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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." q7 X H" [* C& k1 n; e6 ] k
CDs could have different ratings, AAA -> F,: k, U. G [0 y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
1 m/ J) m9 p. pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 N! B/ A! @8 I3 g' K: D1 U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( ?. v. T t6 b+ r7 J" O' M LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% j& o( X0 E8 z- ~$ F! ^similar to bonds, CDs trading in the secondary market have different value at different times,
+ d; ^; l% ]7 |* N% n$ Gnormally the value is calculated by adding it's principle and interest.
8 e1 t5 K2 o5 |% X9 Eeg. the value of the mortgage+the interests to be recieved in the future.
$ b5 J: k" h r- v% X* Bbanks 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.6 i' f% h! E* c4 }: L. i T, _
7 Q* }% W4 S/ P4 R( I1 ?1 r
im not quite sure if the multiplier effect does really matter in this case.1 e; l' a& K, L9 A) y8 P: K
in stock market, it's the demand and supply pushing the price up/downwards.
5 K% |, u. s+ |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: Y1 u& k% ~) ^$ X. v1 L" r M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* b, v+ i* h# D B* M, T# 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. * s, p2 r' i- r0 m
but the value of their assets did really drop significantly.
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9 m4 w+ ]' s! f. N4 F4 u7 |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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