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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
& g5 b7 ~& M9 x, K. O: ECDs could have different ratings, AAA -> F,+ M: m: @4 j: V* _0 T2 H
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 M( X% Y. E+ J, L+ C! T" @* \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' F1 V# `( j# M8 L& J% F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% B8 t& X" o& D: @; l6 X- w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% L6 V! D+ A. [3 ^) |' I5 rsimilar to bonds, CDs trading in the secondary market have different value at different times,
+ }: Y8 n$ [ K9 Enormally the value is calculated by adding it's principle and interest. 6 }; C$ V* a( ]3 |
eg. the value of the mortgage+the interests to be recieved in the future. ' j& p0 Y: f/ V+ }& @. i/ E
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." T" O6 L. e& ~; I# u0 z9 C5 a2 T
% f {( d2 i6 f/ _ _, g+ e5 \
im not quite sure if the multiplier effect does really matter in this case.
+ [* g7 y9 O6 ein stock market, it's the demand and supply pushing the price up/downwards.
& m- X& C: {, Q3 E) p9 lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 o$ k$ g9 n- H8 ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ q% u2 r$ \; ]5 p6 m( ]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.
6 ]7 t f6 ]& F1 v: n- Y' @$ a' @but the value of their assets did really drop significantly.' P. |# ~* g" J7 Q4 e' r2 K
& P" M- I$ X% r
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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