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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.
: B/ t4 H' O: E8 V# k& z; dCDs could have different ratings, AAA -> F,0 x A! k+ t9 H) a( g
more risky ones would have higher premium (interest rate) as a compensation for an investment., P }2 a/ u$ _, x0 c0 j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 S: H' z7 c/ R6 Z( w' R+ Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( u/ U% l4 e. x' ^ U2 b( Y* yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( q7 i, }# P+ d( n, X( Z1 L
similar to bonds, CDs trading in the secondary market have different value at different times,
( N. A5 D# K: `& A7 p- Nnormally the value is calculated by adding it's principle and interest.
$ i" J j- f, V* L- yeg. the value of the mortgage+the interests to be recieved in the future.
7 w2 ?) ~( z: L2 d; wbanks 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.( D# }) m- ~& ^; d- M
% G7 M- ^$ J% a# U
im not quite sure if the multiplier effect does really matter in this case.
. d6 F; h- y- x/ q d3 q; R. Pin stock market, it's the demand and supply pushing the price up/downwards.
% c3 E& _$ C; hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# h; d, O& B3 @" ]2 k$ g( x6 N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( f( b/ E" a, s1 j6 KThe 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.
* m, X# H: a4 s# \but the value of their assets did really drop significantly.7 I7 W" a4 q2 k. N; w2 O, E
9 r2 i! m, x; A' k# K3 v
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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