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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.
) S0 v' K1 o, \CDs could have different ratings, AAA -> F,
8 q L! u& i8 ] O9 F% m1 k3 n2 ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 ] @- O2 K9 |7 Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' V7 b& N6 e3 h, [/ L B
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* _8 Y: F' T& S! j/ p s" H# s) qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 t2 A' e* w2 I2 ]( m- Fsimilar to bonds, CDs trading in the secondary market have different value at different times,
3 R9 ?' `8 U; a0 Inormally the value is calculated by adding it's principle and interest.
; J s" f( p! y+ {$ n9 ?. Eeg. the value of the mortgage+the interests to be recieved in the future. + a8 j& t0 X* ~2 j% o* n+ B0 h5 x
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.9 E+ D K+ W( D+ } [- n- _
& u7 s4 b$ w! P) {% K vim not quite sure if the multiplier effect does really matter in this case.
( @ t3 W: E K. S0 w/ |+ gin stock market, it's the demand and supply pushing the price up/downwards.2 R: Y6 V4 |/ f. s9 }- I
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( J. T2 \6 l9 f }+ rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, G2 _; x4 j5 R6 v' x: p# FThe 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. * S$ `+ J& O1 R2 B
but the value of their assets did really drop significantly.
2 S! [( w" e6 u4 |9 p: L3 j& H2 s, ^8 @7 G3 X
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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