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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.
9 u+ ^1 _$ ~! w" k9 ECDs could have different ratings, AAA -> F,
6 l" N, S1 W' g3 q, G+ G, Amore risky ones would have higher premium (interest rate) as a compensation for an investment." _) ~. f/ m3 `$ _, M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 O" W% d8 {( y7 o" `3 k! |* Xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! d! O# ~) C; W" r! _' n" {3 QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ X' m" [) L. a3 O( ~3 T. [similar to bonds, CDs trading in the secondary market have different value at different times,
5 v. N: |# c; U# inormally the value is calculated by adding it's principle and interest. # ]+ D; g3 Q- Q; T* \2 l, o7 r# ?6 ^
eg. the value of the mortgage+the interests to be recieved in the future. ' p4 C1 V2 ?7 k8 V! [
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.
) l+ U* g$ L' }1 B. v9 }
( z6 ^/ Q. m4 F& f8 nim not quite sure if the multiplier effect does really matter in this case.2 U l! V% Y1 V+ X
in stock market, it's the demand and supply pushing the price up/downwards.! X7 H6 U* s9 ]' w* y; d: M8 f
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 C1 n: K1 Q$ V2 |; f& V- u6 [
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# s2 I' u7 @+ y& {, tThe 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. " a! |; a$ Z9 G8 T5 e
but the value of their assets did really drop significantly.+ G# V5 k5 U$ ?: g9 b" ^
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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