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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.
& g) ~& }7 x' RCDs could have different ratings, AAA -> F,4 S: x% y% k' W, z9 p! f
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 a) O) V# x6 m9 Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" M2 w+ W# A- y5 g- { ?! e# j- Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; `3 _6 r/ s; I2 }Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 o" U. h! d6 U. o9 s( A
similar to bonds, CDs trading in the secondary market have different value at different times,
# h/ q5 ?# v) nnormally the value is calculated by adding it's principle and interest. $ Q- K" C- b8 Q9 T1 O
eg. the value of the mortgage+the interests to be recieved in the future. ' {2 t- r/ j2 d8 _1 W, D, N% m9 m
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.
& T. h# @( o3 d$ b/ _: k! S; B9 L; C# g- n' O1 E P% ]! J
im not quite sure if the multiplier effect does really matter in this case.
! a1 @7 v& p/ h) ~9 I3 Vin stock market, it's the demand and supply pushing the price up/downwards.
- {4 G5 V0 w c2 J$ wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( K" [4 T' A: y* N/ R2 y! J$ QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 _( d; S2 K' p" i6 Z$ I4 ~
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.
6 c/ ]; T1 s: c Fbut the value of their assets did really drop significantly.
+ Z: b' a. g& L; j' t
8 a. t6 u9 F% L$ W" h[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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