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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.
+ V9 |0 }6 r# X7 j8 n: y4 JCDs could have different ratings, AAA -> F,
( Y2 }( p$ Q1 i6 J% smore risky ones would have higher premium (interest rate) as a compensation for an investment.
) t, |; e M( r! k" Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) B+ C3 A( v) q" W$ min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; I( s q" q4 l6 _% D% q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 |/ c& H. W. P& A8 T& a* `9 m7 osimilar to bonds, CDs trading in the secondary market have different value at different times,8 V2 a/ U" o1 D+ \1 o
normally the value is calculated by adding it's principle and interest. 3 q' W% Y3 U, C4 \# f* [5 }
eg. the value of the mortgage+the interests to be recieved in the future.
8 T. ~( {+ W0 H) N* {( s' \8 V6 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.
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$ }' }- s# H& \% c) I. D! Iim not quite sure if the multiplier effect does really matter in this case.
: l9 P& [; b) }' F9 Vin stock market, it's the demand and supply pushing the price up/downwards.
; T; r4 }% }! [# A# W0 r, GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; a# M6 s4 [/ n7 K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 a9 m, ?8 j- y4 rThe 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# U8 o0 O6 ^" A; d/ O
but the value of their assets did really drop significantly.
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3 x$ m! t/ V; f/ ~1 q Q[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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