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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
) ? t( d( m# q [ z- E* U, XCDs could have different ratings, AAA -> F,, G# R; }/ Z/ Z0 R4 G8 e# W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 K0 v- Z6 w) E2 g9 B* G3 omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 Z( c0 D( w. p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& W: [- W" W* x+ I$ V' JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 Y2 F: y/ O& |
similar to bonds, CDs trading in the secondary market have different value at different times,
/ S/ u" Z7 t' L0 ]$ [normally the value is calculated by adding it's principle and interest. ; t& W$ n9 w8 d2 B; y9 ~$ Y9 S
eg. the value of the mortgage+the interests to be recieved in the future.
3 v' v/ f1 I& `& H% u# k. }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.
/ Q" }" D+ Y2 t# v8 Y. v, F }1 c8 E1 j r# I
im not quite sure if the multiplier effect does really matter in this case.# {9 a3 D& u# d3 F, R
in stock market, it's the demand and supply pushing the price up/downwards.! _# W1 V# o, t. O x! P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. w( L0 Z& i' z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) }1 _* A2 ^% C$ J$ q+ O# ZThe 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.
6 @: K- A( R4 S1 mbut the value of their assets did really drop significantly.
+ `* ^( s2 @/ C1 }/ \% J
5 P- R3 c$ T& a4 ?8 Q) i: D/ d[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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