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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.
: z' Y2 N- ^* X: o/ F1 JCDs could have different ratings, AAA -> F,
9 M& t2 l6 a* p- emore risky ones would have higher premium (interest rate) as a compensation for an investment.) O! w+ _% x' L! A; E% @ G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* e3 d5 w+ P* b# L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# |' L$ F3 q) j. \, Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) K3 G; ]: z: I) ]. _- K
similar to bonds, CDs trading in the secondary market have different value at different times,( J$ \, Y. _& m0 b9 A4 l! |2 t
normally the value is calculated by adding it's principle and interest.
% ?" ?9 ^6 z; v# y# a$ e, k- Qeg. the value of the mortgage+the interests to be recieved in the future. 8 R( h* |# ?8 c1 r& e
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.
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- _# S( P1 o: N- e; v! nim not quite sure if the multiplier effect does really matter in this case.
6 q+ G9 y9 [. |- S7 kin stock market, it's the demand and supply pushing the price up/downwards.1 O ~$ x% ]8 \) j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 ?# z* M2 q' @0 e; D ^
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) r: [& s& m1 RThe 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. 5 m% }, J4 j: X1 _# F
but the value of their assets did really drop significantly.' G$ K4 n; @; ?7 v) P% h# z% b
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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