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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.
9 T/ l# y4 S3 ?8 c) n8 H. z& VCDs could have different ratings, AAA -> F,
1 R7 N% F4 c% [/ f z9 W8 ~7 K) Emore risky ones would have higher premium (interest rate) as a compensation for an investment.6 [& f2 d5 \: V) f9 m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 Q7 Y- t* Y8 H+ Y8 }! e0 H) e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! n5 v$ X7 l+ P/ t, wAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 m) R, U7 f$ i( \' d l3 j" `; s( a% Usimilar to bonds, CDs trading in the secondary market have different value at different times,
( Z5 z% a2 I# e- T2 D% i" K" p( Unormally the value is calculated by adding it's principle and interest.
' I# w1 t" y6 j+ `eg. the value of the mortgage+the interests to be recieved in the future.
1 X4 M* F+ m* 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., h6 e7 ?8 F1 O- K$ W
) Z/ h; o- d% U! B
im not quite sure if the multiplier effect does really matter in this case.
& m+ N z4 t; ] `% r+ I3 \* Kin stock market, it's the demand and supply pushing the price up/downwards. Q5 H4 j: q4 n+ V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 o3 g* b/ s% A" j. d' {. @* @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." ~$ ?1 S! W& _2 `; J% Q
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. / T0 p% I* N1 p+ B' y) ]# \
but the value of their assets did really drop significantly.
?1 M1 ]; w& {+ r0 A! u5 s5 m' Z, r3 U, y, j# m- `1 S
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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