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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.
) L2 n& c. o( z+ @- bCDs could have different ratings, AAA -> F,9 \: b7 T6 R& U5 Y# q
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ |& X% m5 O$ z+ s- }$ T3 r
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 m" B: r7 S1 V* ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 m+ m7 I- V. j. n9 s6 I/ j+ Q1 k$ G5 nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 J( W R6 O* L. ]. Z& t
similar to bonds, CDs trading in the secondary market have different value at different times,
# P; r$ R! G1 W- y* G7 |normally the value is calculated by adding it's principle and interest. # c$ e2 O8 k& C- c. _
eg. the value of the mortgage+the interests to be recieved in the future. ( m6 |) I# E0 q# j ?
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.
1 @0 c+ V3 I8 `) ^7 `' w% E' K q8 R& _; @' I" M
im not quite sure if the multiplier effect does really matter in this case.9 a9 _1 \; _9 s2 p! o4 b
in stock market, it's the demand and supply pushing the price up/downwards.% v+ Q7 l& W- S7 W8 W J
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 @7 Q% T# q( q& |1 y L% S" {5 p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ D0 t6 s; j3 h" {) q4 B
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. + V- i, {2 h1 M1 |, K. I
but the value of their assets did really drop significantly.) a' |9 y9 e) R' Z) {6 ?
: z. f, z" ^( u3 B& O5 m! N[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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