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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 K" S" m! u( eCDs could have different ratings, AAA -> F,8 w# |) a; N3 c& p/ `( Q6 `. m
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ c( L) e* w$ D. _- b2 k! P* e6 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 h* M6 L" b& F# o% P8 P$ Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 E! }$ Y9 w! B, BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) I0 f1 ]/ n0 X( V* c0 d
similar to bonds, CDs trading in the secondary market have different value at different times,
d* E9 _5 b4 I, \6 q! Fnormally the value is calculated by adding it's principle and interest. ; u& M) a9 M0 X' b/ U3 z0 c) h7 ]
eg. the value of the mortgage+the interests to be recieved in the future. 1 ~% _& H5 m5 T( ?5 d+ b+ p
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.; T0 m# F& L6 o, X8 X
! Y) ]* P0 |: @: C- \* O' @
im not quite sure if the multiplier effect does really matter in this case.1 n3 K+ r) O8 W, S
in stock market, it's the demand and supply pushing the price up/downwards.; X: T$ E+ C" A# k9 z% V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- e" _# m& f6 y4 e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 B5 Y) f+ y) L- s9 ~# AThe 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.
: G+ S- j. f, v0 e1 @but the value of their assets did really drop significantly.6 y+ [; X8 Y' n. b4 d" ^; L7 u0 e: _
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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