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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.
" q1 Q9 V0 I8 U& m6 o8 QCDs could have different ratings, AAA -> F, V7 o) b0 E+ T4 C/ V/ ^
more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 z6 p1 X" y1 e% |* M* ~8 Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 D9 U+ n# a: K4 c4 e- jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 W" G, c9 \2 r* l3 ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ |! O& p. U" vsimilar to bonds, CDs trading in the secondary market have different value at different times,, r0 D2 o) Z f. t. w
normally the value is calculated by adding it's principle and interest. 3 b' s) Y& p1 k( T6 [" [
eg. the value of the mortgage+the interests to be recieved in the future.
- \" g) G3 G9 J6 b6 r2 ?4 Xbanks 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.& j3 b+ E- j% j: e4 q, P& T: d+ l- M
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im not quite sure if the multiplier effect does really matter in this case.
, W" I+ C: u$ k5 Fin stock market, it's the demand and supply pushing the price up/downwards.# `) @$ j" R" W8 F8 a& r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: ~+ i( ]% w t; wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 |+ U8 @7 d& [5 O0 E4 eThe 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. % U( J6 ?) C7 L, W, j& D9 V" u
but the value of their assets did really drop significantly." b* x `, m' L G% ` C* [5 w" G& L
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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