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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.8 G% q& z5 u9 O) a5 \
CDs could have different ratings, AAA -> F,
+ k. @0 t+ \3 I5 N# Imore risky ones would have higher premium (interest rate) as a compensation for an investment.9 O1 @7 |5 `6 _' U4 T8 F: e" w5 e J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, i: i2 y" ~5 x8 H7 t/ R; O+ k! tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: z/ I: x& _7 a! O Z; `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 T# l( P1 a; G/ Z4 ?! K1 o. ?4 ]similar to bonds, CDs trading in the secondary market have different value at different times,, t8 S2 I1 W. b6 [ `5 @
normally the value is calculated by adding it's principle and interest.
$ V7 _, q& w2 V$ I) meg. the value of the mortgage+the interests to be recieved in the future.
6 w3 c- f: z$ @% 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.
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" U: W( j+ a2 T: G! R4 Oim not quite sure if the multiplier effect does really matter in this case.
7 \1 x% H* c1 e2 O3 din stock market, it's the demand and supply pushing the price up/downwards.( a4 _1 g+ L8 _3 h, H3 T* ?# Z2 F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, f A7 m; A8 A$ H2 `- Y1 e9 n
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 y) f5 \4 [/ I- r
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.
; h+ x5 U- l, n- Gbut the value of their assets did really drop significantly., l. M$ s( F8 z: u
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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