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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.# X) p& e2 b3 |0 X: f: M9 R6 Z
CDs could have different ratings, AAA -> F,/ [: L# H+ O6 \& Z2 @ m
more risky ones would have higher premium (interest rate) as a compensation for an investment.- ]/ E) a/ {- ?- Y7 c9 F- n; {7 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ i% e- {" w1 vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ b' \5 }' o3 FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 w- @# P3 O5 ?# lsimilar to bonds, CDs trading in the secondary market have different value at different times,
# Y$ O+ Z+ [* v6 S$ C* r9 K; Enormally the value is calculated by adding it's principle and interest.
1 E9 Z5 n0 z5 J) V$ _eg. the value of the mortgage+the interests to be recieved in the future. 7 Z5 X+ l3 N* ]4 a8 v5 g2 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.
( j [1 y. K1 Z* U7 t& v- N
: r2 j4 S1 c& \0 r) L" ^3 vim not quite sure if the multiplier effect does really matter in this case.
4 I* F( \' }* v; {in stock market, it's the demand and supply pushing the price up/downwards.4 h9 t; ~! N& `+ Q* u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& {: v$ z: @) D3 [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) b) w8 a% [2 Y# [8 }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.
6 U7 k6 u T7 H! H% z0 t7 q0 \/ lbut the value of their assets did really drop significantly.
9 E5 q3 A6 p4 d) ^/ e( s% c# v# b, I, ?, A% R( v5 s
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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