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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; q5 Z: Z. f, P0 TCDs could have different ratings, AAA -> F,3 n; R% l3 b+ }2 m) b9 }; y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. u! p t8 o1 z, E9 @* D- Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% I8 b& T! Z$ V- N& E" D, d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 o. N9 X+ M" b0 V4 rAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! N* j, \4 J, x+ f/ Gsimilar to bonds, CDs trading in the secondary market have different value at different times,
6 c6 X# e5 g& l' y* nnormally the value is calculated by adding it's principle and interest. 8 P& O9 W6 T9 d
eg. the value of the mortgage+the interests to be recieved in the future.
+ f0 N* N% K4 |2 s" u fbanks 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.+ o& R1 {1 L$ v/ a; d. w
1 K8 q& S+ _! W6 q2 Nim not quite sure if the multiplier effect does really matter in this case.
/ {2 c0 h" l2 I* e0 A: w3 C" Pin stock market, it's the demand and supply pushing the price up/downwards.
* ? N, q0 e2 d* gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: B7 z" o5 }' H% O9 m! oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% _% G7 B' [* i v
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.
$ M$ [0 j: D- X$ T+ \but the value of their assets did really drop significantly.3 s: M0 M& q7 i
1 f! R+ }, w" F: y6 p3 {; A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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