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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.4 Y6 P3 a& \9 O
CDs could have different ratings, AAA -> F,% q E$ w2 f2 [3 I' R, W Z- J4 T' r+ ^
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 |$ A) W- }: @2 j. kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 k/ {( j0 f* l7 z# {+ h% oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 E3 i4 C( E% C- l* N, ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! W' i5 {: Q& g& O
similar to bonds, CDs trading in the secondary market have different value at different times,
8 v R/ R; L' w# l! ?& Z* wnormally the value is calculated by adding it's principle and interest.
7 ^3 o" s+ m" s, P3 _eg. the value of the mortgage+the interests to be recieved in the future.
2 u6 d, u Y; h p/ @' F5 @* Kbanks 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.* l2 Q5 }$ {( A( O" ^
0 l8 R3 Q* X M% t
im not quite sure if the multiplier effect does really matter in this case.
# [8 K2 f! Z: X) l+ \( |in stock market, it's the demand and supply pushing the price up/downwards.% C6 e! O9 a* t Z# H: C
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( {- w: t h( @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ y; p+ _. X/ t/ \- b
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. ! S, ^" o6 A; T9 d6 C7 [& U4 Z
but the value of their assets did really drop significantly.9 K K- R, ~( l. y
6 y0 `( y; ^* p( L[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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