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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.
4 Q9 {0 j6 o1 P% d" ?3 ECDs could have different ratings, AAA -> F,2 s, @+ R% Y; @4 T; C
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 T3 V. a; r, V. h5 Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ F/ f3 w6 ]/ O, a* B" F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' m1 _( h6 \! u& m7 k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# ?7 a3 T: ^5 g6 |8 vsimilar to bonds, CDs trading in the secondary market have different value at different times,
1 G/ `2 z8 w2 v/ T0 _# q1 D/ r snormally the value is calculated by adding it's principle and interest.
( c5 {# j9 N$ m3 S1 s# Weg. the value of the mortgage+the interests to be recieved in the future.
2 z) k% f5 ]. ?4 _! Q6 Z% |) Abanks 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/ c! W0 F% I2 M. q# `9 Y% k; ?6 B9 K6 O% b1 b/ t4 E! _; _, u" g
im not quite sure if the multiplier effect does really matter in this case.1 U% v+ r: i! s
in stock market, it's the demand and supply pushing the price up/downwards.
+ f% z7 Y4 ~& y1 Q4 {) H$ T$ fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, P; x- D9 `5 p* x5 N* t: G& QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' @- {6 U1 m* r- P; y& \
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.
' J$ J. v. |4 M) {$ I& p- G0 V5 x# Nbut the value of their assets did really drop significantly.
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: y+ e- Z% D" Q: D[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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