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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.
3 \. n- [ D/ k+ ^! M" x! |! uCDs could have different ratings, AAA -> F,4 k3 w- t* P# M) _
more risky ones would have higher premium (interest rate) as a compensation for an investment.) m D, e3 W" {* }, b
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. l3 U S* @" \1 G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: w3 Z7 Q8 D# H( K m5 _$ k& pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 E( W% ^+ c+ _6 q% Xsimilar to bonds, CDs trading in the secondary market have different value at different times,
: |. v6 Z: \6 P/ e, M+ b9 inormally the value is calculated by adding it's principle and interest. * i. `- a3 h' Z- W" u- z
eg. the value of the mortgage+the interests to be recieved in the future.
9 O" i+ B5 O5 J' ?, R, Zbanks 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 H9 w2 l" ^& K3 G0 A4 T& x' j3 }; s+ R
8 z& H- ~4 S- N/ H/ uim not quite sure if the multiplier effect does really matter in this case.# J/ c W: A& h) x$ y, T
in stock market, it's the demand and supply pushing the price up/downwards./ t& L1 ^5 t2 U* [- l# ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 P$ n+ j1 x% SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. g8 S6 g1 L4 s1 N" j2 R: @6 TThe 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.
* P, z5 N4 O, y* A# i6 q, f$ lbut the value of their assets did really drop significantly.
+ q8 B; N/ P& E
- j8 G) W1 p! F, k5 h' O4 K[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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