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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
3 V5 c$ B* t7 a" H3 p2 MCDs could have different ratings, AAA -> F,
8 c" ] v* C/ a: i( r+ Rmore risky ones would have higher premium (interest rate) as a compensation for an investment. A: t+ c$ Q7 O0 i Z2 p
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 U' ]/ a: Q1 _7 ]8 ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 H. c# n. D" P2 v1 ^3 |2 a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' A. O& {9 t( f; I4 E7 fsimilar to bonds, CDs trading in the secondary market have different value at different times,
5 q+ Y* S* b7 @. C$ N7 Mnormally the value is calculated by adding it's principle and interest. 2 v0 H! R8 |& A' [' [2 Q! q) t* Z
eg. the value of the mortgage+the interests to be recieved in the future. ; `7 G& P, a+ \" U, x5 v! 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.( ^ c r6 O0 g3 A8 C# h l4 C+ W
2 M7 ?! p0 T, f T! W( Kim not quite sure if the multiplier effect does really matter in this case.
$ {- I0 s. N) ~" y& u+ [in stock market, it's the demand and supply pushing the price up/downwards.
7 A" j$ Y, u% _) I9 @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ | q1 Z7 _( O' `4 N" s9 K/ V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 }1 m, m! n* e( t: x2 u0 s* 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.
9 S5 V4 `0 T: j( k4 Pbut the value of their assets did really drop significantly.0 O. q; c4 w/ l" j1 {; h3 d
3 m/ x+ ]- f' h, u[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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