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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.
' E! Y. Q* R8 \& t: V1 K8 ICDs could have different ratings, AAA -> F,# v4 h$ X% M+ o' Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 X( a8 ]6 T0 u- t. c4 z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ `2 T3 x C5 F0 J# y uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ _; K5 W% N; F% s' \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ X" C9 @/ X+ R6 V$ S) _
similar to bonds, CDs trading in the secondary market have different value at different times,: y" z I% v2 l" K& m
normally the value is calculated by adding it's principle and interest. / i D& g+ \5 J% v" {0 d
eg. the value of the mortgage+the interests to be recieved in the future. ( }9 B: t* e/ Y) c
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.3 U7 t8 i/ K9 e" k
8 c& h+ U, l7 |4 K4 wim not quite sure if the multiplier effect does really matter in this case.
" U7 x8 k' E1 x' Tin stock market, it's the demand and supply pushing the price up/downwards. O: | x' n$ k- v" ~: g2 \/ B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" W$ E2 _6 ?7 H0 mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. A" v3 A* m; u& N% b" 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. 7 N( E5 `, c: O% |7 o, M7 b( n, H8 C
but the value of their assets did really drop significantly.
6 l% U; a: S1 N! Q3 S4 {; f7 l- C5 [: ^+ R" [' Q. I9 B
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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