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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.
" Y! `( i5 k, g" h: aCDs could have different ratings, AAA -> F,
! h5 ?1 T7 e& a# i6 fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 K3 p3 e$ `8 g- Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) v: C4 \/ _6 O! ?5 ^/ b1 x8 I6 x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' |$ }2 v8 A- m/ a( ~1 G& g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. C- M- R p3 t6 L
similar to bonds, CDs trading in the secondary market have different value at different times,6 V! @3 ]% p! B+ D' d# ?
normally the value is calculated by adding it's principle and interest.
2 t, y0 M+ `7 Z+ zeg. the value of the mortgage+the interests to be recieved in the future. 4 k" |/ \+ d% K7 e+ i# Z1 e
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.
; r P) U/ p5 n |* o% Q( K( f3 h& r& m% [+ O. L
im not quite sure if the multiplier effect does really matter in this case.
- a q4 l/ S! D" F8 f, N' C" u: v# zin stock market, it's the demand and supply pushing the price up/downwards.2 w. l6 Q5 |9 b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( ~4 b1 P2 x# X' T1 n/ k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 V/ k, R: |& h* ?5 X2 \: E0 `
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. ) d- v. ^) e2 ~) c7 @$ G" N
but the value of their assets did really drop significantly.: H1 d7 _/ V0 g! P
$ F4 z. J" _: }' `& p4 N; D
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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