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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 A' w; K* ]- W# i6 G( }; HCDs could have different ratings, AAA -> F,
2 v% m5 G3 p* @8 _) S5 }5 g! M pmore risky ones would have higher premium (interest rate) as a compensation for an investment.% Y. a0 a9 s2 h+ c: N0 @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 ?2 G( d. `! [& l: ^" I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) C! ]$ X7 l7 ?3 A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ \" K/ ]! G% V/ n! S
similar to bonds, CDs trading in the secondary market have different value at different times,
2 \' r" b0 f% q$ r+ {normally the value is calculated by adding it's principle and interest. ; M3 l2 `* \; t
eg. the value of the mortgage+the interests to be recieved in the future. + @4 @: O5 ^5 o8 p$ i* c- V
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.2 G5 v, V. m, B7 l: j. j) i
2 @2 R+ f2 i V5 W2 D% l
im not quite sure if the multiplier effect does really matter in this case.+ I2 C2 ^; ~) n/ J# a D
in stock market, it's the demand and supply pushing the price up/downwards.
$ p! A( w( `+ ?4 fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# e1 b) k) m9 ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 [, B( [/ Q h, p. F* 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. 1 }0 s- n. h: k& p# w
but the value of their assets did really drop significantly.1 I9 L: f6 x% J, { `% L2 T
! g! ]& U: g- m+ I9 x# J, c, ]
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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