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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.
% y8 c) l2 a9 T& k: [+ KCDs could have different ratings, AAA -> F,1 X, h5 _- b7 i8 x$ x
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 i. p! k% \- v5 M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) F+ B: O; m" c# m/ cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ o2 O" Z0 _/ F' D# O3 Z" y2 [, z( a% J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 {$ ^) w' N3 i2 t
similar to bonds, CDs trading in the secondary market have different value at different times,
( Q) {5 K3 N: w" t! Jnormally the value is calculated by adding it's principle and interest.
0 r) C; O) k% I, D% O$ P4 }4 {eg. the value of the mortgage+the interests to be recieved in the future. + r* X, A4 z, @. K! L3 Q
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.- `: f4 a' C0 O& S; Y
/ {. a- X% \ d' N5 ` ^4 V# \
im not quite sure if the multiplier effect does really matter in this case.
}4 P% G1 ~9 Z" z, G0 Vin stock market, it's the demand and supply pushing the price up/downwards.
4 q9 K, M) q) i. q" C7 k( xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
{4 n. I4 }) a4 [: ]3 P6 h4 VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# H" i% h' A( i9 H
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.
, K/ U3 U$ h' f6 K; F- m/ |but the value of their assets did really drop significantly.
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. W% Q% k' n* A& o: Z G) W[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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