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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.
/ c% t2 }$ J( G' D ]CDs could have different ratings, AAA -> F,+ n3 Y8 Q% ^$ o6 N
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 U2 r* t \) }; ^. b! v' wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& e1 q8 j; p3 m; x9 t- fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 E6 C- p8 X6 cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* C3 g) v/ E& F8 wsimilar to bonds, CDs trading in the secondary market have different value at different times,, O: ?4 Z9 c1 i# l
normally the value is calculated by adding it's principle and interest.
1 s3 I- |" P5 `$ H% {0 `/ w, L4 Deg. the value of the mortgage+the interests to be recieved in the future. % |+ g4 d4 N) ?! w
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.
! W$ H6 d/ m; |) s/ q: F: q
, A. L. N, k0 j7 e: H, vim not quite sure if the multiplier effect does really matter in this case.- |7 y1 a# D b5 y' U# z
in stock market, it's the demand and supply pushing the price up/downwards. _* u" u, ]( J( O8 z& N: I3 Y! e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 E# P. E) W' A h# n R
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 C3 ~$ }, K8 q: i4 D: k5 X/ nThe 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. : ]* ~: U- Y7 p" ~! _
but the value of their assets did really drop significantly.! L2 Y( B5 _0 p, V$ |0 m! C; D
9 a x2 F: f+ t9 T/ v; D5 ]8 x1 R
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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