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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.
4 Y5 [+ |0 S; P9 vCDs could have different ratings, AAA -> F,
9 M! V! M& i8 u" A; m5 zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% y9 M7 @: @. D" \# w" ? Y: ~5 H1 _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, B ~# w0 Q5 d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 x" m; s: j" lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% M+ l) M2 _' J' Y2 U7 n! M
similar to bonds, CDs trading in the secondary market have different value at different times,, @, D& C' |" P
normally the value is calculated by adding it's principle and interest. 0 q- F0 D5 x7 G( F9 G: Y r
eg. the value of the mortgage+the interests to be recieved in the future. & Y# F$ J9 ^) I. Z9 f
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.# F( R/ f# j7 D5 Y7 c
: a0 d: U+ z% ?% k/ @8 f2 N! n
im not quite sure if the multiplier effect does really matter in this case.
3 p. Q- h: J. o% [5 S, hin stock market, it's the demand and supply pushing the price up/downwards.5 _7 X* m: P) |) ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! x% V! F2 o3 b/ \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., C& @* e; \3 o- O+ V" W7 Q
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. + m8 p0 M |' U9 o; x' X
but the value of their assets did really drop significantly.; }# k9 ~& A O* b3 A/ q9 n; n
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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