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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.: Z9 f5 ]! ?! h1 N2 H0 G
CDs could have different ratings, AAA -> F,
/ r- d/ F( C$ `more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 R6 h( v0 X7 Y1 G3 U5 K6 ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ {1 N/ X6 W3 F2 D3 a, l6 {0 rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. e# E K f- J# {5 S& f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- L- d9 _& A/ q. e$ Psimilar to bonds, CDs trading in the secondary market have different value at different times," H' d3 D4 u( ?3 m R
normally the value is calculated by adding it's principle and interest.
- \; O2 ~2 d/ |: n5 k1 f; _eg. the value of the mortgage+the interests to be recieved in the future.
9 n* r* ~+ n9 I; X# a8 rbanks 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" ^0 A L/ T# A2 x& v
9 w! a% u: I: s0 N3 O, cim not quite sure if the multiplier effect does really matter in this case.) |3 N; K5 v! L' l, H
in stock market, it's the demand and supply pushing the price up/downwards.) s# v9 X. p( F& p5 U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," N) T7 j5 V0 Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. S. C+ p: U( j3 A8 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. 5 N7 T8 r7 s T
but the value of their assets did really drop significantly.
- m8 k3 T( k8 I+ n( k
" L5 L- I& ?4 d' g# h[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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