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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.
+ I) W- m, L5 N! L- X: M, C( YCDs could have different ratings, AAA -> F,
# G( D3 k6 S: D1 _% C4 n: {more risky ones would have higher premium (interest rate) as a compensation for an investment.! N8 W8 ]8 J5 m( G L5 g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ I1 ^' t7 K; a3 e* L: K$ [& z, Ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* ?9 a, p& b% j( L5 Q2 WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( D# e+ J& F b4 n
similar to bonds, CDs trading in the secondary market have different value at different times,) m( Z% h. d t+ [( ~+ B* F
normally the value is calculated by adding it's principle and interest. ' {5 ?/ w' d& {: N0 I! s
eg. the value of the mortgage+the interests to be recieved in the future. ! b6 m) z4 _+ m' S+ 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.% S+ M! W( I3 Y$ g: M- |" p: n
- W6 f8 U o+ _1 p$ M" \im not quite sure if the multiplier effect does really matter in this case.- F3 E, o9 x# a+ W) J! ?
in stock market, it's the demand and supply pushing the price up/downwards.
h7 G. i. Q) s2 F9 \For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- O# `7 }5 G$ F" z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 X8 U1 }& [ M* w h0 `
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. ; Y& s2 i6 @: A
but the value of their assets did really drop significantly.: w; a0 U8 \* {$ {! }# d6 Y! q" C, k4 N; y8 Y
) y, ^4 `* {$ H C6 y[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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