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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( \ y% o. r, c6 @/ y
CDs could have different ratings, AAA -> F,
. b4 w! u; X, P% l3 ?1 xmore risky ones would have higher premium (interest rate) as a compensation for an investment.& a! `3 v* G0 c/ k: e) q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, F4 K4 |1 H8 h0 ?/ j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, W" H& s5 `2 V8 t1 M" xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" C/ \# `, Q8 c q" T3 @similar to bonds, CDs trading in the secondary market have different value at different times,- n0 q" T* W) f+ K- {4 s
normally the value is calculated by adding it's principle and interest.
/ Z- X' O2 X$ {, l4 }eg. the value of the mortgage+the interests to be recieved in the future.
6 u! r* w3 B4 L! u; ]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.
- e7 R8 C) K% N; Y: N+ }
3 u/ r+ M/ J4 J- i0 Rim not quite sure if the multiplier effect does really matter in this case.
) y3 J4 o* t1 u2 y2 G; f1 `/ Iin stock market, it's the demand and supply pushing the price up/downwards.5 G8 b# |1 {0 x9 t
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" L* `) t% n7 M3 r4 n& cA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( V. N) E1 n( a$ e( e3 m: m
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. 0 A/ N) e% |% v8 ?' \, c9 R9 ^8 V9 W
but the value of their assets did really drop significantly.
: u$ }$ k4 }' u- F( g9 K! q/ X2 H! R3 p, d
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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