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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.
4 Q1 s# w; `0 q& {7 YCDs could have different ratings, AAA -> F,
2 ? I @; C% Y$ \% V/ u* Z# k. dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
z2 T, X( ?( w. rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 b7 g+ \% y z; ~ ?% Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 S; ?0 u7 H$ }, m: [/ q8 fAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! K/ ]2 F! H7 X# g
similar to bonds, CDs trading in the secondary market have different value at different times,
8 y9 s) n% v9 k; n9 Cnormally the value is calculated by adding it's principle and interest. ! H) w/ H9 H( Z" K5 h$ H1 A( z
eg. the value of the mortgage+the interests to be recieved in the future.
, G# a" N! ]0 {6 B* P0 m& R, U1 \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.
& |, Q/ P6 y& ~9 `" }7 C- O( S$ ]2 c5 j- G/ L7 Z) l
im not quite sure if the multiplier effect does really matter in this case.# D' Z% X# s/ i/ n0 k$ r) s/ z8 M; Q( T
in stock market, it's the demand and supply pushing the price up/downwards.3 r7 q6 I0 A% c+ N, \3 x7 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 S, @1 q' Y5 |9 }9 BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., y: O- T* F+ ^7 V3 s
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, j5 q7 ? m& c) x! y: a
but the value of their assets did really drop significantly.
# p2 O Q& Q; }
5 I, E s) n" v; Y2 Z- q! S9 Y[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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