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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.
9 r0 e S9 S) ?CDs could have different ratings, AAA -> F,; s8 h; V% @; P) ^6 e, x, U8 o
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 r b* @1 y& O
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ @' u. E$ ~. f& t5 \4 oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ d* K1 V% f) g$ q- z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 ^2 z* f# [/ e5 M/ c. h
similar to bonds, CDs trading in the secondary market have different value at different times,
9 g1 S4 b. b0 u$ N0 Vnormally the value is calculated by adding it's principle and interest. 7 K: m' g) {! [& d+ H
eg. the value of the mortgage+the interests to be recieved in the future.
8 W& A/ [8 m4 B; K$ S7 H1 wbanks 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.6 Z' P. I, ]4 Y# U8 p) \7 N
% X# C/ T$ J) f i7 }/ H
im not quite sure if the multiplier effect does really matter in this case.
; r: f8 i' g. s, X3 J+ l* r1 Lin stock market, it's the demand and supply pushing the price up/downwards.
6 O o5 K* g! q4 UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! ` k% y5 m. [* }6 S' ^
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 U' ^4 ~; \, q8 E) b: k
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.
5 \, S& o. [ N$ u7 s$ C( \& dbut the value of their assets did really drop significantly.
5 V N O, Q0 Q) |0 }; E& P7 l' ]
: I1 A: J( \6 O* n" l[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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