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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.
0 a2 y; I2 U5 F( H$ s. zCDs could have different ratings, AAA -> F,! A0 ]% j+ J3 h3 L* v% A2 _0 a
more risky ones would have higher premium (interest rate) as a compensation for an investment., `, u. v- V3 N% j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ J# ]$ q" r8 C; _ }4 c1 D }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& l) p! N: J. E: f; E: b8 EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# W3 Z' W/ A7 F/ Q+ B" Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
* s Q2 P' }/ Y: fnormally the value is calculated by adding it's principle and interest. * u( x( v9 ]# _0 d" ~+ ^: ?
eg. the value of the mortgage+the interests to be recieved in the future.
: I2 O: {0 O1 \: X; Y, n" U4 vbanks 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.
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. l- L8 E7 \0 z, z D( m1 N" vim not quite sure if the multiplier effect does really matter in this case." Z0 V+ n7 I% y) P
in stock market, it's the demand and supply pushing the price up/downwards." B. z9 ^% g4 R( f
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; s0 }) x% F o" y2 r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 V7 _- J: r& R. X5 ~/ wThe 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.
" x8 H u V _# {but the value of their assets did really drop significantly.& ~ d, f2 E( n) _' L( C+ s
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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