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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.
1 y2 ^ p0 p- UCDs could have different ratings, AAA -> F,2 ]7 i) e; P* `9 n \7 p; A
more risky ones would have higher premium (interest rate) as a compensation for an investment.( u( k8 G% e- s0 N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 }8 d1 Y& L& T$ e: Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( D. g. }- R6 c+ J; Q- r. k$ n# C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 a! }9 P. \/ G gsimilar to bonds, CDs trading in the secondary market have different value at different times,, ]$ g" `0 y! t! ?, M, p$ y1 }4 d
normally the value is calculated by adding it's principle and interest.
, W$ }0 p! v/ g. @eg. the value of the mortgage+the interests to be recieved in the future.
6 e9 N- r2 \8 obanks 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% T0 e! D
* h( L# o" U2 H+ V) N% Q5 pim not quite sure if the multiplier effect does really matter in this case.! a) P% s3 h0 i$ N
in stock market, it's the demand and supply pushing the price up/downwards.( y2 {9 G9 P+ t6 H( U) o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* [- d# k3 o* _5 l* f8 i) vA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: ^- ?3 N( j; F 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.
. G9 {9 R5 K9 [: r* W* l' Kbut the value of their assets did really drop significantly.
- {# C1 F' ~' p5 _, C" c9 z- `# C+ ~ O" a$ c- R( y8 l2 M
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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