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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.# L. A% t( |3 d; C7 T6 ~1 e9 n/ a
CDs could have different ratings, AAA -> F,8 _- I0 [! G7 ?8 \% e# r1 I) _
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' N2 g/ W. y/ o8 m7 R0 `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 ^% n* |+ I4 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 [7 F9 `0 h# k4 B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* C! P5 D) M6 }' E" l* \9 Y
similar to bonds, CDs trading in the secondary market have different value at different times,% s9 D9 W2 D% T6 r) K7 { b
normally the value is calculated by adding it's principle and interest. ' A8 S4 h) S( m" Z- X0 D) B0 z
eg. the value of the mortgage+the interests to be recieved in the future.
1 o3 ?9 l6 I: `9 i V+ }: J, w- g/ Tbanks 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.' L5 C* ?$ N! F3 O5 p
3 T; u' G$ \0 v2 ~' O4 o/ pim not quite sure if the multiplier effect does really matter in this case.0 C0 ~" @. a( t, b& L- h; v
in stock market, it's the demand and supply pushing the price up/downwards.; C+ _* n4 o I" R) {2 I4 ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. K8 ?3 r$ l) C% v) {1 S! ^
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- P1 Z% n2 j9 D5 s" e! h2 d0 Y
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.
: g7 f5 L$ `& Q1 q# B! h9 Jbut the value of their assets did really drop significantly.0 @$ k8 C1 l) U6 i6 l
$ C' J1 x9 V7 d0 ]( O* [[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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