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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.
, ]3 H, s& e, {" Q9 |- ZCDs could have different ratings, AAA -> F,% B [) U, I% u H
more risky ones would have higher premium (interest rate) as a compensation for an investment.. @* Z H+ Q: B( W, ?8 F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ k, Z) J$ }; n; e( y' S) G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 S/ H, b( k7 G$ H( O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) P9 I& G2 {, w: l. D# Ksimilar to bonds, CDs trading in the secondary market have different value at different times,5 v1 M5 A5 Y7 g" R+ Q' m% A$ m
normally the value is calculated by adding it's principle and interest. 4 Q2 N9 P0 X( I1 \- L8 I6 h# U
eg. the value of the mortgage+the interests to be recieved in the future. - o) t; y. K( A1 Y% r/ x9 w7 q I
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.
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' Y! Q6 k- e" x2 [im not quite sure if the multiplier effect does really matter in this case.5 b# K$ Y7 u( [9 N
in stock market, it's the demand and supply pushing the price up/downwards.
k& g& q) u. ]0 H3 U5 @, ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
@) w1 e' V1 E2 ]* h; }/ ~A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* _* ~) m7 a+ F% S
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. . f; j4 v& [& {/ R$ k- F" d1 L4 x; u
but the value of their assets did really drop significantly.
% S0 v% u+ y& ^4 J7 x6 w5 h) r& x4 D# H k/ N5 h- u& E, g
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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