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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.
. a2 P8 S* `( |8 F0 ~9 h5 g) @CDs could have different ratings, AAA -> F,8 s* v7 m0 g. l% J& D
more risky ones would have higher premium (interest rate) as a compensation for an investment.' o' O! V' I6 S7 I6 P
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! w$ y0 t/ w: {9 W9 o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 a7 d$ e4 s, Y9 w! y$ {: ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, T- }3 L) _2 r! T* E9 t: L6 Y7 gsimilar to bonds, CDs trading in the secondary market have different value at different times,
: K5 l$ `; X, D) ]/ H4 A# z: Wnormally the value is calculated by adding it's principle and interest.
( v6 h# Y0 V2 r# I0 ? feg. the value of the mortgage+the interests to be recieved in the future. # }! {8 u3 T, D y; y9 J! r
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.
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1 J9 J3 C7 c: k9 J# X, Xim not quite sure if the multiplier effect does really matter in this case.) {* u; t [( s; G9 p5 ^
in stock market, it's the demand and supply pushing the price up/downwards.1 K- @) X9 G$ |" ?, |
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 ^0 u% |6 B% j( s, V. A& B: |$ [5 M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 e6 R" W+ e4 A
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.
[, g5 e3 m0 n8 Ybut the value of their assets did really drop significantly.: p. n' N7 w" M. L
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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