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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.
, I8 B0 q6 F" W5 l0 Q' ]! c! P. A4 wCDs could have different ratings, AAA -> F,0 L% g2 D- E; u' E0 \" Q% m5 X
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 ^3 q8 C1 b5 }6 V- E' x% p [
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, t( [8 ?* e4 |* ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 p( v) m0 T8 H0 A8 |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ N( L% t* _* h$ o1 y; C) Osimilar to bonds, CDs trading in the secondary market have different value at different times,
* `7 F+ v2 R5 y; a9 Rnormally the value is calculated by adding it's principle and interest. 8 j3 z" s8 C. k/ O x8 ?
eg. the value of the mortgage+the interests to be recieved in the future. - x+ W. U1 J0 F% B
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.
8 @- U% {. W' ^0 K' B/ s) r& ]2 C: F" B1 e/ W* a
im not quite sure if the multiplier effect does really matter in this case., l7 K; D- e! J) [* G. X
in stock market, it's the demand and supply pushing the price up/downwards.! s h/ a, E9 [) S" D$ F1 ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 C, h) L, ?8 ]/ J* wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% A& p5 {. @/ k) v
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 z5 v# N1 i# T! J% ]but the value of their assets did really drop significantly.
" B! W! a" D4 e" i% |: ?0 B$ v: S: ]6 S# e/ { ~
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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