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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.
& k" u/ @9 F4 Q8 o& QCDs could have different ratings, AAA -> F,
, h4 O6 k" e' s/ B8 n# N' rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& j4 A+ p2 [ {' n6 G; b$ N* @main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 C) a7 m, T1 X0 X/ C+ tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* D) V" d' z& a! ^- dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# w* [) u6 S( E/ k4 U2 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 ?) x, w+ X& W' u; E0 _) [$ h2 unormally the value is calculated by adding it's principle and interest. 8 j; n6 S8 c) E: d9 Q
eg. the value of the mortgage+the interests to be recieved in the future.
6 I- A$ s$ d% L, w3 k2 ?! 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 t2 v2 H# S+ _$ D% N
; \3 ]. z8 l/ O5 q2 u! e- T
im not quite sure if the multiplier effect does really matter in this case.
2 G/ X, q8 R% F \9 M! K, v- Z) d' fin stock market, it's the demand and supply pushing the price up/downwards.
/ Y, {6 T0 v0 u5 L: @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, J, S+ B& C7 ?1 C) N7 _$ {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 Q; R& W9 j0 q% d" iThe 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. + C( S% w- k' V% O* c$ S# F$ _# _
but the value of their assets did really drop significantly.
/ h! y$ X$ c' N: b8 k: C
! s' [3 ~4 Q+ Z[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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