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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., P! Q# M( k0 Z$ ~' l. t
CDs could have different ratings, AAA -> F,
1 r' I( t8 o! a8 `' |" Y; k2 lmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# ~ v9 x2 M! W& a; t- _" hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 V: {+ M/ A5 z- Y# s3 j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: X' |' ?% Z1 \5 P4 b
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, r; ]' U9 n: Isimilar to bonds, CDs trading in the secondary market have different value at different times,( \7 N" w: E+ K8 @
normally the value is calculated by adding it's principle and interest.
7 |6 {% |4 z/ ^eg. the value of the mortgage+the interests to be recieved in the future. # ^: d4 y* C% ^0 z5 i
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.
: U' R7 m3 n; R* W; v' B- f4 Z9 z* h, n9 r; Y/ c
im not quite sure if the multiplier effect does really matter in this case. o: F7 ~* j2 Z- [. v6 z* E
in stock market, it's the demand and supply pushing the price up/downwards.$ w, T+ J5 R% r7 C' c0 V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 i/ N0 d' Y3 |/ n X( aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 Y0 U( x7 ?9 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. : r+ M/ Y3 \1 O- a) x {( J. ?
but the value of their assets did really drop significantly.0 H" d& [+ y. ^- f3 m n. v
8 R# o" d4 g: j* \[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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