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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.8 t4 i0 B4 M9 e2 v$ d# G- F
CDs could have different ratings, AAA -> F,7 o7 q& b) j( ~# `! P- A
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' r- w% o7 ^6 T4 D6 j7 Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( r8 ^6 h2 H1 p: j: S' c1 Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, U @" Z3 u# t2 _" a. R! ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# Q$ z- h* H) \
similar to bonds, CDs trading in the secondary market have different value at different times,$ Q- A" P% S6 ]& y" Q2 s
normally the value is calculated by adding it's principle and interest.
$ z" X% p, m, s$ reg. the value of the mortgage+the interests to be recieved in the future. 8 c. K* A: r6 o- H; I& Q% 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.
, C4 L+ Q1 ]& x6 ~' G0 p2 X2 r$ t: G+ I1 t7 y4 G: u) f
im not quite sure if the multiplier effect does really matter in this case.* q9 a9 r; O7 ?) }3 R( X6 N
in stock market, it's the demand and supply pushing the price up/downwards.
/ R/ u! w* ^) _* Y# Z4 Z3 `' CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 E& b9 E& s) A6 r3 JA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 _ \7 f" o0 S- Y' q7 YThe 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.
: f& E: c! p: |3 I) Xbut the value of their assets did really drop significantly.1 ^' [, T0 O, ^7 k
5 h8 W/ T8 n2 Y# Y% I[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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