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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.. ^' { ?3 d9 o. A- T
CDs could have different ratings, AAA -> F,: F7 o% B, w( w& e: t# ^) c
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ ^% Z" a$ F, `
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* l; I* I- n4 @5 y# d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# f4 m6 J- M3 s. M( X" G7 ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' K3 @/ n8 `* |# ]6 \. h7 K
similar to bonds, CDs trading in the secondary market have different value at different times,
$ k0 i/ e: m( j H/ Onormally the value is calculated by adding it's principle and interest. & s0 p7 p9 {9 E6 A+ } V6 E/ A
eg. the value of the mortgage+the interests to be recieved in the future. 5 t0 y+ c- W) h# }3 _* r' f
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.% O) K/ N6 \9 y2 @; @, h8 d
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im not quite sure if the multiplier effect does really matter in this case.! a5 @/ f- m# c
in stock market, it's the demand and supply pushing the price up/downwards.$ M! K4 I, ^) |" k! S+ C1 T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( p+ h3 e( d5 G- OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; C8 J; a" Q2 ] O2 R; AThe 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.
m/ y3 e$ q) {# ^but the value of their assets did really drop significantly.8 r$ s1 M9 C; U) p$ I
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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