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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.
8 B1 y! m: N2 ZCDs could have different ratings, AAA -> F,
3 s8 @: J4 C* ?& F* u" wmore risky ones would have higher premium (interest rate) as a compensation for an investment.; V3 Z& s: @) q, j2 D, H. Z0 G. m! ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ R+ l; @+ ]) e' M! h9 H# a3 q; Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 n- F5 f# S1 e# P, N4 m' C5 \8 f. PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 {2 N4 x- e8 V2 X d4 v/ d% ?0 {, lsimilar to bonds, CDs trading in the secondary market have different value at different times,
% e3 C; Q2 h2 p$ s7 ?; X# l& Nnormally the value is calculated by adding it's principle and interest.
% n, W1 v: f4 @eg. the value of the mortgage+the interests to be recieved in the future.
- ]- j6 m+ J5 P$ u2 Gbanks 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.2 R, E- z, P; s* A1 `: i) \$ h
* _" [6 H' g) E8 Q& Him not quite sure if the multiplier effect does really matter in this case.
3 c# ~/ m: O# {( g' @4 `6 @# min stock market, it's the demand and supply pushing the price up/downwards.* x) D( d" j+ \
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ s; P8 P# [; P5 [
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 c5 P1 d; G" a) Z
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.
/ P9 W' a7 A$ e* Z% Q- Mbut the value of their assets did really drop significantly.
6 \) r6 m0 E9 M& X6 ^
2 w' d& U1 C5 m; N4 k3 q: P! h8 J5 |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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