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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.
' \1 d6 S$ p8 N2 ~. ]0 I/ j$ XCDs could have different ratings, AAA -> F,
. Y+ }. H: M+ h0 ]* C3 f; Jmore risky ones would have higher premium (interest rate) as a compensation for an investment.- T. o! }$ B. l" [- Q7 `) z. p# W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, b! x: L. u6 n; g! u% I3 ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 x% F6 U. o, n- X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 F q2 y! @0 i: ~similar to bonds, CDs trading in the secondary market have different value at different times,, q1 B2 g0 n5 c0 k3 T. G
normally the value is calculated by adding it's principle and interest. 1 |) k1 G: V4 Y! c
eg. the value of the mortgage+the interests to be recieved in the future.
V1 J& z6 k: Zbanks 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.# x0 J! K! d9 K7 C: `, v
4 _4 p) }1 z; Y; }6 |0 ~0 ]) J
im not quite sure if the multiplier effect does really matter in this case.
5 ]% k: Z, A" G4 F' W$ P: c$ r/ o bin stock market, it's the demand and supply pushing the price up/downwards.( T) ^8 R6 H0 o4 ?( c5 c& l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: @8 q* }/ k. t, O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 { b9 l9 A$ S& {
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.
! S9 Y, P0 n) s9 \# _9 A* |but the value of their assets did really drop significantly.+ h8 F$ m7 M9 O. B5 p
8 W9 O5 | ~& z% Z: E9 I[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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