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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.
; t7 v1 ?) Y' kCDs could have different ratings, AAA -> F,
4 ]2 n. K" d6 U! i1 omore risky ones would have higher premium (interest rate) as a compensation for an investment., B* A C% B% z9 S- J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( L X6 m. _0 w" g& Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- \; e8 Z" e9 k. A, w) D. {Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 }1 w5 c1 \. m9 j& w: W' w
similar to bonds, CDs trading in the secondary market have different value at different times,
2 }2 \ C# o# Z* Lnormally the value is calculated by adding it's principle and interest.
. D( K- P+ o! I% Beg. the value of the mortgage+the interests to be recieved in the future.
" f4 ~ X- c8 t& D( f* ibanks 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.
) a, N% [1 [6 Y9 y3 D% Q7 d6 z. |& V* ^4 R3 s- d; F% b( n
im not quite sure if the multiplier effect does really matter in this case.. n% n p3 Q- R9 _5 z
in stock market, it's the demand and supply pushing the price up/downwards.
; L% @9 r% m( g; d& g6 J3 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 K4 {9 }" A& IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 f# H4 q: ~ E, ]2 z3 d7 F a+ mThe 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.
0 h! L- {. g# ^$ C- J* xbut the value of their assets did really drop significantly.
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t5 L( L8 a4 j+ C, E, s+ j; U |- j[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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