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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.
3 E/ l! w; P# A, e" a, BCDs could have different ratings, AAA -> F,
6 R7 n: [. j, f1 x9 cmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 k6 Z9 k7 X# E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ }/ l2 e+ I5 S' I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' D/ M: _: K* @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: z1 J* n/ \# Z5 Y. M6 S6 \9 s& C
similar to bonds, CDs trading in the secondary market have different value at different times,6 ~* D4 J# v$ G* f5 ~+ O3 K$ D
normally the value is calculated by adding it's principle and interest.
1 n$ w+ p/ y& G# weg. the value of the mortgage+the interests to be recieved in the future.
6 p0 J5 L6 u* z2 L/ Ubanks 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., W% B( u& T- L
7 g6 _! i2 s# x# H+ P5 h
im not quite sure if the multiplier effect does really matter in this case.
, P+ ~3 Z, c8 [) m! m, ?in stock market, it's the demand and supply pushing the price up/downwards.
2 c3 X" L* n! n' JFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& x. J, Z, D7 D9 `' f. k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ H% A Z, K+ @* }$ F+ Y* n7 L4 ^0 A
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. ! V; d( w. T$ S
but the value of their assets did really drop significantly.
- _$ B: n! o0 S! u4 A0 T
/ X2 |$ T5 N" h0 k[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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