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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.% o" g- M1 t4 G5 G0 F3 p
CDs could have different ratings, AAA -> F,
3 g" @4 O- @# N4 T0 |more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 S/ y3 {4 b$ ?! [, Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, O; ~! O+ ~) p( l% E: y9 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 a' }# _0 U" K3 g6 S, f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ N/ D7 @) N6 Z% x, p8 s; S
similar to bonds, CDs trading in the secondary market have different value at different times,+ n1 C- }" J# y$ D$ F
normally the value is calculated by adding it's principle and interest.
G7 K8 j3 }9 ~eg. the value of the mortgage+the interests to be recieved in the future. 0 e) Y( X3 L* z4 z0 y+ ]2 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.8 M/ h, V Y& l( |* {: F& L
8 h: r& s% ` D' E0 n& G1 oim not quite sure if the multiplier effect does really matter in this case.& S" a3 N; v7 ]) B3 H
in stock market, it's the demand and supply pushing the price up/downwards.* R+ G7 _0 v9 K0 y- a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 c2 p D2 K' v. C, ^' I. K- IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 `6 }' b. b9 k$ MThe 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.
& v5 g' m/ Z3 n5 _2 zbut the value of their assets did really drop significantly.
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5 A4 J0 ^* i# ^1 G; ^[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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