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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.
; O* d1 }9 O ~% t5 W% Q( ?! J% _5 LCDs could have different ratings, AAA -> F,
- h) G2 ]8 Q$ Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.# f: V7 T8 i4 D$ m, B3 @: L: t4 e) C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 X5 D1 C% ^+ m, `6 k% min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 p! }, ?# H- S& A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ B. M5 p5 |* Esimilar to bonds, CDs trading in the secondary market have different value at different times,0 h6 S1 O H( T7 }' I, D7 v
normally the value is calculated by adding it's principle and interest. ) `0 D+ x& X Y" ^. O7 _
eg. the value of the mortgage+the interests to be recieved in the future. 6 T& F+ Z8 h4 J* G1 t: b$ V5 B
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.
# g6 U" x% h9 E# ~1 l" K
G: U. k( d! J( P3 S q$ r+ F% Rim not quite sure if the multiplier effect does really matter in this case.
p* z) |$ V1 V5 z* l$ e# y% gin stock market, it's the demand and supply pushing the price up/downwards.5 k' [4 O& d7 L* e/ W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, ]$ b% I( V0 D. Z* |% T! i' d. O; wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; Q) i5 U% |# C' G# s) v* 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.
& o e3 @1 ]4 z7 h0 q, mbut the value of their assets did really drop significantly.
3 l/ ?; z' n2 Z7 j3 A& A& ^' Y2 `, r8 Q0 S3 k
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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