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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.
1 s% p1 u+ Y3 b {6 {9 d- ICDs could have different ratings, AAA -> F,
/ v1 j8 v6 R N% q. t' ]more risky ones would have higher premium (interest rate) as a compensation for an investment.6 m2 A1 ?6 g ~* w4 P
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ S4 M& I! y+ q, W. E' ^* g8 t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 L5 `) o$ J5 a8 H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., f* V4 h% m0 b4 `' C0 Q& ?
similar to bonds, CDs trading in the secondary market have different value at different times,, x& n, x0 I |- {; H6 \
normally the value is calculated by adding it's principle and interest.
3 C) m8 ?) P; T) _3 E6 e R% Ueg. the value of the mortgage+the interests to be recieved in the future.
, h8 H0 o8 V$ q7 b9 S4 j" s( lbanks 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.4 c5 V6 K1 B0 W' L
- X9 ~& ^ y, w1 ^! fim not quite sure if the multiplier effect does really matter in this case.% B/ a8 e$ `! ]4 f/ F
in stock market, it's the demand and supply pushing the price up/downwards.
6 g: ]1 e1 L3 S9 r gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) d" \5 O( K/ F) m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 D5 R6 G) S" z2 n
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. " M) u+ P8 A3 g2 x' A" @
but the value of their assets did really drop significantly.* u8 E B! Q! b& o6 h
: A! T- Z/ F2 E8 R% J[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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