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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.* `. V8 S# @; e/ s* X
CDs could have different ratings, AAA -> F,: B" [' P) X1 V6 s" d7 o
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- {1 p% g0 ]0 s7 S3 Q$ bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 _, F4 h* i' \: N6 xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 Q4 H" ~: @7 h! ~9 H& T" L
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! L1 _* K! \# i. G8 @( Vsimilar to bonds, CDs trading in the secondary market have different value at different times,# Y/ w R! l) F, y6 B
normally the value is calculated by adding it's principle and interest. 9 @% j: A5 I" [6 n! D% s) A: D
eg. the value of the mortgage+the interests to be recieved in the future. ( Z7 o" {( u' z
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.
# `- ?- Q* E5 x9 _1 j
! X4 l4 w! A8 _im not quite sure if the multiplier effect does really matter in this case.' ]5 R: I. {/ ^" \# X) t. C
in stock market, it's the demand and supply pushing the price up/downwards.
9 w0 @. T. z7 G2 m1 y. f- {4 K' ~% C5 g( nFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 S( Z0 A8 b7 t, E; a0 [) P1 ]' \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 V( q. s* {3 D' r+ B- b w& HThe 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.
; a5 F/ X z/ v, Y8 Nbut the value of their assets did really drop significantly.
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7 Y% b4 k# o2 @6 }" l3 Z[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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