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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 W0 v S$ j# j: w, m7 G; q8 l) KCDs could have different ratings, AAA -> F,- H1 K+ A5 s- p
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 g. y+ Q7 G5 l( J- [; D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 \0 u& b0 l, a. H8 V; d. Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 w8 E; M5 _8 J) C! h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ V7 y1 F* U ]$ Ssimilar to bonds, CDs trading in the secondary market have different value at different times,9 j9 l1 \, c/ k& }6 L; R; j
normally the value is calculated by adding it's principle and interest. & i7 @1 j4 x5 T+ T+ r1 U( I7 R
eg. the value of the mortgage+the interests to be recieved in the future. ' _" r& L& t' S. W3 ]6 q' ^; j
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.% T5 O+ J2 I& X: e! j: ^
j: {# y( a) N& ^im not quite sure if the multiplier effect does really matter in this case.
9 c+ I/ J+ q3 v3 h! ~in stock market, it's the demand and supply pushing the price up/downwards.7 F' t3 p: e' ?8 d8 f& O3 W6 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- S$ }0 P9 f( R) |' S$ n2 e( BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 H; t! I. O3 {5 P g+ {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. % o7 x3 l: B' R; J, u& x5 g
but the value of their assets did really drop significantly.
; X1 E/ l! M/ T, s/ a4 Z$ ]
: C( S! W2 O) a[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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