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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.
1 k7 B* F) l k3 nCDs could have different ratings, AAA -> F,
* {5 K$ K9 G5 r8 S3 U6 R: emore risky ones would have higher premium (interest rate) as a compensation for an investment.
) B$ ]: c. \8 \1 t9 amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( R, A$ k! g b& D% O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." Y7 v% ~9 k1 {- t# ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( s7 Z. }$ o1 k7 v) |similar to bonds, CDs trading in the secondary market have different value at different times,0 W# c6 w0 W" Y: [6 ^" C9 Q
normally the value is calculated by adding it's principle and interest. # S7 {" L, W$ N* C' {
eg. the value of the mortgage+the interests to be recieved in the future. % F4 s2 I0 K0 a
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.
/ b* q6 c7 K; F5 S3 H
, q+ y. _. _8 f$ l! ?/ zim not quite sure if the multiplier effect does really matter in this case.& `9 _" d8 z1 M2 m
in stock market, it's the demand and supply pushing the price up/downwards.8 y: E$ Q% G2 K$ Y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 c H$ U! J: W. z3 I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ l; t4 l, l* ^3 U% S
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.
8 L' e$ `9 t7 m$ J2 p0 dbut the value of their assets did really drop significantly.
6 o+ R$ O! x" c8 C7 A! I+ H) y3 O) a; B6 ]" s% d( W' n8 J% ^# h
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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