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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.
; j; L8 N/ @' X: C% ^/ pCDs could have different ratings, AAA -> F,5 ` g; c* w- o# n4 C/ e& Y$ }; K
more risky ones would have higher premium (interest rate) as a compensation for an investment.; h4 B$ B2 v' V4 k/ f+ S7 o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# d9 q) f9 U" ]) d" Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 v% S. ?; _2 o/ I) T8 H, B8 F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 q" N2 d; d* l, [" Z
similar to bonds, CDs trading in the secondary market have different value at different times,
4 h y1 M5 N# }normally the value is calculated by adding it's principle and interest.
# f: {' f7 X4 I2 F3 k Oeg. the value of the mortgage+the interests to be recieved in the future. , J& K& ^1 l4 Y/ i* m9 u
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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3 ]6 `9 B% h+ X6 a. I& sim not quite sure if the multiplier effect does really matter in this case.
9 k5 e) _' ]8 Y$ A* n) W" Yin stock market, it's the demand and supply pushing the price up/downwards.
, g& m- X* |1 B& W# {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' X1 H* ?0 q& P) e, e% x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# {* t! m) o, N. e, ?. S( b( HThe 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.
: ?3 ?0 G( I5 F: A. C- c0 obut the value of their assets did really drop significantly.5 \7 ?8 F( G" o
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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