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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.4 N0 O) U6 ], [' M- Z- _
CDs could have different ratings, AAA -> F,* W* e5 f4 K* L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 x1 k$ S7 L N+ U2 b4 Bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 W9 M2 |' y* }5 d6 x# ]; }6 z) y9 c0 _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# J7 S+ d c( R2 h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: w' ~6 V* L) n, y( V1 rsimilar to bonds, CDs trading in the secondary market have different value at different times,. Z: w* M" A4 _1 ]5 ]
normally the value is calculated by adding it's principle and interest. 1 P# M5 {! q" p% A& K: V* F! m
eg. the value of the mortgage+the interests to be recieved in the future.
3 o, l2 y( d( _& U+ cbanks 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.' u$ m. \* w/ ?- g# V0 e( E$ l
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im not quite sure if the multiplier effect does really matter in this case.' y+ `# Y# L$ U- S
in stock market, it's the demand and supply pushing the price up/downwards.
# L: S; x/ Y1 m( `# lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 x) c/ z5 {! i: s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- N4 _, \4 J0 Q( t# }
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. ! q# m/ U; R. n6 L X; `6 [8 o
but the value of their assets did really drop significantly.& m8 Y1 ~& @# T5 q
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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