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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.% j: c p. G* t. @) d i# E5 O
CDs could have different ratings, AAA -> F,5 F- c+ ?- Z) a, p0 v
more risky ones would have higher premium (interest rate) as a compensation for an investment.
) {. _" r+ y3 y d$ r1 a( Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 V% ~1 | Q! i$ \. r R) g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 [$ D4 V4 M( n+ i- ~4 TAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* K) u4 i; h! V# E; l3 B9 ]
similar to bonds, CDs trading in the secondary market have different value at different times,3 m- U6 `6 h6 L \6 I4 f; r3 I
normally the value is calculated by adding it's principle and interest. " U) r8 f# }7 C: R. t
eg. the value of the mortgage+the interests to be recieved in the future. - A$ z# ~* b, x; U
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.
) ?4 t3 |7 `6 V$ h2 @: f( `
* O: c b7 `% Q( N' |) k0 h# pim not quite sure if the multiplier effect does really matter in this case.
% H. ?/ p( E; ^in stock market, it's the demand and supply pushing the price up/downwards.
9 K+ B4 ?! P/ a+ M0 A5 M4 xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; B; N, i% U# A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 }6 A0 n# r: b- o5 Z: z
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.
7 A+ w' n( i4 Q2 b9 ^but the value of their assets did really drop significantly.
* C6 R. h3 I) H' H
" U& N* M, b( s4 ?[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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