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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 ~+ ]1 j' y* Q4 _2 I2 J
CDs could have different ratings, AAA -> F,6 m2 @* ?/ z5 S; u- F! y! X0 a" P
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; T2 a/ Z: s' |; W" Fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 E: D) j% w: ?# P' _$ p( K, Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% l, z9 { R$ u1 \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% M; `( W' O; ?3 T* n# Y) D
similar to bonds, CDs trading in the secondary market have different value at different times,
* l& j+ t2 j/ z2 D6 I! knormally the value is calculated by adding it's principle and interest. 4 Z& _( M) R/ Z; a Z) a4 @
eg. the value of the mortgage+the interests to be recieved in the future. 0 F( v% P' b/ l! 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.
b7 I7 R% Q( a) l
. K1 S& d* O8 ^: c- D: f Uim not quite sure if the multiplier effect does really matter in this case.. h8 V& }$ W, B7 Z+ D& E. {
in stock market, it's the demand and supply pushing the price up/downwards.( k* p* k7 q) F! g: c& F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 q- q. A9 H6 q, T7 j9 L4 O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' k0 l1 X4 _! X# h$ `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. " X. r+ Y3 d! {; b( U
but the value of their assets did really drop significantly.
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' @/ m {: x; F8 T6 @" P[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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