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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.
$ E) D/ r3 Q1 }8 N! X2 I! cCDs could have different ratings, AAA -> F," s! e% P! }6 {0 b' [( [2 J) l; ?+ \( h
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! _$ r" |. b8 y4 \% C! I& pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 W9 i- h# }* s1 k, o* Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# m8 S, d; `" U" ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- p" u+ F, D' F; C: J" fsimilar to bonds, CDs trading in the secondary market have different value at different times," ^# e" S" y1 n% s, ?
normally the value is calculated by adding it's principle and interest. 5 y7 M: }0 w8 M3 q; D! u
eg. the value of the mortgage+the interests to be recieved in the future.
: \3 t8 L2 u2 f: s2 I% Tbanks 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.4 n" ~& }5 c- t7 h: i0 c) S3 d( C
: {; f& L! O2 ^; `$ rim not quite sure if the multiplier effect does really matter in this case.
4 l' v- j( S' W: P/ E* zin stock market, it's the demand and supply pushing the price up/downwards.
. t4 C2 O- ]8 [7 _4 Y, c" iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 d9 s) S# h1 {6 s3 Z# _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ ^) j! a$ y% z! q8 nThe 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 _" X) A @4 ]; y3 b" Q
but the value of their assets did really drop significantly.: M5 }; `# ~* a! g
& c, ^. P. t7 [. W
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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