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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.
$ D- G% Y8 C ]! G' `" TCDs could have different ratings, AAA -> F,3 r" I6 ]# F, [1 R+ ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.* D4 g' C- ?7 k2 y4 d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) J- B, l3 Z9 R* R# K3 [% P, b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." `+ h D6 B* A6 f# q/ |$ q- e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ D- h# R" L) ^' f" n
similar to bonds, CDs trading in the secondary market have different value at different times,
9 P F7 d8 p1 J+ \6 Knormally the value is calculated by adding it's principle and interest.
/ q6 }+ Y# T# N) K' peg. the value of the mortgage+the interests to be recieved in the future.
* E6 j0 l3 t3 g% Q- I0 X. _1 ]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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im not quite sure if the multiplier effect does really matter in this case.
- n4 D# w: A6 k( g0 ^- Xin stock market, it's the demand and supply pushing the price up/downwards.
J8 d$ p( q! E" w; q, Z7 L0 iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 W& S$ l/ a2 S5 V5 DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# d' }% W8 e9 f9 a; H+ A* p8 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.
, \9 E* e) A. {) s5 sbut the value of their assets did really drop significantly.
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& x- s; U3 y4 q1 }1 k% R! ^; t8 q[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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