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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.- O. t. b& M7 y9 d- {0 f
CDs could have different ratings, AAA -> F,. S+ f$ i4 G# Y1 x! H6 \3 K
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 A' ]3 L% q8 v1 ?, {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 D4 G1 c1 _1 `! e" p8 m; |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' B, i) p, @+ r o1 J9 M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; |) C* J- \1 u# tsimilar to bonds, CDs trading in the secondary market have different value at different times,
_# I5 k4 n: z$ f6 R" ?normally the value is calculated by adding it's principle and interest. $ s8 M+ Y6 `6 [, _8 s
eg. the value of the mortgage+the interests to be recieved in the future. , B7 S! B0 T7 q4 X9 ^4 X y
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.
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5 x! b( K4 d/ H" x9 Oim not quite sure if the multiplier effect does really matter in this case.
, Z2 z' j3 K- W( g7 L5 b4 |" jin stock market, it's the demand and supply pushing the price up/downwards.2 Q$ I3 g' l1 i9 \ P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 [) l( k2 b: |3 W9 `" X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 y6 @/ M" `! D# T
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 C( f& x2 i/ l4 l9 z/ M, y
but the value of their assets did really drop significantly.
L( R0 v( J# s6 ~( R) C0 G) ?! k3 ]0 b' Z' B& |0 T3 g* U g
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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