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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.
6 Y, V; x" ?/ XCDs could have different ratings, AAA -> F,% }5 p& I p- F H6 P1 }& [) g
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 Z) B& X) W5 }5 S. t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( E e4 G% ?0 F1 ]' Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) C( D3 X) m# G) F, v0 A0 x
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 o+ V% u: g, f7 r U- S& Rsimilar to bonds, CDs trading in the secondary market have different value at different times,
$ p ?" C: y1 ^& e' b7 ]* Lnormally the value is calculated by adding it's principle and interest.
* e: o" V% H; @! Ueg. the value of the mortgage+the interests to be recieved in the future.
( b$ J( Z$ D# Q* A- }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.
8 V4 ?; i4 p; w# r, Q0 I. r; } h5 e
6 s. j) W7 n, x/ N: u- I6 \im not quite sure if the multiplier effect does really matter in this case.) l6 V1 m$ f9 W5 N5 r
in stock market, it's the demand and supply pushing the price up/downwards.5 s9 H6 n; }% k H' z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) z( B. }1 Q7 d+ L# F; t6 N5 i3 I: |
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 _8 G, P5 u: q- fThe 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.
& A: X2 u4 I) X+ W1 j, a+ u6 wbut the value of their assets did really drop significantly.! F8 Z9 b" e; G" C8 `! J2 }, n& i- l
; `# r0 P( f! ^8 F6 R1 n9 C, x[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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