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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.
0 n& ]" Q9 Y* C& G6 z. HCDs could have different ratings, AAA -> F,
$ ~5 A2 y4 ~. ^9 [1 ]& x7 {more risky ones would have higher premium (interest rate) as a compensation for an investment.. |+ ?; T7 _/ h( B+ T5 M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) N, m# v+ o5 g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! g# h- Z% S- i" B7 Y& `) W( QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 s! Z" L6 A$ G0 Q, n+ F, F) Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
, X+ Y' }9 s2 ?# Rnormally the value is calculated by adding it's principle and interest. ; ?8 M. u c8 s
eg. the value of the mortgage+the interests to be recieved in the future.
' A3 ^" P9 h% v, wbanks 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.
0 m8 w3 _* o5 S1 K7 R0 Z9 m3 S6 G, E+ C P, r. R5 ]3 |$ }
im not quite sure if the multiplier effect does really matter in this case.
( A% e; O) l* v' [1 yin stock market, it's the demand and supply pushing the price up/downwards." \/ A# K6 {/ k, h( I6 H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 {4 |! ~5 x& O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# p7 L8 {* i L j3 W" _. ]% f# I
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 T8 i1 {! h: Q( J% ibut the value of their assets did really drop significantly.% S# G1 Q. X; b1 o7 V
3 l# B3 O$ M1 N5 d9 L4 ?[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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