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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.
: r2 N- t ~9 C/ Q( E2 t- W' A% FCDs could have different ratings, AAA -> F,- M) p. Y: w# {) V
more risky ones would have higher premium (interest rate) as a compensation for an investment., F. K; _; C2 B/ F$ I% A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 j/ N9 A5 a0 l3 i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 J8 j: o/ @0 w, o+ e3 t$ CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 h5 x# q9 Z1 q. B$ y: m5 Ssimilar to bonds, CDs trading in the secondary market have different value at different times,0 ~8 ^% K$ A( i7 M" K( T
normally the value is calculated by adding it's principle and interest.
% r( c3 A1 A$ \! x, P) zeg. the value of the mortgage+the interests to be recieved in the future. 1 m4 u% u8 K2 s# A- o0 p
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.. P2 S9 X ~+ L3 M+ a) ?
" f0 p# I9 o) t1 C5 m: {im not quite sure if the multiplier effect does really matter in this case.
( Y1 {- @! E2 Z- tin stock market, it's the demand and supply pushing the price up/downwards.
q W" W" a; G4 `$ d( ZFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 N- C) b8 F* [: R/ j5 ~4 a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 y% n) }2 o, k2 E) y4 x. y3 F3 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.
7 j2 } a9 M+ d) {& Z" }but the value of their assets did really drop significantly.; y3 \, d8 T& Z: r$ }
+ k1 j6 y5 d8 Q' m; A; J
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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