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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.
' E: h7 i8 [& Y/ t( k h2 D7 HCDs could have different ratings, AAA -> F,
2 T# x/ |( a5 dmore risky ones would have higher premium (interest rate) as a compensation for an investment.' z( i6 O8 p7 J4 d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* L$ m' R/ H2 q8 }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 d1 T. x' [- f- |& |9 mAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% |, G2 A! S' S1 ?0 l
similar to bonds, CDs trading in the secondary market have different value at different times,
2 d8 M% p, a& K8 cnormally the value is calculated by adding it's principle and interest. 3 d5 D+ H; b L5 {7 l" P
eg. the value of the mortgage+the interests to be recieved in the future. # W$ ?8 G8 U/ ~% t8 D; r8 ^# L
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.
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. B: D# n% @4 S! Xim not quite sure if the multiplier effect does really matter in this case.
X( W+ [2 W5 A ]! P% Gin stock market, it's the demand and supply pushing the price up/downwards.3 }8 D a# v! ` H; ^" E5 {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& N; X0 ^" t0 K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ k( K- k8 }' ]" ?0 D* 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. a6 B, a) E! R/ J- {$ |+ B
but the value of their assets did really drop significantly.
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. f+ q( W; G; x2 s[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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