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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.
% p' E, ]" u) F6 |$ h y! N2 b2 O( U7 zCDs could have different ratings, AAA -> F,
* `" c. n6 t, e# A5 l* H* z) s7 D% \more risky ones would have higher premium (interest rate) as a compensation for an investment.0 ?8 e) h% Q& v( ]
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 Y3 K" Q' K, f+ _- Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 U3 V! N8 J" J% ?1 I/ g+ e. I6 D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 K1 s6 |6 W% _$ N' w( f- E' \" k
similar to bonds, CDs trading in the secondary market have different value at different times,
' S% g5 v0 e& }* d' Knormally the value is calculated by adding it's principle and interest.
9 r1 ~: W" P! J" m5 teg. the value of the mortgage+the interests to be recieved in the future.
" k9 R- K& S& { I& [$ C# Mbanks 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.4 g1 o& [% B3 {6 m9 D
2 X1 ?7 Z/ T; Mim not quite sure if the multiplier effect does really matter in this case.
8 c, F% Z3 c+ y- |+ Oin stock market, it's the demand and supply pushing the price up/downwards.
8 T$ G Q7 p$ {/ z+ f( H" KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 G9 X- @+ @% u7 n3 IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' z' X, I$ `5 D' a3 k
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. 0 B* a5 j. N# b+ N3 N3 c
but the value of their assets did really drop significantly.
( B/ K! }3 {% C# x3 y) t# [, }) Z& Z- t' e5 Z
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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