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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.
" Z( E8 O6 |& u" DCDs could have different ratings, AAA -> F,
- N( x1 w, _. i: [+ j, I- rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 k1 U9 L* ^: y) O/ K4 @% qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 c: Q1 x: S Z! u) q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 @1 F m/ k0 z/ [) l% e. f- T, M' j" z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
u) d, u! K, K+ ?similar to bonds, CDs trading in the secondary market have different value at different times,
7 {# Z; W2 { u9 N0 g, Nnormally the value is calculated by adding it's principle and interest.
; H3 N/ q- s4 [eg. the value of the mortgage+the interests to be recieved in the future.
$ x# h* K( j1 k; K( G/ qbanks 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.# q* @6 ?: R4 j) D/ U
' Z- _! `$ ]0 Y( Q- [# o( Eim not quite sure if the multiplier effect does really matter in this case.
! G V I( @8 s. sin stock market, it's the demand and supply pushing the price up/downwards.
6 F4 Z) n0 ]8 `3 s9 ~5 Z& e0 IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 k! K# L* f+ Q4 [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( o( }4 }1 r7 Q5 x
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.
/ f# z9 O/ c K) m0 H% Q" ?but the value of their assets did really drop significantly.2 ]7 m6 ?; \$ l& c
( U7 t2 f" I' D4 ?, {[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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