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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.3 R7 Q# s0 f: l$ X7 v0 i7 i( h) D7 [' p
CDs could have different ratings, AAA -> F,
% k7 w8 f% l, N5 ?. }more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 z7 B6 {2 D+ h, Imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: |0 T) F+ V2 ]4 g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) O1 _! ~7 `3 |. G- S2 g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." G! \- e% A/ f7 }- S( z/ ^% O; }
similar to bonds, CDs trading in the secondary market have different value at different times,
4 j( V5 _# V" L8 G% V, M% Cnormally the value is calculated by adding it's principle and interest. ) v/ g8 T: R2 b3 m" v \/ g, n. f# G
eg. the value of the mortgage+the interests to be recieved in the future. . Q" o. `: r6 r: [7 b, Q
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.( D, o; ?3 k8 H6 C4 k+ n
/ ~/ F; A9 ]2 T+ R% h% X3 {
im not quite sure if the multiplier effect does really matter in this case.0 T1 f' X! w/ y" p; U% W
in stock market, it's the demand and supply pushing the price up/downwards.
; G; V9 T1 O+ a5 lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' q' V- z" {7 q3 p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ x9 F8 ^) R% D0 U# aThe 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.
7 i" |7 t7 U) }& {6 Dbut the value of their assets did really drop significantly.
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, M/ F" Z3 ], B: }& X# b f$ ~[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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