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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.: b; j* c; V. q/ ~& i
CDs could have different ratings, AAA -> F,$ X3 h2 X) ~$ }) O( \1 v3 \1 [, X
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- O5 r% i, ^; J5 M# l6 |' vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) [' ~1 `+ }1 B* S7 J; i9 xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* E8 Y1 w3 A0 c# h' p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 l2 s0 z& h- f1 Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
) E* {! n0 }, C6 snormally the value is calculated by adding it's principle and interest. . j" t9 f& ~. m1 B, ~
eg. the value of the mortgage+the interests to be recieved in the future.
( A/ D; Y; X% ~; J* K- w- @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.3 e `* |1 J& @4 d' |
% j( T; l5 ?; H" c
im not quite sure if the multiplier effect does really matter in this case.! s! w' j6 N9 ~3 l6 C s. Q
in stock market, it's the demand and supply pushing the price up/downwards.
1 Z7 F/ R9 y3 W! C7 Y9 vFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' S* l6 ]+ K" M4 L" Z7 j5 W% wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., a2 F8 w! [; q& A, f( d j1 g) i
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.
0 L% u# m6 S9 p; N" }) i/ ]0 O$ I. z2 Ebut the value of their assets did really drop significantly.
7 k4 ^1 a6 v9 A+ u$ \' t" X3 B$ f9 s
& i+ X7 {1 d! B, K2 B1 Y+ ^[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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