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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.& x. V2 U% I, s5 Q" _9 M: L
CDs could have different ratings, AAA -> F,
' k/ m+ G" T4 ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 m8 t+ M5 v! O7 a) @: B! N( }7 \! vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 k7 Z& ]' C, h4 Q" [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: h' @0 p7 C1 \( b* o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." m- ~0 O3 m& U/ A2 ?
similar to bonds, CDs trading in the secondary market have different value at different times,
) O0 ^% e- W' j" _' ]# jnormally the value is calculated by adding it's principle and interest. 2 D0 b! }6 R$ x6 Q7 C. y/ y
eg. the value of the mortgage+the interests to be recieved in the future.
1 w( T/ i u; x3 v; Lbanks 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.3 f. j$ X: p% n% @: A
, b' P, j M0 e- `% K1 u( ~8 Yim not quite sure if the multiplier effect does really matter in this case.
& r/ X+ J/ o# g" a7 D/ N& Kin stock market, it's the demand and supply pushing the price up/downwards.7 o6 T2 Z, p% n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. s1 x N, s I" x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& a1 T2 |2 W6 U! s$ `7 m
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.
4 S; J0 u2 M( s9 l; Z" a% C2 Mbut the value of their assets did really drop significantly.
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: \5 B4 r2 u/ X! D. T9 h[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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