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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.
! p p i, z5 `- c UCDs could have different ratings, AAA -> F,( F1 P+ X, P0 O+ N: p1 U
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( G! H& J& u$ ^ k1 F$ |1 imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: Z( B2 J1 @; Y: n- j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# z" D8 t! K e+ B$ ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) Z# w" E* C6 s0 a$ U2 X- [: q
similar to bonds, CDs trading in the secondary market have different value at different times,
! ]/ s Z0 B4 F) Mnormally the value is calculated by adding it's principle and interest. ( n. g3 Q$ _ h1 {. }6 F* k
eg. the value of the mortgage+the interests to be recieved in the future. 3 m) K4 }1 B' Y0 ]
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.1 ^4 l. I0 H6 z$ n4 b- t, Q0 w, X
9 y" ]$ f; Z5 u/ V$ D
im not quite sure if the multiplier effect does really matter in this case.
1 O. B3 V+ E4 I6 Q5 [3 ^+ uin stock market, it's the demand and supply pushing the price up/downwards.
3 Z( K' ?% F- P9 i5 W- l9 CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 l' t2 u0 ^, D# j1 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 v A! n. X1 m' F0 E* S
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.
9 S. ~' z2 X, ]' s* Abut the value of their assets did really drop significantly.+ b0 o0 B; S: T% }3 b! w
! |1 l ^( r+ V. Y
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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