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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.
9 h; a5 l' j! O- D7 C* j) ]# ^7 q! {1 i! cCDs could have different ratings, AAA -> F,+ T5 U. _0 ^7 N8 q, M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 f! ~# R, K9 @1 C7 p Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# e$ w* R3 d0 Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ V7 k6 z5 I! B" oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. k% G$ |! L5 ~7 Hsimilar to bonds, CDs trading in the secondary market have different value at different times,- v6 ~; c+ y D( ^4 y
normally the value is calculated by adding it's principle and interest. ( K: e0 P3 T4 H% _# ~
eg. the value of the mortgage+the interests to be recieved in the future.
1 g. j* R% P# W, {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.6 T% G& G, V- y
1 }. ?( w$ t" S- s
im not quite sure if the multiplier effect does really matter in this case.! H9 m) {+ n- W' i, g0 [- |
in stock market, it's the demand and supply pushing the price up/downwards.2 M3 B& |0 d x. m! D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ A# l9 B8 g$ E9 T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* k7 g( R, u' h, l, O
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.
7 n# L- |8 D( h% {; z0 Zbut the value of their assets did really drop significantly.4 F3 G" g- x% z) F
. o" [; @" r4 g& G3 A7 T/ E4 V
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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