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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.
7 W: m1 J* E' {; l' h) [2 K: `8 BCDs could have different ratings, AAA -> F,
) Z0 |. o }, O+ d) [, X3 pmore risky ones would have higher premium (interest rate) as a compensation for an investment.. u! Y* |4 b5 V, s, ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 L& Y# S( L+ S# hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' O# x! U: @/ v- l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ g; a& }7 {* y7 `3 m7 m2 W* p
similar to bonds, CDs trading in the secondary market have different value at different times,
( m `# ~1 H1 [normally the value is calculated by adding it's principle and interest.
( H# G1 Z8 x7 T! Z% M$ Neg. the value of the mortgage+the interests to be recieved in the future.
' ^/ X- Z& X8 ~/ s @banks 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.
+ q3 r, }( }( g# `. {; ?, [; x3 a' w' B$ k
im not quite sure if the multiplier effect does really matter in this case.5 q- q/ C" n6 t, h" P
in stock market, it's the demand and supply pushing the price up/downwards.
( O8 e, y' Q6 u1 S* S6 A! EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 w9 B3 R" q1 ?3 M. s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 f) |# Y$ W9 @% O; M. i& v/ ~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. # ^$ D3 R% D9 s! E
but the value of their assets did really drop significantly.
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! a1 k" @2 F7 Q8 Y- J) C[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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