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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.
n0 A7 U+ m* r! ?5 k, V; PCDs could have different ratings, AAA -> F,
& z- K3 n+ g/ V* Q2 mmore risky ones would have higher premium (interest rate) as a compensation for an investment.) m8 v9 A9 K/ o& |; \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 ^ Q5 _ k5 i1 _: M# H% d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; B6 j+ T) X0 u7 g& D3 I. U! cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& n' t1 j2 g, d9 x, {
similar to bonds, CDs trading in the secondary market have different value at different times,, G2 C2 P$ V1 s+ X4 t; K0 E& g6 y
normally the value is calculated by adding it's principle and interest.
& a# j" U4 ]7 ^4 [eg. the value of the mortgage+the interests to be recieved in the future. 9 a6 `* \# F; w) v; E' }8 u& @/ D
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.
0 l9 Z& O& t1 [$ }! W# U
8 i- N) x a, ^0 q; X! {3 S9 qim not quite sure if the multiplier effect does really matter in this case.
5 _# u: _6 d) r7 C& Hin stock market, it's the demand and supply pushing the price up/downwards.$ M. L* k$ w G
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ [7 H+ h9 F" `; P) r: G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' X5 r! _. L6 G" f
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.
7 d& \: S- r* X) t$ M% m2 nbut the value of their assets did really drop significantly.. T' I3 R& A6 D# w& o
' H& W$ ^7 ~, d
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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