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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
% t1 f5 R2 j( c8 ~8 V9 dCDs could have different ratings, AAA -> F,
1 V, I; o* E' |) vmore risky ones would have higher premium (interest rate) as a compensation for an investment.: v' H% J8 k" s# s7 ^/ ?7 S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& F+ w! k4 H) Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 c y! {* u- w, o& UAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, i# D& x5 s4 s/ esimilar to bonds, CDs trading in the secondary market have different value at different times,
# J1 Z" \) M; X4 |* M% vnormally the value is calculated by adding it's principle and interest.
* U( N, `# |% l; a' |9 w: k0 d% geg. the value of the mortgage+the interests to be recieved in the future. $ F1 T9 a ]# Z: S- i1 }, ^/ O4 G+ V
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.( C5 O) k8 c/ b$ I' z/ K: S% \
% B* j: z# q; R. S8 qim not quite sure if the multiplier effect does really matter in this case.
6 U+ w/ n4 d& W7 Gin stock market, it's the demand and supply pushing the price up/downwards.
F* [: W3 t6 P, |% qFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 j, k3 u( v) E6 PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 z, P* D+ o+ Y( _* Y
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.
. l( _1 W$ v1 {+ i3 C: wbut the value of their assets did really drop significantly.
6 q; I) s! N( ^) H9 y2 h" O' n/ V/ J
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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