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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.
2 B, G0 `. Z# p, X6 A/ W. V" p9 QCDs could have different ratings, AAA -> F,
- [. `4 o1 X: A0 x ]6 cmore risky ones would have higher premium (interest rate) as a compensation for an investment.! |; b# A8 I3 Z7 X" q" C/ w# X( N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 }3 r6 w+ t+ U2 zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) V8 V, _5 y n2 o+ Q zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 q3 Y% O7 G; f5 u' F7 dsimilar to bonds, CDs trading in the secondary market have different value at different times,
s% \$ ]* W; e7 \normally the value is calculated by adding it's principle and interest.
w/ O. k/ W7 r3 v( L! ]eg. the value of the mortgage+the interests to be recieved in the future.
, z S: j% y& G0 k* _& R" O6 I3 mbanks 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.! A* z" ?4 F& p1 `+ o
8 O) [* o Q+ v0 a0 E* Z
im not quite sure if the multiplier effect does really matter in this case.( H% |0 S% N2 l7 o9 X0 V" {* g# c
in stock market, it's the demand and supply pushing the price up/downwards.
( p9 C6 U( ~% P" x& NFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& w( v3 R+ J( F" m! i; A6 }! ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 c6 m1 u x3 S8 O S6 Y8 _% 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. * W, O) s% m$ I9 Z1 V
but the value of their assets did really drop significantly. D7 v) ^- n9 Z7 ?* \- q5 H! O
8 H4 K7 j0 w# Q5 e% n( P[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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