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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.
1 B7 o- k. p- l5 Q. lCDs could have different ratings, AAA -> F,# g7 p& O. V6 n# ^. O2 ~( Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( @ z7 S) H H4 @; ?main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ c y/ U* V: d3 _4 J9 S Iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; S4 K- J; W3 C+ |4 G4 Z4 P3 s# MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, i4 ?* b+ M6 j4 M. g* rsimilar to bonds, CDs trading in the secondary market have different value at different times,
: [8 J* f7 F0 xnormally the value is calculated by adding it's principle and interest. / b, I# ^( t n4 V( d
eg. the value of the mortgage+the interests to be recieved in the future. . s; M( m/ O6 [, y W" P3 `
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.
! j b0 I P# ~' D+ ]1 d/ K7 d3 E# S# d# w% I
im not quite sure if the multiplier effect does really matter in this case.
% ~" e/ @1 K% d2 ?, {, c, vin stock market, it's the demand and supply pushing the price up/downwards.) Q) _/ I% C |4 |! D0 i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 Y8 `4 @6 S' O$ S) Q3 wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ J' e+ N/ T+ } N! T3 C; P# ~, Q) a
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. 1 U8 l: Y6 Q y; v$ l: H1 A
but the value of their assets did really drop significantly.9 W) V6 t5 f$ Z5 b# y' q
H/ o3 L& s1 g[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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