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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.
- ?& r" H( ~4 R/ v8 m uCDs could have different ratings, AAA -> F,0 l+ c" \7 w) Y: x6 [2 D
more risky ones would have higher premium (interest rate) as a compensation for an investment.( v9 N* T, b( ^; u6 z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 }, v' |% \5 U4 O& \- y m8 `
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ V' K. h/ a5 d2 E. pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% N2 b# p! a% M( b# a
similar to bonds, CDs trading in the secondary market have different value at different times,
. k5 T8 A. H+ Wnormally the value is calculated by adding it's principle and interest.
% {' q9 n0 j P$ D0 \1 V7 B* zeg. the value of the mortgage+the interests to be recieved in the future.
, c7 Y0 @9 j: q" @, X7 a, w! c; ]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.9 m2 | `. Y% @# ~) G
( G3 [4 k$ ^3 Z _5 J' {2 yim not quite sure if the multiplier effect does really matter in this case.) s! p+ v0 O# r( L. }
in stock market, it's the demand and supply pushing the price up/downwards.& z# u) [: N6 L/ m' w* ~8 l( o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 i0 u( o; A5 Y" y- Y" W7 R( zA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 b; o1 b4 v9 G" v' \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. 9 [% V5 k0 W/ S1 o
but the value of their assets did really drop significantly.
6 Z5 Q+ z: x& ?# u
0 \/ i2 i7 h0 T, r7 z[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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