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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.7 m: u) w6 H: q- g$ V0 S
CDs could have different ratings, AAA -> F,
6 L, {% K2 G5 W y3 Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 A8 F$ q! z: o% Y2 d5 p7 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& G8 J" L+ [' ]9 s# @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 m; B7 l) x* \* a3 I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 P0 K; [- F7 x) E$ z" Osimilar to bonds, CDs trading in the secondary market have different value at different times,
3 u! Z) X! O" ]0 |) nnormally the value is calculated by adding it's principle and interest.
# y$ p' ^' I1 f* n5 [) e( oeg. the value of the mortgage+the interests to be recieved in the future.
; h0 h) q! p' D, H3 C7 G, r; M) pbanks 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 F7 q0 U' ~1 ~- k) ?- l" V
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im not quite sure if the multiplier effect does really matter in this case.9 r" P, Z; _$ ~8 K: T4 V. ]/ G
in stock market, it's the demand and supply pushing the price up/downwards.3 `- x$ O' m2 a4 k. M1 [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: {* n& w4 W; F/ D+ r4 s) Q- D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 H( _8 g# G% R2 v
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.
, `# \: ~3 ~; T$ }7 e, mbut the value of their assets did really drop significantly.6 F: f0 T W7 O% P3 |! ]2 p
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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