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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.
9 E, m6 `+ y4 PCDs could have different ratings, AAA -> F,5 K8 \, ]# J; N( v) {
more risky ones would have higher premium (interest rate) as a compensation for an investment./ Z) y# h4 Q+ g2 D. z, D6 i6 C: d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ h5 M$ Y- S% }( }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; l% V" z9 {' O5 E7 kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- `! K: l/ |% \# J: [0 I
similar to bonds, CDs trading in the secondary market have different value at different times,
8 g: ^3 Z+ O' y* |4 p! q6 p8 l0 ?normally the value is calculated by adding it's principle and interest.
& r- t. G! r+ v% r+ S' d" |eg. the value of the mortgage+the interests to be recieved in the future.
+ w! j- ~' A$ P" M4 W, Abanks 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.
' _! _9 I0 d: L8 K5 n5 u1 f8 V# _3 w5 b/ w, F, D
im not quite sure if the multiplier effect does really matter in this case.
8 i0 I2 ]$ {" ]6 Rin stock market, it's the demand and supply pushing the price up/downwards.
I: F5 {* s, ]& Q6 aFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' q5 t2 ?) O$ V% t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 i4 Y2 ^( `* L8 b- m s/ EThe 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. , E, N0 j! B+ I: |( D3 v% d/ i* T- Q4 _
but the value of their assets did really drop significantly.# r3 s! G- d& j6 |9 [& H! N
, v9 U2 h8 H' v) B[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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