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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.
3 V$ @0 b% [( a" x# y( j/ k2 e4 nCDs could have different ratings, AAA -> F,* z) {9 w7 n" A" R5 g5 B- Y. a7 I
more risky ones would have higher premium (interest rate) as a compensation for an investment.
) G5 C1 N9 p3 c3 c3 \" G' qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; i( R0 b5 I7 m( z" gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. v* l! y% d8 X, ]* k$ SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 L7 N" m N( \: X" I) Vsimilar to bonds, CDs trading in the secondary market have different value at different times,
' s# m' A. v) ~, ^! mnormally the value is calculated by adding it's principle and interest. % I; A- Y4 `- u0 ^7 j) J: C' R! Y
eg. the value of the mortgage+the interests to be recieved in the future.
+ P, o6 u# F' f: ?9 jbanks 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.& a2 Z- w8 s6 y" t2 f9 f
4 i$ H, x8 N$ b& M
im not quite sure if the multiplier effect does really matter in this case.
) E4 _, o' f$ S. qin stock market, it's the demand and supply pushing the price up/downwards.2 l- n0 C' Y/ Q! z* J
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 @1 q/ _1 f, }2 B0 \, iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) M" K% s k2 ]
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. # `- b z$ J9 q. A
but the value of their assets did really drop significantly.
D6 `" D$ ~3 E; U# Q' Q5 q" V" i
3 s1 l# ^, T$ y6 ^[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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