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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.; q( Z; O( p$ j# y* b
CDs could have different ratings, AAA -> F,: Y5 g) v9 A; n0 ^2 X6 Q5 P. {- i" M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 b7 u7 B8 X# T7 d6 {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- L0 a: q1 ?& \# O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# R9 I+ P, ^5 v, z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 z S5 i% X' |1 u1 }
similar to bonds, CDs trading in the secondary market have different value at different times,6 L0 R# O4 R+ t6 c
normally the value is calculated by adding it's principle and interest. % \% Z) a* E9 O+ _
eg. the value of the mortgage+the interests to be recieved in the future. ) M3 d$ Z* G. M
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.
! k9 K: @, B/ Q& m' T% J$ c J# j+ M5 Z: |3 n6 h
im not quite sure if the multiplier effect does really matter in this case.& [" \* @+ j3 _/ J0 n6 r- Z g
in stock market, it's the demand and supply pushing the price up/downwards.
6 g/ E d4 y/ d3 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 ?. `: y. H, h B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% \7 u& Q% _& o0 F+ e
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. & u3 {- W$ C. a3 X
but the value of their assets did really drop significantly.( `+ `' y/ |2 D# W( {' A
+ X, p% J; R) A) X
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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