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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.2 Q4 t2 O0 x% o8 ~
CDs could have different ratings, AAA -> F,* V q6 t, L' x/ p' h# Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 Y5 g8 P; L) s1 R- I% i9 r
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 M% u. `, T6 Q7 j& x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. H* j- G% G/ j3 n i' L& w- W; A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* K9 d! w. u% k4 Vsimilar to bonds, CDs trading in the secondary market have different value at different times,
* ?! C7 \ y7 {, nnormally the value is calculated by adding it's principle and interest.
/ ^ H4 r5 p2 [0 T, eeg. the value of the mortgage+the interests to be recieved in the future. + `; c6 S; x# ^; \# 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.
3 ]* @: V/ I2 q# G9 d: `" L
$ I9 e9 m/ z7 F" Q& c7 T1 x; P3 }; Aim not quite sure if the multiplier effect does really matter in this case.6 R5 K) n+ {6 }3 u Q
in stock market, it's the demand and supply pushing the price up/downwards.: Z% b% N9 a* o6 Z5 ?! B6 w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 u, n; v/ y: F7 m6 ?3 Y% g4 N8 l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 s& ^3 U! y2 R; B) y6 z
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 q& j+ b4 }6 c8 a4 _/ p
but the value of their assets did really drop significantly.
* G) J" W+ i" E
) r$ h$ ^) t/ ] w$ Y8 ?, I[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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