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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.
! @0 [2 N$ V s6 ]5 d) T: ECDs could have different ratings, AAA -> F,$ L: h1 ]" d2 i6 y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 { y, D( H4 \$ L* q9 E$ n- O9 Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 N) ]: A! T2 Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 b7 |6 y' t4 sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." Y8 v% n! w: l4 [# \7 G: x4 S
similar to bonds, CDs trading in the secondary market have different value at different times,
B1 }1 _" T( Z. A0 x. G" G( hnormally the value is calculated by adding it's principle and interest.
) o6 y, ?5 E1 j; d: Xeg. the value of the mortgage+the interests to be recieved in the future. * i! \6 g4 k9 A! S$ l+ ]
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.
& B E/ o, H- k- G
6 L3 a0 W X$ z% E8 eim not quite sure if the multiplier effect does really matter in this case.
8 c2 |. w. h8 {, v, Z! T9 Fin stock market, it's the demand and supply pushing the price up/downwards.
9 z+ H" I% h& |, J4 i! r) x& n+ ZFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# F$ G0 I4 D' l# s" x: hA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ g: w5 U7 f# y# b5 F. ^ sThe 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. 0 _5 j ~( |. p9 t5 S
but the value of their assets did really drop significantly.9 T+ }& j0 q3 B+ q4 j6 K$ t' ~
0 l$ U" {& L# x3 W6 B- I2 {/ Q) t[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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