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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.
1 E- H7 [- |3 Y- B- k! JCDs could have different ratings, AAA -> F,9 c5 w: ~( }1 Z( e
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 r- {6 d7 ]* Y$ H B% r5 d1 q1 e& Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 @4 `6 l8 I% F7 {1 L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' k% j5 \, n/ x& s: dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: @$ p/ v. ^$ V3 U0 k0 @
similar to bonds, CDs trading in the secondary market have different value at different times,
4 J# Z; K! D3 j' n L- Enormally the value is calculated by adding it's principle and interest.
' K; S. c5 m9 L" ]7 I7 Zeg. the value of the mortgage+the interests to be recieved in the future. 3 m4 ?9 L3 {4 K2 h! A2 y5 m) L
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.# h/ t6 F8 o: o8 l6 T2 i( k4 {, N
4 n9 T3 k, [+ sim not quite sure if the multiplier effect does really matter in this case.( Z. f* `" E" I- R0 D
in stock market, it's the demand and supply pushing the price up/downwards.
2 s) t: L' f5 v$ ]6 hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- F- Z% J2 x" l, M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! j% y/ {2 K0 j- u% 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. & T& p* H7 {3 `5 x
but the value of their assets did really drop significantly.
4 P3 I) I: \0 u/ R0 {$ q: L ?' v8 A( H- u% y# @6 X( j( ?( {
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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