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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.
3 Z) H8 Z6 y, I; ?3 UCDs could have different ratings, AAA -> F,
1 @$ |) x! A/ L0 X. Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.: z- s+ [4 W% G' N( k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ b6 M( x) N: x: {0 h' a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: G& E" ~5 S6 j* R4 RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
u6 }- G4 B3 P: H- Ssimilar to bonds, CDs trading in the secondary market have different value at different times,
4 h2 @0 a4 A/ lnormally the value is calculated by adding it's principle and interest. % U, S! E1 K6 V/ ], X8 b/ U W
eg. the value of the mortgage+the interests to be recieved in the future. # E4 w ^2 V' E K+ A3 S8 p% J
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.
! ^- v% k6 R$ o1 J |5 X% ?. m" N) ~2 I; h
im not quite sure if the multiplier effect does really matter in this case.
# M3 s' c* o' ?* m) Rin stock market, it's the demand and supply pushing the price up/downwards.3 ^- |# U7 s6 }4 x$ J3 _
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ }( D- E3 c, y" U V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* r. K+ I( @6 w. j5 Y% kThe 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. # D% H+ k7 |# b2 h# K3 t' Q
but the value of their assets did really drop significantly.2 P- l1 X8 i% Y
6 O" s, e6 o1 G7 Z9 D4 |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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