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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.
+ s; o- O+ X# X, U: BCDs could have different ratings, AAA -> F,
2 N; g( b. w5 {' n: Gmore risky ones would have higher premium (interest rate) as a compensation for an investment./ Y! g) w1 I% ?" O
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 b4 k/ B) ?& i1 F) k
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% g3 W& Z2 S$ V- lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 t1 O4 R! y0 ?8 } ^8 csimilar to bonds, CDs trading in the secondary market have different value at different times,* y$ f/ W, @* I9 n" d& v3 }
normally the value is calculated by adding it's principle and interest.
( g: _6 ]3 Q& ~: k# z5 g' o. [eg. the value of the mortgage+the interests to be recieved in the future. 6 r3 D0 J8 B2 | _' Y3 c* x
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.
* @0 p8 c8 O. t8 v5 k1 D
; ?! `4 W, v6 Q* d, jim not quite sure if the multiplier effect does really matter in this case.6 k) W, u8 q# t2 M* Q
in stock market, it's the demand and supply pushing the price up/downwards.
4 n: W5 F5 P( D& p7 @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! }9 T; k" I3 q+ u' wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) \5 h6 o; m$ R) F( u/ p5 c0 bThe 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.
) @! x# m! Z& i! m0 b. |" f* qbut the value of their assets did really drop significantly.
8 K' D$ @. }" F: @- m
" b9 ^, Y! e, E2 v6 p[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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