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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.
. m* |6 }" z0 BCDs could have different ratings, AAA -> F,
7 \# ^% [" @" Y1 I' K$ D6 ymore risky ones would have higher premium (interest rate) as a compensation for an investment.2 j5 l& D# j! _. z, p6 N" ^# P
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, }% G. w4 g+ k+ T( P( W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 D% T5 g% x8 o" a, nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 z/ Y/ a. S/ y# jsimilar to bonds, CDs trading in the secondary market have different value at different times,' j2 b0 r S" e
normally the value is calculated by adding it's principle and interest. % }7 ?* g+ \/ v! X
eg. the value of the mortgage+the interests to be recieved in the future. 3 C( j5 l- C: k* L
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.
. G& @9 v. Q+ h' {5 v3 j" j7 _' p. |( @" j! Y
im not quite sure if the multiplier effect does really matter in this case.% u( _3 h8 H* S, I
in stock market, it's the demand and supply pushing the price up/downwards.
$ l/ s% x" v& ?* {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! j, ?- {/ t, q$ I7 L- g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& \; D R! o( T/ ~* iThe 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. ! r$ m% k7 q; g% ]1 u7 b
but the value of their assets did really drop significantly.: o0 @' X; c+ g, `- f
- o+ v; X8 A& D5 v[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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