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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.
* W" H3 O; W Y# @9 I8 `- v+ B+ dCDs could have different ratings, AAA -> F,
9 T6 p. u0 B8 Y3 [ ~, y1 v, ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
. ^: T+ \$ a0 A/ b+ w3 N4 }2 vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% u4 e* L) K$ d' q# M4 Ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. t' _: J! p0 b/ T; g! v) p' KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ l6 b7 `# G4 e: R5 v2 `3 r" V5 @
similar to bonds, CDs trading in the secondary market have different value at different times,
3 p" T0 A) z' y* r) K3 S% q4 ~; onormally the value is calculated by adding it's principle and interest.
7 P5 U- o3 z9 \& M; W: yeg. the value of the mortgage+the interests to be recieved in the future.
( `3 t- j: C" P6 T3 O8 p8 Ebanks 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.
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1 V2 \; _: x i5 O& Q2 Bim not quite sure if the multiplier effect does really matter in this case.2 G* c5 _9 @0 S& q% b L
in stock market, it's the demand and supply pushing the price up/downwards.
0 n; m1 S" Y6 k2 N$ EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 y2 ?' J. w- M+ z! oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# [/ v$ s- ]& b1 G0 Z+ F' I" o
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.
$ T% q' e# D1 Q q, ^/ i1 |4 Nbut the value of their assets did really drop significantly.
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9 k; s" c# ^1 x[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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