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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.& t' v+ p4 }# }6 x9 g: Y- p7 }
CDs could have different ratings, AAA -> F,$ p& b( ?2 h: T- z) K$ p
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 m1 T: W" F/ Y* }- d D3 Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# r# T4 `. w* m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 p; B; w5 h' m1 \. M. I3 t* R. rAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., N% M+ V. N1 u4 i
similar to bonds, CDs trading in the secondary market have different value at different times,* F0 F- e0 k$ E$ g
normally the value is calculated by adding it's principle and interest.
8 t9 j5 {* p# Q1 k o* t/ |eg. the value of the mortgage+the interests to be recieved in the future. 5 F' k6 o( X1 c7 r
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.
" S% X% m& y6 @: \7 ~
5 ?) t3 d7 \8 Mim not quite sure if the multiplier effect does really matter in this case.
: G3 m) {. n$ ~; v# T' o/ [5 Ein stock market, it's the demand and supply pushing the price up/downwards.
# R H% c8 u: `For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. _2 q7 B& w" N. ^& f
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: F1 Y8 h' d9 M- |% r1 {& J YThe 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.
, V6 ~$ c. m5 ibut the value of their assets did really drop significantly.
: a8 [! g3 R \1 `6 k& S0 p' C( r' F- U. x& y" w
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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