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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.
6 S; P2 L" m" p" `* S5 P4 z& ~+ ~CDs could have different ratings, AAA -> F,. K# m4 D, @# Z! B
more risky ones would have higher premium (interest rate) as a compensation for an investment.
1 ?6 X0 Q; j/ e# l/ @2 smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 ^( L( K; m9 o; ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) j% ~* F1 n$ O8 B7 Y/ i/ ]. m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) z7 ^( _5 h( B, a1 E+ V% N4 Qsimilar to bonds, CDs trading in the secondary market have different value at different times,* [2 H, ~0 w% H# C+ \' z1 X
normally the value is calculated by adding it's principle and interest.
- D! H O' n5 V t" }8 Beg. the value of the mortgage+the interests to be recieved in the future.
# _! {; H& D# D, z/ t% kbanks 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& _& O5 E" b$ c. t* A, t& k$ \& n7 A0 @, {% G
im not quite sure if the multiplier effect does really matter in this case.3 ? {1 c* h( U. s" g- N
in stock market, it's the demand and supply pushing the price up/downwards.
$ ^, e: y, n2 Q1 G. K% zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 G' y$ o% S# v% D0 j1 {$ A5 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." H$ [/ }7 g v2 W' |( y
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.
, ~9 d, i: w2 O+ Q/ ~" ^but the value of their assets did really drop significantly.5 g5 Z$ H U2 A1 t% j
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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