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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.
0 w4 R1 Q. d* o* X) OCDs could have different ratings, AAA -> F,' ]9 D2 \, } q; F" M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, P. \2 Q% z6 ~3 \- Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# Z6 M- Q$ d% K/ U: O! y) C
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 `2 T5 f/ }, v: m( e \+ T! HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 v$ c' l2 r) U" f' Rsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 H: x: d3 e6 }0 l1 h8 Znormally the value is calculated by adding it's principle and interest. , f- ] n' D8 T+ D+ U+ W4 K, X: F
eg. the value of the mortgage+the interests to be recieved in the future.
! k5 T9 K6 g/ Z& I9 B2 `# abanks 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." H* E/ a8 s! e. ^" s# E2 [. q
# q5 u S0 b. S1 p( Z( \7 @
im not quite sure if the multiplier effect does really matter in this case.; R/ d6 R, [! w. B8 E2 e
in stock market, it's the demand and supply pushing the price up/downwards.
8 {" V6 w+ A$ BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ z7 c+ t" h9 OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 K" I3 w4 e+ G% R3 E* S2 p) h! l
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. 6 Q. Z% ]3 J9 O+ B
but the value of their assets did really drop significantly.
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! e1 ?& ^% Z& N" `2 z y+ ^6 B5 d0 _[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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