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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.
# }/ g) T. S1 G+ X1 hCDs could have different ratings, AAA -> F,
2 V' T9 a+ u( l; b1 a1 Amore risky ones would have higher premium (interest rate) as a compensation for an investment.; Q* A4 k D+ h( I" t+ m% C4 X
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 B ?# a2 R# a* s5 G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! N3 E- r) _! O+ @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 w3 p9 b- @% y. h5 _: Vsimilar to bonds, CDs trading in the secondary market have different value at different times, @1 X9 @- A" H. q2 g1 C# v, ~$ i
normally the value is calculated by adding it's principle and interest. " U9 _. h1 K7 U4 {4 _; W. z6 J
eg. the value of the mortgage+the interests to be recieved in the future. 9 `; l% J* a. C0 B8 W5 _
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.$ R9 ]0 i* F- R% Q2 V& [
0 w, t4 T' v6 H$ n- e) `# h
im not quite sure if the multiplier effect does really matter in this case., i. n4 M4 {+ [/ c
in stock market, it's the demand and supply pushing the price up/downwards.6 I0 {7 E/ u/ @0 M) M9 P' O; o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- D9 |: `/ h" @0 D" t' F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 |* a* S7 e/ c! y
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. ; Y0 {+ H( |" c2 o1 _/ L) x
but the value of their assets did really drop significantly.
$ g+ }% }; l# o ?
/ S& F# \/ E% w) G9 b1 S[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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