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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.
1 m6 e; N1 X# Q3 x1 @5 [3 JCDs could have different ratings, AAA -> F,
; ^' |& Z1 a) G1 y; J3 f' s+ qmore risky ones would have higher premium (interest rate) as a compensation for an investment.& h; X$ u6 O9 m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! x6 ~" w' I$ K* V$ @9 |; ~
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' {1 r" M! z. R3 g4 C1 M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 a0 b0 [; n5 \* o" h1 m' U
similar to bonds, CDs trading in the secondary market have different value at different times,
* `3 b: L# Z5 w/ M0 Z& f( j2 i$ Tnormally the value is calculated by adding it's principle and interest.
' r0 V ^2 u C; g# B# G$ T, Eeg. the value of the mortgage+the interests to be recieved in the future.
8 H: ~- G3 T' e: l& \9 q* Ubanks 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.
0 G, w, C+ w9 h2 Z, }5 U8 J" f2 n8 Y" [8 P2 P$ }5 ^
im not quite sure if the multiplier effect does really matter in this case.
1 ^+ z0 v/ b, e, n2 D6 K! E* tin stock market, it's the demand and supply pushing the price up/downwards.
/ Z4 s0 g& @& U9 sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 K, `- F1 {5 H: I0 O' x1 e( N. A8 a4 `7 gA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ m) | ]* i& z. mThe 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. ! \. x; }/ V H+ }
but the value of their assets did really drop significantly.
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}: c0 K5 r w( G/ R6 D0 ], h, H[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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