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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.
* U5 L* D" M" _* C2 Z3 `* sCDs could have different ratings, AAA -> F,' c7 M, E2 O2 w* ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 C+ s0 A% y8 g* B$ i7 s, y7 [: Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, q/ K/ L n! A- S
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; F5 u$ R4 b5 g$ \' m9 K
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& j* S' n: k' W. o# W
similar to bonds, CDs trading in the secondary market have different value at different times,
9 [; |3 W( e/ ?4 \, [1 }normally the value is calculated by adding it's principle and interest. 7 u/ K) L' K6 |. b. p! z7 x% u
eg. the value of the mortgage+the interests to be recieved in the future. ; d1 \" K9 V: 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.
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% F( F5 g/ H! N$ I6 U. U9 Pim not quite sure if the multiplier effect does really matter in this case.
% ?: x1 D1 V7 Z6 Kin stock market, it's the demand and supply pushing the price up/downwards.( a6 S s/ y. [+ P; v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# C$ c6 z' k; @' Q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ Z# q: j4 Z5 U6 l( `5 N+ q
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. # ^6 ^& o$ r( [, r& e
but the value of their assets did really drop significantly.
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" N! S) s. e) `/ C4 P% `[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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