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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.
! H1 c: C: q8 {. ]9 u( }- F) o1 qCDs could have different ratings, AAA -> F,. E4 B6 c$ P* F8 R6 C
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 q0 T- K2 w& o- [
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- C7 ]0 x; h% Y$ y' bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- [& g9 I7 l# h0 {' tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 o! n. V/ [; b9 Y5 N, Fsimilar to bonds, CDs trading in the secondary market have different value at different times," W# l' V" Q# j1 D) u) F0 p
normally the value is calculated by adding it's principle and interest.
; }- [0 v, y, v8 eeg. the value of the mortgage+the interests to be recieved in the future.
# `4 f5 D. K( H$ T4 f0 Tbanks 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 T# {( B- X9 ?7 |: h4 V1 g
5 @) g. Z" h. H* r8 ?/ y" b6 {9 }
im not quite sure if the multiplier effect does really matter in this case.
( f b* r3 ]$ \% c5 ain stock market, it's the demand and supply pushing the price up/downwards.
4 w- v% Y6 E( [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 E+ r1 M! ^- A/ a a, ]. n" O0 n$ e8 q. y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 _5 e4 U) Y- y+ G* I: M
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.
) A' E% i* J( }9 ~" r& qbut the value of their assets did really drop significantly.( \6 S( o# d! w$ {
+ N/ o+ J5 J" e[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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