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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.
2 }1 P8 V# A3 ?8 f- S0 w8 ?- o- KCDs could have different ratings, AAA -> F,
: p: w$ {7 u* g$ wmore risky ones would have higher premium (interest rate) as a compensation for an investment.* j4 M9 s" a+ D' V
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 E$ Z6 j8 j8 }: [# ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" v: \- I1 k# CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* o( y. C0 N# ~) {
similar to bonds, CDs trading in the secondary market have different value at different times,2 G' s" E$ o. m S" r+ V3 h* C, I
normally the value is calculated by adding it's principle and interest. , B8 ~; P1 A2 n6 [) \. {; ~
eg. the value of the mortgage+the interests to be recieved in the future. " k- \9 F& G- G `; 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.$ z: \( m" t& W) S, c }
) v+ O2 z* O6 c4 Uim not quite sure if the multiplier effect does really matter in this case.
) ~8 c' u2 U! G- C; j" A3 f5 S7 pin stock market, it's the demand and supply pushing the price up/downwards.2 C; d4 a7 R, d, k5 L6 j4 H) U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; A" T D7 [& R0 p z" OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 E) f1 b: q+ \: H+ G) 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. 3 A, T x# C( w2 F8 Q( A
but the value of their assets did really drop significantly.
4 z( b" w. [" }/ u1 |, f- M
2 P- J. Z2 n( Q2 ?8 v[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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