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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.+ e+ w) p6 l3 p, q8 @/ S/ }4 b
CDs could have different ratings, AAA -> F," Z8 ]6 L: T. I1 B3 d# H
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( L5 [' s0 b0 ~8 {9 imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," d M1 P, M1 @3 g H# r1 R
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( I% p$ K) f# gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& w+ `% j1 p, X/ @similar to bonds, CDs trading in the secondary market have different value at different times,
1 ]8 M# e) f1 Znormally the value is calculated by adding it's principle and interest. ) g0 n0 P2 A% N! s7 y# `& A
eg. the value of the mortgage+the interests to be recieved in the future. 7 u' I7 x3 I9 u6 i: b* {
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.7 \9 A! y; y, R. A3 P
! r; v- ^9 W, O( A: z/ D. P+ L# [im not quite sure if the multiplier effect does really matter in this case.- I6 f1 M$ ~' n$ _7 s& i7 g
in stock market, it's the demand and supply pushing the price up/downwards.
, i+ f) `1 t* P. ^6 n( D4 T3 QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 q1 B8 i* x# m0 B9 PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: L; w- @; F9 z1 i" d! K2 eThe 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. : K3 q4 g+ `; A7 _# }
but the value of their assets did really drop significantly.3 Q4 o) g. N% S0 Q+ A0 K, u. I
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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