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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.
; M4 p1 n% @# r6 w# ZCDs could have different ratings, AAA -> F,
( W9 I" F0 \# e$ wmore risky ones would have higher premium (interest rate) as a compensation for an investment.) E/ j0 N/ ^ ~6 }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" m V5 U; w/ R" [7 {6 M& N' @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 t( V/ ]; q5 H" v1 `" @5 N2 u) v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 X8 q2 `( q8 p9 u9 U, K, V# ^+ Lsimilar to bonds, CDs trading in the secondary market have different value at different times,0 W( O3 O' _1 C9 p3 M1 D
normally the value is calculated by adding it's principle and interest. " B, x6 V3 R0 A1 D1 S( \7 ?4 P
eg. the value of the mortgage+the interests to be recieved in the future.
( J3 Q2 k' X: Lbanks 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.
; Y0 E2 k( O" Z2 N1 Y* [
6 G2 j# L) d# ]+ i5 s: L: M; g/ kim not quite sure if the multiplier effect does really matter in this case.
2 V) _4 n( E# @1 [in stock market, it's the demand and supply pushing the price up/downwards., x5 e" B7 r6 `, f* t* K+ F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( Y( m" @/ D- L+ [% ~, o8 @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
m) G0 e9 I: O7 h* I" gThe 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.
. i3 E# q% _4 y9 D1 ^4 r" hbut the value of their assets did really drop significantly.
' W, J) ?3 }6 l9 C& T
9 S: r" b( r$ a9 k[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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