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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.
* q/ a5 i9 C- f2 t8 T$ k, lCDs could have different ratings, AAA -> F, ~9 R9 s6 y- }) H9 N# ~! Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 N( U- e# u K/ s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," X: L- H# C# x2 B2 E9 d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 ?" `9 z$ u. D( f5 }. |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 p, c7 o( @% n+ m$ b' {1 r+ E7 Q
similar to bonds, CDs trading in the secondary market have different value at different times,
3 U' V) V+ U' H, i( Fnormally the value is calculated by adding it's principle and interest. ! [+ |* t! U" C& c5 X
eg. the value of the mortgage+the interests to be recieved in the future.
, i' y& a2 |/ Q. C1 fbanks 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.
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' w" G; R1 A4 w; T; Him not quite sure if the multiplier effect does really matter in this case.+ P- B5 b3 ?0 I
in stock market, it's the demand and supply pushing the price up/downwards.
4 E8 I# t7 A2 {" [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% I& m* x; X4 D( G1 iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 |4 V8 b! y( ~9 b5 E" F. }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.
$ z1 y: v0 a1 B# J1 |" Abut the value of their assets did really drop significantly.
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9 v4 e s, H; z. @9 H) j4 ?3 @[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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