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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.
( Q$ x0 z0 T1 B. v% cCDs could have different ratings, AAA -> F,
9 u u" O& R. N4 z5 V% Hmore risky ones would have higher premium (interest rate) as a compensation for an investment.: k8 b' B1 _9 K& p+ N! J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! r$ ~5 ?0 C6 Z9 N+ d" i+ F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 }" {) o- F' X4 Z- e7 N/ E4 v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 l- n2 A0 `) Z& |1 J+ q% U, _
similar to bonds, CDs trading in the secondary market have different value at different times,
# t8 p' t# u) f) o& B5 E Snormally the value is calculated by adding it's principle and interest.
/ @* q; y% M0 f# O, v$ ~0 m/ Peg. the value of the mortgage+the interests to be recieved in the future.
8 R l( |' _ k4 z0 Z& ~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.5 D! j4 t% @8 d
/ s) ]2 h! J; [; [6 }* F4 k7 @im not quite sure if the multiplier effect does really matter in this case.& [- H& [0 i$ V+ \5 _4 [' \
in stock market, it's the demand and supply pushing the price up/downwards.6 }# S3 K9 z# [: Z0 @6 Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; }, o& i: I( F& D4 j2 c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 Y$ J! M7 R* f) u; L
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.
+ R, z: v6 L6 x5 j; H4 ybut the value of their assets did really drop significantly. D) R7 z6 j6 I; a- S3 E' N; a4 ?
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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