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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.
( _- m9 m% r+ n) k; [3 S( FCDs could have different ratings, AAA -> F,
% Q8 N& c" @0 m8 Qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 g1 V7 i& ?, u, T1 {$ j( Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: T: z& `0 X9 { V/ _$ vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- b0 s! [* s6 F* v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
m" Z8 S6 \/ ~4 h6 d! ^1 B% s% |4 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
' _5 n- G6 D& P7 E/ tnormally the value is calculated by adding it's principle and interest. - m9 R( c) _) @; d3 b2 D
eg. the value of the mortgage+the interests to be recieved in the future. * \& a; G* {$ f) V* ]
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.
- R7 k! [4 z- k+ I% l7 ]9 ]
, ]" y( U G) V$ j- _: R! j- |/ _im not quite sure if the multiplier effect does really matter in this case.; ?9 |) m2 M7 j1 P4 J0 i
in stock market, it's the demand and supply pushing the price up/downwards.) J/ u+ K; \9 g, K. k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% ^+ K# t8 I8 X# |0 a) H; UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 b4 G2 `1 e3 w6 K
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. ( l% d: C% {; P0 u
but the value of their assets did really drop significantly.
7 Z% G. {# K, k+ w: x
; v" t i% x6 F" d$ F2 a* L[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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