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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.
- \5 p- M/ f. ^0 o3 E/ bCDs could have different ratings, AAA -> F,; Q7 G; ?& b" ~6 ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.( H5 [: _8 [, Z, `; @1 k! u0 ~' J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- E) m |4 v2 \. T% z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; H5 `5 w2 [- b9 v( Q! v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, h! ]) p: k0 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
T- |, Z6 z" z' g8 g( fnormally the value is calculated by adding it's principle and interest. 1 a4 }4 ^7 m2 W5 x$ ]
eg. the value of the mortgage+the interests to be recieved in the future. * C0 l* Q V- [" w# g
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.2 Q( o7 g- S$ {0 i0 U* [3 w
, b6 {3 y+ S, ?1 k+ E8 C
im not quite sure if the multiplier effect does really matter in this case.4 h0 X& C6 V. Y( `2 c5 Y
in stock market, it's the demand and supply pushing the price up/downwards.8 o: W+ x2 i) Z0 c7 | }) b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' B: e( }# I; A- o, s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' K- n0 z, F: x. S- VThe 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. 9 M% S" m3 h2 C( Z+ h/ K% N
but the value of their assets did really drop significantly.
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9 L7 } A6 i+ f- }6 x1 V[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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