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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.
3 \) Y! O3 {. Q- F: O" \CDs could have different ratings, AAA -> F,9 t! G' R2 ^4 h/ g* u& Z9 i
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 K2 P, R3 N8 _! g1 D4 ?0 ` b) {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 O7 q2 `0 m& a+ iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 I+ J7 ^7 w9 Z9 HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ l _! o# ~, ?% R3 K7 j$ q& n
similar to bonds, CDs trading in the secondary market have different value at different times,
% C' I& h' p* z8 m2 {5 pnormally the value is calculated by adding it's principle and interest.
# S* H0 @& ]- e# T- Reg. the value of the mortgage+the interests to be recieved in the future.
1 a* Y/ P. |6 S% `. [$ Jbanks 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.1 c) }. v9 T# V1 l7 q% t7 q
! ?2 b+ h- A: C9 i; C: ]* z; z# Q% f
im not quite sure if the multiplier effect does really matter in this case.( u0 Y& _; G7 ]# g, o6 I& \
in stock market, it's the demand and supply pushing the price up/downwards.- w4 z9 ~- k0 Q9 o& ?7 J! Y& P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 R7 J$ M( T2 r3 K8 ]0 MA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' N4 }: P7 R) G8 |' sThe 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.
9 G1 A5 L- ?, l3 K* O7 K. R4 k5 Tbut the value of their assets did really drop significantly.0 ]8 V3 A/ z1 m' ^
, w: z+ N, t& D3 B+ ]4 o[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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