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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.( q) ?2 q7 Y# a' D. _
CDs could have different ratings, AAA -> F,* b* [; H' l- v6 U$ B
more risky ones would have higher premium (interest rate) as a compensation for an investment.
1 h% l! }1 \- u! c0 Y% [& Qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, c' y7 M9 I7 Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! Y D8 Y7 ^7 R7 T6 E" ~3 n+ `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' w- I$ g8 L; b# h
similar to bonds, CDs trading in the secondary market have different value at different times,+ B$ M! D) P- F, y9 ]- ], }0 ~
normally the value is calculated by adding it's principle and interest. 7 `# Q% A4 W" @5 U7 p% z5 \8 U8 J: U# k
eg. the value of the mortgage+the interests to be recieved in the future.
5 J( X, N* M- H) L# `$ w9 Q" Lbanks 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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, s0 _! T- R G% l2 c: U# b0 aim not quite sure if the multiplier effect does really matter in this case.! S7 i6 F! L2 t
in stock market, it's the demand and supply pushing the price up/downwards.
/ b; y1 ]! E+ f7 ]6 Y1 zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" ?. j6 S R* U9 s+ `* `% W& OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ r; o. O! g, Y' X7 L8 b1 ?2 W' R
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. % A* }% P& W6 @ @0 _; }
but the value of their assets did really drop significantly.
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: D t6 f3 v. p3 u9 f[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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