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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.
' F# s0 N* _. T8 i. O9 v. V" rCDs could have different ratings, AAA -> F,
8 q' C: K4 E; U! U* Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 V# H) D6 O7 n) ~7 Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; i, K$ i y, n8 u' O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ u- e1 z5 g2 r3 {; N8 S% sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., a# V/ h1 x' ?2 G
similar to bonds, CDs trading in the secondary market have different value at different times,# _% D) k2 n+ F+ [
normally the value is calculated by adding it's principle and interest.
8 h1 b# w" ]- c+ z* t1 y# Ieg. the value of the mortgage+the interests to be recieved in the future. 2 I: _, b6 C1 a* N; A0 j
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.) M' d5 c9 {! X v- n( j' f7 l8 }% O
g/ h1 W) i! @' D3 B2 }im not quite sure if the multiplier effect does really matter in this case.
: K; w! B; d8 j( v* m/ M5 {3 \! c! din stock market, it's the demand and supply pushing the price up/downwards.
: a/ E+ j3 X# zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ t) e+ }$ k1 u9 E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 }! L) `. K- d* U# v* qThe 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.
: V) u' z( k5 h2 m: ?7 t( D: Jbut the value of their assets did really drop significantly.
! k, ~8 L# p" T( W. ?7 K h: l9 ]2 ~9 Y% e( N, N6 G
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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