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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.( Q- A5 i9 h/ s6 ^. u; ^2 F
CDs could have different ratings, AAA -> F,3 f/ {. s% X% n0 Z5 W* F
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 |9 I9 R, z" i% f2 m8 L% u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ z; N- r& ~4 {5 K- _: i$ z/ W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" ~. N. n& g5 f3 z/ LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ i8 J5 b4 c, Qsimilar to bonds, CDs trading in the secondary market have different value at different times,
5 }. M$ R: A% Q3 s' P9 }normally the value is calculated by adding it's principle and interest. : Z( i3 L: R8 B% L8 b0 a
eg. the value of the mortgage+the interests to be recieved in the future. 2 V/ k; e% B2 m5 r% O3 Y& K' J
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.* W3 i. x. N! }
" |2 O- Z# C% D2 }3 Oim not quite sure if the multiplier effect does really matter in this case.' M4 u% ]5 _+ V. l; b: S* q- U
in stock market, it's the demand and supply pushing the price up/downwards. u- L8 r* L3 m& Z" n: ~8 ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 y1 X0 w: H h! C4 C$ @* VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( |" i. i5 q/ N0 h P/ K3 x
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.
. M# w& j w# V8 T$ d cbut the value of their assets did really drop significantly.
r: b/ p: |1 d# m' T, {# ^# k5 h) m) |8 f! b
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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