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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.
% G; ]; k; m( s" Q' nCDs could have different ratings, AAA -> F, B E( M$ F; p7 x* `9 p. u( j9 S
more risky ones would have higher premium (interest rate) as a compensation for an investment./ o6 B4 l2 b( `8 s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. K& @/ ~( ~! _8 b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ F1 J1 k7 I& k" `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., ]; k+ R% A) h$ k
similar to bonds, CDs trading in the secondary market have different value at different times,
) p0 G# n' w& Dnormally the value is calculated by adding it's principle and interest. ?/ @6 R; n y7 M7 e9 N* r, |+ }
eg. the value of the mortgage+the interests to be recieved in the future.
( b: a. _ a+ c/ T. {1 Gbanks 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.( i, J# B2 z, I. K% N% }3 S, O& m
7 \7 b% `6 @8 b6 v/ A2 V& v% D
im not quite sure if the multiplier effect does really matter in this case.
* w+ H! |: g, W8 ain stock market, it's the demand and supply pushing the price up/downwards.
! B4 h6 i' B+ D/ RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 M5 `) e& r& F' z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ ]! p: i& l% n; P; D% f
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.
( u5 m6 n# s+ G* gbut the value of their assets did really drop significantly.- h5 e, z0 c9 m5 L" }' h- Z
& ?7 w! i$ S0 V8 W- A( {3 q) k8 y2 \8 P9 g[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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