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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.
5 s" ?; k# V2 D3 ~% h% M# J1 MCDs could have different ratings, AAA -> F,
1 t: X$ \# u6 s9 l# y0 V7 ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
! g- Q; \3 Y/ q* X2 k& Q4 Cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, }0 M& W! a/ O/ A+ G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 h% Y8 L, Y- e& |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ Q5 d0 u; e2 S8 [' msimilar to bonds, CDs trading in the secondary market have different value at different times,9 y+ v2 q# u, }
normally the value is calculated by adding it's principle and interest. 4 f+ v" }/ U T N% X0 s: s
eg. the value of the mortgage+the interests to be recieved in the future.
2 j% R D+ ^! t' 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.
! ]3 G) G, z* H8 O, y6 _ g C k. I) V$ R) j/ K1 P) u$ K
im not quite sure if the multiplier effect does really matter in this case.
4 o" G$ ^$ S9 V8 C3 J8 H, }- k+ sin stock market, it's the demand and supply pushing the price up/downwards.. z, k; @/ X% H& x# z8 n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' y0 m5 v2 g- A% }/ cA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- [) ~+ `; D7 JThe 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.
# V. q8 j/ }# [4 g0 Nbut the value of their assets did really drop significantly.9 p5 Q& z/ {, @( D' w
6 o3 e; a- p) u0 Z+ |3 [3 J% ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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