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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.
+ ?, V6 p. [3 m" z+ L! fCDs could have different ratings, AAA -> F,& S9 _! S6 L4 [3 x, J' j
more risky ones would have higher premium (interest rate) as a compensation for an investment.* P" y) q) v5 G! ^4 ]
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 ?8 `" q5 [$ g/ M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 e7 E; O. j7 y: S2 ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 g' s% k+ G% S
similar to bonds, CDs trading in the secondary market have different value at different times," { ?9 ]' E: W/ N9 e
normally the value is calculated by adding it's principle and interest.
2 a8 W8 e T* E3 K) Meg. the value of the mortgage+the interests to be recieved in the future. . d& ^! f5 z. V; t
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.
) s* N/ n* s' z* z1 [6 y) J# M5 h- r4 U/ E }
im not quite sure if the multiplier effect does really matter in this case.! T( W% y7 Y1 y
in stock market, it's the demand and supply pushing the price up/downwards.3 [ f7 }7 f: H/ {1 z5 K) v% \4 o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- o9 ?* _3 ?7 y5 W$ }- I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& w" ^4 m8 ^1 X/ 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.
/ n/ N7 P& k1 tbut the value of their assets did really drop significantly.
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/ k8 L$ m2 p: P1 Z5 n: j; H[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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