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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.) n7 N: a4 {' y5 B' d5 ^0 c
CDs could have different ratings, AAA -> F,
. T( s! x# h0 |4 l# Z( R8 i" Qmore risky ones would have higher premium (interest rate) as a compensation for an investment.9 y, y& S" m8 P3 C- C# t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ f9 N6 I, x3 n* Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; F$ I+ i; f, A& A3 YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; v, [ G* W8 hsimilar to bonds, CDs trading in the secondary market have different value at different times,) F4 v8 J* T5 L
normally the value is calculated by adding it's principle and interest. . u( n4 G% P2 U+ T* |
eg. the value of the mortgage+the interests to be recieved in the future.
: o. w# G3 }+ y0 x6 q U) Dbanks 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.& d9 k7 I' R% P t% Q
4 m; Q# L# s4 j1 h7 C- oim not quite sure if the multiplier effect does really matter in this case.
& b/ `2 U. ~8 E. M$ j$ l0 v# D Qin stock market, it's the demand and supply pushing the price up/downwards.
- M. T+ I( O4 |# oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% ?- q6 w4 `; Z; s: V, i- m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ j o4 {6 R. r6 Q4 H+ iThe 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. 5 m9 T9 [! P- S z
but the value of their assets did really drop significantly.0 y3 R$ T, K) y Z
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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