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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.
7 a* R" S8 {7 [$ pCDs could have different ratings, AAA -> F,3 S' R/ _8 U6 ~2 L, x& A
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ }% W2 f5 A! i) d% |main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 _" w7 v5 ^ k" J2 W9 |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' y0 \6 H+ h b; M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: @! j" r* n/ J! y* n% z! t' hsimilar to bonds, CDs trading in the secondary market have different value at different times,# g$ @. Q8 c3 b, C# `; L0 c
normally the value is calculated by adding it's principle and interest. ! w5 W9 I2 G0 O/ m- @+ G: N. f
eg. the value of the mortgage+the interests to be recieved in the future.
$ d' t. n5 e# D4 C+ A8 ^+ }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.2 w5 Y, q5 t6 P+ ^* [- [$ n# U5 y0 w
9 B3 L; U0 s' X' }, D) |" [- o/ [$ rim not quite sure if the multiplier effect does really matter in this case.
6 ^) P8 l0 w4 [% Y# c: J; ]2 Iin stock market, it's the demand and supply pushing the price up/downwards.8 I# U6 f) F4 I+ [$ g* }& l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ d. c! x0 a$ \0 f; Q6 AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; Y' l' b1 q6 d; t) H% O
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. 8 z. j8 _0 Z3 a! G7 {
but the value of their assets did really drop significantly.
) G1 @0 @5 E! m/ ~2 s1 t# d0 |( R7 h2 m& L% ]9 a. @6 I
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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