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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.
; w z0 I* C. G: lCDs could have different ratings, AAA -> F,4 Y. x$ u( T% T7 J( h
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( l3 v% d4 ]! m. r$ S9 F& U. }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ |: ]1 X1 t v, G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ h4 x2 S1 Q& EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 O6 f. z! P: y7 Z# ?# ?, Y: a
similar to bonds, CDs trading in the secondary market have different value at different times,( Q( i; ~1 \9 Q
normally the value is calculated by adding it's principle and interest.
1 n" G$ o" A4 P, K l0 Y" ?3 |eg. the value of the mortgage+the interests to be recieved in the future.
n D, ?9 O5 a! Z) I. dbanks 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.2 x0 B- Z/ c+ d( Q3 L
1 c3 T) o# r% Q) u8 Uim not quite sure if the multiplier effect does really matter in this case.) R6 p6 P6 E# O2 N( e* h' b
in stock market, it's the demand and supply pushing the price up/downwards.5 C+ t7 [: } X: Z# Y8 j9 J
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 \ X& X7 [7 [ D5 `A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 O o! h2 y7 v/ d. g5 aThe 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.
% K9 t6 a0 @' Y5 Z [+ {: sbut the value of their assets did really drop significantly.
: S1 w& y8 J* t; Z$ Q9 y' S$ z0 x$ h( U2 [
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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