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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.
5 u4 r0 Z( L. U- I8 I4 V( }: [7 oCDs could have different ratings, AAA -> F,
9 H6 ~: e* E6 {9 z5 @/ p) B. |; ~more risky ones would have higher premium (interest rate) as a compensation for an investment.; c1 U2 L- v; ~. u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' v/ {$ N' y$ M4 h: R& Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- ^6 P& P$ H( E1 I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% H* w! S/ o0 f( w5 zsimilar to bonds, CDs trading in the secondary market have different value at different times,* I( |4 F4 o y2 o- U2 S
normally the value is calculated by adding it's principle and interest. , j+ z( y) F5 |2 |3 o) B- h2 E
eg. the value of the mortgage+the interests to be recieved in the future. * l6 T. K6 u( x/ ?
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.
, q3 Q6 r- J. j4 v
! D- p! ^( y) i, j) l4 R# {im not quite sure if the multiplier effect does really matter in this case.! {9 |: B2 ^* V3 Y0 x1 D
in stock market, it's the demand and supply pushing the price up/downwards.& M0 n8 s3 X7 t9 W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- |$ {0 a0 v$ O# T& G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" l, E4 A) ]9 `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.
8 f2 K% J/ z) f# pbut the value of their assets did really drop significantly.* _$ d' d" g9 G! o: } n
) U% t H! X% W. \. `- ?5 N[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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