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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.
# @$ i1 O6 y7 U" C: n* lCDs could have different ratings, AAA -> F,
- o% E6 K9 q D: r+ q& |" dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; o4 b/ v- d. ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 U+ F: j* L0 z& b" K8 P* n$ ~* O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 N" V2 z( L/ ]4 hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, i4 X* r# L9 ]9 J. Wsimilar to bonds, CDs trading in the secondary market have different value at different times,2 L" P7 @/ U W+ x: g
normally the value is calculated by adding it's principle and interest.
2 M, q7 r+ H" e. T+ A w8 Q- ?2 Neg. the value of the mortgage+the interests to be recieved in the future.
- o* ?" r$ e/ Y; F! T) Cbanks 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./ s+ z# f/ e9 {& I) a
: g; @3 y9 Z8 [7 b# M/ D) u1 `
im not quite sure if the multiplier effect does really matter in this case.
3 e3 g" n& E4 s1 y3 T! oin stock market, it's the demand and supply pushing the price up/downwards.
8 u/ z T6 F6 K b& Y; cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) x" q# y, o9 ~, PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# k, ?6 \( ?6 l7 k8 Y! k5 L/ OThe 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. 9 Y' q, n- {3 l+ j
but the value of their assets did really drop significantly.$ g: _, ~) B9 [+ ]# n
1 Q: a/ l' h2 C- D& I# j9 s[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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