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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.
! v/ G6 r5 h r, L' e9 \6 `; ZCDs could have different ratings, AAA -> F,
* W" ?0 u9 l! g0 hmore risky ones would have higher premium (interest rate) as a compensation for an investment.
6 r8 \) t$ x3 X* k% m) ]# g1 lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 `5 S4 R2 h& T; H, ^in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 U" B& I9 l0 O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% ]. n) p# Q$ |
similar to bonds, CDs trading in the secondary market have different value at different times," q1 N- n8 R$ N
normally the value is calculated by adding it's principle and interest.
5 I: i. t& b) Yeg. the value of the mortgage+the interests to be recieved in the future. $ F. K9 |1 S6 c% r# o" j% y; }$ h
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.( j4 b& Y( r7 [* q5 m
: i4 i0 _) l! k- i( i }
im not quite sure if the multiplier effect does really matter in this case.
! X& j/ E: _# O, f6 Lin stock market, it's the demand and supply pushing the price up/downwards.
0 N- j: P8 p. T- Z7 mFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 N5 Q. d( c" z! F/ i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- R+ a# o: a' u- I K# k
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. + P; ^5 |2 e: b( [
but the value of their assets did really drop significantly.- k9 s5 a5 J% O& @$ A& i2 A9 u
5 W8 ~ ^: B$ ]7 M+ M- H[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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