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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& }/ h S' {5 z0 H% a: d) rCDs could have different ratings, AAA -> F,
& D# p; z* }; x: E/ l3 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.% I# C7 z1 S: b
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, b/ y7 W( r& \) @+ fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 E# W" O- _* O+ i9 {' U: jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 U/ b3 v4 n" c V" c- [. E. _
similar to bonds, CDs trading in the secondary market have different value at different times,1 Z" A" k. H& z6 v8 a. V' n% n
normally the value is calculated by adding it's principle and interest.
: q# x/ Q2 `' H, k$ E; Z# \) jeg. the value of the mortgage+the interests to be recieved in the future.
+ o% X H7 D' O( m7 Q; wbanks 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.% [' s$ v; R% H( l' G
7 j7 Z' Y2 \. L" U
im not quite sure if the multiplier effect does really matter in this case.9 H7 x, _& j: `/ g" v( R
in stock market, it's the demand and supply pushing the price up/downwards.
& [6 r# L- x" WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ f; |7 \% B0 { ^: BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ i; N1 U: g% ?
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.
/ {( C, ^7 J5 P) u% d/ x B: vbut the value of their assets did really drop significantly.
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0 C( D" U! j8 ^$ S) x8 C4 w8 p[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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