8 |) P, K* U' J
but the value of their assets did really drop significantly.3 S' m) ?) t$ L) F
5 P; O- {, `% Q& V0 r" W. p4 T
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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