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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.
4 ?7 a; g8 G3 V0 ] L' ~CDs could have different ratings, AAA -> F,
/ I, c8 V! K! Q7 Smore risky ones would have higher premium (interest rate) as a compensation for an investment.
/ T7 J; E8 h, o2 x% T6 e5 Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, W! S- S _$ p! u* j. W" I, Y2 |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# L1 G9 p- H/ k! T4 ]) F( C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 a! o4 d0 i7 K2 i$ k* [/ Q% K0 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,5 ~5 L6 U$ x5 C# |0 u
normally the value is calculated by adding it's principle and interest. 9 T0 x0 o: ~" ]" E" Z
eg. the value of the mortgage+the interests to be recieved in the future. - O" ~+ s) d n# x _
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.
3 h7 c5 ?. _4 U6 g: W" V6 z& k2 f2 Q
im not quite sure if the multiplier effect does really matter in this case.
% d. S4 {2 w9 vin stock market, it's the demand and supply pushing the price up/downwards.
|$ e7 H% L- S7 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ o4 n* ?! }* J! U! a9 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( }* C( W) ^! h/ R6 k. |% ?( y
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. 4 l) M$ y d0 q% V) `4 s& A+ I3 u
but the value of their assets did really drop significantly.( j) _. x( \! y' E8 t* o
: i4 N: n7 s* d3 ?8 d3 C[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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