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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., v$ S. {4 p5 }# T! M5 D1 G1 ?
CDs could have different ratings, AAA -> F,
9 ^* h6 j' T: s) L5 Amore risky ones would have higher premium (interest rate) as a compensation for an investment.8 ] ]/ J r: k" F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 O6 R; t9 o9 }$ z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ _' c* g2 k hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., f2 B* M; {1 r+ r5 A& X3 f/ r
similar to bonds, CDs trading in the secondary market have different value at different times,
& R4 x$ r% }0 h7 {2 I; gnormally the value is calculated by adding it's principle and interest. 3 D" N3 L0 G: Q) Y+ b
eg. the value of the mortgage+the interests to be recieved in the future.
2 c$ T5 p" ~ o4 F9 r4 Rbanks 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.; z. ~% _, W) s
& J5 z C( ~/ G5 W o/ a
im not quite sure if the multiplier effect does really matter in this case.5 R& H- a. U; p7 B) m+ Y0 Y# y
in stock market, it's the demand and supply pushing the price up/downwards.
! Z4 M# Q- t: f' R: m% [! lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) A5 x, W8 U! h" ~( ?2 p1 s, ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ x5 B6 C- T2 H. V% o) c! C/ ~
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.
! l7 @* c0 i( g1 A$ Q f6 ibut the value of their assets did really drop significantly.
7 w- i1 O! K2 ?# D F- N. _- h; h' P
5 g. d! |- J- L[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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