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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
- i7 J& J6 {& i" l4 VCDs could have different ratings, AAA -> F,% k0 g8 M4 l6 p; B- y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ c# v' O# N2 w! s2 e6 g8 c2 lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 _6 E3 T3 t, } T# m! x# M9 b0 L+ s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 i9 z% {; z; N W. m6 G
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 K7 f9 k% t* T2 y8 h. Usimilar to bonds, CDs trading in the secondary market have different value at different times,
, U6 l3 E& l, m( q) qnormally the value is calculated by adding it's principle and interest. , a: ?- e' O. K( @+ O
eg. the value of the mortgage+the interests to be recieved in the future. 0 _/ d0 u- I/ z0 t. V% [) G
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.
& F$ F" L" n& S
" n0 s+ u# \* |) yim not quite sure if the multiplier effect does really matter in this case.
/ d% F& K3 w. Z. a9 E ~' I1 {; Uin stock market, it's the demand and supply pushing the price up/downwards.5 _. M. `0 x$ W7 U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 [2 Z W8 j0 W: Z( M2 d% l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., \, S/ ~, B- o% \
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. ) i" }3 Q% }9 M+ @
but the value of their assets did really drop significantly.! f1 l( \8 @6 N) G: j5 }' Z
2 K7 r. D2 G, P0 \! B6 ~* ]+ F {[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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