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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.' [: S; o) T+ D1 k) Y$ n7 w) {
CDs could have different ratings, AAA -> F,
5 Z2 s6 d4 y+ @5 g/ c$ h, omore risky ones would have higher premium (interest rate) as a compensation for an investment.
, P; G% s! W' Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: T$ U- S6 S: J/ j- sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 D0 A4 g- K( S$ t, {2 V' P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) y3 r" B5 Z7 s; A% p! zsimilar to bonds, CDs trading in the secondary market have different value at different times,8 H$ t" K h1 W% l: O1 B
normally the value is calculated by adding it's principle and interest.
* O/ k) W; Z, |eg. the value of the mortgage+the interests to be recieved in the future. # w# c# i9 i8 |& r. q$ h4 O
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., A# X1 A+ n$ t; [' Y0 J1 s
8 B Z6 `2 s% x2 ~( J7 }5 Fim not quite sure if the multiplier effect does really matter in this case.
; t1 U; R8 s" qin stock market, it's the demand and supply pushing the price up/downwards.
& V* v4 p8 E% M, Y0 FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" h: _* Y3 b1 q) ?* o$ L5 DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# h A9 X5 p" P/ e# s0 k/ v
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. 3 C/ f; s) a# ?# q9 u
but the value of their assets did really drop significantly.3 l. d# |4 J% K0 i% A
" g/ e: w5 h& b: v
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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