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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.
$ y, L4 u6 u0 x' DCDs could have different ratings, AAA -> F,: Y2 c# c8 I4 r4 s
more risky ones would have higher premium (interest rate) as a compensation for an investment./ {, ?2 @& X+ n9 Y9 m; R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 O$ r0 T2 d6 ^1 o6 g* ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 B% w" Q4 z$ I; C' ?, i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( X; q) l2 Y! S/ _$ C: s
similar to bonds, CDs trading in the secondary market have different value at different times,
3 u# ^' a _8 q8 u, unormally the value is calculated by adding it's principle and interest. : `2 e0 ]: N3 p, t' L
eg. the value of the mortgage+the interests to be recieved in the future.
- N4 f! V& Y6 g9 Kbanks 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.
$ t2 E2 O, |# U6 X7 O3 _# ]4 k/ w) {6 H3 c& r6 i1 E: `# s* B7 O( v
im not quite sure if the multiplier effect does really matter in this case. l6 l9 c2 T. z7 n& B
in stock market, it's the demand and supply pushing the price up/downwards.
- @4 @- w6 @( L7 _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 `( Y) ^ u5 A7 a2 }2 O1 x9 s, ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 E2 ?$ h* e7 f
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. ' B* x8 N( H- R3 F4 a
but the value of their assets did really drop significantly.
- Y+ m4 Q0 y! X- _% K6 D. l+ i% d3 f2 h0 R; \8 `1 x# v/ o7 ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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