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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.
. x8 [& \( ` \, L! JCDs could have different ratings, AAA -> F,) y) Q" P4 T, Z) W8 [3 o
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- z5 a: y f5 ~" _: c, rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
L. y6 w. w, m$ ]. A. j+ oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ U$ b/ z5 C$ k$ ]7 D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% `2 J) n _) ~& z# n/ vsimilar to bonds, CDs trading in the secondary market have different value at different times,
% ^5 V0 P, R6 B2 H9 _, Vnormally the value is calculated by adding it's principle and interest.
( m+ r B3 [0 x- _0 H/ n) [; Meg. the value of the mortgage+the interests to be recieved in the future. $ u4 Y6 X( E6 H/ j, k7 {
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.
& y; e2 A* {+ V" J+ K% C6 c2 y" r& I1 p4 t) e+ e4 r, A0 N
im not quite sure if the multiplier effect does really matter in this case.
& S. Q- t' Y, l+ i# @5 Oin stock market, it's the demand and supply pushing the price up/downwards.8 g* o1 f8 a# |; E% f5 s2 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; B0 b/ I! k8 D0 j oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., m& ~" U/ q$ Y9 w( h% q, N" y6 w8 H
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.
& J& G7 H/ k! A: z* m$ C7 @7 ^% |( qbut the value of their assets did really drop significantly.+ p2 q1 y" _( d( X
4 p* w; e) ?' a( z; s& P[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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