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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.
; M& c# h: u& w I# ACDs could have different ratings, AAA -> F,+ m) K+ a" E! J3 q+ r
more risky ones would have higher premium (interest rate) as a compensation for an investment.! ^* g& s' s* K; T6 U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) ?: m" u) a& A0 p; x: min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& K( H5 I8 p2 o) ~% P6 o& P' wAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 k( ~5 |3 ?5 x: f
similar to bonds, CDs trading in the secondary market have different value at different times,
/ c- u/ d3 k9 fnormally the value is calculated by adding it's principle and interest.
3 m, K% [1 n6 [8 P7 A3 ?6 Ceg. the value of the mortgage+the interests to be recieved in the future. 2 r% F$ ^$ J. S" {2 S) H0 |
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.
7 M; t s# o' p8 I* |7 J# ]3 U" |9 j9 k1 W
im not quite sure if the multiplier effect does really matter in this case.7 ~2 Z& o# r8 z' F, I( u$ G
in stock market, it's the demand and supply pushing the price up/downwards.! M5 }( `! X; W, ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 g- L+ D1 f$ |" d4 I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 W, m! T& Q5 M: X2 y' Z( E
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. : F. _6 ]2 Y! L5 y/ ?6 u0 M |% k
but the value of their assets did really drop significantly.6 O9 S' }8 R$ @+ g! E
7 \% t y1 L* o+ N+ V, H; T" l+ F
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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