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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.
' R) u7 b) Z# Q, V) h, d* e! jCDs could have different ratings, AAA -> F,/ S* x' {" q. Y7 A; Q# V6 t
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 q$ l( {* ~! Q& l0 e! fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ @7 K2 Z. R3 q3 u0 kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* z0 v: W, D- n6 Q9 b+ c1 [% Z- Y, mAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 _5 o5 P9 m2 x' H9 J
similar to bonds, CDs trading in the secondary market have different value at different times,! V1 } J4 G# X j3 L/ f
normally the value is calculated by adding it's principle and interest.
1 l: R7 \, d4 Y; N# E0 v7 heg. the value of the mortgage+the interests to be recieved in the future. + U# F) w* H' O# 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.
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4 E6 x) ~& }0 |- B# y5 M, M# Wim not quite sure if the multiplier effect does really matter in this case.
" p5 c$ M- |* I" l; Rin stock market, it's the demand and supply pushing the price up/downwards.
- b2 `% E8 i5 J% l. Z8 H- z* v" KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ S5 u2 D2 v0 v7 v" V. i: A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 T! b5 Z) W/ Q# d, h; n, LThe 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. # K A7 w$ J, V, r# K, v6 z
but the value of their assets did really drop significantly.8 Q& H; H5 E! r8 F1 j E4 f' v" z
# ^5 V8 V& h. L {
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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