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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.
* S3 A4 [# Q2 r- ZCDs could have different ratings, AAA -> F,
1 G2 l& Z9 ^4 v1 Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
" j7 I) r; p' A$ t( J+ f9 J, ^& _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( Q5 T& R* k% ^1 win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ i; E6 F7 m2 L5 L' U& Z. i# RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- L' S1 n+ g0 P7 _1 ^
similar to bonds, CDs trading in the secondary market have different value at different times,4 D$ `7 }" M* u$ t. T: G, R, r. H
normally the value is calculated by adding it's principle and interest. : h) H! b% y9 X: M: S
eg. the value of the mortgage+the interests to be recieved in the future. ' T; P$ H& L' N4 ]5 g
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.2 M8 O0 k( j3 C% ^0 R
" C7 X4 f9 {$ Q8 r @1 Uim not quite sure if the multiplier effect does really matter in this case." z' d8 a( b! i; w
in stock market, it's the demand and supply pushing the price up/downwards.' z, i) f+ \' U- g5 b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' {+ [/ j# M" F; L9 U- mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; y5 v) A6 S+ M$ o5 S% m( D4 }! K0 RThe 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. c k1 p3 V, \, h% S
but the value of their assets did really drop significantly.1 Q% F. s) C' S; H+ L$ h, ~
/ h9 P) P2 l I8 T8 f* p
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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