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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.8 R" O/ U6 r7 M
CDs could have different ratings, AAA -> F,5 |6 W5 K0 L7 Q9 W# ` |* |$ y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" D, | q. k3 L5 ?, |2 g) B( c) lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 S" N4 @8 ]+ k) k! \- _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" e' I1 ]' a6 m2 Q% A, s' XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& M; _" W. s% V5 A0 y- C6 e) ~0 i
similar to bonds, CDs trading in the secondary market have different value at different times,2 M. A- ]; z; }- N3 I" z/ F/ k
normally the value is calculated by adding it's principle and interest. $ X0 |# I! a+ H
eg. the value of the mortgage+the interests to be recieved in the future. 9 i& q8 ~4 u' h2 L$ W! s D5 j* Y8 R
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.1 Q3 b+ Y4 ~+ F
" \3 v; V6 P2 Oim not quite sure if the multiplier effect does really matter in this case.1 O; w4 F+ s& \' ?
in stock market, it's the demand and supply pushing the price up/downwards.% p1 b! m5 L# @2 [% u0 N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 }# {& U$ \5 h" E# W9 c, dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 E: G1 M, w1 ]/ `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. 4 n5 D, N4 b$ J- B3 o7 Y
but the value of their assets did really drop significantly.
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* v A1 S2 T$ v- @( i5 N) `8 |3 L[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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