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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.& b3 m6 ~, E5 ^& ?+ s
CDs could have different ratings, AAA -> F,$ L* O8 c. d+ p, |9 X3 k! k2 B. T
more risky ones would have higher premium (interest rate) as a compensation for an investment.; x$ L7 Z- S. k. H+ j: }- b- C0 N) }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) V7 n9 v2 u# O; i7 Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 D/ V+ K! U i+ L$ LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." W( S! r, H0 Z0 c: O
similar to bonds, CDs trading in the secondary market have different value at different times,8 g& r2 A/ p6 F# D" [; h$ R% a" D7 @
normally the value is calculated by adding it's principle and interest. + ~& R% `" R2 r: [ D/ n* R
eg. the value of the mortgage+the interests to be recieved in the future.
9 {- o5 y( E7 `. Y1 Lbanks 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.# H9 C* e: I8 D" m# F) L. p8 L
+ C+ S/ S P( W7 H% c( [ V
im not quite sure if the multiplier effect does really matter in this case.8 g, G; `" K+ G. |( e7 [
in stock market, it's the demand and supply pushing the price up/downwards.- j8 m8 R$ V1 Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' H' x) O) e6 K& i2 aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& z; R" R% r* B1 f
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.
& X! j2 r |5 F9 _0 _ lbut the value of their assets did really drop significantly.. c9 l, u: b9 S8 u w) q8 c- X
4 I2 O4 \2 k N) x/ m. E# R; P" ?[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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