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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.8 S6 |! o! J# i: J' e& l5 o
CDs could have different ratings, AAA -> F,
7 k; C0 Z% p3 h( {more risky ones would have higher premium (interest rate) as a compensation for an investment.
- `4 N, x( u8 A8 _1 d) y Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 ? P: c. p0 t) V+ k$ f* n( u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 P- i8 C$ s5 }3 J4 y9 {4 Q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" T, J% S) E$ Lsimilar to bonds, CDs trading in the secondary market have different value at different times,
( L' _& \0 x% Z, z8 k7 [# {$ [normally the value is calculated by adding it's principle and interest.
' {8 f% N5 _& ^( ^ v& Deg. the value of the mortgage+the interests to be recieved in the future.
& t |5 K# n9 S: ]6 _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." O# a- y, l, v8 L8 _& ~/ n8 g
4 R2 m! c: ~: q3 N$ M
im not quite sure if the multiplier effect does really matter in this case.7 p/ {' x. w0 Z3 ^& M
in stock market, it's the demand and supply pushing the price up/downwards., W3 o% q x- d& G
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& W( O; m: ~/ E8 R! `3 q, m- s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& Z, `% s/ X. q7 l9 DThe 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. 9 e* h6 k: J1 L, E0 r# x
but the value of their assets did really drop significantly.
# E- j5 O7 L" J* s* E; G
; i; t0 \3 k4 k0 V5 E' s5 A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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