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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.
+ B0 K/ V1 K0 W) _ ?6 N" GCDs could have different ratings, AAA -> F,
3 a5 N; {2 a% t* K+ Q, amore risky ones would have higher premium (interest rate) as a compensation for an investment.
) N& e" _5 q- c0 B& L+ ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 k" j, d _! k; u6 k6 L/ D, V! nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 u6 D) b7 [. O3 K! D/ r# ]& UAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( g/ ^3 p1 L% n1 Z* a
similar to bonds, CDs trading in the secondary market have different value at different times,
; l. b- D, h( Y+ \9 Vnormally the value is calculated by adding it's principle and interest.
0 e; o$ \( s% j# Qeg. the value of the mortgage+the interests to be recieved in the future.
- i7 g9 `+ [/ A. [$ r, r: tbanks 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.
* `! W& J* A1 u1 H+ u8 Q0 H* {! }/ A9 k
im not quite sure if the multiplier effect does really matter in this case.. @% @, ?4 H( `6 p# ?7 p
in stock market, it's the demand and supply pushing the price up/downwards.
0 E/ m4 [3 W( u5 X* ]+ o TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 h* h5 q4 y, ]- Y6 h" k: gA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ |: q$ I) r+ D5 o. ^1 v5 o& b
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. - a4 N1 r1 {! Y+ N& M- H7 O+ j
but the value of their assets did really drop significantly." p T! Y$ ~8 P, T
4 y8 j( |# Q/ A1 A[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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