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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.
/ R% Z, s$ q2 o' b- ]3 XCDs could have different ratings, AAA -> F,
. u; b; |( k9 b2 J7 K ] kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
, t$ ?( c# B" A9 n+ g$ R1 Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ C. Q% ~/ G4 x* T& Q$ v5 [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 z1 k/ n% l+ U5 [( w' \* IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. n; j, G! p. o
similar to bonds, CDs trading in the secondary market have different value at different times,2 w; U4 J4 A" j5 B
normally the value is calculated by adding it's principle and interest. # Y+ ?& y5 R( S# K3 P) W
eg. the value of the mortgage+the interests to be recieved in the future.
+ Y1 v, M. Q% o( U, s9 Q P. b W, ?/ Rbanks 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.
6 r7 i6 N8 X; C: I/ i7 V8 [! V7 K4 Q
im not quite sure if the multiplier effect does really matter in this case.
; U; K6 j7 Q4 n2 s/ \in stock market, it's the demand and supply pushing the price up/downwards.0 S! L" X* X: b B6 j0 _6 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 K! k* H8 N* N4 r& b5 w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) R. z* [" x* i
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. ( a/ h8 E! E7 j0 \4 V
but the value of their assets did really drop significantly.# u9 ?$ M o) q* c: {
! s& a' g; B% J1 h/ R7 E[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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