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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.
# J0 A3 Q) r) T r+ ZCDs could have different ratings, AAA -> F,
- P( x7 O" E) v% S6 Lmore risky ones would have higher premium (interest rate) as a compensation for an investment." F1 J' L" E7 J; ]! q3 J0 s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; [3 ~/ s A/ c! q0 R
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: B. B4 V+ e$ v9 ~' b! cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency. V9 H6 _" x O; f' e& |2 Y
similar to bonds, CDs trading in the secondary market have different value at different times,
( d) F. L H' z( B# s5 inormally the value is calculated by adding it's principle and interest. + s/ V# ^( x v u( N, }6 n
eg. the value of the mortgage+the interests to be recieved in the future.
9 o) N- B$ g5 [6 Qbanks 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.7 j% i# Q; [" p6 U) y
' v6 @! k& u. u3 Y1 |, N
im not quite sure if the multiplier effect does really matter in this case.3 e! p5 \, {. C- U; c: T
in stock market, it's the demand and supply pushing the price up/downwards.
, C7 b( D* m/ M& M5 u* FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," A+ ~( v" ~0 M- Z, O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. Q8 G- k7 \0 G' A' e! n
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.
! |1 o2 C' x1 t+ ^4 Q/ d- Mbut the value of their assets did really drop significantly.
2 r4 y) m; I6 A, C) |' G! K- X$ S# ?* Q: S6 V! W& C
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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