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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return." a& x' S0 a' M/ a$ x7 _
CDs could have different ratings, AAA -> F,
+ K6 q( g" y6 T3 m4 L# }more risky ones would have higher premium (interest rate) as a compensation for an investment.8 t# i( \$ M$ S3 \9 G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% d, m) o( T0 P/ S6 m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- `, }* c- t- Q8 z6 kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 i) H6 H4 h. |* U1 O
similar to bonds, CDs trading in the secondary market have different value at different times,! \6 b9 h3 L" z* u' i0 ~
normally the value is calculated by adding it's principle and interest. 1 @9 {3 E. ]! m# w* ~1 i. R
eg. the value of the mortgage+the interests to be recieved in the future.
& z7 H1 i0 e& D- q0 s7 ]' bbanks 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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( G; t8 |8 A0 l* C- Qim not quite sure if the multiplier effect does really matter in this case., V$ c- Z0 t; Z1 K# V9 S0 [. F% v
in stock market, it's the demand and supply pushing the price up/downwards.
$ L* ]2 F0 z- e1 s% ZFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! F9 }! o3 q6 k, Y2 u. @7 C% p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 e' G. A; a1 }: P* d+ S( cThe 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 b5 d8 s& i0 T* Jbut the value of their assets did really drop significantly.
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) o2 g9 Q S) t& s# z. {[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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