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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.
( x6 @# F" e5 t% SCDs could have different ratings, AAA -> F,5 [& D) R- z' l% q0 V& _/ p
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& L; m) K' I) e9 Dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* g6 c: u/ ^6 x! Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 w$ e, I2 k, A% X1 l6 U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 s( q. y: T L3 [2 f: U; _& ^
similar to bonds, CDs trading in the secondary market have different value at different times,+ v$ Q9 `; \2 s. }6 l
normally the value is calculated by adding it's principle and interest. 8 ]2 [, V* c6 n- m; P2 s$ {
eg. the value of the mortgage+the interests to be recieved in the future. ! ^! H2 @0 Q k# g" B' B/ {
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.
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, d8 F+ |! R/ o A; m. Bim not quite sure if the multiplier effect does really matter in this case.1 Q! E5 T8 K$ t$ J# }
in stock market, it's the demand and supply pushing the price up/downwards.5 m, g& [7 \$ ~4 m1 H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& \- P# b) i, h+ Q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: y% I* O! {1 J/ N$ p- i5 u" r
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. ! G0 ]" _9 Q% {: D
but the value of their assets did really drop significantly.
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# o4 U8 `, Z4 N# U) n[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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