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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.
$ a/ J) @; [0 J7 g8 ~CDs could have different ratings, AAA -> F,! U3 i% O9 w3 d6 j. H/ p. W
more risky ones would have higher premium (interest rate) as a compensation for an investment.# w% i# d# i5 x, Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! _. u# p6 u% J0 v x; A- c' Y9 B: Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 [+ m# @9 P2 }2 `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 O. T* E& k% x9 B5 R! ~2 y7 \
similar to bonds, CDs trading in the secondary market have different value at different times,0 F& Q6 Z6 }& N
normally the value is calculated by adding it's principle and interest. . L7 ]! b. V: s1 h
eg. the value of the mortgage+the interests to be recieved in the future.
5 S) d- v0 G4 x. ~0 Hbanks 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.
Z9 O( a6 g4 _2 X) c- p$ S# m% C1 \6 I; _
im not quite sure if the multiplier effect does really matter in this case.
% B0 p# X2 t( r% Q# M* Rin stock market, it's the demand and supply pushing the price up/downwards.0 l# T' }: N+ J0 v: y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- F# z. [7 q' n# k7 CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 t( f4 z8 s5 T" l2 D1 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.
' C: N* v% q0 s8 H2 B/ R) R" s, pbut the value of their assets did really drop significantly.
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# n1 O7 _3 f' q( _/ d$ P[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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