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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.6 \4 x8 T/ X& ~; Y2 W' \
CDs could have different ratings, AAA -> F,& d7 ^; i$ G+ r, c+ _4 V! k( m- y& C4 b
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( A$ s1 S J) V& pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 @7 }1 ]+ l$ z) v! Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ I2 O& l4 N% V: v% AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! G- \* d* y4 L+ b- ]similar to bonds, CDs trading in the secondary market have different value at different times,
2 T3 f: M+ N9 o; Qnormally the value is calculated by adding it's principle and interest.
! y: Z9 D5 @0 F# @/ r5 [2 |eg. the value of the mortgage+the interests to be recieved in the future.
, H9 O5 ] A5 I# C# Nbanks 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 S0 g B; |0 ^6 F! P6 M# V
5 ?$ g6 \3 |- B) D( l* xim not quite sure if the multiplier effect does really matter in this case.( O- |; H2 x; {" V' C- A
in stock market, it's the demand and supply pushing the price up/downwards.# z4 |7 T3 J7 A. g+ x
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," {" \" M( v1 |9 X, ~# I6 b
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ s; U) n2 z) }# W% PThe 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.
) B6 I$ [* p# h! p" c1 |) n, ubut the value of their assets did really drop significantly.& w. z. [9 k. f5 u+ \
) K% a' c/ C% P) X5 y* T3 r8 c[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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