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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.
. U j1 Q: O, N1 FCDs could have different ratings, AAA -> F,
8 F, l; G6 }; g7 H! J& Smore risky ones would have higher premium (interest rate) as a compensation for an investment.
* m* ^9 a* j$ {4 o5 Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( U3 Y2 @+ x. O5 ^1 b5 o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 E' }# {" W' l7 P( A, I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ D. c, }- t: C- |, c
similar to bonds, CDs trading in the secondary market have different value at different times,
R J, m3 H! Qnormally the value is calculated by adding it's principle and interest. , N2 @: e. l7 w9 v# g* C' p
eg. the value of the mortgage+the interests to be recieved in the future.
9 w8 a) B$ G; [ qbanks 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.
; {# r* o6 ^% k% j" t1 m$ c% ?$ c2 z: F+ K" E1 h" \( F
im not quite sure if the multiplier effect does really matter in this case.
8 z4 F0 O1 r8 s5 {& {5 Cin stock market, it's the demand and supply pushing the price up/downwards.8 U) u1 W, p$ _/ l& o' m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 c' q p$ u7 N X7 E" n
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ x. V6 r; A# h* \8 T2 ^; H
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. $ o; E4 g" G) r
but the value of their assets did really drop significantly.
; C w. p3 m7 z* A0 i& h& [6 u: W7 ?$ g4 i, K1 g2 q3 |* s
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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