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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.
! C, z6 J1 |4 D- lCDs could have different ratings, AAA -> F,
; T, n! k6 C' a, h( V0 k- K3 m7 _3 qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ W5 O- p b% Q, o$ k% L. gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 j) L; p! Q/ I0 t2 f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 W0 M! k# i1 k7 \" Q7 hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( a; s9 y2 I" A3 b, msimilar to bonds, CDs trading in the secondary market have different value at different times,
5 M1 N! ?/ b, V) ^normally the value is calculated by adding it's principle and interest.
, u) X# K! J, v5 Heg. the value of the mortgage+the interests to be recieved in the future. 8 t% ~/ F" |" [% R2 G& \" i
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.* G5 I9 ]! y" j
3 D2 v6 ]: K7 m; w! s6 yim not quite sure if the multiplier effect does really matter in this case.' }3 Y9 Q6 }. b+ V7 y+ s
in stock market, it's the demand and supply pushing the price up/downwards.
1 }( R. x1 ^1 pFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 G! i6 I2 |: L. J$ @2 D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 H3 Q7 ^ p7 h3 M. a2 ~' `* {1 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. 5 x) h+ x. h8 L- f
but the value of their assets did really drop significantly.8 r( U/ ]+ M H3 [# f- z
5 _! ]6 V; \0 ^3 |' l$ A; @[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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