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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.
0 q9 v7 `* f8 TCDs could have different ratings, AAA -> F,6 F; O( n) q1 i
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 Z2 r. r2 V8 W- U1 umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ o+ S, A9 K7 E" R% @ m) Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( l+ C* ^5 e5 J8 u& [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 P( h# y$ x4 A, ^( Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
; u! h, v, U0 R/ V ` W/ b: ^; bnormally the value is calculated by adding it's principle and interest.
/ ~& ]4 R2 B& J$ y. Xeg. the value of the mortgage+the interests to be recieved in the future.
5 f# p W! P Zbanks 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.
4 u* Q4 `" m% b- ^! Y, r2 x$ U- u; {2 @( u& y
im not quite sure if the multiplier effect does really matter in this case., p, B0 t& r8 e- [; Y' ], V+ g, W
in stock market, it's the demand and supply pushing the price up/downwards.
6 {' _$ f3 k. f; Z' r7 LFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" h1 f% F B9 aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 j) v4 o5 t6 V* w- \
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.
% |5 k# b( `3 Y8 @' ~/ y# E! [but the value of their assets did really drop significantly.; Y5 _+ t. ]5 C$ a( f
$ Z, l. t9 {. y[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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