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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.
; g0 ^* G6 f' YCDs could have different ratings, AAA -> F,
2 v& I9 t! \$ [ |: {more risky ones would have higher premium (interest rate) as a compensation for an investment.5 n0 Q* }- f7 R# D% P0 {4 l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ j& b% K$ X+ q7 Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
^, J3 B7 l: [* U3 S8 a2 {4 d9 YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* Y! v# Q; g7 B: d7 s
similar to bonds, CDs trading in the secondary market have different value at different times,. D3 j! n0 q8 j$ ]/ s ?' h0 @
normally the value is calculated by adding it's principle and interest. 2 m" w/ [1 l8 i
eg. the value of the mortgage+the interests to be recieved in the future. . w7 ?" Z4 M1 P2 K) Q1 r5 m
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.
9 T7 \8 n; c: [$ r8 y8 ?2 I6 ^& w
im not quite sure if the multiplier effect does really matter in this case.% G) V4 A, j- U6 A1 G; \+ d
in stock market, it's the demand and supply pushing the price up/downwards.
- T0 s0 }% `7 T0 Q4 ^1 r3 \For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 g9 }% w: B; E8 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 v# N0 l7 P4 v9 ^
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. * T' W$ v+ k6 R: S" |
but the value of their assets did really drop significantly.7 t2 P4 ]8 p( v2 ^1 C1 o1 k
0 r; q& _1 {+ P. \$ _, ~4 Z1 \[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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