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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.
: O% a$ ?/ k8 y0 dCDs could have different ratings, AAA -> F,
3 n7 {: K* t' A0 @3 J4 H$ H8 X$ Dmore risky ones would have higher premium (interest rate) as a compensation for an investment./ E L0 f2 e) O6 R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 w" v1 C0 J) E# B/ D: R7 b( d- j' U+ t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# g6 V# x, k8 K% W* lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 S9 x" D5 C5 Ssimilar to bonds, CDs trading in the secondary market have different value at different times,
$ E6 @$ a+ G" b4 g* i F1 ~ Nnormally the value is calculated by adding it's principle and interest.
: d* z/ D" X `7 ?, `8 {+ f7 Eeg. the value of the mortgage+the interests to be recieved in the future.
" \* ?/ [; ^( u* q* vbanks 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.1 T4 _. H7 } a) j* Y z9 Q. \0 b
* _$ }; K; l7 _7 h7 ~3 Z) ?$ R
im not quite sure if the multiplier effect does really matter in this case.% y5 v* ]1 ?) |! M; ^. P
in stock market, it's the demand and supply pushing the price up/downwards.- ?1 o) Q+ |8 x5 j U0 P3 X. S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
s+ h+ Q% H! q2 u6 G( tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" N* ]0 f! [ Y6 nThe 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 U0 T& ?, M6 x
but the value of their assets did really drop significantly.
( P E0 T- X, z" j! b" @: m1 c9 f5 p/ M8 |8 x: y3 m
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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