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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.
$ v* y" S6 I1 N: L6 w+ m1 D+ E% ]$ rCDs could have different ratings, AAA -> F,
! y+ X" G7 T1 _8 X$ h+ ymore risky ones would have higher premium (interest rate) as a compensation for an investment." y1 X1 P, |: h
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# f7 k, ~8 z; p4 ]1 y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" S7 E) s# K2 E L' D4 qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 V- I& n% h8 i {$ T7 ?5 \
similar to bonds, CDs trading in the secondary market have different value at different times,5 _+ h. f; t+ Z9 g1 O: m
normally the value is calculated by adding it's principle and interest.
. s9 q, o, K$ x% Reg. the value of the mortgage+the interests to be recieved in the future.
6 ?. y7 X6 V! M' Rbanks 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.2 R) V6 U5 p5 g& Z* E( {
$ o8 e- q% I( I, wim not quite sure if the multiplier effect does really matter in this case.
/ b* D* V! v7 g$ L: P0 _/ g8 g8 M0 ain stock market, it's the demand and supply pushing the price up/downwards.
( E# b- k" G2 ]4 c) U; ~( K& u3 OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* z6 f2 i6 e8 k7 P OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' s9 d/ }% e& s& W1 B4 DThe 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.
4 H+ @/ `* ~+ u( F9 V6 jbut the value of their assets did really drop significantly.
# T1 _" x# @4 @: O* g6 T/ r \
& I" E! s5 b8 q- E. @! h9 {[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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