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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.
' c' r6 b1 p M, s& B% KCDs could have different ratings, AAA -> F,8 o# G A2 q- h
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 O' P& s$ J0 @* J* amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& l4 _+ e9 V6 m# j! O8 G4 V% Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 {, E# ~9 U$ Y' ~9 k; u6 c8 \% n3 U/ u
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 d t+ x) b4 [" Y9 w1 r, Csimilar to bonds, CDs trading in the secondary market have different value at different times,1 s* @( e: u- }) ?5 m5 B" r7 P4 b5 `
normally the value is calculated by adding it's principle and interest.
1 c- K+ R2 Z1 Z6 Jeg. the value of the mortgage+the interests to be recieved in the future.
! J& M W! c: [+ j1 ybanks 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.
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im not quite sure if the multiplier effect does really matter in this case.: Q+ G/ l8 E9 P" Y h
in stock market, it's the demand and supply pushing the price up/downwards.
; f9 z5 i( O _; O; M) TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 Q* a0 Q9 @7 m1 b; ~1 m V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 ?9 A; x9 d" s, 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. + ^2 K4 Z$ P0 ~# a
but the value of their assets did really drop significantly.! L; i$ i; O1 z) \9 O
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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