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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.
: h) d% o/ ~& s, }7 f, w2 ~6 E% T3 N, HCDs could have different ratings, AAA -> F,
" y9 ]! O: n% M+ cmore risky ones would have higher premium (interest rate) as a compensation for an investment.# U: u4 O; Y; M/ w" Z/ t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 A4 J& n; f, o7 K& X6 hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 b6 O& X1 l% c: k) Z* wAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ x/ C' m! L& s( p7 L7 l* _
similar to bonds, CDs trading in the secondary market have different value at different times,5 U; Y' L6 W) C( T" P
normally the value is calculated by adding it's principle and interest. 5 ?: P- ]2 m3 q, X* x2 k
eg. the value of the mortgage+the interests to be recieved in the future.
$ i+ Q; t- O# q! Tbanks 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.
, [* F! x3 M1 r2 F$ b1 W0 C+ \# `: k0 T' R) Y
im not quite sure if the multiplier effect does really matter in this case.
8 R# W4 K9 m* Din stock market, it's the demand and supply pushing the price up/downwards.2 d! ]$ S# }: ~1 s3 ` X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( H: n; l d% ^3 ?) y" k4 M$ Z, sA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; d; l& x/ A/ 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.
3 \3 V. F$ Q1 Q2 zbut the value of their assets did really drop significantly.+ O6 ` P) v$ [( m0 T2 r
1 v5 [1 B5 _( R& I1 z2 V( D
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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