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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.
7 K) q) r& A: E2 ~& Z9 ]3 b6 M3 GCDs could have different ratings, AAA -> F,
' i9 V8 H5 ]3 O' [3 rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
! K S0 @5 v! w/ U7 F) d+ W: }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* ~ u9 Q& O6 R2 f, C: K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 |2 K9 c4 f3 w. L
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., Q' Y, D$ E ?* u4 i
similar to bonds, CDs trading in the secondary market have different value at different times,1 u. T. n3 Z# `) {, u6 H
normally the value is calculated by adding it's principle and interest.
; C9 E y" b1 _3 g. e2 l, Reg. the value of the mortgage+the interests to be recieved in the future.
6 h2 Q' ]& ?6 F5 i9 r2 _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.- v; _9 r7 v) E' k
4 M" _$ B0 N, q/ nim not quite sure if the multiplier effect does really matter in this case." z+ V/ I0 s$ M" u. h9 n
in stock market, it's the demand and supply pushing the price up/downwards.
5 w9 V5 C1 d9 _5 O% n7 M, r MFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. q. w5 @) }9 t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' t3 V1 P- L% o" V/ B
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. ; s: ~/ j! m9 |# `& E: b$ K
but the value of their assets did really drop significantly.
( F% V8 q+ k, ^# ]/ `4 {& k% h9 P5 A5 i# a5 [, o
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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