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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.
% c" p% t% N2 h+ H. E1 s! K* qCDs could have different ratings, AAA -> F,/ n; I3 H, b- L6 @; `% Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 E4 P$ e8 `, J% ^/ {" T' q' vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* h$ b! m" e- y5 ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" q' U5 x% R v+ |3 S8 fAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 e! C" m7 x" T- V( \; a& Wsimilar to bonds, CDs trading in the secondary market have different value at different times,1 n& m) \+ W4 _% _
normally the value is calculated by adding it's principle and interest.
* E! f6 C; |4 t4 O+ \/ X1 t+ o! w/ g: Weg. the value of the mortgage+the interests to be recieved in the future.
7 p6 T. B6 Y# o$ o+ n+ Fbanks 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.& F+ a* C9 o+ j9 ^8 X. I
* R) ~# P& r: ~7 u4 n# x i' Fim not quite sure if the multiplier effect does really matter in this case.
2 Z. J/ j8 l! q, tin stock market, it's the demand and supply pushing the price up/downwards.7 t, O7 k, v2 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 Z* _' l7 a2 ^1 EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 o: i/ p, V6 a2 f( H$ CThe 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. ( P- ]2 E# F# v8 c3 Z! E( J
but the value of their assets did really drop significantly.( m. B+ q4 {6 f- A `6 a l" X7 d
4 p- Z" E" f) v0 r) u
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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