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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.
) w. Q# x3 d" [: o3 qCDs could have different ratings, AAA -> F,4 U2 h j0 U3 |+ M7 a
more risky ones would have higher premium (interest rate) as a compensation for an investment." L1 r7 j% J* K: \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* ~4 o9 m* `9 V. {9 t# Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 T }" [6 a$ k; ?, k4 b( G* }; iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 p3 l) [- x3 Q% q9 N
similar to bonds, CDs trading in the secondary market have different value at different times,
7 U( w3 v, x ~. z: R5 {. Tnormally the value is calculated by adding it's principle and interest. 5 V y# g2 L( m l( P
eg. the value of the mortgage+the interests to be recieved in the future.
8 f$ I9 j. a7 ^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.& y2 ]' P( d% m5 T: T$ I
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im not quite sure if the multiplier effect does really matter in this case.% ]* D$ ~* C& d# }6 m7 n M1 z. n
in stock market, it's the demand and supply pushing the price up/downwards." `, S8 g$ \ V7 N5 B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ Y# M, b4 A( l' ]# L, X9 O. I; W) pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! A0 T7 F/ I7 Z4 X: g6 g4 v3 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. , N9 x2 x3 Z; y6 L1 J* T& Y$ v
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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