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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 g3 I4 Z9 {. d# O, z& bCDs could have different ratings, AAA -> F,1 _4 U2 }9 j% M) ~
more risky ones would have higher premium (interest rate) as a compensation for an investment./ S: f, f( n, B2 h( E/ a2 N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! O# D8 w7 m5 ~% d, e6 x! a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( ^3 I9 \% V$ Q. X, a9 C% j: `0 B4 uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 O5 s( W5 {7 N- S1 {
similar to bonds, CDs trading in the secondary market have different value at different times,
3 j, a5 q% y3 e( ~6 X, R9 wnormally the value is calculated by adding it's principle and interest.
- k5 A8 e1 x" ~) q5 ?5 A5 Veg. the value of the mortgage+the interests to be recieved in the future.
& w, ~9 f8 q$ V8 Z" L1 mbanks 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! I. M6 ]$ }- s6 q
$ P5 z$ j: }7 e6 h% `% Nim not quite sure if the multiplier effect does really matter in this case.
2 N @1 y0 {3 U' s2 ~! pin stock market, it's the demand and supply pushing the price up/downwards.* L' \4 `9 `( A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# f3 v" N9 G; M+ f+ n8 k9 [) {7 o+ QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 {1 B; J: N$ f- L2 V5 {& YThe 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. 1 h. v& W9 J5 s8 `, u4 W
but the value of their assets did really drop significantly.8 \3 S: V+ i0 t$ t6 T/ P# W
G$ f* b g: U+ h* k
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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