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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.$ N# d$ L7 ~6 j
CDs could have different ratings, AAA -> F,1 [ u, v$ R5 R6 D" N. _
more risky ones would have higher premium (interest rate) as a compensation for an investment." j; ]6 O e5 B$ ?, | @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 b7 U0 ^' O+ `) C c" s, u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 o" O5 l" s7 v% b
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% l+ ]* d$ y& U1 g4 K0 t
similar to bonds, CDs trading in the secondary market have different value at different times,3 u* c1 S) O' O! |9 _
normally the value is calculated by adding it's principle and interest. ' D8 y7 g J/ M1 N' N
eg. the value of the mortgage+the interests to be recieved in the future.
% i8 F! d- M6 |, d2 o2 jbanks 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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# q! j: B. M4 o' |- Yim not quite sure if the multiplier effect does really matter in this case.2 S5 f* O# m& o S" X) f" J
in stock market, it's the demand and supply pushing the price up/downwards.; m# @4 r8 l5 U. M4 k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- a- G! H1 C+ W9 w' xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 }+ Z& c' g- \1 Y, v4 hThe 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.
1 e8 ]/ k) {" }6 L3 ?but the value of their assets did really drop significantly.
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' ~. B/ B' O9 i3 h7 e/ \& M8 D[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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