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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.3 u3 O, l* Z6 U% Y
CDs could have different ratings, AAA -> F,+ q# L$ r z' h6 Q0 |. a
more risky ones would have higher premium (interest rate) as a compensation for an investment., X9 Z" K% @! @' w+ }; {; M9 t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 Q2 i) R G9 F, min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' k# y7 d9 K( r7 `$ v s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
x: u+ {4 K0 Q4 dsimilar to bonds, CDs trading in the secondary market have different value at different times,* o6 l7 ]+ p) P4 |* i
normally the value is calculated by adding it's principle and interest. " h' G/ F$ ?9 Y* v) d0 q) k6 n
eg. the value of the mortgage+the interests to be recieved in the future. / q! k; B9 T, r! U& `
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.
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9 ?3 h: _9 G, t! ~im not quite sure if the multiplier effect does really matter in this case.) U- A% t! T$ c: K
in stock market, it's the demand and supply pushing the price up/downwards.
( C; e- ~ [1 K! eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 v! P, Y5 l v: G7 f
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' M# y% g+ U& X1 d( n
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.
2 F% G- J) f/ m7 ~( p1 I5 c- vbut the value of their assets did really drop significantly.
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9 }/ ^) Y& G1 _: y[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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