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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.* e* ^8 ~) n* z# C# ]
CDs could have different ratings, AAA -> F,) k2 ~' H9 |+ ?# z% [4 }/ V
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 z9 N$ Q Y4 a. O) e. |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ K9 A e( y) Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. O5 i! ~; K4 Y2 t: o' ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% K' R# I+ Q( w7 s0 g- |* Ksimilar to bonds, CDs trading in the secondary market have different value at different times,
) k0 E( k! L: ^/ `normally the value is calculated by adding it's principle and interest. - e5 ?+ m( ^9 R, }) i4 L9 r. J9 }
eg. the value of the mortgage+the interests to be recieved in the future.
1 U& B! b) E- d, F, s" N8 i0 P3 _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.
) T/ E( a( e% o, L) M! I( ?% a" D+ \2 _
im not quite sure if the multiplier effect does really matter in this case.& Y9 l7 U6 E. K
in stock market, it's the demand and supply pushing the price up/downwards.( h7 U( g) Q( |' q- [+ n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; p' K0 E9 z. y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) z" S$ q# G q# c! Q& J' EThe 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. / L, y. m. N; Q& J- f$ Y$ h
but the value of their assets did really drop significantly.) y P9 V, n/ B) g$ |# t
! ?+ O. d8 i4 I[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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