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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.
5 h s' u* s: H. G4 Z0 w. uCDs could have different ratings, AAA -> F,
1 p! N% ?) [: u* Z9 m1 x2 s wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
- C% C* t, K# ^& N% S N/ J7 `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
o; ~4 v6 M+ Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 p4 n* C0 p( C& pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 X- x7 H6 O+ f: y% E" i" v- Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
5 E6 O8 J" w3 e d) z# S! r9 Inormally the value is calculated by adding it's principle and interest. $ }# \1 H# F" e ?+ P$ u
eg. the value of the mortgage+the interests to be recieved in the future.
$ f% W6 _8 c, E& o' f, U5 sbanks 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 S+ R3 K5 ?9 d c- q4 d2 S
- C5 w* N: \8 q& U4 dim not quite sure if the multiplier effect does really matter in this case.
$ T! S+ N6 T% L3 Rin stock market, it's the demand and supply pushing the price up/downwards.
# \. s" Y: J# sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" ?" z* b+ s; Y+ s4 ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." ~$ a# t0 P' W; v( V1 i T
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.
S% ~. {$ O, b/ I! L7 T+ Rbut the value of their assets did really drop significantly.! v4 W5 j4 {* {2 F/ x1 ?
6 b, i( [9 F1 P) }1 ~
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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