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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.
' }: H: x. x/ eCDs could have different ratings, AAA -> F,
7 @( v! [& d% U( y6 ?+ A9 [more risky ones would have higher premium (interest rate) as a compensation for an investment.) r, _' H2 E. _* D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) e; T6 O1 G$ y# }" O* Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 h; |% W P' ]! p/ e' DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ y) t; k2 l" p, V8 E9 ]similar to bonds, CDs trading in the secondary market have different value at different times,
/ b! b5 G; `! o; ?6 q6 hnormally the value is calculated by adding it's principle and interest. ; h2 m) ~6 y6 X, r8 `- m! w$ W
eg. the value of the mortgage+the interests to be recieved in the future. - a4 L: B1 D! {1 I" k! e! c
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.+ R, H; k5 V8 N( Z8 v- K) l
/ x5 O" ~' Y- }im not quite sure if the multiplier effect does really matter in this case.
6 Q$ _$ D, h4 G) Iin stock market, it's the demand and supply pushing the price up/downwards.8 I4 S, ~3 X! _; R+ i, F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; m" W( m4 _( h3 i9 X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 J4 r4 A0 Z* N/ M0 `# C7 X
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. - _5 D6 s: N" O# S
but the value of their assets did really drop significantly.+ f( n& K: q$ T1 L3 d) Y N& I
' R9 u6 x1 ?% l+ Q8 n[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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