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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.
' a+ {" V' l$ J% {" m, B, dCDs could have different ratings, AAA -> F,6 X3 G. _5 F# i1 n! D- F5 A7 C7 c o
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; Z3 h* u9 G( \/ H& t7 ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: _0 P0 Z/ N- Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ ^. D7 R P" C3 GAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; ?2 }' q9 i# [0 ^6 _5 Z. n( Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 ]6 ?* @* @0 w+ r+ ]normally the value is calculated by adding it's principle and interest.
/ T* U5 t8 f5 U+ m3 V5 teg. the value of the mortgage+the interests to be recieved in the future.
; X1 F+ H4 [* w# }3 N7 J/ _, r6 Pbanks 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.
" Y/ I- ?, e' d0 O" K5 U6 ?" d- {8 Y3 [- F
im not quite sure if the multiplier effect does really matter in this case.6 Y: K$ f- A5 |) d! b: r3 E$ c7 y
in stock market, it's the demand and supply pushing the price up/downwards.
' M1 V, A' I2 w& j* m. ?2 PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! T2 r# h: D5 K3 i) t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; C7 _9 w) B, 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. + I# t4 q7 E. h2 g+ x# x+ q3 X
but the value of their assets did really drop significantly.6 |* `: |* X) ?+ m
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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